MBR_ISSUE 40_Lowres

COVER STORY
A CLEAR SENSE OF PURPOSE
Questions Fireside Chat by CEO of GiG,
Robin Reed to Co-founder of Apple,
Tech Wizard Steve Wozniak p.06
CORPORATE FOCUS
DRIVING VALUE CREATION &
INCLUSIVE GROWTH
Interview with Deborah Schembri, MD
of STM Malta Trust and Company
Management Ltd p.12
BEST OF CATEGORY SERIES
TRUSTLY LEADING THE
PAYMNETS INDUSTRY
Interview with Vasilije Lekovic, Head of
Gaming Accounts, Trustly p.22
ASK THE COACH
HOW TO FREE SOME
BRAIN TIME
Marion Gamel, former Google and
Eventbrite executive, answers question sent
by business leaders in a new column p.30
MALTA BUSINESS REVIEW
ISSUE 40 | 2018
Newspaper Post

When quick decisions are
called for, are your accounts
as accessible as you are?
Business can take place anywhere, at any time. HSBCnet puts
control in your hands, letting you view your bank balances, make
payments and transfer money with just one login, wherever you are.
Speak to us today by calling 2380 8000 or visiting
www.business.hsbc.com.mt/HSBCnet
Approved and issued by HSBC Bank Malta p.l.c., 116 Archbishop Street, Valletta VLT 1444 which is regulated by the Malta Financial Services Authority. 99886 – 02/2018

Together we thrive

your perfect atmosphere
Malta Business Review
CONTENTS
Issue 40
BEST OF CATEGORY SERIES
22 TRUSTLY LEADING THE PAYMENTS INDUSTRY
MBR interviews Vasilije Lekovic, Head of Gaming Accounts,
Trustly, who talks about the latest trends in payments
COVER STORY
06 A CLEAR SENSE OF PURPOSE
Questions Fireside Chat by CEO of GiG, Robin Reed to Cofounder
of Apple, Tech Wizard Steve Wozniak
DIGITAL TECHNOLOGY
10 BLOCKCHAIN’S APPLICATIONS REACH
FARTHER THAN YOU THINK
The supply chain, food distribution and energy will all
be affected
6
BANKING
28 FIMBANK ANNOUNCES USD7.7 MILLION
PROFIT FOR 2017
MBR follows FIMBank Group’s sustained run of profitability,
successful consolidation and operational strategy
ASK THE COACH
30 HOW TO FREE SOME BRAIN TIME
Marion Gamel, worked for Google and Eventbrite.
Marion has been coaching Entrepreneurs, Founders and
C-Executives around the world since 2015.
Every month, Marion shall answers questions sent by
business leaders based on the island. This is a chance to
have your question answered in Malta Business Review.
CORPORATE FOCUS
12 DRIVING VALUE CREATION & INCLUSIVE GROWTH
Interview with Deborah Schembri, Managing Director of
STM Malta Trust and Company Management Ltd
EDUCATION
14 THE GLOBAL SEARCH FOR EDUCATION:
ARE YOU AS GOOD AS YOUR ROBOT?
The Global Search for Education invited Stuart Elliott and
Dirk Van Damme, to discuss the impact of technological
advances on work skills in the future
12
22
SEX FILES
18 LET'S TALK ABOUT SEX
LET’S TALK ABOUT SEX is a brand new radio talk show which
will hit our airwaves in April and will air every Thursday at 7pm
on XFM 100.2
ICT
20 WHY THE DISTRIBUTION INDUSTRY IS BETTER
OFF WITH ACUMATICA CLOUD ERP
Enterprise Resource Planning (ERP) solutions act as a “single
source of truth” – eliminating data duplication, enhancing
data integrity, driving growth
34
30
SPECIAL FEATURES & INTERVIEWS
POLITICO BRUSSELS PLAYBOOK
Summit highs and lows - which road to Rome? - art
of the deal (or no deal)
40
40 THE GLOBAL SEARCH FOR EDUCATION: YES
THEY’RE READY TO TEACH IN THE FOURTH
INDUSTRIAL REVOLUTION!
Renee Laiviera, Commission for the Promotion of
Equality (NCPE) examines the Gender Pay Gap issue
and recent achievements
OUR GOLDEN PARTNERS
46 BITCOIN MINING USES LESS THAN 1% OF
UK ELECTRICITY SUPPLY DUE TO ‘RIP OFF
BRITAIN’ PRICING
CRYPTOCURRENCY miners are not a major risk to
Britain’s electricity infrastructure, will it affect us?
50 EXPLORING THE PAST TO BUILD OUR FUTURE:
Minister Bonnici addresses conference and inaugurates
exhibition on the FRAGSUS project
4

MALTA
BUSINESS REVIEW
PUBLISHER
MBR Publications Limited
OFFICES
Highland Apartment - Level 1,
Naxxar Road,
Birkirkara, BKR 9042
+356 2149 7814
EDITOR
Martin Vella
TECHNICAL ADVISOR
Marcelle D’Argy Smith
SALES DIRECTOR
Margaret Brincat
DESIGN
MBR Design
ADVERTISING
Call: 9940 6743 or 9926 0163/4/6;
Email: margaret@mbrpublications.net
or admin@mbrpublications.net
CONTRIBUTORS
Viktor Almquist; Antoine Bonello; George
Carol; Delphine Colard; Jean Paul Demajo;
Florain Eder; Marion Gamel; Jon Grafton;
Stephen Greer; Melanie Kelly; Rebecca Linke;
Gareth Lodge; Juan Mazzini; Martin Pillow; C.
M. RUBIN; Claire Coe Smith; Zoya Sheftalovich;
Eiichiro Yanagawa
SPECIAL THANKS
ALIVE Chasity Foundation; CELENT; DOI;
European Parliament Information Office in Malta;
European Parliament, Directorate- General for
Communication; European Research Council;
FIMBank; EQIUOM Malta; HSBC; MORGEN
EUROPA; OPR; POLITICO SPRL; Politico Global
Policy Lab; Taylor & Francis Group; The Ministry
for Justice, Culture and Local Government; The
National Museum of Archaeology; UNCTAD;
David Wine.
PRINT PRODUCTION
Printit
QUOTE OF THE MONTH
"The pessimist sees difficulty in every
opportunity. The optimist sees the opportunity
in every difficulty "
Winston Churchill
Disclaimer
All rights reserved. No part of this work covered by copyright may
be reproduced or copied and reproduction in whole or part is strictly
prohibited without written permission of the publisher. All content
material available on this publication is duly protected by Maltese
and International Law. No person, organisation, other publisher or
online web content manager should rely, or on any way act upon
any part of the contents of this publication, whether that information
is sourced from the website, magazine or related product without
first obtaining the publisher’s consent. The opinions expressed in the
Malta Business Review are those of the authors or contributors, and
are not necessarily those of the editor or publisher.
Talk to us:
E-mail: martin@mbrpublications.net
Twitter: @MBRPublications
Facebook: www.facebook.com/MaltaBusinessReview
EDITORIAL
Martin Vella
Editor-in-Chief
Malta Business Review
As the "boss" I have the luxury to determine
my own schedule – like when I sleep and when
I am awake. I sometimes spent a large part of
the night watching "Town Hall" on CNN. I one
edition students of the Parkland High School in
Florida, confronted politicians and a member of
the NRA about gun laws in the USA.
What was significant about this event, was
the vigor, determination, eloquence and
outspokenness of these students. They made it very clear that they are
the voters of the future, in one, two or three years and that they will not
vote for anybody who is financed by the NRA – like Marco Rubio et al.
I am convinced that this is not the "usual uproar" which will fade out in two
or three weeks. I believe we are seeing the advent of a new generation
of young people who are determined to fight for their future. It reminds
me about the '68 movement, which initiated a tremendous change in the
socio-political landscape. In Europe this was a "game-changing" episode.
In the USA it was less – the emphasis was more on "Sex Drugs & Rock'n
Roll". This time it will change the society in the US.
The 67/68 movement was strong on both sides of the Atlantic. Don’t
forget that the protest movement of that time by the ‘Peace’ movement
started in the summer of love brought about the end of conscription in
many countries and the eventual end of the Vietnam war. The civil rights
movement forced the end of segregation as it existed back then in many
states. Music had a lot to do with both movements. There are hundreds
of great protest songs. Listen to such bands as Crosby, Stills, Nash and
Young, Buffalo Springfield, Janis Joplin, Jefferson Airplane, Bob Dylan,
Joan Baez, Pete Seeger, Barry McGuire and many, many more. Of course,
drugs were a part of music, just like it had always been through most
musical genres since man can remember (if it wasn’t drugs, it would be
alcohol).
Even in Roman times musicians were known to imbibe heavily into wine
and more!
As I have mentioned before, maybe it took a character like Trump to
hyperbolize all the things that are going wrong, so that even the most
complacent couch potatoes are beginning to wake up. We all remember
how Bernie Sanders was able to excite and mobilize the young people
during the election campaign. OK, he is one of the "old Geezer"
generation. They are not going to run the show any more, but maybe we
should invest our remaining energy in supporting these youngsters – it
is their future!
Enjoy the read!
Malta Business Review’s editorial opinions are decided by its Editor, and besides reflecting the Editor’s
opinion, are written to represent a fair and impartial representation of facts, events and provide a correct
analysis of local and international news.
Agents for:
www.maltabusinessreview.net
5

Malta Business Review
COVER STORY
A Clear Sense of Purpose
By Robin Reed
Photo: GiG CEO Robin Reed and Apple Co-founder Steve Wozniak
Questions Fireside Chat by CEO of GiG, Robin Reed to Co-founder of Apple, Tech Wizard Steve Wozniak
Background
During the fifth year company anniversary event “GiGsters Connect”, organised by Gaming Innovation Group (GiG), legendary
Silicon Valley tech wizard Steve ‘Woz’ Wozniak was welcomed by a cheering crowd while whizzing into the InterContinental
Arena in Malta on a Segway. The audience included 650 GiG employees (“GiGsters”) from Malta, Norway, Spain and Denmark
as well as over 500 external guests who were given a free ticket by GiG: UoM, MCAST and Middlesex University students and
professors, members of the Maltese tech community and high profile guests. The gadget guru captivated the audience with
an inspiring and educational fireside chat with GiG CEO, Robin Reed, and also took questions from the audience. Sharing a
wealth of anecdotes ‘Woz’ had the audience glued to his every word: while working at the video game company Atari, he had
dreamt of a “computer in colour”. After "four days and nights without sleep", the image of a coloured computer screen had
popped into his head. It was "just a digital number" but that was all it took to change the industry.
Robin Reed: In the corridor you just told that
you were the first person to own a Segway.
Can you tell us a bit more about this?
Steve Wozniak: Actually 30 people got the
Segway before me because they bought it via
Amazon! I thought this was going to change
the world, and they trained me for two days
on every obstacle I can think of. At home I took
it up the hill next to my house, and I thought
oh my gosh, all my friends have to get one. The
Segway became a big part of my life. When I
want to go into town to watch a movie, we just
ride the Segway down the hill and ten minutes
later we drive right into the movie theatre.
Same goes for dining, shopping, everything
else in town. I invented the sports Segway Polo
and introduced it in Silicon Valley. Eventually, it
became a worldwide sport and a lot of teens in
Europe now get to play in the championship,
fighting for the ‘Woz Cup’. It’s a lot of fun. I met
my wife during one of the competitions, as she
was on another team, and we got married in
one of the events.
RR: Steve, let us go back to 1975. Terry Jacks,
“Season in the Sun” is topping the billboard.
In Palo Alto, California, two young and very
excited guys, Woz and Jobs, is on their way to
the Homestead Homebrew Computer Club
with something special you had built. Steve,
can you take us back to the foundation of
personal computing and tell us about your
ideas that would motivate you?
SW: From the very first day I attended the
Homebrew Computer Club, it was about
people that wanted computer for itself.
Stanford professors would talk about how
we would be able to communicate and type
message into one computer and within an
hour one hundred people could read it. This
was amazing stuff. It meant that in education
kids could get answers to their question right
away – and immediate reward or punishment
is so important in education. Education has
always meant so much to me. My skill was
creating computers from nothing. I wanted a
useful computer. Anything was like a revolution
and the little guy would have more power
than the big powerful companies. So, I told
my dad someday I'm going to have a 4K nova
computer, this was the minimum amount of
memory to have a programming language. The
Apple 1 wasn't really a design of a computer.
Eventually it was a terminal that I could sit in my
apartment and I can connect through a modem
to six other computers all over the country.
I could run programs on this computer, it so
amazing. It was like the forerunner of today's
Internet - it was the inspiration for today's
Internet and computers. In the summer of
1975 the prices the microprocessor was the
key the brains and became affordable. I built
the Apple 1 computer and brought it to the
Homebrew Computer Club, and to all these
Mathematics tells us there
can only be a certain number
of bitcoin and you can’t just
create more currency like
governments do.
people that wanted to start a revolution I
passed out my designs for free. Steve Jobs came
into town every two weeks, and I was showing
him my computer developments - the formula
for a personal computer that was useful and
affordable. Steve wanted to turn it into money
for both of us and insisting we should start a
company, but I was scared and didn’t want
to risk losing my job at Hewlett Packet. I first
6

COVER STORY
Malta Business Review
proposed the personal computer and how
People at use its programs and solve problems
to HP, and they turned me down for the first of
five times. The big computer companies didn't
see the value of the small little machines, they
didn't think it was going to be a big market.
So, I designed the Apple one computer out of
the garage. For the Apple II, I had this dream
to create a colour screen involving differential
calculus; it was a type engineering, and when
I finally built the computer it was the first time
ever that arcade games would be in colour. It
was huge step for gaming!
RR: Malta has strategically placed itself
as a leading jurisdiction on the adoption
of Distributed Ledger Technology and
Blockchain Technology. In fact, recently
the Maltese Government has launched
concrete plans for the establishment of the
Malta Digital Innovation Authority, together
with a legal framework aimed at regulating
DLT technology, as well, a bill for virtual
currencies. Many of our distinguished guests
from government, businesses, and education
are driving this forward are here today. You
are very fascinated by blockchain; can you
share your insights and view on blockchain
and how it can help promote the economy
and society?
SW: Malta is very smart taking this position.
When I first heard about bitcoin and
blockchain technology it took me some time
reading over it to understand why it was so
good. Mathematics tells us there can only be
a certain number of bitcoin and you can’t just
create more currency like governments do. I
appreciate that so much and had high hopes
when I bought some bitcoin in order to buy
things online, travel, paying in restaurants,
with no credit card and no cash. However, it’s
still hard and not fully accepted everywhere
as method of payment. I decided I don't
want to invest anymore, because I don't want
the unhappiness of having to track things all
the time, every day, and be on top of it - that
nervousness of the day-trader. I like to have an
easy life led by my formula for happiness.
Ethereum is a platform, like the Apple II
computer which was also a platform free
for other people to use and come up with
new hardware or software providing for
Photo: GiG Steve Wozniak Event
tons applications, we couldn't even imagine
ourselves. Ethereum is a platform to use block
chain to create various block chain ledgers for
all or parts. People coming up with ideas I never
would have thought of, one after another, and
they are all good. Some are getting financed
with hundreds of millions of dollars, but I feel
it's a little like the early Internet days where all
the Silicon Valley investors invested in every
company doing things on the Internet, and we
had a crash. Good ideas can take a long time to
get accepted by the public.
To all talents inspiration
is important, but having
motivation to want to do
something is much more
important than all the
knowledge in the world
RR: How do you analyze the state of
innovation around the world today? Do you
see competitors emerging to Silicon Valley, in
particular in Europe?
SW: I came up with happiness = S – F, happiness
equal smiles minus frowns. Smiles and frowns
represent real feelings you have every day
and so do a lot of joking for smiles. To avoid
frowning don't argue. If something bad seems
to happen, like your car gets scratched, it’s just a
few scratches. Life is about happiness. I read an
article about a guy that was making hundreds
of millions of dollars – however, I rather be the
guy who plays pranks in the street. I did not
start Apple to make money. I forgot to bring
this computer technology to the individual so
they can make them powerful solve their own
problems, making them more powerful than
the big huge corporations and events. I am
always for the little guys and then Apple got
hugely successful, garnering enormous wealth,
and I even felt guilty of it. I gave away tens of
millions of dollars of my own stock so that all
the other people in the company had a chance
to basically make a house out of Apple success.
I live my life like I give my money to very good
people doing things like museums in San
Jose – they even named a street named after
me. Even to people I don’t know, the other
day, I received a letter from a woman about
her son being all depressed, and I gave him a
computer. I taught for eight years of my life in
the public schools ten-year-olds to thirteenyear-olds.
I wanted to teach them how to use
the computer for all the subjects in school.
After an airplane crash I was involved in, I went
back to Berkeley to finish my degree under a
fake name.
RR: Steve, your life already is beyond what
most can comprehend. Many would argue
you are the engineer who brought the power
of computing to the people. You founded the
most valuable company on the planet. You
have survived an airplane crash and you have
received the national medal of technology
from the US President, Ronald Reagan. More
so you are known for philanthropy and your
ethics. You are a true inspiration to all. What
would you really like to see from the tech
industry and the people in it, the people here
today, going forward?
SW: To all talents inspiration is important, but
having motivation to want to do something is
much more important than all the knowledge
in the world that you can have. If you want to
do something badly, you are going to find the
steps you need to learn to get it done. If you are
desperate, be a builder, don't just write ideas
down on paper and go try to raise money to
hire the engineers. Have a working prototype
before you raise money, like what we did with
Apple. It will be easier to show how good that
what you have. You want to think that the
important thing is ‘I'm bringing something good
to the world’. If you are not thinking about that
you are going to get steered off your course for
all the wrong reasons. This technology is going
to change people’s lives in the following way.
You should think about your marketing, this is
very important. You should understand what
products are good and bad. This is where Steve
Jobs had a great talent, to help people think
what would be good for people. I always went
to sleep thinking about my biggest problems in
mathematics in school or in computer design
software hardware… thinking… thinking…
thinking… and wake up in the middle of the
night with solutions. Include the engineer in
your start up and don't forget the builders, who
really get the work done every time and come
up with more brilliant ideas every time. MBR
All rights reserved - Copyright 2018
www.maltabusinessreview.net
7

