Leaders In Luxury Real Estate

Interview with Michael Hili,

Managing Director, John Taylor Luxury

Real Estate p.06


Be M.a.D. not S.a.D. be Magnificent

and Dazzling – Part 1

Exclusive 1-2-1 with Mike Ogilvie,

Recent President of the Professional

Speaking Association in UK p.12


Social Entrepreneurship:

An Opportunity For Malta

Q&A with Ryan Mercieca, explains the

recent important Erasmus project on

Social Entrepreneurship p.16


How To Get More Comfortable

With Change

Gwen Moran maintains that every

career has a measure of change p.22


ISSUE 41 | 2018

Newspaper Post

Efficiency in business is

core. So is taking control

over your payments.

When business is moving fast, managing your payments efficiently

and conveniently becomes even more essential. With HSBCnet

you can view the balances of all your business accounts, in one

place – as well as effect multiple payments online with just one

log in. This makes it the ideal tool for transferring money, paying

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pay in either cash or cheques, thus saving your business money as

well as time.

HSBCnet – making payments simpler.

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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. (Ref No. 101210 – 03/2018)

Together we thrive

your perfect atmosphere

Malta Business Review


Issue 41




Gwen Moran maintains that every career has a measure of

change as she explains how the professionals manage change



Interview with Michael Hili, Managing Director, John Taylor

Luxury Real Estate





On the second anniversary of the Panama Papers, Marcela

Kunova obo Citywealth, looks at the impact these ICIJ

reports have had on the private client industry







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.



Low taxes have been Malta’s recipe for economic success.

That might not last tells us Joanna Plucinska





Exclusive 1-2-1 with Mike Ogilvie, Recent President of the

Professional Speaking Association in UK, Master Practitioner

of Neuro-linguistic programming (UK)








Tom Mctague’s discusses how London welcomed

cooperation with the French over Syria when critics say May

lacks a foreign policy vision




Q&A with Ryan Mercieca, explains the recent important

Erasmus project on Social Entrepreneurship




MBR publishes the MCA findings of a survey gauging consumer

perceptions based on their experience of fixed broadband

services offered in Malta









Fran Hauser is a former media executive who hated to

give tough feedback. Here’s how she learned to find the

right balance.


30 40




EU proposed measures are a step forward in the fight

for the European banking system, especially by more

transparency on who is company owner



Maltco Lotteries and the Institute of Digital Games Partner

to Support the Next Generation of Game Researchers and

Designers in Malta


In this month's issue, we feature an article on Europe's

future by Peter Stracar, President and CEO of GE Europe;

GE Healthcare's partnership with Toronto's new Center for

Advanced Therapeutic Cell Technologies





MBR Publications Limited


Highland Apartment - Level 1,

Naxxar Road,

Birkirkara, BKR 9042

+356 2149 7814


Martin Vella


Marcelle D’Argy Smith


Margaret Brincat


MBR Design


Malta Business Review

Media freedom is in bad shape across the globe,

according to the 2018 World Press Freedom

Index, compiled by Reporters Without Borders

and released end April. And outright authoritarian

regimes are not the only bad performers — it’s in

Europe that “the regional indicator has worsened

most this year,” the report found. The five biggest

drops in media freedom rankings occurred in

European countries: Malta fell 18 places to come in

65th; the Czech Republic is 34th, down 11 places;

Serbia is 76th, down 10; and Slovakia is 27th, also

down 10. Nordic countries lead the index.

The assassination of journalist Daphne Caruana Galizia and alleged

corruption at senior government levels were among the “most significant

human rights issues” on the island last year, according to the US State

Department. The department this month published its country reports

on Human Rights Practices for 2017. Issued by the department’s Bureau

of Democracy, Human Rights and Labor, the report says that Ms Caruana

Galizia had exposed major government corruption.

The report also adds that national authorities “maintained effective control”

over the national police, the intelligence services and the armed forces, and

the government had “effective mechanisms” to investigate and punish abuse.


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

Email: margaret@mbrpublications.net

or admin@mbrpublications.net


Brittany Burke; Antoine Bonello; George Carol;

Jean Paul Demajo; Fran Hauser; Michael

Grothaus; Ryan Heath; Marion Gamel; Marcela

Kunova; Gwen Moran; Tom Mctague; Ryan

Mercieca; Joanna Plucinska; C. M. RUBIN;


Chamber of Advocates; DOI; European Parliament

Information Office in Malta; European Parliament,

Directorate- General for Communication;

European Research Council; EQIUOM Malta;

FIMBank; Grow with Google; HSBC; LinkedIn;

MALTCO Lotteries; MCA; Mike Ogilvie; MORGEN


Policy Lab; Taylor & Francis Group; David Wine




"Once you have experienced excellence you will

never again be content with mediocrity."

Thomas Monson


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:

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On freedom of expression, the report outlines how there were instances

where political figures brought complaints under libel laws to respond to

media reports of alleged corruption. In some cases the complainants asked

the courts to freeze journalists’ assets until the case’s outcome.