Malta Business Review
BLOCKCHAIN
BLOCKCHAIN’S APPLICATIONS
REACH FURTHER THAN YOU THINK
-
THE SUPPLY CHAIN, FOOD
DISTRIBUTION, AND ENERGY WILL
ALL BE AFFECTED.
-
By Rebecca Linke
Why is blockchain a "truth machine"?
The truth we are talking about is one we take
for granted: the consensus of facts.
This goes back to the idea that human beings
have built constructive civilizations because
we have the capacity to arrive at consensus.
And then, with that agreed notion, we can
enter into economic exchanges and build
things collectively.
This is an interesting way of thinking about
what's going on here, because the blockchain
is a machine that allows us to arrive at that
sort of truth. Previously, we had to rely on
centralised institutions to deliver us their
truth. We might audit Apple's quarterly results
every three months, but with this assumption
that their record is truth. And then we built
everything on top of that. But the blockchain
is a decentralized mechanism for arriving
at that, removing the capacity of these big
gatekeepers to set what that truth is.
Why is this decentralisation so
important?
Decentralization is valuable for resolving what
I call "the cost of trust." The world is burdened
with enormous costs because people can't
trust each other.
Skyscrapers are filled with accountants who
are constantly reconciling their ledger with
the ledger of the other company they're
working with. This results in multiple,
centralized ledgers that have to be reconciled
because people don't trust each other, and
that reconciliation process is incredibly timeconsuming
and costly.
Anything that talks about a common
shared record might be expensive from a
computational perspective, because you
need multiple computers within the same
ledger — but because it starts to attack this
heavy cost of trust you start to see how this
solution, expensive as it may be, could well
be worth it.
If we get to this point where the record of
transactions is universally recognized at any
given time to be absolutely accurate, and we
have real-time accurate data, you don't need
audits. You don't need quarterly reports. I
think this is potentially the most disruptive
technology we've encountered in a while.
We could effectively move
to what might be a digital
barter world, where assets
and relationships and
community values can
become tokenized
In the book you discuss that the World
Food Program is using blockchain to
track food distribution. How are they
doing that?
The challenges of keeping track of people
and their transactions have real-world
implications that we don't think of naturally.
More than 30,000 Syrian refugees live in the
Azraq refugee camp in the Jordanian dessert.
For these people, if there's some error in
the system — either because one of the
merchants hasn't updated their information
or their ID recorded payment for food that
wasn’t distributed — they can get shut out of
the system. And then they can't get food.
The World Food Program is running a pilot
program for 10,000 of these refugees using
blockchain to look at every single transaction.
It gives them assurances, so people who are
desperate are able to come back and — if
there ever was a challenge to them receiving
food — audit the record and say it's all there. I
paid or I didn't pay.
One of the main benefits is the sheer
efficiency of it. The World Food Program
has millions of clients around the world.
They're now able to have a single source
of data around that. They're able to stitch
together multiple sources of information
into one coherent thing and use that without
having to do these heavy, time-consuming
reconciliation processes.
What other applications are there for
blockchain?
Supply chains are a huge use because you
have the problem of mistrust. There's a series
of entities along a chain. They have a common
goal, but they have mistrust because every
buyer wants to buy low and every seller wants
to sell high.
The idea is that, if we created a common
set of records that shows the system’s
transactions, people could be more open
with the information they share. It could also
have a huge impact on efficiency. If everybody
along a supply chain is able to keep track of
information, they can plan how much they
need to buy of something without being
wasteful. And waste is as much of a contributor
Continued on page 10
8

Your Corporate Travel
Partner all over the world
FCM Travel Solutions is one of the world’s largest
leading corporate travel management providers
offering complete end-to-end travel management
services. FCM’s network now covers more than 90
countries across Europe, the Middle East, Africa,
Asia Pacific and the Americas.
Our objective is simple: to provide you with better travel ideas for
greater savings. Our worldwide reach combined with our experienced
travel specialists will ensure a very high level of personalised service
and considerable savings in the long run. FCM Travel Solutions has
a unique business model focused on high productivity, key account
management and round the clock emergency service.
We do understand the complexity of business travel and have
invested in the latest online booking tools thus ensuring more
effective management of travel expenditure. This will ensure a full
consolidation of travel management for business units, with preidentified
control mechanisms set in place enabling better control
over travel budgets.
FCM HEAD OFFICE
Ewropa Business Centre, Dun Karm Street,
Birkirkara Bypass, Birkirkara BKR 9034
FCM MOSTA
152, Constitution Street,
Mosta MST 9055
FCM VALLETTA
108, St. John Street,
Valletta VLT 1169
FCM GOZO
7, Independence Square,
Victoria VCT 1022
www.fcm.com.mt | www.mt.fcm.travel
info@mt.fcm.travel | +356 23456789

Malta Business Review
BLOCKCHAIN
Continued from page 8
to climate change as anything else. So we have
a real gain to be had in that way.
I'm also really excited about energy. I'm
working on a project with the Digital Currency
Initiative in Puerto Rico where we're looking
to use the blockchain as kind of an accounting
back-end for a distributed microgrid of people
who own their solar panels and are able to
trade directly with each other, rather than
having an intermediary. That matters because
without that intermediary — the public
utility that sets the price — they have the
capacity to bring the market forces of clear
price signals into a community that can make
better decisions about it. We're calling it an
energy democracy.
Where is blockchain technology
headed over the long term?
The notion of a token economy — we can
now basically create different systems of value
exchange that are another form of money.
Whereas a dollar/Euro is agnostic about what
it's being used for, a token can only be used
for certain things. We could effectively move
to what might be a digital barter world, where
assets and relationships and community
values can become tokenized. Those
community values are important because you
can imagine designing different economic
pools around each token.
You could attack the Tragedy of the Commons
(a problem where people try to use more
than their fair share of a common resource)
in certain settings because now we have rule
sets baked into the token. Just simply by using
it, because those rules are embedded into it,
we're all participating in a way that is in the
community's interest.
“We realised that there
was a deeper conversation
to be had just around
why decentralised
recordkeeping, which is
what the blockchain is
That's a pretty powerful idea — that
your medium of exchange can become a
governance model for the community that's
using it. It removes the need for a regulator,
and has to be built around your community.
These are all visions of the future. But it's
the core issue that everyone's fighting for:
How do I create a token that can make these
disparate, misaligned interests of people
come together around a common interest,
and how might that change the world? MBR
Creditline: MIT – Management Sloan School
10

Real Estate Developer Suite
Loans to Finance Your Projects
FIMBank provides financing solutions to established developers at competitive
market terms and pricing. We can assist you every step of the way, providing the
assurance of having the financial backing to start and finish your project.
Please contact us to discuss your project
2132 2100 realestate@fimbank.com www.fimbank.com
FIMBank p.l.c., Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian’s STJ 3155
FIMBank p.l.c. is a licensed credit institution regulated by the Malta Financial Services Authority and is listed on the Malta Stock Exchange.

Malta Business Review
CORPORATE FOCUS
DRIVING VALUE CREATION
AND INCLUSIVE GROWTH
Deborah Schembri – Managing Director of STM Malta Trust and Company Management Ltd
By George Carol
STM Malta Trust and Company Management Ltd is registered as a Retirement Scheme
Administrator with the Malta Financial Services Authority and also authorised to act as trustee or
co-trustee to provide fiduciary services in terms of the Trusts and Trustees Act.
12

CORPORATE FOCUS
Malta Business Review
Being the Managing Director of a major
pensions providers locally, gives me the
opportunity that together with other
stakeholders we continue growing and
consolidating the international pensions
market but also working to develop the
local pensions market. The island provides
the ideal solution for high-net-worth
individuals looking for an investment vehicle,
international workers planning for retirement
and global corporations seeking pension
schemes for their staff. Also a number of fiscal
incentives aimed at local employers and their
employees have been introduced to take up
voluntary private pensions.
People have to be allowed to
fail and succeed, and learn
on their own terms.
As a managing director it falls on you to drive
the company’s vision forward. In time though,
you have to switch your attention to higherlevel
concerns and trust others to advance
your vision. Micromanagement is damaging.
People have to be allowed to fail and succeed,
and learn on their own terms.
When a company is in its early stages the
Managing Director role is always in flux
though, adapting itself to the needs of the
company. However, as the Company grows
one will hire specialised people to handle the
different functions and you will focus more on
the parts of your job that you really love and
can provide the most value.
It is not always easy to take a step back
from being at the centre of daily operations.
But accepting that the wider scope of the
company is autonomous to you is a key part
of successfully running a growing company.
Today, I spend my time thinking more about
bigger picture strategic concerns over the
day-to-day needs of the company. I think of
my job as being the one with the map, looking
at what is coming up ahead and determining
what turns we should be making.
Our calling card is our financial strength,
which is imperative in a business where what
we offer consumers is an intangible promise
to pay a death benefit or an income for life
at some point in the future. Our culture has
enabled us to build a balance sheet that is
second to none in our industry.
I think a lot of times making business decision
is like being a marathoner. In other words, you
know what and where the finish line is that
you really want to get to but, along the way,
it’s not always pure joy. There are really hard
moments. But if you keep your eye on the
prize, it is part of what drives you to get there.
We are judged by what we finish not by what
we start.
Organisations that do not take a companywide
approach to diverse workforce will have an
awfully difficult time retaining whatever
diversity they currently have.
Community engagement is not only the right
thing to do, but it can also provide an enduring
shared benefit for all involved. But acting with
good intentions is quite different from doing
the right thing in a way that truly benefits your
business and its shareholders, employees and
most importantly, society.
Our culture has enabled
us to build a balance sheet
that is second to none in
our industry.
It’s clear that young people coming into the
workforce today want a job with purpose –
and what creates better value for a customer
than to solve a problem for them? That’s
what we do in the financial services business.
We do good for others by solving their
problems. It has really resonated with me to
hear how many young people want to work
at a business where they feel they are doing
something good for others and can also be
engaged in improving their community.
Offering professional development training
programs allows employees to perform
better and prepares them for positions of
greater responsibility. But it can also help
employers attract top job candidates, retain
their best workers and identify future leaders.
Moreover, ongoing professional development
is very appealing to many employees today
who are looking to keep their skills relevant in
a rapidly changing world. MBR
All rights reserved - Copyright 2018
EDITOR’S
Note
BA(Hons) Accty., Dip. Tax., FIA, CPA,
APMI, MIM, MBA (Henley) Deborah has
twenty years experience in the financial
services, gaming and hospitality industries.
In her various C-level and board member
roles she had formulated new strategic
directions and implemented the necessary
changes. She has been instrumental in
setting up and growing various companies.
She is a Certified Public Accountant, holds
a Masters in Business Administration from
Henley Management College and she
holds an Advanced Diploma in Retirement
Provision pursued with the UK Pensions
Management Institute. She is the only
Maltese resident holding such a qualification
in pensions. She is a Fellow Member of
the Malta Institute of Accountants, and a
Member of the Malta Institute of Taxation,
Malta Institute of Management, Institute
of Financial Services Practitioners and
an Associate Member of the Pension
Management Institute UK. Deborah won
Malta’s Best Knowledge Entrepreneur of
the Year Award 2015. She has also been
nominated and then voted as one of the four
finalists for the Commonwealth Women
Entrepreneur of the Year 2015.
www.maltabusinessreview.net
13

Malta Business Review
EDUCATION
THE GLOBAL SEARCH
FOR EDUCATION
Are You as Good as Your Robot?
By C. M. Rubin
Technological advances are going
to change work skills in the future
and leave certain kinds of workers
unemployable. A new book,
Computers and the Future of Skill
Demand, uses a test based on the
OECD’s Survey of Adult Skills (PIAAC)
to compare computers with humans.
The test assesses three skills that
education systems like to focus on
which are used in today’s workplace,
namely literacy, numeracy and
problem solving. The Global Search
for Education invited Stuart Elliott,
the book’s author, and Dirk Van
Damme, OECD’s Head of the Skills
Beyond Schools Division, to discuss
the study.
MBR: According to Computers and the
Future of Skill Demand, robots seem to be
better at hard skills such as mathematics
and computing, while humans are much
better at soft skills, such as reasoning and
writing. Should education systems in the
future focus more on softer skills and give
up teaching hard skills altogether, or is there
some value in knowing skills that robots, at
the moment, seem to be better at?
Stuart and Dirk: For a skill like literacy, it’s
still useful to learn to read at a simple level
– similar to what computers can already do
– as a way to develop reading skills that are
beyond current computers. So one reason
to learn something a computer can do is to
develop a higher level of that skill. Other
skills are useful to learn to develop certain
ways of thinking. Computers are far better
at basic arithmetic and we now rarely solve
complicated math problems by hand. But it’s
helpful for everyone to learn basic arithmetic
as part of learning to reason with numbers,
even if we usually use calculators for most
arithmetic problems.
We should be working
harder to figure out how
soon large-scale employment
disruption will occur and
exactly what income policies
will be needed when the
time comes.
MBR: In your opinion, what are three key
skills each child must possess in order to
remain competent in an age of robotics?
Stuart and Dirk: The study looked at three
skills that are generally believed to be
important for everyone: literacy, numeracy
and problem solving. That’s why we call them
‘foundation skills’. These will still be key skills
over the next few decades. But the capabilities
of computers suggest we’ll be using these
skills in new ways, as we are already seeing.
We’ll be surrounded by computers that
provide information, direct our attention
and suggest choices. The real competence
needed by people will be the critical thinking
and reasoning to put all the pieces together.
MBR: What can parents, who have young
children, do to prepare their kids for a
robotic future we know so little about?
Stuart and Dirk: This question goes beyond
the current study. However, it might be
helpful for parents to focus on a set of
more fundamental skills that have been
important throughout human history: the
skills of developing passionate interests,
building strong individual relationships, and
participating actively in groups. These skills
will continue to be essential to creating a
meaningful life, no matter what happens with
robots and computers.
MBR: Do you foresee a future where
governments and intergovernmental
agencies mandate human-to-AI ratios in the
workplace to avoid massive unemployment,
especially in the transitioning phases
between human and robotic workers?
Stuart and Dirk: Such a mandate seems
completely unworkable and would simply
encourage companies to find ways to work
around the requirement. For one thing, it
would be impossible to count robotic workers
because most automation will be virtual and
invisibly distributed across many computers.
This is the case for the skills analysed in the
current study. Instead of trying to limit robots
Continued on page 16
14

Malta Business Review
EDUCATION
Continued from page 14
and computers, effective policy responses to
job loss will need to start first with education
and then move to income redistribution as
automation becomes more advanced.
MBR: We hear a lot about robots in
professional contexts but let’s talk about
this technology’s social implications. Can
robots become our friends? What role will
robots have in human societies, especially
outside of jobs?
Stuart and Dirk: This question goes beyond
the study and the current state of computer
technology. However, we know that people
have emotional reactions to objects like dolls
and to animals with more limited behaviour
than humans. There are also anecdotes
about people having emotional reactions
to simple computer conversational systems
like Amazon’s Alexa or Apple’s Siri. So there
is no question that people will develop
emotional reactions to robots as their
behaviour becomes increasingly complex and
responsive. At some point, it will be natural to
see our extended relationships with particular
robots as allowing a kind of friendship. This is a
theme that’s often been addressed in science
fiction, but the reality is a long way away.
MBR: Saudi Arabia recently gave citizenship
to a female robot named Sophia. How will
giving citizenship to robots change society’s
rules, such as human/ robot rights? Should
governments start drafting up legislations
that deal with robots?
Stuart and Dirk: At this stage of the technology,
giving citizenship to a robot is a publicity stunt
that trivializes the serious issues involved.
Someday there are likely to be robots that are
so self-reflective that they will describe their
reasoning and goals the same way humans do.
When that happens, we shall need to decide
whether to treat those robots legally as having
a kind of self-interest comparable to humans.
That decision involves difficult scientific and
moral issues that will be hard to work through,
but we are not there yet.
It might be helpful for
parents to focus on a set
of more fundamental
skills that have been
important throughout
human history: the skills
of developing passionate
interests, building strong
individual relationships,
and participating actively
in groups.
On a more practical side, however, it’s
already time for legislation to start to address
the responsibilities of autonomous robots
and computers, such as self-driving cars,
automated trading systems or computer
personal assistants. Increasingly, such systems
are making decisions that only humans have
made in the past. There will be many practical
areas where legislation related to actions by
robots and computers will be needed.
“Someday there are likely to be robots that are
so self-reflective that they will describe their
reasoning and goals the same way humans
do. When that happens, we shall need to
decide whether to treat those robots legally
as having a kind of self-interest comparable to
humans.” — Elliott/Van Damme
MBR: Are we equating robots to humans
too much?
Stuart and Dirk: We are nowhere close to
robots being equal to humans, so it’s still
science fiction to think about robot friendships
or citizenship. However, most work tasks do
not require full human capabilities, so we do
need to start to think about the possibility of
robots and computers substituting for many
human workers.
MBR: Can you foresee a world where robots,
AI, automation, algorithms, 3D printing, and
all these interrelated advances, cause such
an enormous disruption in employment for
human beings that our entire economic system
will need to be transformed? For instance, a
world that will require a basic incomes policy
and in which a very significant portion of the
population will not be employed?
Stuart and Dirk: Absolutely. The primary
question is whether such large-scale
employment disruption is only a few
decades away or whether it will not appear
for a century or more. If most skills are like
the three skills we analysed in the study,
then such disruption is probably only a few
decades away. But we simply don’t know if
that’s the case because we have not analysed
other types of skills.
Whenever the disruption comes, it will
require difficult changes to the structure
of the economy, involving something like a
universal basic income. It’s too soon for the
public to worry about this or for governments
to enact basic income policies. However, we
should be working harder to figure out how
soon large-scale employment disruption will
occur and exactly what income policies will be
needed when the time comes. MBR
Credit: Stuart Elliott, C. M. Rubin, Dirk Van Damme
MBR
16

BREXIT
Malta Business Review
BREXIT:
EP recommends association
agreement for future EU-UK relations
By Delphine Colard; Viktor Almquist
• Respecting the integrity of the
internal market, customs union
and four freedoms
• Securing equal and fair treatment
for EU citizens living in the UK and
British citizens living in the EU
• Preserving the rights of citizens
as set out in the Good Friday
Agreement (Irish border)
Plenary endorses a resolution laying out a
possible association framework for future
EU-UK relations after Brexit.
Taking into account red lines announced
by the UK government, an association
agreement between the EU and the UK
could provide an appropriate framework for
their future relationship, says the resolution
adopted by 544 votes in favour, 110 votes
against, with 51 abstentions. This relationship
could be based on four pillars:
• trade and economic relations (FTA),
• internal security,
• cooperation in foreign policy and
defence and
• thematic cooperation, for example on
cross-border research and innovation
projects.
MEPs insist that the framework should
include consistent governance, with a robust
dispute resolution mechanism.
The resolution, prepared by the EP Brexit
Steering Group, stresses the uniqueness of
the EU ecosystem with its binding common
rules, common institutions and common
supervisory, enforcement and adjudicatory
mechanisms. This means that even closelyaligned
non-EU countries with identical
legislation cannot enjoy similar rights,
benefits or market access to those of EU
member states.
Any framework for the future relationship
would also need to respect the integrity of
the internal market, customs union and four
freedoms, without allowing for a sector-bysector
approach (cherry-picking EU laws).
It should preserve the EU’s independent
decision-making and legal order, including the
role of the ECJ.
Withdrawal agreement and transitional
period
The resolution welcomes the Commission’s
28 February draft of the Withdrawal
agreement and expresses support for the
transitional arrangements proposed.
It also reiterates the importance of securing
equal and fair treatment for EU citizens living
in the UK and British citizens living in the EU.
The resolution welcomes the European
Commission’s draft protocol on Ireland and
Northern Ireland including its backstop
option outlined in the December Joint Report
that provides a concrete fallback solution
against any hardening of the border and
preserves the North-South cooperation.
MEPs also underline the importance of the
British government ensuring there will be no
diminution of the rights of citizens as set out
in the Good Friday Agreement.
Next steps
The resolution sets out Parliament’s
input ahead of 22-23 March summit
of EU heads of state or government,
which is expected to approve the
Council’s guidelines for negotiations
on the UK’s future relationship
with the EU. Any withdrawal
agreement and future association or
international agreement with the UK
will need to win the approval of the
European Parliament. MBR
Credit: EPO, Valletta; Europarl
www.maltabusinessreview.net
17

Malta Business Review
SEX FILES
Let's
talk
about
SEX
By Melanie Kelly
LET’S TALK ABOUT SEX is a brand new radio
talk show which will hit our airwaves in April
and will air every Thursday at 7pm on XFM
100.2 . As the title itself suggests the weekly
conversation will be somewhat controversial
to say the least as it will deal with sex,
relationships and anything in between.
The idea for this risque’ talk show stemmed
from the seemingly lack of information about
this subject on the local media. Therefore
XFM 100.2, being the innovative and
experimental station , grabbed the bull by the
horns and decided to launch a talk show like
no other. Let’s talk about sex promises to be
informative yet sexy, surely attracting curious
listeners of all ages.
The missing link for XFM 100.2 was to find a
host willing to push boundaries and ask the
questions no one would dare to... and who
better than the vibrant Melanie Kelly with
her outgoing attitude and tongue in cheek
persona who does not shy away from the
topic being discussed?
Melanie Kelly was the obvious choice, a well
known TV presenter and producer, having 11
years experience on the local media scene
with her ‘say it as it is’ attitude!
So what exactly will happen during the show?
Every week Melanie will have sexperts and/
or guests in the studio who will share their
knowledge and shed light on hot issues
and topics such as BDSM, monogamy and
infidelity , love, orgasms and desire, amongst
others – all topics which most Maltese people
would consider as taboo.
As an added perk XFM will also be launching
this talk show on their facebook page LET’S
TALK ABOUT SEX on XFM 100.2 with Melanie
Kelly where filmed studio snippets of the talk
show will be uploaded for those who missed
the radio show to be able to follow!
LET’S TALK ABOUT SEX on XFM 100.2 starts
on the 12th of April @ 7pm and will air
every Thursday. MBR
Contact: letstalkaboutsexonxfm@gmail.com
All rights reserved - Copyright 2018
18

Let’s
talk
about
SEX

Malta Business Review
ICT
Why the distribution industry is
better off with Acumatica Cloud ERP
As a sole collection point for all an
organisation’s data from multiple sources,
Enterprise Resource Planning (ERP) solutions
act as a “single source of truth” – eliminating
data duplication, enhancing data integrity,
and enabling users to drive growth, manage
costs, and be more productive.
Now, some readers might be thinking
“My internal processes are great. They’ve
worked for years.” That’s fine, but without
re-examining and improving those processes,
business owners can become very dependent
upon employees, and increasingly at risk of
serious mistakes happening when personnel
changes occur.
Empowering distribution companies
The distribution industry is a complicated
one, and the technology chosen to run
systems and processes can make or break a
company’s bottom line. If you can’t deliver
your orders on time and at the best price,
another distributor certainly will be more
than happy to do so.
Acumatica Cloud ERP can modernise and
scale many processes to meet customers’
demands. It helps manage the unpredictability
of the distribution market by empowering
distributors to streamline processes from
quote to cash, optimise the supply side of
distribution operations, and make better
financial decisions.
Quote to cash
Distributors who want to serve their
customers from “quote to cash” (and every
step in between) are turning to Cloud ERP
in growing numbers. Excellent customer
service processes require information such as
customer order history, shipping schedules,
product return protocols, archives for recall
processing, etc.
Knowing the customer makes them feel
valued, and to know them, businesses need
access to critical information at every stage of
the process. Acumatica Cloud ERP makes this
possible without needing to upgrade existing
IT systems.
Optimised supply chain
In today’s marketplace, it’s becoming more and
more necessary to connect the supply chain
from beginning to end. Inaccurate inventory
information hurts efficiency – therefore an
exact understanding of your stores, stock, and
orders throughout the supply chain is needed
for effective decision making.
True supply chain automation with Acumatica
Cloud ERP enables you to keep a detailed eye
on the entire supply chain – as well as taking
care of ordering and inventory tracking. This
provides full, consistent visibility of critical
information to all users, and eliminates
headaches for supply chain managers. It
also cuts down on unnecessary and often
inaccurate data entry, resulting in a faster and
more reliable supply chain process.
Make better financial decisions
Powerful BI and analytics tools collect eyewatering
amounts of raw data that can be
used to inform a business’s decisions and
direction, but the problem lies in how all this
data is transformed into something of value
– data is only as useful as the information it
delivers, otherwise it’s just noise.
Acumatica Cloud ERP monitors key metrics for
each functional business unit. Users can drill
down into summary and detailed information,
including access to supplemental information.
Executive management has immediate access
to performance measurement dashboards
for fast, accurate decision-making.
Start making the shift to Acumatica Cloud
ERP today. MBR
All rights reserved - Copyright 2018
For more information visit
www.computimesoftware.com/acumatica-erp
or E: info@computimesoftware.com
T: +356 2149 0700.
Business Software
& Integration Solutions
20

A Modern ERP Solution for Distribution Management
Acumatica provides tools to help you manage sales ordering, pricing, shipping, sourcing, and billing –
enabling you to streamline your business processes so that all your information is in one secure location.
Adapt to thrive in the
distribution industry
Serve customers from
quote-to-cash
Optimise the supply side
of distribution operations
Better decision-making with
more accurate financial data
Business Software
& Integration Solutions
+356 2149 0700 www.computimesoftware.com/acumatica-erp
info@computimesoftware.com

Malta Business Review
BEST OF CATEGORY SERIES
Vasilije Lekovic, Head of Gaming Accounts, Trustly
TRUSTLY
Leading the
Payments Industry
MBR interviews Vasilije Lekovic, Head of Gaming Accounts,
Trustly, who talks about how Trustly is addressing the upcoming
PSD2 regulation coming into effect this year, the latest trends
in payments, global opportunities, and challenges payment
service providers face in a rapidly changing market. The
discussion offers valuable insight into the challenges of
international e-commerce, internet and recent market changes.
By George Carol
MBR: What are some of Trustly’s most
important projects and success stories
to date?
VL: Since it's founded in 2008, Trustly has been
disrupting the payments and online gambling
industries with its innovative product that
offers instant deposits and withdrawals
directly from the consumer's bank account
across 29 markets in Europe. In the highly
competitive online gambling environment
nowadays, it's very important that the users
can deposit and withdraw their money
instantly, securely and with a simplified user
experience and that is the reason why Trustly
has found its place in the cashiers of most of
the operators operating in Europe.
Apart from our core product, Trustly is
continuously offering other innovative
products and functionalities. One of those
is our Pay N Play product that allows online
gambling websites to offer a frictionless
experience to their users that allows them
to deposit and play right away, without going
through a lengthy and unpopular registration
process. This 'no-account' experience is
possible due to the innovative KYC feature of
Trustly that allows the operators to verify their
users in a simple and effective way.
Since being introduced to the online gambling
market, Pay N Play has become extremely
popular among merchant and consumers,
especially in the markets of Sweden and
Finland, with the operators such as Ninja
Casino and Snabbare leading the way.
MBR: With the PSD2 coming into effect this
year, how is Trustly achieving compliance
with the Directive? What are the greatest
specific challenges banks are facing?'
VL: Trustly has been closely involved in
the discussions with regards to the PSD2
implementation, as a regulated financial
institution under the Swedish FSA, as
well as the member of ECB-driven Euro
Retail Payment Board’s working group
on payment initiation services, co-chair
of European API Evaluation Group and a
member of the Payment System Market
Expert Group, which is an advisory body to
the European Commission. With over ten
years of experience in fin-tech/bank transfer
space and a network of 3000+ banks that
we offer to our merchants, Trustly has the
expertise that has been very useful in these
discussions. We believe that PSD2 will help
bring improvements and innovation into the
bank-related services and banks opening
their API's will definitely benefit us in order
to be able to offer an even better product
to our clients and the end consumers.
The greatest challenge that the banks will
be facing will be updating their technical
infrastructure and finding the best models
to open their APIs to the interested parties.
MBR: What does Trustly bring different
compared to other software vendors
counterparts, especially in the local
Fintech space?
VL: Trustly offers an instant, safe and secure
method for paying directly from your bank
account across Europe. Apart from that,
our product offers innovative features and
functionalities, such as our Lean KYC product
that helps our merchants verify their users
with the bank KYC data. Last but not least,
our Pay N Play and Direct Debit products offer
the additional edge to online providers and
help them solve their conversion issues and
offer a frictionless experience to their users.
We believe that our variety of products,
strong technology and innovation that we
offer, together with pan-European coverage
differentiate us from other companies in the
fin-tech space.
MBR: What are the clear benefits for
online merchants accepting local payment
methods and how will the way we pay for
what we buy over the internet change over
the next few years?
VL: Local payment methods usually have the
advantage of being widely used and accepted
by the users in specific local markets, which
can help the online merchants to penetrate
those markets in a more effective way.
However, in the recent years the behaviour of
the online consumers is changing and some
other parameters become more important
for them, such as speed, safety and simplicity
of their payment experience. We believe
that this trend will continue and therefore
the payment providers will have to continue
innovating in order to stay competitive. Trustly
welcomes this challenge because innovation
and technology are at our core.
MBR: What are the projects that you are
most looking forward to in 2018 and beyond?
VL: In 2018 we are looking forward to
successfully rolling out our Pay N Play product
in new markets across Europe, as well as
further improving our offering by adding new
banks, products and functionalities. Apart from
that, we are continuously striving for innovation
and our goal is to become a pan-European
leader in the payments industry. MBR
All rights reserved - Copyright 2018
EDITOR’S
Note
While many of the payment providers still charge
tiered rate pricing, Trustly started their new
interchange pricing model IN 2008 by adding
just a small mark-up over interchange rates in
an effort to simplify the fee structure and be
more transparent. Awarded Rising Star status
by Deloitte as Sweden's second-fastest growing
technology company, Trustly is the only company
to our knowledge that offers exceptional rates
and services for both small and large merchants
alike and their customers don’t pay fees for data
compliance, statements or junk fees. MBR’s Best
of Category Reviews is pleased to give this online
and merchant account provider high marks and
we think you will too once you experience their
customers first attitude.
To learn more about Trustly: www. trustly.com
22

Malta Business Review
DENTAL HEALTHCARE
WANTING A CHANGE!
By Dr Jean Paul Demajo
An elderly patient walks in for a long overdue check-up, sits on the dental chair and says:
“Dott I have no major problems in my mouth but I wish you to tell me how I may improve my teeth”
This is a very common scenario. Unfortunately
a lot of patients are still irregular attendees
and only visit the dentist when in pain or
when they wish to have a major overhaul.
The dentist asks a few questions on what
ideas they might have and how they wish to
walk out following the termination of their
treatment. Although a lot of these patients
wouldn’t be in pain they would be putting up
with a lot often forgetting the true comfort
of the dentition they once had. At times, on
examination one sees large cavities, broken
teeth and signs of inflammation but yet the
patient is still comfortable. Occasionally
there are no cavities, no inflammation but
yet patients aren’t quite comfortable with
their mouth.
Before Treatment
Below is a list of ailments that often go
unnoticed without causing pain but may still
lead to discomfort and poor quality of life:
1. Food packing
2. Bleeding gums
3. Mobile teeth
4. Halitosis
5. Inability to eat evenly on both sides
6. Inability to eat chewy or hard food
7. Maligned or crooked/crammed teeth
8. Short tooth stubs
9. Colour mismatch
10. Asymmetrical smile
Most of these ailments can easily be treated
while others might require need more
complex procedures to solve. There is no
good reason as to why one must put up with
any level of discomfort. Teeth are a major
front for communication, socialization and
general well-being. Teeth stand right behind
our mouth and together produce a horrible
or lovely smile. The latter has a large influence
on our confidence and quality of life.
Ask your dentist how they may help you!
After Treatment
A CASE STUDY
A gentleman in his mid-60s wishes to improve his appearance. He does not suffer
from much bar some sensitivity due to exposed roots following recessed gums and
has otherwise a healthy albeit heavily restored dentition. He is unhappy with the colour
and the general appearance of his teeth. His upper teeth appeared too prominent
for his liking pointing out that he cannot
see his bottom teeth. Following a lengthy
consultation noting each of the patient’s
wishes, it was decided to veneer and crown
many of his upper heavily restored teeth.
The aim was to improve their appearance, line
them up better, improve the level of biting
and make the lower teeth more visible.
MBR
DR JEAN PAUL DEMAJO
Dental and Implant Surgeon
24

GREEN PRODUCTS
FOR STRUCTURAL STRENGTHENING
KERAKOLL. Products and services
to build healthy homes that are
kind to the envirorment.
INNOVATIVE
ECO-FRIENDLY
ANTI-SEISMIC
MINIMAL WORKMANSHIP
J.M. Vassallo Vibro Steel Limited

Malta Business Review
EDITOR’S CHOICE
Toric Hémisphères Rétrograde
An iconic collection meets the world of modern travel
The Toric Hémisphères Rétrograde is the ultimate
traveller's timepiece. With its two time zones, it allows
any two locations to be paired, and correct to the nearest
minute. It even allows those locations with a half-hour or
quarter-hour difference to be paired with full hour times
set from the Greenwich meridian. Featuring a knurled
bezel, the signature feature of the Toric family, the case of
this timepiece was the first creation designed by Michel
Parmigiani in 1996. This founding model is now bringing its
elegant and classic aesthetics to the world of modern travel.
A world first inspired by a restored piece
It was a restored piece that inspired Parmigiani
Fleurier to add the GMT complication to its
collection. Parmigiani Fleurier's restoration
workshops had been entrusted with a pocket
watch containing two movements inside one
case, each responsible for its own time zone.
This sparked a desire to create a timepiece that
incorporated the same accuracy of display in
the reduced space of a watch case too small
to house two separate movements. Michel
Parmigiani found an elegant solution to this
limitation by constructing a single calibre that
controls two time zones, each accurate to
the nearest minute. The Tonda Hémisphères
released by Parmigiani Fleurier in 2010 was a
world first. In 2017, the brand is extending this
exceptional movement to the Toric collection,
its founding model, to add a dimension of
travel to its elegant and timeless aesthetics.
Calibre PF317
The Toric Hémisphères Rétrograde has two
time zones, each accurate to the nearest
minute. A module is indexed to the main
movement in order to govern the second
time zone. By pulling out the small crown at
2 o'clock, the module is disengaged from the
movement, meaning that it can be adjusted
independently of the second time zone,
to the nearest minute. When the crown
is pressed back in, the movement and the
module re-engage and the second time zone
is re-indexed to the first so that they operate
simultaneously with the desired interval. The
main crown at 4 o'clock is used to wind the
movement and set the time of the two paired
time zones, such as the date. Each of the time
zones is associated with a window, which
provides the day/night indication so that the
26
New Toric Hemispheres Retrograde
New Toric Hemispheres Retrograde
time of day can be read in an instant for each
time zone.
The calibre PF 317 also features an instant
retrograde calendar, indicated by the third
central hand. As it moves towards the last
days of the month, the hand activates a spring
which drives it back to number 1 with great
force. This 240° movement is so fast that it
cannot be seen with the naked eye.
This self-winding movement has a double
series-mounted barrel for improved
isochronism and rate regularity, with a power
reserve of 50 hours.
Understated yet captivating aesthetics
The dial of the Toric Hémisphères Rétrograde is
designed so that the most important functions
stand out the most in a very specific hierarchy.
Firstly, the hands of the main time zone, plated
in 4N gold, are coated with Super-LumiNova®
to make them luminous and more prominent.
Meanwhile, the hands of the second time zone
are rhodium-plated to present a more discreet
shade. Finally, the date indication stands out
thanks to fine numerals that are large enough
to ensure good legibility. They are indicated
by a hand ending in a red crescent moon. The
rest of the dial is understated, discreet and
harmonious to avoid any distractions when
reading these key temporal indications.
The Toric Hémisphère Rétrograde is available
with a rose gold case paired with a grained
white dial. On the back of the piece, the
movement is entirely decorated with Côtes
de Genève and circular-grained to the highest
Haute Horlogerie standards. It incorporates an
22 ct rose gold guilloché oscillating weight to
add a prestigious touch befitting of a timepiece
dedicated to travel.
Parmigiani Fleurier
Taking its name from its founder, watchmaker
and restorer Michel Parmigiani, the fine
watchmaking brand was founded in 1996 in
Fleurier, in the Swiss valley of Val-de-Travers.
With its own watchmaking centre ensuring
its independence, the brand has both full
control over the production process and
unique creative freedom. For twenty years, the
Parmigiani Fleurier signature has resided within
timepieces that command the utmost respect,
in harmony with watchmaking traditions. They
are the labour of a lifetime – that of Michel
Parmigiani, the talented individuals who assist
him, and the special relationship between the
Manufacture and the masterpieces of the past,
enabling it to invent a bold future. MBR
Technical Details
REFERENCES PFC493-1002400-HA1442
Movement
PF317
Winding: Self-winding
Power reserve: 50 hours
Frequency: 4 Hz – 28,800 Vib/h
Dimensions: 15 ¾''' - Ø 35.6 mm
Thickness: 5.45 mm
Components: 316
Jewels: 28
Barrel(s): 2 series-coupled barrels
Decoration: "Côtes de Genève" decoration,
bevelled bridges
Functions
Hours, Minutes
Small seconds
Retrograde date
Day/night
Second time zone
Case
Shape: Round, in 3 sections
Dimensions: Ø 42.8 mm
Material: 22 ct rose gold
Finish: Polished
Water resistance: 30 m
Case-back: Sapphire
Crystal: Anti-reflective sapphire
Crown: Ø 5.5 mm & Ø 6 mm
Engraving on case-back: Individual number
Dial
Material: White grained
Indices: Rose gold gilded
Hands: Javelin-shaped
Strap
Brand: Hermès
Material: Alligator
Colour: Black
Buckle
Type: Folding buckle
Credit: Edwards lowell

The fusion of two leading IT companies forming J2 Group providing quality IT Services
with over 20 years of experience with offices in Malta and Gozo, offering tailor-made IT
Solutions fitted around your personal and unique requirements. ICT Solutions including
IT Consultancy Services, IT Outsourcing, Office Setup & Network Installation, Onsite &
Remote Support, Internet & Wireless Configuration, Hardware Support, Computer &
Laptop Repairs, Hosted & Web Services, Google Apps & Office 365, Microsoft Azure,
Infrastructure Setup, Microsoft Hyper-V & VMware Virtualization, Multi-Company Payroll
& Accounts, Point of Sale Systems, Stock Systems, Custom Software & Websites.
J2 GROUP MALTA, OSCAR ZAMMIT STR MSIDA, MALTA EUROPE
j2groupmalta.com | info@j2groupmalta.com | +356 21360038

Malta Business Review
BANKING
Announces
USD7.7 Million Profit for 2017
The FIMBank Group’s sustained run of
profitability is the outcome of a successful
consolidation and operational strategy,
coupled with a solid business performance.
The FIMBank Group’s Consolidated Audited
Financial Statements show that for the
year ended 31 December 2017, the Group
registered a profit of USD7.7 million,
compared to a restated profit of USD5.4
million in 2016. At 31 December 2017,
total Consolidated Assets stood at USD1.64
billion, a decrease of 6 per cent on the
USD1.74 billion reported at end 2016. The
drop in assets is attributed to a reduction
in business assets aimed at achieving
better capital requirements, partly offset
by increases in treasury balances as a
result of higher liquidity requirements. In
fact, Trading Assets decreased by USD127
million, whilst Loans and Advances to
Customers increased by USD 140 million.
At the end of the period under review, Total
Consolidated Liabilities stood at USD1.47
billion, down by 6 per cent from USD1.57
billion in 2016. Operating Income before
net impairment for 2017 stood at USD51.7
million, an increase of 12% over the USD46.1
million registered in 2016. During 2017, net
interest income rose by USD3.0 million as
a result of overall improved interest yields
and increased efficiency in cost of funds and
funding volumes. This rise was also mirrored
in an increase of USD3.7 million in net fee
income, to USD18.5 million, on improved fees
on documentary credits and forfaiting.
During 2017, the Group changed its
accountancy policy and started measuring
owned properties at their fair value. This
resulted in a fair value gain of USD3.4 million
in 2017. Meanwhile, net impairments for the
year improved, from a loss of USD2.2 million
in 2016, to a net recovery position of USD2.2
million in 2017, a result of significant recoveries
made by the Bank and its subsidiaries, which
also assisted with increases in coverage
FIMBank p.l.c., Mercury Tower, The Exchange
Financial & Business Centre, Elia Zammit
Street, St. Julian's STJ 3155, Malta Tel: +356
21322100 - Email: marketing@fimbank.com
on other impaired legacy credits. This is
considered another major milestone for
FIMBank, as legacy misadventures of prior
years have been dealt with firmly.
In the year under review, operating expenses
rose by USD3.7 million, to USD42.3 million,
largely as a result of an increase in mandatory
regulatory costs. Rising regulatory costs is a
growing phenomenon across the industry,
with further increases expected in the
coming years.
Commenting on FIMBank’s financial results
for 2017, the Group’s Chairman, Dr John C.
Grech, stated that these “are a clear indicator
of the sound strategic path adopted over the
past years, and highlight our commitment and
resolve in ensuring a strong and sustainable
growth trajectory for FIMBank.”
Discussing the outlook for the Group,
FIMBank Group CEO Murali Subramanian
said that “For 2018, we expect to continue
building on the business verticals we have
transformed and strengthened over the past
years. 2018 will be characterised by a capital
injection allowing the business to grow and
achieve improved economies.”
Mr Subramanian added that “The spirit of
entrepreneurship and pursuit of excellence
across businesses, products and markets will
remain at the heart of the Group’s strategy.
This will be achieved through superior
client service, best in class and tested risk
management, and governance stability,
as well as efficiency in funding and cost
structures. The scaling up of the business,
supported by an expert management team
and staff in key trade hubs across different
regions, will enable the Group to maintain a
flexible business model. Our results during
the past years demonstrate our ability to
adapt to changing circumstances whilst
driving sustained profitability and growing
shareholder value.” MBR
For further information about FIMBank plc
please visit www.fimbank.com
Credit: Fimbank
28