The report also details the situation facing migrants, pointing out how

there were some reports that migrants suffered police harassment and

NGOs accused the authorities of deliberately creating an atmosphere of

“intimidation, insecurity, and fear”.

Inspired by a talk show on Swiss TV, I looked up the Swiss news journal

"Republik". This is a publication solely financed by subscriptions –

no advertising. They do quite a bit of professional inside stories and

investigative journalism.

They sent me a couple of articles before signing up – and guess what? The

first article I opened had main heading: "The Island of Silence"- the first part

of a series of four, and more to come about Daphne Caruana Galizia and

Malta. "Republik" seem to be in close cooperation with "The Shift News"

from Malta – at least on this subject. There are interesting and disturbing

details about the "Swiss Connection" and the chairman of Henley & Partner,

Christian Kaelin. Some of the things they bring up I have not read in any

local newspaper. As I read through, I cannot but reflect on why Malta is

being mentioned in such a shameful and damaging news for all the wrong

reasons. And what is far more upsetting and ruinous is that here, life goes

on as if nothing ever happened!

Martin Vella


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:



Malta Business Review





By Martin Vella

MBR interviews Michael

Hili, Managing Director

with John Taylor Luxury

Real Estate, who discusses

high net worth luxury real

estate, talent management,

expertise, commitment and

high quality of service

Malta and with our international agencies

(80% of the Artcurial Group's customers are

located outside France).

This increased visibility allows

our clients to maximise the

value of their property and

accelerate its sale.

Michael Hili, Managing Director with John Taylor Luxury Real Estate

MBR: Could you explain how you came

to be involved with high net worth luxury

real estate and what inspired you to

focus on that sector?

MH: Before the financial crisis of 2008 I was

working in London at Winkworth selling

and renting out real estate, I realised I

had a knack for the job, meeting different

clientele from all walks of life, introducing

them to their new homes.

In 2009 I moved back to Malta, did various

jobs mainly within the family business, but

missed the excitement and challenge of

selling property. A local real estate company

was hiring so I decided to go approach them.

Within a few months I realised there was a

gap in the high- end market and through

a friend in the banking sector, got the

opportunity to meet the Pastor family who

owned John Taylor. Having the opportunity

to become a John Taylor affiliate would have

many advantages for us, through shared

international luxury database, marketing

and advertising support and Training

through the John Taylor academy. So, after

several meetings we concluded that it be

the right time to launch the brand in Malta.

MBR: How significant was the acquisition

of John Taylor Group by French art auction

house Group Artcurial, international

player in the art market sector, and what

does this imply in terms of global and

complementary offers?

MH: This acquisition is quite significant as

it merges two industry leaders into one

unrivalled alliance. John Taylor and Artcurial’s

clients will be informed when property is put

on the market. This increased visibility allows

our clients to maximise the value of their

property and accelerate its sale.

MBR: How are Artcurial and John Taylor

linked by a strategic partnership aimed at

providing a service always more efficient

and complete for their customers?

MH: This year, several priority dossiers will

be treated, including the coherence of our

international position and the performance

of our partnerships and locations. In the

coming months we will also be working on

an organization to promote customer and

marketing bridges between Artcurial and

John Taylor teams and structures, in order

to be fully operational in September, both in

Among the supports, digital marketing and

specifically databases will be one of the

priorities. The paper documents will be

reworked. As such, efforts will be concentrated

to produce a single magazine to better meet

each local business performance and your

requests. An institutional paper document

John Taylor /Artcurial / Dassault-Falcon Group

will also be set up to support sales teams.

MBR: How has this decision of external

growth allowed you to create new

John Taylor Luxury Real Estate



Malta Business Review

opportunities and further develop your

market shares in separate activities?

MH: We have managed lock in various

foreign investors’ institutions and funds over

recent months to create new opportunities

that deal directly with John Taylor and found

confidence with the partnership between JT

and Artcurial.

MBR: Can you share your insights on the

present and future trends of the local

luxury property market and has there been

any significant manner of growth for John

Taylor here?

MH: Future trends: High end residential

developments with all amenities and

services, older properties with Maltese

History and architecture that require

refurbishment whether being for residential

purposes or commercial. Also Increase

commercial investments, property already

generating an income which will give a good

return on investment.

MBR: What gaps in the market do you see

and which are the most desirable markets

in existence?


• Demand high end luxury apartments all


• Increase in villas

• House of Character and Palazzos

• Demand for Boutique Hotels

• Sites for development

• Gaps in lack of financing available

• Infrastructure – luxury and concierge


MBR: How do buyers and sellers benefit

from the experience, insight and expertise

for which John Taylor is renowned?

MH: Applying comprehensive know-how and

expertise, John Taylor’s team and experts

will guide you with personalised service

through the entire sales process, seamlessly

managing all banking, legal, tax and notary

matters. John Taylor recognises that the

purchase or sale of your property is more

than just a simple transaction. Using the most

innovative management, communication

and marketing tools, our experts establish

your objectives by anticipating your needs,

providing you with empowering information,

understanding and supporting you in every

purchase or sale.