GAMING
Malta Business Review
BETSOFT GAMING
PARTNERS WITH
OCG INTERNATIONAL
BY BRIT BURKE
Betsoft Gaming, acclaimed creators of the
revolutionary Shift platform, have announced
that they have signed a partnership deal with
Maltese iGaming powerhouse operator OCG
International. The terms of the partnership
will allow OCG International to offer Betsoft’s
renowned Slots3 series of games, including
the new Classic Slots collection, to their many
successful brands.
“OCG International offers many brands to
their ever-growing base of iGaming players,”
said Anna Mackney, Account Manager
at Betsoft Gaming. “We are thrilled to be
partnering with them. The target market in
Germany is ripe for explosive growth, and we
foresee that OCG will be making headlines
and leaving their mark on our industry in a
very memorable way.”
“We are happy to strengthen our attractive
portfolio with the beautiful and exciting games
range from Betsoft,” said Michael Parlato
Trigona, director of OCG International. “This
new game range will help us to become even
more attractive to a wide range of players and
also will be a highly welcome addition to our
existing player base.” MBR
ABOUT BETSOFT GAMING:
Betsoft Gaming develops innovative casino games
for desktop and mobile. Its portfolio of more
than 190 RNG titles reaches players through
partnerships with many of the iGaming industry’s
leading operators. Under the SLOTS3TM banner,
Betsoft is elevating players’ expectations; these
cinematic, true-3D slots blend rapid, gratifying
gameplay with an audio-visual excellence more
typical of movies and videogames.
An early entrant to mobile gaming, Betsoft
launched the ToGoTM collection in 2012.
More recently, Betsoft revealed the ShiftTM
environment, which supports truly cross-platform
development at the same time as increasing
performance, drastically reducing file size and
streamlining integration.
Casino Manager, Betsoft’s comprehensive backoffice
platform, rolls reporting, management,
marketing, promotion, and administration into a
single compelling package.
Betsoft is headquartered and licensed to operate
in Malta, and holds an additional license in
Curacao. Contact sales@betsoft.com or visit
www.betsoft.com for general information and
enquiries. For press and marketing enquiries,
email press@betsoft.com
Credit: Betsoft Gaming
Is this your current work day?
What if you were given sport incentives?
Let’s add insurance and great performance bonuses.
How about free ice-cream too?
Have a look at our Featured Employers!
www.employmalta.com/featured-employers
The best jobs on the island!
www.maltabusinessreview.net
29

Malta Business Review
ASK THE COACH
All leaders suffer from a
similar challenge: While
their business grows and
becomes more complex, they have
less time to think. As a result, they
miss signs and react when they
should pre-empt.
Here is a 3-step approach to free
two to four hours of your time every
week, which you will be able to
spend thinking, exposing yourself
to inspiring insight, or just relaxing
because great ideas rarely occur
when we’re running between
meetings or answering emails.
HOW TO
FREE SOME
BRAIN-TIME?
BY MARION GAMEL
30
Marion Gamel

ASK THE COACH
Malta Business Review
Step 1 - Identify your “time-suckers”
Imagine you want to lose weight. You seek
the help of a nutritionist. The first thing this
practitioner asks you to do is to keep a food
diary for a couple of weeks so you realise
what, when and how much you eat. I have
the same approach with time keeping. For
two weeks, use your calendar (Outlook,
GMail...) to track how you spend every single
minute at work. Your meetings will already be
in your calendars and similarly to your main
meals - in the nutritionist analogy - you are
likely to be aware of them. What you need to
track with great diligence is the rest: “Urgent”
emails, interruptions, corridor conversations,
time spent helping others, chasing reports or
looking for information… As soon as you see
patterns emerging, colour code the recurring
“time suckers” in your calendar. Do this
diligently over a couple of weeks. I promise
you an “Aha!” moment: Here they are, your
time-suckers. Let’s deal with them.
Step 2 - Declutter and de-prioritise
• People: Are they in the right role or
level of seniority? Are they competent
and empowered? Ask HR to help assess
capabilities, list required competencies
at each level and put in place training or
coaching if needed.
• Tasks: Create dashboards so you
stop spending time looking for data.
Automate responses and reminders.
Create templates, so what you receive
is in a format you’ve approved and what
you draft is repetitive and becomes
easier with time.
• Meetings: Is it possible to combine
some of them? Ask HR to run surveys on
meetings, so you identify the ones that
are less efficient and can be cancelled as
well as the ones you are only invited to
join out of habit or courtesy. Impose a
45-minutes meeting policy.
• Processes: If you spend time setting up
deadlines, chasing other people’s work,
approving the same type of thing week
on week… You probably need the help of
an Operation Manager to set processes
in place so (s)he can chase on your behalf
and “filter” before demands reach you.
• Delegate more: Before you open an
email, let alone answer it. Before you
get involved in a task, ask yourself “Am
I the ONLY person who can do this?”. In
short: Is “this” really, truly, something
that you should spend time on? Your
company probably grew fast. Not so
long ago you were wearing 10 hats.
Now you’re the only person at the top
who can do pretty much everything,
but it does not mean you should still do
everything! Think in terms of spend.
Your salary is probably amongst the
highest in the company. Is it a good ROI
if you do this task? Wouldn’t it be more
commercially astute to ask someone
else in your team (who costs less) to
do it?
• Instantly differentiate what is urgent
from what is important. In our culture
of impatience and “being busy”, the
two have dangerously blurred. Draw a
simple 4 square chart on a post-it note
and stick it to your screen.
What is not important, delegate immediately,
with a clear delivery date if it’s urgent.
What is important and urgent, do today (set
things in motions on the spot to ensure it
does not slip). Turn what is important but
not urgent into a recurring reminder in your
calendar for the next week or month, which
you cancel once it’s done.
• My last advice to declutter your load is
to be aware of what you like - that you
probably invest time in, even though
it could be delegated - versus what
you dislike - which you are likely to be
more stringent about. The best way to
differentiate the two is to watch out for
physical signs. If you get excited when you
receive an email, it’s something you like.
Immediately run it through the urgent/
important test and act accordingly.
Step 3 - Free your brain
You’re starting to see some welcome breaks
in your schedule, which you can use to feed
and free your brain. You now need to ring
fence this new freedom and ensure bad
habits don’t creep back in.
1. Block thinking time: Create meetings
“with yourself”. To make sure your
thinking time becomes a sacred habit,
make it regular and recurrent. You’re
much more likely to respect your
me-time if you block 2 hours every
Thursday morning than if you block ½
hour whenever you can throughout the
week at random times. Your team will
get accustomed to your me-time, they’ll
respect it and work around it.
2. Create the best possible environment
for your brain: First, identify what your
environment was the last time you had
an epiphany. What was it that created
food for thoughts? Were you reading a
fascinating article? Listening to a speaker
at a conference? Having a conversation
with a fellow leader or employee? Where
you even at work?! Were you listening
to music? Running along the seafront?
In front of a great piece of art? Be
aware of the perfect environment that
frees and feeds your brains. Re-create
it during the time you’ve blocked. If you
can’t step out of the office, draft a list
of thought-inducing questions that you
benefit from thinking about every week:
How to boost efficiency? What are the
future challenges are we not prepared
for? What would Steve Job do? During
that thinking time, book a meeting room,
where others can’t find you, and switch
off notifications on your phone.
So here you have it, the efficient yet simple
3-step process to free time for your brain:
Identify time suckers. Get rid of them. Diligently
and regularly re-create the perfect environment
to induce thoughts and creativity. MBR
Credit: Marlon Gamel
EDITOR’S
Note
Marion Gamel is a C-level executive with over
20 years of experience. Having started her career
as an entrepreneur, Marion then worked for
Google and Eventbrite. Her last role was Chief
Marketing Officer of Betsson Group and Chief
Executive Officer of Betsson Services. Marion
has been coaching Entrepreneurs, Founders and
C-Executives around the world since 2015. Every
month, Marion answers questions sent by business
leaders based on the island. For a chance to have
your question answered in Malta Business Review,
of if you think you would benefit from business
coaching, you can contact Marion at:
marion.gamel@gmail.com
www.maltabusinessreview.net
31

Malta Business Review
MBR Q&A
AZURE ULTRA
THE MAKING OF A SUPERBRAND
BY MARK PEARSON
Over the last few years, charter
specialist extraordinaire Azure Ultra has
reminded the luxury motor yachting
industry that you don’t have to be a big
global entity to become a superbrand.
MBR takes great pleasure in welcoming
back Azure Ultra MD Perry Newton, no
stranger to the Q&A spotlight.
MBR: So Perry, 2017 was a year in which
Azure Ultra cemented its reputation as
a genuine superbrand. What were the
highlights for you?
PN: Awards are always an accurate measure
of how your peers see you. To win two major
industry awards in 2017 – Best Customer
Service and Best Malta Based Charter
Company – takes some beating.
MBR: Congratulations, both great awards
to win, especially customer service. What
makes Azure Ultra’s service offering
different from the rest?
PN: Everything flows from our brand tagline,
beyond ordinary. No detail in the customer
journey is overlooked. Azure Ultra is all about
offering the connoisseur of luxury an exclusive,
custom-fitted charter experience from start to
finish. So we are always looking at innovative
ways to perfect our customer service,
even down to being the first yacht charter
organisation in Malta to introduce uniforms
complete with epaulettes and name slides.
MBR: Online reviews of Azure Ultra certainly
attest to that. A 100% record of five-star
reviews on TripAdvisor is quite remarkable,
plus your crew comes in for a lot of praise.
What’s the secret?
PN: The crew love what they do and are proud
to wear the uniform, which we purposely
had custom-made by a leading international
fashion designer. Engaged and committed
staff have a massively positive influence
on a client’s experience. What’s more, the
crew are all highly trained mariners with
multiple advanced qualifications and years of
experience in providing a safe and comfortable
environment for individuals and families at sea
and in harbour. This all culminates in military
precision – or an award-winning mindset if you
will – that flows from a highly functioning crew
with a healthy OCD for everything nautical,
from training guests in a host of water sports
to actively sharing their intimate knowledge of
the Mediterranean coast.
Engaged and committed
staff have a massively
positive influence on a
client’s experience
MBR: Blue skies and calm seas mean yacht
charter season is back. What plans do you
have for this year?
PN: Plenty! We’ve added a new Sunseeker
Camargue 50 to the fleet in addition to
new captains, stewards and stewardesses.
Our long-term objective is to remain
visionary, stand apart and upscale from any
Mediterranean competitor. By retaining our
desirability and advantage of having the best
reputation in our field, among customers and
industry, we will build on our success in 2018
and keep on improving into the future. MBR
All rights reserved - Copyright 2018
32

GAMING
Malta Business Review
Maltco Lotteries and Institute of Digital Games
partner to support the next generation of game researchers and game designers in Malta
By Gertrude Borg Marks
Maltco Lotteries and the Institute of Digital Games – University of Malta will be
presenting the outcomes of their two-year agreement made to increase the opportunities
of students in the field of digital games in a press conference to be held the 18th April at
18h30 at the Institute of Digital Games, University of Malta.
The completed projects will be presented
by Prof. Georgios N. Yannakakis, Director of
the Institute of Digital Games – University
of Malta whilst the two upcoming projects
falling under the agreement will also be
announced. The projects were made possible
due to a Maltco research grant of € 20,000 to
promote research and innovation in digital
games which allows researchers at the IDG
to hire students or alumni to an undertake
a project in their area of expertise. Projects
are selected by the Director of the Institute
of Digital Games, in consultation with the
faculty, on the basis of proposals submitted
by researchers. Each semester the most
interesting proposals are implemented with
the support of the Maltco research grant.
The first project to be completed entitled
“Something Something Soup Something”
was designed by Dr Stefano Gualeni with
the support of two of the Institute’s Master
students: Isabelle Kniestedt and Johnathan
Harrington. The game was an innovative
sortie into the possibilities of a “game as
interactive thought experiment” addressing
the unreliability and relativity of language and
our methods of communication. The game is
meant to demonstrate through the gameplay
that despite our best efforts for precision
in communication we are still faced with
ultimately indefinite, shifting concepts. The
project was well-received by the video game
community even featuring on Kotaku.com,
one of the most prominent international
gaming websites.
The second selected project “The New Born
World” is a story-telling game developed
as tablet application. The game will be
one of the first examples of hybrid board
game application to be used in conjunction
with social game play and is designed by
Dr Antonios Liapis with the support of one
master’s student, Konstantinos Sfikas and
one alumnus, Rebecca Portelli. The game also
builds on the One Tablet Per Child initiative
started by the Maltese government as it is a
storytelling game encouraging both literacy
and semantic creativity. Dr Liapis intends to
further examine the experience of human
and computer co-creation, his particular area
of expertise, through the designed game.
During this coming press conference, another
two new projects, one related to machine
learning led by Prof. Yannakakis, and one
related to immersion and story by Prof.
Calleja, will also be announced.
Present for this event will be; Prof. Alfred
Vella, the Rector for the University of Malta,
Prof Georgios N. Yannakakis, Director Institute
of Digital Games - University of Malta, Mr.
Vasileios Kasiotakis, Chief Executive Officer
- Maltco Lotteries Limited, Dr Panagiotis
Koustenis, Games and Statistics Manager
- INTRALOT, and also the creators of the
two complete funded research Dr. Stefano
Gualeni and Dr Antonios Liapis. Personnel
from both the Institute of Digital Games and
from Maltco Lotteries will also attend. MBR
About the Institute of Digital Games
The Institute of Digital Games is the centre for research
and education in game design, game analysis, and
game technology at the University of Malta.
Our work is at the forefront of innovative games
research. We explore games and play, uncovering new
playful and generative possibilities in game design and
technology. We delve into everything games can teach
us about ourselves.
Our multidisciplinary academic team spans computer
science, literature, game design, philosophy, media
studies, and social sciences.
Since the foundation of the Institute in 2013, we
have been involved in a number of EU (FP7, H2020)
and National funded research projects totaling over
10m Euro of research funding. Collectively, we have
published over 160 journals articles, conference
papers, book chapters and books in these last 5 years.
About Maltco Lotteries
Maltco Lotteries, a modern and dynamic company
established in 2003, holds the latest Licence and
Concession to operate the National Lottery of Malta
awarded in 2012. Maltco Lotteries provides highquality,
innovative and entertaining games (including
lotteries, sports-betting, fast games and instant games)
under the auspices of the Malta Gaming Authority
(MGA). Players can enjoy a friendly, secure and fun
environment in the Maltco Points of Sale, participating
in their favourite games, assisted by the well-trained in
high client service Maltco Lotteries Agents.
Maltco Lotteries has invested in the state-of-theart
gaming technology and services of INTRALOT;
guaranteeing security, trustworthiness, transparency
and a superior gaming experience. Certified in
Responsible Gaming, ISO/IEC 27001:2013 and Security
Control Standard (WLA SCS) by the European Lotteries
and the World Lottery Association, Maltco Lotteries
ensures the safest gaming environment through its
Agents’ retail network, the largest one in Malta and
Gozo, maintaining the leading position in the market.
Maltco Lotteries, has and exceptional track record
in Corporate Social Responsibility, with continuous
support to the Governmental Good Causes Fund and
numerous Maltese charitable causes alongside the
sponsoring of the local sports and athletes, sustaining
the Maltese Society, Culture and Well-being.
About INTRALOT
INTRALOT, a public listed company established in 1992, is
a leading gaming solutions supplier and operator active
in 52 regulated jurisdictions around the globe. With €1.1
billion turnover and a global workforce of approximately
5,100 employees (3,100 of which in subsidiaries and
2,000 in associates) in 2017, INTRALOT is an innovation
– driven corporation focusing its product development
on the customer experience. The company is uniquely
positioned to offer to lottery and gaming organizations
across geographies market-tested solutions and retail
operational expertise. Through the use of a dynamic and
omni-channel approach, INTRALOT offers an integrated
portfolio of best-in-class gaming systems and product
solutions & services addressing all gaming verticals
(Lottery, Betting, Interactive, VLT). Players can enjoy a
seamless and personalized experience through exciting
games and premium content across multiple delivery
channels, both retail and interactive. INTRALOT has
been awarded with the prestigious WLA Responsible
Gaming Framework Certification by the World Lottery
Association (WLA) for its global lottery operations.
For more info: Mr. Chris Sfatos, Group Corporate
Affairs Director, Phone: +30-210 6156000, Fax: +30-
210 6106800
email: sfatos@intralot.com website: www.intralot.com
Credit: MALTCO LOTTERIES Limited
www.maltabusinessreview.net
33

Malta Business Review
POLITICO BRUSSELS PLAYBOOK
SUMMIT HIGHS AND LOWS - WHICH ROAD
TO ROME? - ART OF THE DEAL (OR NO DEAL)
JUNCKER’S #SELMAYRGATE ULTIMATUM: “If he goes, I go,”
Commission chief Jean-Claude Juncker told center-right party
leaders in a closed meeting, referring to his beleaguered top
EU civil servant, Martin Selmayr. Maïa de la Baume and Jacopo
Barigazzi with the story.
SUMMIT DAY
Russian oligarch
Andrey Guryev
THE EU … ON TRUMP: In the end, EU leaders
at the Council summit in Brussels on Thursday
were fed up waiting for Donald Trump’s
administration to produce implementation
provisions, or any legal text at all, on the
Union’s desperately-awaited exemption from
steel tariffs. Instead, they had to go off a few
not-particularly-detailed lines from the U.S.
president, and they wrapped up their meeting
to get a few hours of sleep. Formal conclusions
on Trump and trade will land only today,
assuming that Washington legalese eventuates
at some point before the leaders head home.
German Chancellor Angela Merkel put it this
way on her way out: “It’s not yet possible to
say conclusively how exactly decisions [in the
White House] actually have been taken.” In
case increased “unjustified” tariffs were to kick
in against EU exporters despite Trump’s (more
so, his people’s) assurances, the EU would
respond with adequate counter-measures.
And while U.K. Prime Minister Theresa May
was originally set to go home, to ensure the
union is able to answer Trump’s tariffs as a unit,
she will stick around.
All things considered, talking the U.S.
administration into exempting the EU from
steep tariffs that would have otherwise kicked
in today was a major coup for everyone
involved; chief among them, EU Trade
Commissioner Cecilia Malmström. Now comes
the hard part: Trump will want something in
return — the question is what.
**A message from Google: To enhance
Europe’s digital skills, we created the
Android developer scholarship program with
Bertelsmann and Udacity. We were honored
to receive an award from the European
Commission — and impressed with Central
and Eastern Europe, where 40 percent of our
trainees came from.
… ON RUSSIA, the other shadow over the
summit table, leaders took their time amidst
many, many interventions, according to
diplomats, to ponder appropriate language.
Key sentence: The European Council “agrees
with the United Kingdom government’s
assessment that it is highly likely that the
Russian Federation is responsible and that
there is no plausible alternative explanation”
for the Salisbury poisoning.
WHO REPRESENTS RUSSIA IN BRUSSELS? As
most EU leaders look to get tougher on Russia,
political debate has turned to extra sanctions
or expelling diplomats. But who represents
Russian interests in Brussels?
One issue that POLITICO has written about
is rules on the toxic metal cadmium. More
specifically the attempts by Russian oligarch
Andrey Guryev to corner the fertilizer market
in Europe by changing the rules on how much
cadmium is allowed in it (the fertilizer from
his own phosphate mines is said to be much
better suited to low cadmium rules than his
rivals’). Guriev and his company PhosAgro are
on a US Treasury blacklist, and the Guardian
reported that he owns a large number of
properties in London.
Key action taken: Leaders avoided sanctions
talk. Instead they’ve recalled the EU
ambassador to Moscow, Markus Ederer, for
consultations in Brussels. No doubt the Kremlin
is shaking in its Spetsnaz boots at the thought
of having no one to talk to for a month or so.
Jacopo Barigazzi and David Herszenhorn have
the report.
… AND ON TURKEY, the third country with an
unruly chief to be dealt with, leaders showed
about as much solidarity with Greece and
Cyprus as they did with the U.K., discussing the
key issues (Turkish appetites for potential gas
deposits off Cyprus; and two Greek soldiers
jailed in Turkey for straying into its territory)
ahead of an EU meeting with President Recep
Tayyip Erdoğan end March.
As it happens, the countries with the most
pressing issues with Ankara are the same
ones who have the least beef with Moscow
(add Hungary to the latter). Anyway, call the
outcome reciprocal niceness, compromise, or
true tit for tat.
GOOD MORNING, after a summit day that
dragged into the night, wrapping up at just
after 1 a.m. That may not have been too late
for some night owls who had plans to go for
a drink or two afterwards, but alas, Brussels’
bartenders don’t particularly care whether it’s
a prime minister or an ordinary Joe seeking
libations after work: On ferme à l’heure. MBR
QUOTABLE
‘I want Martin Selmayr to become the
most famous person in the whole of Europe
… [he] should not resign, stay, stay, stay;
I want him there as long as possible, give
him a pay increase.”
— Nigel Farage, Brexit champion. MBR
SUMMIT THURSDAY IN 5
MOMENTS
1. WIEDER DA. Angela Merkel took the
floor early on and, back in full swing after
her reelection for a fourth term as German
chancellor last week, inquired about and
commented on Chinese companies’ debt
levels and sour loans in that huge empire of
the East. She displayed a mastery of the data
her people had collected for her and which
she broke down for the group, according to
Playbook’s reasonably impressed fly on the
wall of the summit room.
2. She later shared a few bits of carefully
curated information that one of her envoys
brought back this week after exploring that great
country of the West. That had those in the room
thinking she is one of the few who can make
sense of what Donald Trump actually wants. She
is, in short, back, if she was ever gone.
3. BACK TO THE FUTURE: “In March, we are
always deciding to come back to an issue in
June. In June, we are deciding to come back
in October. And we are never coming back,”
Commission President Jean-Claude Juncker told
reporters, speaking of the preferred working
method of European Council meetings. MBR
34

POLITICO BRUSSELS PLAYBOOK
Malta Business Review
By FLORIAN EDER
with ZOYA SHEFTALOVICH
PRESENTED BY GOOGLE
4. CZECHOSLOVAKIA MAKING A COMEBACK?
It was new Slovak Prime Minister Peter
Pellegrini’s first summit, but he won’t get to
taste all its pleasures. Pellegrini left Thursday
evening with the impeccable excuse of facing
a vote of confidence in parliament today. So
Czech Prime Minister Andrej Babiš (who is,
by the way, Slovak by origin) will represent
his neighbor in the EU27 part of today’s
deliberations, as Hospodářské noviny’s Ondřej
Houska reports. It won’t last long: Slovakia is
a euro member, Czechia isn’t, so for the last,
euro-only part of the summit, Vienna will
make Bratislava’s voice heard.
5. NEVER COMING BACK: A lost tourist walked
up to me on Thursday, beneath a rainy
Brussels sky, to ask where, per favore, he
could see “the main EU headquarters.” Now
that’s a tricky question at any time. Then he
told me he only had half an hour spare to see
the EU for once — to make it tangible. I sent
him Parliament’s way. The only thing he could
have seen around the shining palace where
EU leaders were actually doing business is
barriers and lattice fences. MBR
Luis de Guindos | Raigo Pajula/AFP
via Getty Images
LUIS DE GUINDOS APPOINTED
ECB NO. 2
EU leaders Thursday agreed to hand the
European Central Bank’s vice presidency to
Spain’s Luis de Guindos. Leaders announced
the decision following a vote in the European
Council in Brussels on Thursday. De Guindos,
currently Spain’s economy minister, will take
over the role of vice president from June 1 after
incumbent Vítor Constâncio leaves the post. MBR
WHICH ROAD TO ROME?
Both chambers of the Italian parliament
take seats and will (attempt to) elect their
presidents today. A majority may or may
not emerge. If it does, don’t take that as a
sign there will be a government of the same
colors any time soon. Italy’s status is still “it’s
complicated.” Giada Zampano from Rome
updates us on recent proceedings.
Antonio Tajani, president of the European
Parliament, briefed leaders at the summit about
what his institution expects of them, sneaking in
his advice on what to expect from Italy’s (many
would say opaque) political situation: “The
message that has been sent out about Europe
has been that EU countries close their borders,
dig in their heels with the redistribution of a few
thousand refugees, and let all landings take place
on our shores. This narrative has conditioned
the results of the elections,” he said.
That’s to be read that way: Italy might well end
up having another election, and leaders better
get their act together and pass a compromise
on common asylum rules and the protection of
external borders, do a deal with Africa as they
did with Turkey two years ago, and show Italians
that yes, they care — or risk facing a very clear
result rather than uncertainty next time round
(and that doomsday scenario wouldn’t include
a Prime Minister Tajani).
Advice on what’s going to happen was
particularly welcomed by Merkel and French
President Emmanuel Macron, whom Tajani,
from Silvio Berlusconi’s Forza Italia, met with
individually, according to his team. Juncker,
instead, opted for a private chat with Prime
Minister Paolo Gentiloni, from the other
losing party.
MEANWHILE, IN CATALONIA, THE THIRD
ATTEMPT TO APPOINT NEW LEADER FAILS.
**Join POLITICO’s Women Rule Summit on
June 21 in Brussels and hear from Canadian
Minister of Environment and Climate Change
Catherine McKenna on Women in Energy and
Sustainability, and European Commissioner
for Research, Science and Innovation Carlos
Moedas on Women in Entrepreneurship and
Innovation, among other keynote speakers. MBR
DEAL WITH IT
THE REAL ART OF THE DEAL: There’s at least
one company that knows how to get its way
in Brussels. “More than two years after the
European Food Safety Authority signaled
concerns about a pesticide made by Syngenta,
the Swiss agrichemical giant has avoided an
EU ban on the product,” write POLITICO’s
Simon Marks and Giulia Paravicini in a mustread
about how Syngenta used its lobbying
in Brussels to drive a wedge between the
Commission and its own food safety agency.
“Emails, letters and technical papers released
by the European Commission in response to a
POLITICO request show the Commission twice
withdrew a proposal to remove Syngenta’s
pesticide, called diquat, from the market after
the company questioned the methodology
behind EFSA’s science.”
DEALING WITH NO DEAL: The next Brexit
battle in Westminster is over whether to
prepare for a “no deal” Brexit. After securing
agreement with the European Commission
earlier this week for a transition period as the
U.K. leaves the EU, senior government officials
say the battle is on between those who back a
“soft” Brexit, who want the U.K. government
to abandon preparations for a worst-case
scenario, versus hardcore Brexiteers who
want to ensure London looks like it means it
when it says no deal is better than a bad one.
POLITICO’s Tom McTague and Charlie Cooper
have the story.
DEALING WITH FACEBOOK: Elizabeth
Denham, the U.K.’s privacy regulator, is
leading the global investigation into whether
Cambridge Analytica — which used data
from Facebook to try to help Donald Trump
get elected — ran afoul of Britain’s data
protection standards. POLITICO’s Annabelle
Dickson and Mark Scott profile the woman in
the eye of the storm.
POLAND (SORT OF) BACKTRACKS: Poland’s
ruling Law and Justice (PiS) party on Thursday
presented a series of amendments to its
controversial judiciary bills and backtracked on
its Holocaust law.
FOLLOWING UP: The outer provinces we
mentioned in Thursday’s Playbook emailed to
write in that yes, they had paid for what they
ordered, and after thoroughly checking with
all parties involved we can confirm they did.
No offence meant, and none taken, the East
of Scotland European Consortium‘s Joanne
Scobie wrote to tell us. They’re on a “factfinding
mission” to explore how post-Brexit
Brussels will look for them, and it “really
opened our eyes.”
They looked post-Brexit: “It was especially
interesting to hear from counterparts in
Norway and Switzerland. It gives us hope
that we can continue to work with European
colleagues, but this of course depends on the
willingness of the U.K. government. When we
return to Scotland we will make the case of this
at both Holyrood and Westminster,” Scobie
said. “Overall, we picked up on a lot of goodwill
towards Scotland … This was a very positive
experience for us and so we return to Scotland
knowing that this does not mean the end of EU
collaboration for us.” MBR
Courtesy: POLITICO SPRL
www.maltabusinessreview.net
35

Malta Business Review
ICT
Global Tech Spending Forecast:
Banking Edition, 2018
By Stephen Greer, Gareth Lodge, Juan
Mazzini, and Eiichiro Yanagawa
KEY RESEARCH QUESTIONS
• What will banks across the globe spend on technology
in 2018?
• Which trends does Celent see in IT spending in banking?
• What regional differences exist in IT budgets and
spending plans?
ABSTRACT
IT spending globally will increase by
4.2% annually, mostly driven by new
investment spending.
Recently Celent's Banking analysts published
a report titled Global Tech Spending Forecast:
Banking Edition, 2018.
IT Spending is growing at a steady pace. How
are institutions spending their resources?
What trends are affecting spending? Celent
goes deep into the data to reveal how
institutions globally are allocating resources
towards IT.
This report analyzes the IT spending patterns
of banks in North America, Europe, Asia-
Pacific, and Latin America. It’s divided by
region. Each section analyzes the budget
allocations among retail, commercial, and
investment banks; new investment and
maintenance; internal spending, hardware,
external services, and external software.
Celent also applies its global top trends to
each region.
Advances in technology and global consumer
demand for digital customer experiences
are creating new investment incentives for
institutions globally. Margin pressures in core
areas of the business are pressuring banks to
increase spending on IT, shifting focus towards
finding new sources of value while increasing
efficiency across traditional cost centers. MBR
Credit: CELENT
36

FINANCE
Malta Business Review
During his opening speech, the FIMBank
Group Chairman Dr John C. Grech stated
that, “The 2017 financial results are a
clear indicator of the sound strategic path
adopted over the past years, and highlight
our commitment and resolve in ensuring
a strong and sustainable growth trajectory
for FIMBank.” The Bank’s Chief Executive
Officer, Murali Subramanian commented
that the year’s positive financial results
reflect a “significant progression due
to the efficiency enhancements and
portfolio quality which the Bank has been
implementing since 2015”.
Following the opening statements, the
Bank’s Chief Financial Officer Ronald Mizzi,
then provided an overview of FIMBank’s
financial performance.
In emphasising the importance which all
shareholders hold for the Group, Dr Grech
also referred to a similar meeting due
to be held with the Malta Association of
FIMBank meets
stockbrokers,
financial
intermediaries and
Malta Association of
Small Shareholders
FIMBank recently hosted a meeting
with licensed stockbrokers and
financial intermediaries to discuss the
Group’s 2017 financial results, as well
as developments which marked its
performance during the past months.
Small Shareholders. He went on to thank
all those present for their participation,
adding that such initiatives are important
to foster open lines of communication with
stockbrokers and financial intermediaries. The
presentation was followed by an informal
discussion during which attendees had the
opportunity to discuss specific aspects of the
performance registered. MBR
For further information about FIMBank plc
please visit www.fimbank.com
Credit: FIMBank
FIMBank
Announces
Rights Issue
FIMBank p.l.c. (the ‘Bank’) announces that it has been granted
approval by the Listing Authority for a Rights Issue prospectus
dated 23 March 2018. The rights issue offer is for 209,687,428
new ordinary shares in the Bank at an offer price of USD0.55 per
share on the basis of 2 new shares for every 3 existing shares held
as at the record date (being 22 March 2018).
The net proceeds of approximately USD114 million from the issue
will be used to strengthen the Bank’s capital base and support the
general growth of the FIMBank Group and also the repayment
of a principal sum of USD50 million with interest due under a
subordinated loan agreement.
The acceptance period opens on the 4th of April 2018 (08.30
am) and closes on the 18th of April 2018 (10.00 am). For a copy
of the Prospectus and further information about the FIMBank
Rights Issue please visit https://www.fimbank.com/en/rights_
issue_2018 MBR
Credit: FIMBank
www.maltabusinessreview.net
37

Malta Business Review
GARDENING
launch new interactive portal
By J.P Abela
Callus Garden Centre has launched
a new web portal, which can be
accessed at www.callusgardencentre.
com – a portal that is set to act as
an increasingly important customer
touchpoint.
Callus Garden Centre new web portal
enables customers to not only find
current information about our wide
range of plants and flowers but also
provides direct access to our services.
Designed by Whale, the site has been
built to help individual users browse
through our range of flowers, plants,
trees and services. Our various sections
of the website have been designed to
feature our array of services, including
landscaping, garden design and
maintenance along with water well
cleaning among others.
“We are proud to launch our new web
portal that was designed with the
objective of providing a convenient,
dynamic and interactive channel,”
said Jonathan Callus, Director at Callus
Garden Centre.
“When we first embarked on this
project, our goal was to create a space
where our clientele could browse. This
site is all about our customer first and
foremost,” explained Jonathan. MBR
Credit: Callus Garden Centre
38

TALKING POINT
Malta Business Review
Open letter: The Shame of
Valletta 2018, European
Capital of Culture
The following is the letter written by
prominent writers to the EU President six
months after the assassination of journalist
Daphne Caruana Galizia.
Dear President Juncker,
Dear Commissioner Timmermans,
Dear Mr Magnier, Director of Creative Europe,
CC/ Commissioner Karmenu Vella,
We write to you on the six-month anniversary
of the brutal assassination of our colleague,
Daphne Caruana Galizia, Malta’s foremost
investigative journalist, to express our
profound concern with developments in
Malta in the context of the investigation into
her assassination, and in particular regarding
the behaviour of the management of Valletta
2018, the European Capital of Culture.
The assassination of Daphne Caruana
Galizia was ordered in direct response to
her journalistic work in exposing rampant
government corruption at the heart of the
EU. Since her death, we have witnessed
with horror the repeated and aggressive
destruction of the memorial to Daphne
Caruana Galizia in Valletta, which was created
in response to this horrific event. The Maltese
authorities have not attempted to protect
this memorial. In particular, we are outraged
by the comments of Jason Micallef, Chairman
of the Valletta 2018 Foundation, and as such
the Capital of Culture’s official representative
in Malta. Since her assassination, Micallef
has repeatedly and publicly attacked and
ridiculed Daphne Caruana Galizia on social
media, ordered the removal of banners
calling for justice for her death and called
for her temporary memorial to be cleared.
This is far from appropriate behaviour for an
official designated to represent the European
Capital of Culture, and in fact serves to further
the interests of those trying to prevent an
effective and impartial investigation into
Caruana Galizia’s death.
Creative Europe’s mandate is the support
and promotion of culture and media in
the region. European culture includes the
freedom to criticise, satirise and investigate
those in power. The role of the Chairman of
the European Capital of Culture should be to
safeguard this right, not to threaten it. We
believe this behaviour completely demeans
the role and has profound implications for
the integrity of the programme as a whole.
There can be no tolerance for the ridiculing
of the assassination of a journalist in the
heart of the EU, especially from the very
authorities entrusted to promote the EU’s
media and culture. We therefore urge you
to immediately investigate these allegations
against Jason Micallef.
If found to be true, we urge you to call for
his resignation and for the appointment of
a qualified individual who demonstrates the
requisite integrity for this role.
Further to these specific concerns relating to
Valletta 2018, we wish to restate our broader
fears relating to the ongoing investigation by
the Maltese Authorities into the assassination
of Daphne Caruana Galizia, which we
believe does not meet the standards of
independence, impartiality and effectiveness
required under international human rights
law. The very same individuals Caruana Galizia
was investigating remain in charge of securing
justice in her case, despite a judicial challenge
in Malta’s constitutional court from her family,
who has now been completely shut out of
the assassination investigation. We therefore
welcome the initiative of the Parliamentary
Assembly of Council of Europe, which is taking
the extraordinary step of sending a special
rapporteur to scrutinise the investigation.
It is also of enormous concern to us that, even
after her assassination, senior government
officials, including the Prime Minister, Joseph
Muscat, are insisting on trying thirty-four
libel cases against her, which have now been
assumed by her family. In addition to these
cases, the Prime Minister is taking a further
libel case against Caruana Galizia’s son,
Matthew, himself a Pulitzer-Prize-winning
journalist. We have reason to believe that
these proceedings are in direct reprisal for
his mother’s work in investigating corruption
within the current Maltese government.
The Prime Minister is currently compelling
Matthew to return to Malta to stand trial,
despite independent security experts advising
Matthew to remain outside Malta due to
substantial threats to his life there.
Whistle-blower Maria Efimova was one
of Daphne Caruana Galizia’s sources on
corruption within the disgraced Malta-based
Pilatus Bank. The Maltese authorities filed a
European Arrest Warrant for Efimova after
she was forced to flee to Greece with her
family. On 12 April, a Greek court refused
Malta’s request to extradite Efimova on the
grounds that the charges brought by the
Maltese authorities against her are “vague”.
We welcome this highly unusual decision,
one of the first of its kind within the EU.
Despite this, the Maltese authorities have
not dropped the charges against Efimova.
We believe the charges against Efimova to
be purely political and are deeply concerned
about both her safety and the independence
of the legal process she would face should she
return to Malta.
We urge you to take a stand in support of
calls for justice for Daphne CaruanaGalizia
and for the protection of journalists and
whistleblowers in Malta.
We look forward to your response outlining the
steps you will now take relating to our concerns.
Sincerely,
Jennifer Clement, President, PEN International
Margaret Atwood, PEN Writers Circle Member
Salman Rushdie, PEN Writers Circle Member
Yann Martel, PEN Writers Circle Member
Eva Bonnier, Albert Bonniers Förlag,
PEN Publishers Circle Member
Neil Gaiman
Aslı Erdoğan
Ian McEwan
Kamila Shamsie
Andrei Kurkov
Elif Shafak
Khadija Ismayilova
Paul Muldoon
Peter Greste MBR
Credit: Eu President
EDITOR’S
Note
Concerns have been raised by scores of international writers
about the impartiality, effectiveness and independence of the
investigations surrounding slain journalist Daphne Caruana
Galizia. PEN International has written an open letter to
top EU officials, namely European Commission president
Jean-Claude Juncker, Commissioner for Better Regulation,
Interinstitutional Relations, the Rule of Law and the Charter
of Fundamental Rights Frans Timmermans, Director of
Creative Europe Michel Magnier and Commissioner for
Environment, Maritime Affairs and Fisheries Karmenu
Vella. Mbr Publications Limited is also affiliated with PEN.
www.maltabusinessreview.net
39

Malta Business Review
EDUCATION
THE GLOBAL SEARCH FOR EDUCATION: YES THEY’RE READY
TO TEACH IN THE FOURTH INDUSTRIAL REVOLUTION!
What does the fourth
industrial revolution and
the extraordinary period
of societal change mean
for teachers and learning?
How can classrooms
equip learners with the
competencies, mindset and
agency to shape their own
lives and contribute to the
lives of their communities?
A ground-breaking new
book by Armand Doucet,
Elisa Guerra, Michael
Soskil, Jelmer Evers, Koen
Timmers and Nadia Lopez,
Teaching in the Fourth
Industrial Revolution:
Standing at the Precipice,
shares predictions and
strategies for an education
system that matches the
needs of the AI future.
Welcome to the Fourth Industrial Revolution.
It’s a complex, volatile, ever-changing
world where we have already witnessed
fundamental shifts in the way we live. Given
this extraordinary period of societal change,
what will this mean for teaching? How should
teachers equip learners with the competencies
and mindset to approach learning as being lifelong?
How can education equip learners with
agency to shape their own lives and contribute
to the lives of their communities?
Six internationally recognised Global Teacher
Prize finalists have authored a new book
(Teaching in the Fourth Industrial Revolution:
Standing at the Precipice; Routledge, March
2018) in which they share their vision and
strategies for an education system that
matches the needs of the future.
The Global Search for Education is pleased to
welcome co-authors Armand Doucet, Jelmer
Evers, Koen Timmers, Michael Soskil, Elisa
Guerra Cruz and Nadia Lopez.
“We need to embrace a new paradigm: the
networked teacher. We need to build our
classrooms, schools and educational systems
based on the principles of collaboration and
trust.” — Jelmer Evers
MBR: How can education lead us through
an unknown future to a place of peace and
prosperity?
Michael Soskil: Only by keeping education
rooted in human relationships and empathy
can we meet the great challenges on the
horizon. Our students are craving the
opportunity to make a difference and shape
the planet they will inherit from us. Our global
society faces dangers of inequity inside and
outside our schools. If we are to realize the
peaceful and prosperous vision of the future
we desire, a focus on equity through and
within our educational systems must be one
of our main driving forces. Ever widening
inequity will be one of the gravest threats to
the health of our future society.
MBR: How does a good teacher prepare
her students for the Fourth Industrial
Revolution?
Nadia Lopez: Teachers must be life-long
learners. Teaching is not just about preparing
students for a particular workforce, but to also
become agents of change that have a positive
influence within humanity. When we teach
girls that they can be entrepreneurs, architects,
computer scientists, and engineers, then we
begin to dismantle the stereotypes that limit
them from pursuing any and every career.
Education can build bridges across the globe
and we can learn from one another.
MBR: What are some of the key take-aways
from your research in Teaching in the Fourth
Industrial Revolutionwith other teachers?
Elisa Guerra Cruz: Children need the artistic
touch of human connection to reach their
unique potential. Even in environments
devoid of technology, excellent pedagogy is
still leading to astonishing student learning
outcomes. True educational success lies in a
system that meets the needs of the individual,
with or without the use of technology.
“Passion is what engages and empowers
students. Schools have timetables; learning
does not.”
— Armand Doucet
MBR: You write about the challenges of
the Fourth Industrial Revolution requiring
a shift to holistic education. What are the
steps we must take to accomplish that?
Michael Soskil: We need a shift in focus
from accountability measures based on
standardized test scores toward metrics
that take into account universal access to
quality teachers and learning environments,
robust curricula that include the arts, as
well as student engagement and well-being.
Passionate teachers having professional
discussions about what is best for kids leads
to a better education system. Each individual
40

EDUCATION
Malta Business Review
“Our global society faces dangers of inequity
inside and outside our schools. If we are to
realize the peaceful and prosperous vision of the
future we desire, a focus on equity through and
within our educational systems must be one of
our main driving forces.”
— Michael Soskil
By C. M. Rubin
student is a new independent and constantly
changing variable in an ever-changing context.
MBR: You talk about “flipping the system”
that is changing education from the ground
up. How do we do it?
Jelmer Evers: It will take professionalism
and also activism by teachers to help build
those new systems. We need to embrace a
new paradigm: the networked teacher. We
need to build our classrooms, schools and
educational systems based on the principles
of collaboration and trust. We need to be
aware as teachers how global forces influence
our classrooms. Students need to be invested
in what they learn.
MBR: You talk about the learner profile
(Teach ME) as a practical guide to allow
teachers to introduce a holistic approach to
learning. What are some of the key drivers?
Armand Doucet: Teachers need to evolve
from simply delivering traditional knowledge
towards designing lessons that develop
literacies, competencies and character.
Society needs to be as concerned with the
education of our teachers as we are with
the education of our students. As educators,
our responsibility is not solely to create the
next workforce; it is to help raise the next
generation of citizens
“As the world continues to become more
globalized and interconnected, the ability to
understand diverse perspectives and work
with those that have divergent worldviews
will become increasingly important.” — Koen
Timmers
MBR: True personalization involves more
than content being chosen for students by
algorithms. A few thoughts on how tech and
traditional learning will co-exist?
Armand Doucet: Without great pedagogy,
technology integration is worthless. Passion
is what engages and empowers students.
Schools have timetables; learning does not.
Koen Timmers: Technology is a pedagogical
catalyst. It can make good classroom practices
great, and it can make bad classroom practices
even worse.
MBR: What’s the key take away you want
other teachers to have from your book?
Koen Timmers: Education is a human right.
Everyone, everywhere has a need and the
right to quality Education. As the world
continues to become more globalized and
interconnected, the ability to understand
diverse perspectives and work with those
that have divergent worldviews will become
increasingly important.
Armand Doucet Jelmer Evers: Education
should be at the core of any proposed
solutions, and teachers must play an integral
part in shaping them. Teaching is not an exact
science, because, quite simply, humans are
involved. Rather than passively wait for history
to take its course, or to succumb before the
inevitable shifts that come ahead, we want
to inspire educators and the society in full
to make active decisions and take whatever
roads we need so as to guarantee that every
child in the world has the opportunity to
thrive. As we enter a new age of Renaissance
in education, it is key that in each educational
jurisdiction, we align our vision to what is truly
happening in the classroom. MBR
Creditline: David Wine;
Top Row L to R: Elisa Guerra Cruz,
Armand Doucet, Michael Soskil, Koen
Timmers Bottom Row L to R: Jelmer
Evers, Nadia Lopez, C.M. Rubin
EDITOR’S
Note
Armand Doucet is an award-winning educator,
social entrepreneur and business professional. He
received the Canadian Prime Minister’s Award
for Teaching Excellence in 2015. He is a Global
Teacher Prize finalist. Elisa Guerra was named
“Best Educator in Latin America” in 2015. She is
the Founder of Colegio Valle de Filadelfia which
has 9 campuses in 3 countries. Michael Soskil
was Pennsylvania Teacher of the Year 2017-
2018 and was a Global Teacher Prize finalist.
Jelmer Evers is the author of “Flip the System”
and “Het Alternatief” (The Alternative). He was
nominated for the Global Teacher Prize in 2015
and 2016. Nadia Lopez is the Founding Principal
of Mott Hall Bridges Academy. She is the author
of “Bridge to Brilliance” and a Global Teacher
Prize finalist. Koen Timmers is the founder of
Project Kakuma and an online school, zelfstudie.
com. He is a 2018 Global Teacher Prize finalist.
CMRubinWorld’s award-winning series, The
Global Search for Education, brings together
distinguished thought leaders in education and
innovation from around the world to explore
the key learning issues faced by most nations.
The series has become a highly visible platform
for global discourse on 21st century education,
offering a diverse range of innovative ideas which
are presented by the series founder, C. M. Rubin,
together with the world’s leading thinkers in
education. The Top Global Teacher Bloggers is a
monthly series and an important platform through
which CMRubinWorld has propagated the voices
of the most indispensable people in our learning
institutions—teachers.
www.maltabusinessreview.net
41

Malta Business Review
ECONOMY: TAXATION
Overview: the European Parliament's work on taxation
Check out our infographic to compare taxation levels across the EU- Our infographic above
shows the income from direct and indirect taxes for each member state as well as total tax
revenue as a percentage of the gross domestic product. The latter is divided between taxes
on capital, consumption and labour. In addition our map shows how wealthy countries are.
The fight for fair taxation in the EU has been
high on Parliament's agenda long before
LuxLeaks and the Panama papers. Since the
start of the economic and financial crisis, MEPs
have been pushing for greater transparency
and an end to tax unfair practices. Read on for
our overview of Parliament initiatives.
The committees dealing with tax issues
The economic and monetary affairs committee
is the legislative committee in charge of
tax policies and continues to work on the
European Commission's legislative initiatives
in the area of taxation.
Parliament has also set up two temporary
special committees to look into tax rulings
and is in the process of launching an inquiry
committee to investigate the Panama papers.
Tax rulings are written statements issued
by a tax authority, setting out in advance
how a corporation's tax will be calculated
and which tax provisions will be used. Tax
rulings have sometimes been criticised
when multinationals used them to agree
discretionary or preferential tax treatment
with a country. Parliament has set up two
special committees to look into them.
Last November the first special committee
on tax rulings published its final report,
setting out ideas for fair and transparent
taxation across the EU. Its work is continued
until July 2016 by the second tax rulings
committee. Launched in December 2015,
it continues the work of the first special
committee to identify the necessary steps to
fight corporate tax avoidance.
Following the revelations in the Panama
papers, Parliament decided to set up an inquiry
committee. Its mandate will soon be confirmed
during a plenary session in Strasbourg.
Work so far
Recommendations to fight aggressive
corporate planning were adopted by MEPs in
December 2015. This report by the economic
committee spelled out the legal steps that
the EU and the member states should take. It
was based in part on the work of the first tax
rulings committee. Among others, Parliament
called for the European Commission to
produce a legislative proposal n country-bycountry
reporting of companies' profits, tax
and subsidies. As a result the Commission
announced its plans in April 2016. MEPs also
demanded an EU-wide definition of tax haven
and the Commission is currently working on
a proposal.
In May 2015 MEPs adopted tougher rules on
money laundering. The fourth anti-money
laundering directive will oblige member
states to keep central registers of information
on who owns companies and other legal
entities.EU countries have until 26 June
2017 to implement the new legislation. The
Panama papers underlined the importance of
these new rules.
Parliament was also consulted
on a proposal on the exchange of
information on tax rulings between
EU countries. The Council adopted
the directive last December.
Parliament called the Council's
deal a "missed opportunity" as
the new rules only apply to cross
border rulings but leave out tax
deals within member states. MEPs
also criticised the fact that the
Commission was only given limited
access to the information.
Parliament is being consulted
on corporate anti-tax avoidance
measures. This legislation is the
EU's response to the OECD's action
plan to tackle base erosion and
profit shifting. This refers to tax
planning strategies that exploit
loopholes in the international tax
system to artificially shift profits
to places where there is little or
no economic activity or taxation,
resulting in little or no overall
corporate tax being paid. The EU's
plans contain six key measures which all EU
countries should apply. One of the measures,
for example, is to prevent profits being shifted
to a country with lower or no taxes. MEPs are
due to vote on Parliament's position in June.
In addition Parliament is being asked to voice
its views on plans concerning tax authorities
exchanging tax reports by multinationals
that have global revenues of more than €750
million. According to the proposal, these large
multinationals have to file a country-by-country
tax report in the member state where the
parent company is legally based. This member
state must then share this information with
other member states where the company
operates. Parliament's economic committee
has called for the Commission to have full access
to this information. MEPs are due to vote on the
Parliament's position in May.
Parliament plays a key part in public
transparency rules for multinationals.
Multinationals with global revenues of
more than €750 million would have to make
information on where they make their profits
public and also where they pay their taxes
in the EU on a country-by-country basis.
MEPs asked for this in the report adopted in
December mentioned previously and as a
result the Commission published a report on
this in April. It is not known yet when MEPs
will vote on the plans in plenary.
Later this year the Commission is planning to
propose legislation on a common corporate
tax base. In addition it is expected to publish a
proposal on a common list of non-cooperative
tax jurisdictions, more commonly known as
tax havens. MBR
Creditline: EP/Economics
42

GOZO
Malta Business Review
Gozo wins the prize
of best to sustainable
destination in the
Mediterranean
The Minister for Gozo Justyne
Caruana welcomed international
honor for the island. Gozo won
the prize of best sustainable
destination in the Mediterranean.
This award was announced at
the renowned fair of tourism
ITB Berlin, Germany, and is
given by Green Destinations,
an international organization
promoting sustainable tourism.
A total of 100 have been identified
destination and with 32 finalists; 10 places
were eventually recognized by their region.
Gozo won the prize in the Mediterranean
region. Gozo was a finalist for this award
in 2017 after it was included in the list of
100 worldwide destination set to meet
sustainability criteria. Gozo as a destination
competed evaluate cultural initiatives and the
identity of its communities. In this way, the
island encourages initiatives in the villages to
Photo: MGOZ- Terry Camilleri
keep alive the identity of the place, in order
that the traveler has a unique experience of
the destination. While this is part of a strategy
to attract quality tourists, Gozo has an
opportunity to enjoy widespread sustainable
tourism benefits to island communities.
The kirterji of this award are set by the Global
Sustainable Tourism Council. The Council is
recognized by the UNWTO, the Tourism of the
United Nations Organization, and establish
international criteria for sustainable tourism
on both operational as well as policy making.
Justyne Caruana said that such a prize it, to
aġġidukat a professional and independent
jury, do honor not only our country but
also Gozitans themselves contributing to
this success. She stated that through these
Gozo name honors continue to rise on the
international scale and is recognized as a
destination that offers authentic experience
to travellers.
The Minister Caruana said how 2017 was
a record in the tourism sector where the
amount of foreign tourists who visited Gozo
amounted to 215 184, an increase of 13%
over the year 2016. She said that is optimistic
that Gozo this year also seeing an increase
on the amount of foreign tourists visiting the
island as indicated by unofficial figures. MBR
Creditline: Gozo Ministry
WE DETECT WATER LEAKS!
Non destructive testing of
water leakages .
trace
Minimize cost of damage of
and access water leakage.
Repairs services.
Call us on 79839810
CONSULTANCY • INNOVATION
www.maltabusinessreview.net
43

Malta Business Review
EU: BIG DATA
ESAS WEIGH
BENEFITS
AND RISKS OF
BIG DATA
The Joint Committee of the
European Supervisory Authorities (ESAs)
published today its final report on Big Data
analysing its impact on consumers and
financial firms. Overall, the ESAs have found
that while the development of Big Data poses
some potential risks to financial services
consumers, the benefits of this innovation
currently outweigh these. Many of the
risks identified by the ESAs are mitigated by
existing legislation.
The report concludes that Big Data brings
many benefits for the financial industry and
consumers, such as more tailored products
and services, improved fraud analytics,
or enhanced efficiency of organisational
internal procedures. On the other hand,
financial services consumers should be
made particularly aware of some of the risks
posed by Big Data. The risks identified by
the ESAs include the potential for errors in
Big Data tools, which may lead to incorrect
decisions being taken by financial service
providers. Additionally, the increasing level
of segmentation of customers, enabled
by Big Data, may potentially influence the
access and availability of certain financial
services or products.
Weighing both the benefits and the risks
associated with this innovation, the ESAs have
concluded that any legislative intervention at
this point would be premature, considering
that the existing legislation should mitigate
many of the risks identified. The ESAs will
continue to monitor any developments in this
area in the coming years and invite financial
firms to develop and implement good
practices on the use of Big Data.
The objectives of the report was to
• map the Big Data phenomenon and
assess its potential benefits and risks;
• raise awareness among consumers
of their rights set in existing financial
legislation and in other relevant
areas; and
• raise awareness of financial
institutions of their obligations set
in existing financial legislation and
encourage the adaptation of good
practices on Big Data.
The report results from a consultation
conducted between December 2016 and
March 2017. MBR
Credit: ESMA, 103, rue de Grenelle CS 60747,
PARIS, Ile de France FRANCE France
EDITOR’S
Note
1. The ESAs have created a factsheet on Big
Data, aiming at informing consumers of financial
services about the impact of Big Data. The
factsheet provides consumers with the information
about the potential benefits and risks of the use of
Big Data techniques and aims to raise awareness
of the measures consumers can take if they
experience issues related to the use of Big Data.
2. The Joint Committee is a forum for cooperation
that was established on 1 January 2011, with the
goal of strengthening cooperation between the
European Banking Authority (EBA), European
Securities and Markets Authority (ESMA) and
European Insurance and Occupational Pensions
Authority (EIOPA), collectively known as the
three European Supervisory Authorities (ESAs).
3. Through the Joint Committee, the three
ESAs cooperate regularly and closely to ensure
consistency in their practices. In particular, the
Joint Committee works in the areas of supervision
of financial conglomerates, accounting and
auditing, micro-prudential analyses of crosssectoral
developments, risks and vulnerabilities
for financial stability, retail investment products
and measures combating money laundering.
In addition, the Joint Committee also plays an
important role in the exchange of information with
the European Systemic Risk Board (ESRB).
44

TECHNOLOGY
Malta Business Review
Microsoft confirms its committment to Malta as the country is embarking
on its next endeavour, in its continuous voyage to be a leader in technology.
Microsoft aims to empower every person and every organization on the planet to
achieve more. And in this is exactly what we are doing here, today, together, to
empower every citizen and every organisation in Malta to achieve more.
Ms Peggy Antonakou said this, when today
the Government of Malta and Microsoft
signed an important agreement focusing on
several technologies including blockchain,
artificial intelligence, internet of things aimed
at supporting the strategic themes of the
official announced National Digital Strategy in
all three pillars, namely the Digital Citizen, the
Digital Business and the Digital Government.
Ms Antonakou said that Malta, a small country
with a big digital vision, is putting again itself in
the lead. Embracing new technologies, investing
strategically in a competitive advantage and
translating this into economic growth and
prosperity for its economy and its citizens.
Because a big digital strategy means nothing
without a better life for the people.
We understand that governments cannot do
this alone. As a leading technology company,
we recognise our responsibility in line with
our mission, to work in partnership with
governments and communities to drive
economic and social prosperity and ensure
everyone has access to the digital dividents of
development and growth.
Our presence in Malta, for the past 15 years
was built on embracing and empowering
exactly that. We continuously supported
all aspects of Malta’s ICT eco-system, from
the private to the public sector, from the
education to the financial services. We were
proud to support start ups and education
thanks to, and not only, our very own
Innovation Centre, one of the only forty we
have around the globe, where we boast to
have hosted more than 150 start ups and
12000 students teachers and professionals.
Through this agreement Microsoft will
promote and accelerate in Malta the
worldwide program of Microsoft for Startups
through disruptive technologies. It's a 500m
worldwide investment and our intent is
to promote it heavily in cooperation with
Government. Main goal to increase further
the utilization of the existing investment in the
Microsoft Innovation Center for the benefits
of the local economy and society. Microsoft
will also further increase the readiness and
digital skills in the disruptive technologies
through Conferences and workshops. The
company will invest in pilot innovative projects
which will utilize disruptive technologies in
the Public and Private Sector of Malta. In this
investment as Microsoft we will contribute
with the top of our specialists.
Reflecting on where the relation between
the Government of Malta and Microsoft
is today, and Ms Antonakou referred to an
inspiring quote by Microsoft’s CEO, Satya
Nadella, who in his book Hit Refresh writes
Photo: DOI- Jeremy Wonnacott
that “our indsutry does not respect tradition.
What it respects is innovation.” She argued
that the embracement of innovation was
always at the centre of the agenda since the
meeting which kicked off the discussions for
this agreement in January, and just like it was
over the past fifteen years. When at the turn
of the millenium Malta started its journey to
become a regional centre of excellence, there
was innovation at the core. That innovation
earned the country the respect of many, but
back then we were among the first, if not the
first global company to commit ourselves.
Fifteen years later, Malta is once again leading
the way and we’re again here, in the same
room where the first agreement was signed
in 2003, ready to be by Malta’s side in its
continous quest for digital leadership, by
working together for a digital future. MBR
Creditline: Copororate Identities
www.maltabusinessreview.net
45

Malta Business Review
CRYPTOCURRENCY
Bitcoin mining uses less than
1% of UK electricity supply
due to ‘Rip Off Britain’ pricing
CRYPTOCURRENCY miners are not
a major risk to Britain’s electricity
infrastructure, says the National Grid.
Blog site Coinlist.me has confirmed that
despite fears, miners pose little threat to
the country’s supply chain.
And that high-tech capitalists making
millions from mining are doing so in
countries like Iceland because buying
energy in Britain costs too much. This
comes despite claims that the currency
miners are causing ‘blackouts.’
Britain’s electricity network is unlikely to
be brought to its knees despite claims of
policy makers and activists that mining is so
enormous it poses a threat. However, while
there is no question the mining of currencies
currently uses double the electricity
consumption of Scotland from a global
perspective; in reality the UK is facing next to
no issues with the phenomenon.
The revelation from National Grid comes
after Bank of England Governor Mark Carney
blasted consumption rates branding them
“enormous” and called on regulation of the
currencies which he described as ‘speculative
mania’. His comments were made ahead of
the G20 summit in Argentina where Mr Carney
and other leading economists are to discuss
regulation of the sector. He said: “The costs
of Bitcoin mining are enormous. Its current
annual electricity consumption is estimated by
some to be up to 52 terawatt hours, double the
electricity consumption of Scotland.”
A spokeswoman for the National Grid
revealed however that while the service
operator is monitoring the rise of the
phenomenon that “future growth” in the UK
is not expected to be significant despite fears.
The National Grid said: “At present, their
mining is not a major contributor to demand
in GB. “Any GB cryptocurrency demand would
likely appear as a small component within the
data centre element of our Industrial and
Commercial electricity demand modelling
(data centres themselves perhaps accounting
for only around maybe 1% of total GB demand
although data is limited).
“Whilst cryptocurrency mining is clearly
growing at a fast rate globally, the miners
are likely to be most attracted to countries
with the very lowest electricity prices and
so future growth in GB is not currently
expected to be significant. “However,
whilst we have no immediate concerns in
relation to GB electricity demand, it is an
area that we actively monitor as part of
our electricity demand modelling in our
Future Energy Scenarios.”
The news comes as the issue of mining is hot
on the agenda in France where a company
has invented a heater which pays for itself by
mining coins. The Quarnot QC-1 is advertised
as the world’s first crypto-heater, allowing
consumers to mine cryptocurrencies and
utilise the heat generated.
David Merry, CEO of Investoo Group, which
owns Coinlist.me and exchange Cryptogo.
com said: “Crypto mining is huge in Iceland
and in countries like China it is fast becoming
a tool to make money for those able to do so.
“Cost of electricity varies widely from country
to country and while the UK is not the most
significant in terms of cost in Europe, it’s
certainly up there. People in Denmark,
Germany and Belgium pay the most according
to Eurostat but they are also charged huge tax
levies. It certainly could be argued that our
electricity supplies are more at risk of being
affected by cybersecurity issues like hacking.
Around 65% of UK business is concerned by
cyber attacks on energy networks so mining
really pales in comparison." MBR
Credit Coinlist.me and CryptoGo
46

B2B EXPO
Malta Business Review
Ministry for the Economy
holding Malta’s first
Business to Business Expo
T
he Ministry for
the Economy,
Investment
and Small Businesses
will be holding a business
to business networking
conference, entitled B2B Expo
2018. In t he conference’s
launch Minister Cardona
highlighted how this will be
the first conference of its kind
in Malta and it will serve as
a platform to bring together
local businesses to expand
their network.
The SME sector plays a vital role in the local
economy, representing 98% of businesses
in our country. “SMEs success and growth,
is the success and growth of the nation.
We have placed small business growth as
a public priority. This government initiative
will serve as an ideal forum for business
owners to join entrepreneurs to develop their
business strategies and optimize their existing
resources,” said the Minister.
Spread over one action packed day, the B2B
Expo and Conference will bring together local
and international expert speakers who will
share insights and interact with the audience
addressing topics such as Change, Growth
and Innovation.
The Expo will also give all those who attend
access to over 100 business to business
exhibitors spanning across different industries,
Photo: DOI- Kevin Abela
Photo: DOI- Kevin Abela
and the chance to meet and network with over
1,000 delegates present throughout the day.
The B2B Conference & Expo will be held at
the Malta Fairs and Conventions Centre in Ta’
Qali on Friday 1st June 2018 and registrations
are open at www.b2bexpomalta.com. MBR
Courtesy: Ministry for the economy, investment
and small businesses
www.maltabusinessreview.net
47

Malta Business Review
GRADUATION CEREMONY
“I encourage you to go out into the world, by committing yourselves
to promote human dignity, as a cornerstone of your lives.”
Closing speech delivered by
President of Malta Marie-Louise Coleiro Preca
during the Domain Group graduation ceremony
"It is my pleasure to contribute to this
celebration, with some brief closing remarks,
after you were presented with your hardearned
qualifications.
Let me also take this opportunity to commend
the faculty, at Domain Group, for their great
efforts, to provide quality educational services
to a growing number of students.
Dear students, this is a most joyful day for you
and your families, and I must congratulate
you all. Now that you have finished your
studies, you have a lot of responsibility on
your shoulders.
Graduation day is a moment in your lives that
marks the end of one chapter in your journey.
You must also consider graduation day, as the
beginning of a new and exciting chapter, in
your lives.
You are at a moment when the experiences,
skills, and qualities which you have developed
over the past years can be put to effective use,
to endeavour and achieve future and further
opportunities. I hope that you shall not only
think and plan your individual successes, but
also use this time of transformation to think
about the people and communities around
you, especially those groups who are living
in situations of social exclusion, vulnerability,
and precarity.
I would like, at this time, to pose a question,
for you to reflect upon:
How can you utilise this gift of learning, and
through your achievements, bring about a
positive transformation in other people’s lives?
I would like to pose another question to you
for further thought:
How can you engage within your respective
communities, to impact society to develop a
culture of positive peace and holistic wellbeing
of all?
The single most important choice that any
of us can make, both as individuals and as
a society, is to pursue opportunities for the
development of an inclusive society, whereby
everyone is included as one community.
Let me therefore urge you to be courageous,
and to be activists for equality and social
justice, within your homes, your future
professions, careers, and among your friends.
When you make the choice to be active
ethical champions for the wellbeing of others,
you shall feel empowered to confront the
prejudices and discriminatory attitudes that
often keep people isolated from one another.
Prejudice and discriminatory attitudes, and
inequalities, create social tensions, which hold
back progress and prosperity. By being ethical
professionals, by championing equality and
social justice, you will be making a practical
contribution towards the greater good of
our society, and also putting into practice
the democratic ideals which underpin our
commitment to universal human rights and
fundamental freedoms.
On concluding, let me encourage you, as you go
out into the world as new graduates, to always
remember that the pursuit of truth is the key
to all knowledge. And this key to knowledge is
accessed, in the most powerful way, when we
make the choice to act, as ethical champions
for equality and social justice.
I encourage you to go out into the world, by
committing yourselves to promote human
dignity, as a cornerstone of your lives. Let
this be the moment where you make a
choice to be a force for inclusion within your
communities, for the benefit of our society as
a whole. This should be the transformation
that all of us we must work to achieve, in
whatever ways, if we want to ensure that we
will live in peace, and achieve prosperity.
This is the commitment we must make,
throughout our lives, in the pursuit of
positive peace, of meaningful justice, inclusive
prosperity, and of holistic wellbeing.
Finally, I would like to reiterate my heartfelt
congratulations, on your achievements during
this graduation day, and augur you all my very
best wishes for the future." MBR
Courtesy/Photos - OPR
48

BANKING
Malta Business Review
APIs in Banking:
Four Approaches to Unlocking Business Value
By Patricia Hines
KEY RESEARCH QUESTIONS
• How have APIs evolved into building blocks for the bank of the future?
• How are banks driving business value with different API approaches?
• How should banks begin their API journey?
ABSTRACT
Banks must think beyond
regulatory minimums
when considering
Open Banking APIs.
Read more about how
forward-looking banks are
unlocking business value
with APIs for application
integration, banking as a
platform, innovation, and
client connectivity.
With regulatory initiatives well underway in
the Euro Zone and the UK, it is clear that
open banking APIs are inevitable. APIs are
critical technology enablers for several
use cases in banking including application
integration, banking as a platform,
innovation, and client connectivity.
Web services, microservices, and APIs enable
legacy modernization by wrapping legacy
systems with a decoupled integration layer,
bridging traditional batch-based processes
to real-time, digital cloud, mobile, and
social applications. APIs enable the modular
application stack underlying Banking as a
Platform and provide neobanks with stateof-the-art
digital banking capabilities. As
open banking grows, driven by regulatory
imperatives, shifting customer demands, and
the threat of fintech firms, APIs connect banks
and third party firms entering into collaborative
partnerships for innovation. To access banking
services, most customers manually log in
to a web-based or mobile platform, pulling
balance and transaction data on demand. APIs
are emerging as a new connectivity channel,
streamlining and securing on-demand,
programmatic access to financial data for
accounting packages, treasury management
systems, and ERP platforms.
We offer updated case studies from CBW
Bank, Fidor Bank, JB Financial Group, Citi, and
YES BANK detailing their API journey, including
technology architecture, monetization
approach, and latest results. For banks seeking
to begin their API journey, we recommend a
series of guideposts that they can follow to
unlock business value with APIs. MBR
Credit Patricia Hines
www.maltabusinessreview.net
49

Malta Business Review
FRAGSUS PROJECT
EXPLORING THE PAST
TO BUILD OUR FUTURE:
Minister Bonnici addresses conference and inaugurates exhibition on the FRAGSUS project
Photo: DOI- Jason Borg
Minister for Justice, Culture
and Local Government
Owen Bonnici addressed a
conference in relation to the
FRAGSUS (Fragility and
sustainability in restricted
island environments:
Adaptation, cultural change
and collapse in prehistory)
project. This five-year
research project carried
out by an international
interdisciplinary team
from Malta, Britain and
Ireland led to new exciting
discoveries about early Malta
and its inhabitants.
Photo: DOI- Jason Borg
“We are unearthing new answers and
discovering more about our history, about
our country and about our heritage. Our
history is an imperative source of information
and it is also the foundation which we build
our future upon,” said Minister Bonnici. He
highlighted the importance of collaboration
and described it as “a key element when it
comes to provide a holistic dynamic approach
as well as exposure. These collaborations,
both internationally and locally aid for our
heritage to be more accessible, they’re also
a great way of sharing our rich history and
culture. This Government’s strategy is to
ensure that culture is accessible to everyone,
as we believe in this vast ever- growing sector
which keeps on giving, especially when it
comes to employment.”
A few of the new discoveries mentioned
during the conference were that the first
inhabitants of Malta arrived around 5900BC,
about 700 years earlier than previously
thought and that our islands saw more than
one episode of Neolithic colonisation. The
new dietary studies conducted showed
declining levels of meat consumption as
conditions deteriorated, but inhabitants
resorted to cereals and other vegetables to
sustain themselves. It came as a surprise that
fish where hardly exploited.
Minister Bonnici also referred to the fact this
year is the European Year of Cultural Heritage.
There have already been several firsts related
to our treasured heritage this year, namely
the inclusion of four Great Siege Maps in the
UNESCO Memory of the World Register as
well as looking into the process of nominating
aspects of our national intangible heritage
for the world-renowned UNESCO list for
intangible heritage.
The conference also looked at archaeological
discoveries and particular sites, such as Skorba,
Santa Venera and Taċ-Ċawla to name a few.
Minister Bonnici will also inaugurate an
exhibition pertaining to the results of
this project at the National Museum of
Archaeology, which will be open to the public
free of charge until the 15th of June.
We are unearthing new
answers and discovering
more about our history,
about our country and
about our heritage.
The FRAGSUS project – an investment of
€2.5million – financed by the European
Research Council, brought together experts
from different European universities. The
research has effectively rewritten the first
chapter of Maltese history. Minister for Justice,
Culture and Local Government Owen Bonnici
inaugurated an exhibition at the National
Museum of Archaeology, which is open to the
public for free. This exhibition showcases the
primary findings of this research and is open
until 15 June. MBR
The National Museum of Archaeology,
Valletta (MJCL1703201801-03)
Courtesy: The ministry for justice, culture and
local government
50

EU: TAX EVASION
Malta Business Review
Tax evasion
needs permanent inquiry
The fight for a fair
and transparent
tax system. MEPs
call on the EU to
take the lead in
the global fight
against tax evasion,
tax avoidance and
money laundering.
Find out more about
what Parliament is
doing to tackle
tax evasion…
MEPs have adopted recommendations by the
inquiry committee looking into the Panama
papers. Its report says that some EU countries
have not done enough to tackle tax evasion.
The inquiry committee was established
following to release of the Panama papers to
assess how transparent the EU and member
states were on taxation matters. MEPs
adopted the recommendations to properly
enforce legislation to tackle tax scheming on 13
December. Find out more in our press release.
One of the committee's conclusions is that
EU countries need to do more to crack down
on tax evasion, tax avoidance and money
laundering. Danish S&D member Jeppe
Kofod, one of the report authors, said: “Some
EU members state are very reluctant and very
slow to change the laws so that we can avoid
tax evasion and money laundering and this is
a big problem for the EU and it’s a big problem
for the majority of the countries that want to
have another agenda."
The committee also insists the EU should
take the lead in the global fight against
tax evasion, tax avoidance and money
laundering. In addition EU countries should
exchange more information on tax payers
and the ultimate owners of companies (as
they can often be registered under another
name), while tax authorities should be given
additional resources.
Permanent investigation
The Parliament has a history of investigating
revelations about dubious tax scemes, such
as Lux leaks, and will continue its fight for a
transparent tax system.
Czech ALDE member Petr Ježek, one of the
other authors of the report, said: “When we
have a look at all the leaks, they show that
the system, or the mechanism of how the tax
avoidance or tax evasion is done, it’s more
or less the same. So if any new leaks come,
they provide new names, companies and
individuals, but the technique is more or less
the same."
Tax scandals
The Paradise papers is the latest leak of
documents that show how millionaires
and international corporations hide their
wealth and try to avoid paying their taxes.
The 13.4 million leaked files from offshore
law firm Appleby were processed by the
International Consortium of Investigative
Journalists. Media outlets from all over the
world started publishing revelations at the
beginning of November.
Some EU members state are
very reluctant and very slow
to change the laws so that
we can avoid tax evasion
and money laundering and
this is a big problem for the
EU and it’s a big problem
for the majority of the
countries that want to have
another agenda.
Other recent tax scandals
In April 2016 leaked documents from Panama
law firm Mossack Fonseca provided an insight
into how politicians, businessmen, criminals
and public figures use offshore schemes to
hide their assets from public scrutiny. Large
sums of money are lost every year due to
tax evasion and avoidance. In the EU alone
this is estimated to be €1 trillion, according
to some estimates. Governments could use
this money to support health, education and
other social services but instead it is funnelled
to tax havens around the world. Across
Europe 1.5 million jobs could have been
supported with the money that was lost to
national authorities because of the tax losses
revealed in the Panama Papers.
Two years before that, in April 2014, the
LuxLeaks scandal showed Luxembourg offered
large corporations preferential taxt treatment.
Parliament is also considering setting up
another inquiry committee to look into
the Paradise papers as well as setting up a
permanent committe after the European
elections in 2019. MBR
Credit: europarltv
www.maltabusinessreview.net
51

Malta Business Review
TRUST LAWS
Jersey amends trust laws to stay ahead of the competition
Picture: Shutterstock
By Claire Coe Smith
Jersey is on the brink of approving another
set of amendments to its trust laws, as it
continues to innovate to stay ahead of rival
jurisdictions targeting work for private clients.
The latest amendments, set to come into
force in the next few months, include changes
that will allow trusts to restrict the provision of
information to beneficiaries for the first time,
and will allow courts to approve changes to
trusts on behalf of adult beneficiaries if they
cannot be reached for consent. The latter
is particularly useful for older trusts where
beneficiaries cannot be traced, or where
there are a large number of beneficiaries and
it is difficult to contact them.
Nancy Chien, partner at the law firm Bedell
Cristin, says: “Different clients will find
different changes important. These are
deviations from general principles, such as the
principle that trustees should be accountable
to beneficiaries, but they are deviations that
can be useful.”
Such measures are what helps Jersey continue
to attract work from wealthy global families.
In the past twelve months, advisers report far
more work coming in from the Middle East,
in particular.
James Campbell is a partner at the law firm
Ogier, and says: “What’s happening in the
Middle East, in terms of instability, has been
a real catalyst for wealthy individuals in
the region deciding that now is the time to
structure their assets. We have done work
with clients from Saudi Arabia in the last year,
and for Kuwaiti families.”
Especially attractive to such clients are Jersey
private trust companies, which allow family
members to sit on the boards of trusts and
have a say in management.
The island is also seeing more high net
worth families moving in, in part thank s to
the efforts of Locate Jersey, the body set up
in 2012 to encourage inward investment
and relocations. Kevin Lemasney, director of
High Value Residency at Locate Jersey, says
the jurisdiction is attracting just over twenty
new wealthy families as residents each year,
approximately sixteen of which will originate
from the UK.
He adds, “We are seeing a younger age
dynamic coming in. Over the last four years,
of those that have been approved, 74%
have yet to reach their sixtieth birthday,
which compares to the traditional high-value
residents who we were attracting in the past,
who had often already retired.”
More HNWIs are looking to have children
rather than grandchildren on the island, he
says, and are setting up businesses, including
hedge funds and cryptocurrency funds.
This younger generation is also interested
in philanthropy, and the new Jersey charity
register will open for business in May this year,
following the appointment of the first Jersey
Charity Commissioner, John Mills CBE, in July
2017. Campbell says: “This is all part of Jersey’s
drive to make itself a centre of philanthropy
in private wealth management, given that
philanthropy and impact investing have both
been on an upward trajectory globally.”
Siobhan Crick, a director in the private client
business at Sanne, says such initiatives
continue to build Jersey’s brand: “We
have certainly seen a growing number of
enquiries coming in from the US, and our US
intermediaries, who might historically have
naturally used the Caribbean, but are now
favouring Jersey.”
Sanne, who are Jersey-headquartered, have
recently added private client capabilities
to their New York office, and Crick says,
“Whether we are benefitting from that uptick
because we have been focusing our efforts
in the US, given our presence in New York
and expertise in new directors within the
business, or it represents a broader trend,
remains to be seen. However, that market
certainly represents a greenfield opportunity
for Jersey.”
Even so, consolidation continues to take
place among the island’s trust businesses,
with Ocorian, the Jersey-based trust firm
that rebranded from Bedell Trust in 2016,
acquiring rival private client and corporate
services business Capco Trust in January.
Capco’s nearly thirty employees will join
Ocorian, which is backed by Inflexion, a
London-based private equity firm.
Crick says: “The cost of doing business is ever
greater, particularly in terms of compliance.
This will mean further consolidation in the
market, with the PE-backed firms in particular
continuing to pursue their growth-throughacquisition
model.” MBR
Credit: Citywealth
52

YACHTING CONFERENCE
Malta Business Review
Equiom Malta flies the flag at
yachting and aviation conferences
Experts from Equiom’s yachting and aviation
team have attended the Opportunities in
Superyachts and Opportunities in Business
Jets events at the Intercontinental Hotel in St.
Julian’s in March.
Chis Cini, Legal Director at Equiom Malta and
Ayuk Ntuiabane, VAT Director from Equiom
Solutions Isle of Man has attended both
events and Mark Young, Senior Manager
of Yachting & Aviation at Equiom Malta has
attending Opportunities in Superyachts. Ayuk
took the stage at the first conference with a
presentation on the topic ‘Did the Paradise
Papers scandal signal a change in the way
business jets are registered and owned?’ On
day two, Chris hosted a roundtable discussion
about ‘A Brief Overview of Flag Registries’ and
Ayuk participated in a panel discussion on ‘The
impact of Brexit on the superyacht industry’.
Chris Cini commented: ‘Both conferences
provided an excellent line up of speakers and
topics. With potential large scale change on
the horizon, it was interesting to hear what
kind of impact on yachting and aviation is
predicted as a result of events like Brexit
and the Paradise Papers. This was certainly a
stimulating and informative discussion.’ MBR
About Equiom
Equiom is fast becoming the stand-out business
in the professional services sector, with offices
in Europe, Asia and the Middle East. It provides
a range of innovative and effective business
partnering solutions.
Equiom’s experienced and highly qualified
teams support corporations and high-networth
individuals around the world with their
fiduciary and related support-service needs.
Equiom is an independent, managementowned
company focused on strategic thinking
and quick responses to clients’ requirements.
It is a thriving business, continually seeking to
develop its product range, in order to provide
both existing and potential clients with an
unrivalled range of options and opportunities.
Equiom (Malta) Limited is authorised to act as
a trustee and fiduciary services provider by the
Malta Financial Services Authority.
Creditline: Equiom
Chris Cini, Legal Director at Equiom Malta
www.maltabusinessreview.net
53

Malta Business Review
BUILDING & CONSTRUCTION
Spraying of Polyurea Waterproofing membrane resistant to acid
ACID RAIN CAN MELT
YOUR DREAM HOUSE AWAY
Since the beginning of the Industrial
Revolution soiling and degradation
of buildings in urban areas has been
noticeable. The cause of this has often been
attributed to the effects of air pollution.
The pollutants that form acid rain are
principally sulphur dioxide and nitrogen
oxides; both of these are released from
the combustion of fossil fuels like coal
and oil. Acid rain is precipitation that is
much more acidic than normal rainfall.
Other than having detrimental effects on
animal and plant life, acid rain can also
cause considerable damage to buildings,
including homes.
By Antoine Bonello
The chemicals that are found in acid rain can
cause damage to certain materials that are
used to build homes, mostly to limestone,
marble, carbon-steel, paint and some plastics.
Stone decay can take several forms, including
the removal of detail from carved stone, and
the build-up of black crusts in sheltered areas.
Limestone and marble are two of the main
building materials that are used here in Malta.
They are vulnerable to acid rain damage,
because they contain a mineral called calcite, a
substance that will dissolve when it comes into
contact with acid. Acid rain can also damage
certain types of sandstone that contain
carbonate cement, as well as concrete, metals,
wood, and paint. The deposition of acid on
building materials contributes significantly
to the weathering that is caused by natural
elements such as rain, sun and wind.
While most modern homes are made of
materials that are resistant to acid rain, there
may be certain parts or structures that are
vulnerable to the effects of acid deposition.
It is known that steel rods that are used to
reinforce concrete will become corroded at a
faster rate when they are exposed to acid rain,
and concrete can crack and flake as well. Brick
crumbling is another major problem that is
caused by acid rain as it can dissolve a type of
fabric that holds a brick’s silica grains together,
thus becoming more porous and weaker.
Limestone and marble are two
of the main building materials
that are used here in Malta.
They are vulnerable to acid
rain damage
Acid rain and ultraviolet rays from the sun can
work together to accelerate deterioration.
Our flat roofs here in Malta are constantly
subject to weather elements and if they are
not adequately protected serious damages
can happen to the roof. Besides the elements
our houses are also subject to structural
movements due to our intensive summer
heat. These effects of deterioration are
constant but slow and most of the time we
do not even realise that they are taking place
especially on our roofs.
The question that one might ask is how
can we protect our house roof better so to
avoid serious problems. The answer is in
the waterproofing system we choose for
our roof. Normal protective plastic paint,
acrylic and compounds, lack UV resistance
and over a short period of time paint will
crack, peel, and lose colour and water will
eventually seep through. Carpet membranes
are also very problematic, they increase heat
inside the buildings by as much as 80% and
start to deteriorate when subjected to high
temperatures. They tear from seams when
subjected to building movements and are not
recommend on roofs (toxic) where water is
collected and stored in wells.
The only materials that can withstand today’s
building exigencies are resin based. They are
designed to withstand structural movements
due to their elasticity and can be easily
reinforced with fibreglass net when required.
Another important feature of this product is
its resistance to acids and water stagnation.
There is also THERMAL version that besides
the already mentioned it is also able to
reduce heat intake inside buildings by 90%.
No more humid and heat inside the houses
and less air-conditioning usage, two solutions
in one product the perfect answer for our
flat roofs here in Malta. This strong thermal
waterproofing liquid resin membrane is
guaranteed to last for very long without the
need of any yearly maintenance.
A good advice if you opt to have your
waterproofing needs carried out by third
parties, always make sure they are members of
the Malta Professional Waterproofing and Resin
Flooring Association. Always demand to see the
Association’s INSTALLERS CARD. This will save
you a lot hassle as improper roof protection by
unaccountable or unethical persons can give
way to a serious of unwanted damages. Over
54

BUILDING & CONSTRUCTION
Malta Business Review
80% of building damages originates from water
intake. The result is an endless court case, if you
are lucky enough to trace the guys who carried
out your works. All this will eventually take years
and prove fruitless. MBR
All rights reserved - Copyright 2018
Hot Sprayed applied Polyurea can
withstand UV, Stagnation and Acids. It
can also be applied on Wells and Pools
NAICI Thermal Protective waterproofing membrane
The black stains and cracks are a
clear indication of acid and UV rays
deterioration leading to water entry
The Malta Waterproofing and Resin
Flooring Association provide technical
knowledge and professional formation to
all Maltese installers who wish to improve
their workmanship or start a carrier in the
waterproofing business. The Association
also assists its members by providing the
services of a profession advisor when facing
challenging situations or other difficulties
during their works. The Association also
provides its qualified members the Certified
Installers Card. This is done to reassure the
general public that the person is able to carry
out the requested job at its best. All this is
being made possible thanks to 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
www.maltabusinessreview.net
55

Malta Business Review
MIGRATION
EU Commissioners Avramopoulos and Hahn discuss
managing migration and EU enlargement at #CoRplenary
On 22 March Dimitris Avramopoulos, European Commissioner for Migration, Home
Affairs and Citizenship, will discuss progress of the European Union's migration
agenda and the integration of migrants in cities and regions, many of whom host
refugees and new arrivals from the Middle East and North Africa. This debate kicks
off the European Committee of the Regions' March plenary session in Brussels that
will also focus on the EU's possible enlargement to the Western Balkans. Johannes
Hahn, the EU's Commissioner for European Neighbourhood Policy & Enlargement
Negotiation, will participate in the debate.
Integrating migrants: EU
must show more unity and
give more support to local
authorities (22 March)
Commissioner Dimitris Avramopoulos, twotime
mayor of Athens and former member
of the CoR, will discuss the state of the EU
migration agenda focusing specifically on the
integration of migrants into communities and
the labour market with CoR members. Laura
Thompson, Deputy Director-General of the
International Organisation for Migration, Anila
Noor, a refugee and member of the European
Migrant Advisory Board, and Elisabeth Bartke
from the Association of German Chambers
of Commerce and Industry, will also join the
debate on migration trends, experiences of
refugees, and efforts to integrate new arrivals
in Europe.
The European Union's efforts to support
cities and regions in receiving, hosting and
managing migrants remains inadequate, an
opinion drafted by Dimitrios Kalogeropoulos
(EL/EPP) argues. He draws particular
attention on the intense pressure on islands,
and calls for exploring the possibility of
"transferring responsibility for examining
asylum applications from national to EU
level". The CoR adopted an opinion on the
European Agenda on Migration in 2015.
Since then, it has adopted recommendations
for reform of the common European asylum
system, legal migration, and the integration
of immigrants.
The need for local reform: EU
enlargement to the Western
Balkans (22 March)
European Commissioner Johannes Hahn will
discuss progress of Western Balkans countries
have made towards EU membership and the
importance of local and regional government
reform. These are also the principal themes
of an opinion drafted by Franz Schausberger
(AT/EPP), representative of Salzburg. The
draft focuses on readying local and public
administrations as "absolutely essential" for
the success of integration. The opinion warns
of "a shift towards more autocratic forms of
government and centralisation" and says that
the EU "must be stronger and more stable" as a
result of enlargement to the Western Balkans.
The future EU budget and
cohesion policy (23 March)
EU local leaders will discuss their position
on the EU long-term budget after 2020 with
the European Parliament's co-rapporteur,
Jan Olbrycht (EPP/PL). The CoR is working
to shape the future EU cohesion policy
highlighting the 'cost of non-cohesion', with
the opinion by Mieczysław Struk (PL/EPP),
Marshal of Pomerania. The CoR is also focused
on improving the impact of the European
Social Fund – the EU's main instrument to
support employment, education and social
inclusion policies – with proposals included
in the opinion prepared by the President
of the Umbria Region and Chair of the CoR
PES Group, Catiuscia Marini. How to support
structural reforms in the context of the
forthcoming Eurozone's reform will be the
challenge addressed by the opinion prepared
by Olga Zrihen (BE/PES), member of the
Parliament of Wallonia. MBR
Credit: PresseCdr@cor.europa.eu; CoR/18/044.en
56

“I am truly proud of
ALIVE Charity Foundation
– a true pioneer in local
cancer research”
CSR: CHARITY
Malta Business Review
President of Malta Marie-Louise Coleiro Preca
presided over an event at San Anton Palace,
during which ALIVE Charity Foundation
presented a donation of €100,000 to the
Research Trust (RIDT) of the University of
Malta for Cancer Research. This is the fifth
major donation by ALIVE in the past 5 years.
So far ALIVE have financed 3 PhD and 1
Master scholarships in cancer research at
the University of Malta, making the NGO
the leading philanthropic organisation that
supports medical research in Malta.
President Coleiro Preca commended ALIVE
Charity Foundation for taking up this cycling
feat annually, and for continuously being
innovative to raise the much needed funds
for local cancer research.
During the event, President of ALIVE Charity
Foundation Mr Nicky Camilleri, also launched
the RE/MAX ALIVE 2018 Cycling Challenge
for Cancer. RE/MAX ALIVE 2018 will bring
together around 50 cyclists who will this year
be participating in a 1200km Trans-Alp cycling
challenge between 19th and 28th July 2018.
The group will cycle approximately 170 km
every day for 7 days, from Vienna to Salzburg,
Two successful
events for the team
at Equiom Malta
Equiom Malta’s attendance at the recent
Opportunities in Business Jets and
Opportunities in Superyachts events.
Important topics affecting the sectors were
discussed, including Brexit’s impact on the
superyacht industry. VAT Director at Equiom
Solutions, Ayuk Ntuiabane who took part in the
discussion panel noted ‘we can expect to see
an increase in the number of yachts registered
through the Brenner Pass, along Lake Garda to
Milan. The participants have a choice of two
routes to choose from, either road or trails for
those who prefer off road. The two routes run
in parallel giving a chance to the participants
to meet and exchange their experiences at
intervals during the day.
“I am truly proud of all the team at ALIVE
Charity Foundation for taking this initiative
to another level, even in terms of solidarity,
through something which I’d like to call
solidarity diplomacy, because bringing people
together from different countries in this event,
is very important, not just for funding, but for
befriending, to enhance further connections,
to do solidarity together. What you have
been doing during these six years, is truly a
statement and a way of being proactive. We
need to be proactive against this scourge
which we need to fight, and yes, together we
can,” President Coleiro Preca said.
This year the RE/MAX ALIVE2018 Cycling
Challenge for Cancer will start promoting the
challenge internationally to encourage cyclists
from all over the world to take part and raise
funds for local medical cancer research.
in Malta by non-EU companies who want to
retain access to the EU post-Brexit’. Experts
from Equiom’s yachting and aviation team
recently attended the Opportunities in
Superyachts and Opportunities in Business
Jets events in Malta, hosted by Quaynote
Communications.
Chris Cini, Legal Director, and Mark Young,
Senior Manager of Yachting & Aviation
at Equiom Malta and Ayuk Ntuiabane,
VAT Director at Equiom Solutions were
all in attendance to hear discussions and
presentations on topics such as business jet
finance, end-of-life options for aircraft, the
Paradise Papers and its effect on business jet
ALIVE Charity Foundation is a member of the
National Cancer Platform Association, under
the patronage of the President of Malta. MBR
Credit/Photos - OPR
ownership, new guidelines for the registration
of superyachts and what will happen to the
superyacht industry post-Brexit.
Ayuk, who participated in the panel discussion
on ‘The impact of Brexit on the superyacht
industry’, commented: ‘Both events provided
an excellent opportunity to meet with
operators and suppliers and discuss current
issues affecting the sectors. The superyacht
event was most stimulating and the high
attendance of more than 150 delegates was
indicative of the importance of this sector in
Malta. It was interesting to hear the views of
other EU based panellists regarding Brexit’s
impact on the sector. While some regulatory
aspects will not be affected, such as the coding
compliance of chartered yachts which are
governed by international conventions, the
ability to provide port to port services within
individual EU Member States, or cabotage,
may be at risk. For this reason, we can expect
an increase in the number of yachts registered
in Malta by non-EU companies who want to
retain access to the EU post-Brexit.’
Equiom has had a dedicated yachting and
aviation department for over 10 years, which has
grown to a 30-strong team worldwide. MBR
Photo: Chris Cini, Ayuk Ntuiabane and Mark Young
More information: www.equiomgroup.com
Credit Equiom
www.maltabusinessreview.net
57

Malta Business Review
NEWSMAKERS
£10,000 for the ‘ITCP TC
Global Programme on the
effective implementation and
enforcement of energy efficiency
measures for ships’
Minister for Transport, Infrastructure and
Capital Projects Ian Borg met Secretary
General of the International Maritime
Organisation (IMO) Kitack Lim in London.
Minister Borg said that Malta is indeed a
firm supporter of the technical cooperation
programme and is committed to continue
doing its utmost in order to further develop
such a programme. As a sign of Malta’s
continued support for the valuable work of
the IMO, especially in the fight against climate
change, Minister Borg said that Malta will
be contributing the sum of £10,000 to the
‘ITCP TC Global Programme on the effective
implementation and enforcement of energy
efficiency measures for ships’.
The IMO is a United Nations specialised
agency that sets global standards for shipping
and is responsible for the safety and security
of shipping and the prevention of marine
pollution by ships. Malta has been a member
since 1996 and currently holds a position in
the council.
Minister Borg said that Malta remains a
firm supporter of the work of the IMO and
is committed to continue playing an active
role in promoting the aims and objectives
of the organisation.
Secretary General Kitack Lim praised
Malta’s contribution, and also referred to
the Valletta Declaration, which outlines the
strategic direction that the EU should take
for ensuring that the EU maritime industry
remains sustainable.
The Secretary General and the Minister both
referred to the excellent work being carried
out at the International Maritime Law Institute
(IMLI), which is proudly hosted in Malta–
further underlining Malta’s commitment to
the IMO training institutions. MBR
Credit: Ministeru ghat- trasport Infrastruttura u
progetti kapitali
Photo: MTIP
Parliamentary Secretary Julia
Farrugia Portelli addresses
the Malta Infertility Network
conference
Whilst addressing the Malta Infertility
Network conference, Parliamentary Secretary
Photo: DOI- Clifton Fenech
Photo: DOI- Clifton Fenech
for Reforms, Citizenship and Simplification
of Administrative Processes Julia Farrugia
Portelli, stated that, “The Government is
backed by a strong mandate to change the
IVF bill and that is what we will set out to do
after the Parliamentary Easter recess.”
This new bill will eliminate discrimination,
makes IVF more accessible and is intended to
benefit both mother and child.
Farrugia Portelli explained that infertility is a
global health concern which is on the rise and
it is said to affect 1 in every 6 reproductiveaged
couples. Since it was first made available
in Mater Dei some three years ago, 111 births
reported through the assisted means of
IVF. Before that, couples who had infertility
problems had to resort to private healthcare
abroad, ending up costing them a fortune.
The Parliamentary Secretary emphasised
that the Government plans to strengthen the
existing law, allowing for better use of assisted
reproductive technology, in order to heighten
the present success rate, apart from making
IVF more accessible with the allocation of
more funds.
During her speech, Farrugia Portelli outlined
that the Government’s decision to allow
couples undergo gamete donation treatment
abroad to avail themselves of 100 hours of
vacation leave, including lesbian couples,
signals well.
The Parliamentary Secretary concluded
that the Government of Malta is taking
everything into consideration but most
definitely the law will be devised to benefit
both mother and child. MBR
Credit: The parliamentary secretariat for
reforms, citizenship and simplification of
administrative process
Malta supports ECOFIN
agreement on fighting
aggressive tax planning
Malta takes exception at the non-European
way that small member states have been
labelled in the press recently with regard
to the European tax reform process. This
was stated by Minister for Finance Edward
Scicluna while addressing the Economic and
Financial Affairs Council of the European
Union, which met today in Brussels. This
sentiment was also expressed by the six
other member states which, like Malta, have
been labelled negatively in the press by the
European Tax Commissioner.
Minister Scicluna further stated that the
unanimous agreement reached during
the same meeting today on the proposal
to amend Directive on Administrative
Cooperation was a testament to all member
states commitment, including Malta, in
combating aggressive tax planning.
Speaking on Malta’s behalf, Minister Scicluna
stated that Malta is fully compliant with
EU rules and directives on taxation and is
also fully compliant with international tax
standards. The introduction of ATADI and
ATAD II, coupled with today’s unanimous
agreement on the proposal for a directive
to amend the Directive on Administrative
Cooperation, is a further demonstration of
our commitment to this cause.
The proposal to amend the Directive on
Administrative Cooperation provides
for mandatory disclosure of potentially
aggressive tax planning by extending the
obligation to report cross-border tax planning
arrangements to intermediaries.
In a separate discussion on the Banking
Union package, Minister Scicluna referred
to the Minimum Requirements for Own
Funds and Eligible Liabilities (MREL) proposal
and emphasised the importance of making
requirements proportional to bank risks.
Minister Scicluna stressed the point that
small banks need a longer transition to
adapt to the new rules as small banks face
difficulties in accessing capital markets.
Minister Scicluna continued by stating
that “imposing unnecessary onerous
requirements would impair banks’ ability to
finance our economies, with limited benefits
in terms of risk reduction”. Furthermore,
he stated that “we should also bear in mind
that smaller institutions, especially those in
smaller member states, have limited access
to capital markets”.
Meanwhile, the Council added the Bahamas,
St. Kitts and Nevis and the US Virgin Islands to
the EU list of non-cooperative jurisdictions.
Minister Scicluna also participated in the
Euro Group meeting which was held on
Monday. The Euro Group set June 21 as the
deadline for finalising the Greece bailout
programme and for agreeing on a package of
proposals for Eurozone reform.
Minister Edward Scicluna was accompanied
by the Permanent Representative of Malta
to the European Union Marlene Bonnici and
by Permanent Secretary of the Ministry for
Finance Alfred Camilleri. MBR
Credit: The parliamentary secretariat for
reforms, citizenship and simplification of
administrative process
58
Photo: MFIN

“The Premier Clothing
Manufacturer and
Distributor”.
Front Office
Food & Beverage
House Keeping
Maintenance
Pool Attendants
and more..
Bringing style to the workplace since 1958.
Eagle K-Wear Co.Ltd.
Notabile Road,
Mriehel - BKR3000
Malta Europe
Contact us today
Tel: (+356) 21442329 / 21442333 / 21494776
info@eaglek-wear.com
Web: eaglek-wear.com
Instagram: @eaglekwear
Facebook: @eaglekwearco