MBR: What do you see as the key problems

that need to be addressed in this sector?


• Lack of quality which is slowly changing

• Property prices are not being valued

according to the Market value

• Public information, statistics not readily

available when asked by foreigners

MBR: What is John Taylor’s USP vis-a-vis

resident schemes and taxes, and what are

the challenges faced on such matters?

MH: Artcurial and the John Taylor real estate

agency network share the same profession,

that of intermediation, the same international

clientele, that of "high net worth individual"

(individuals with more than $30 M assets),

and the same entrepreneurial spirit based on

talent management.

The decision of external growth

will allow us to create new

opportunities. We will now

be able to further develop our

market shares

Thanks to investments carried out by

the Pastor family for more than 20

years, the John Taylor brand enjoys an

exceptional notoriety rate and unique

Unique Selling Perspective, owing to

an excellent international implantation

rate with a network of agencies in own

and franchised, present in more than

29 essential global destinations and 14

countries. With this acquisition, Artcurial

has launched a bold and pioneering

strategy, adopting a new trade which will

gradually be integrated with our overall

business. The decision of external growth

will allow us to create new opportunities.

We will now be able to further develop

our market shares in these two activities:

the art market and auctions, and luxury

real estate and related services.

With more than 150 years of history, John

Taylor is the leader in property valuations.

Our agencies offer a complete valuation

of properties for sale as well as for rental

meeting any challenges that come our way

on such matters.

MBR: What are Michael Hili’s main priorities

going forward?

MH: My main priority going forward

is to maintain our unrivalled expertise,

commitment and high quality of service

by continually strengthening our position

within the market. We want to prove our

consistency, our core values and our wish to

satisfy our clients in an increasingly dynamic

market. We strive for the best outcomes

by finding tailor-made solutions and going

beyond expectations to deliver a unique

customer experience. MBR

All rights reserved - Copyright 2018



Michael Hili studied Sound Engineering in

London, and finding life there very expensive, he

decided to get a part-time job and started out in

rentals with Winkworth in Lancaster Gate, Central

London, which Michael found very challenging.

Eventually, he dropped out of his course to pursue

real estate full time. After that, Michael moved

back to Malta and started working in the family

business but found he missed the thrill of selling

property, so he joined a local property agency.

This was fine for a while but Michael always

wanted to start his own business to pursue bigger

things – and that’s how he ended up heading the

John Taylor franchise in Malta, strengthening its

position as a leading player in the world of luxury

and demonstrating his philosophy of well-being

and living well.

John Taylor Luxury Real Estate



Malta Business Review


When Paradise

turns to hell:

Eruptions of the

Panama kind

By Marcela Kunova

This month marks the second anniversary of the Panama Papers, which was

the first part of an ICIJ story that put millions of documents from law firm

Mossack Fonseca into the media spotlight for public scrutiny. The revelations

made front page headlines around the world. Then in November 2017, the

second release, which was dubbed the Paradise Papers, saw many more high

profile confidential financial documents revealed to the public. MBR looks at

the impact these incidents have had on the private client industry.

According to Robin Rathmell, partner at the

US law firm Kobre & Kim, the Papers made

many clients concerned that they were

affected or that they might be next. “But also

many professionals were taken aback that law

firms systems had been compromised to this

extent,” he says.

Jurisdictions are placing a

premium on the R words:

reputation and regulation and

they are very closely linked

Marcus Leese who is a partner at Ogier in

Guernsey, agrees that the leak made many

in the private wealth industry realise just

how much personal information was stored

on computers and how vulnerable that

information was to hacking. However, he

sees both ‘Papers’ as an example of a wider

and more positive trend which has been

playing out in the industry over the past

twenty years. “That trend is a move away

from secrecy, non-disclosure, poor or nonexistent

professional advice and aggressive

tax planning in locations where services could

be provided in a commoditised way. It will

mean a better environment of disclosure to

authorities where required, good quality legal

and tax advice, and structuring driven by new

concerns such as asset protection, managing

risk and succession planning.”

Resigned to history: the eleventh

commandment – thou shall not be


According to David Kilshaw, partner at EY,

regulation is obviously one key change that

followed the publication of the Papers.

“Jurisdictions are placing a premium on

the R words: reputation and regulation

and they are very closely linked. The trust

industry is a prime example of this with

every trust company rightly keen to ensure

the structures they administer are pure in

every aspect. “The papers did not promote

a cultural shift,” continues Kilshaw, “that was

happening already, but they made sure these

issues were at the top of every agenda. We

live in a world now where sound and polished

administration is more important than clever

planning. The papers also re-enforced the

message to some taxpayers who might still

have had the old fashioned approach to tax

planning or asset protection of ‘’out of sight ,

out of mind’’ that the world is now indeed a

small place and not one where assets can or

should be hidden. The Papers happily helped

assign the eleventh commandment – thou

shall not be discovered – to history.”

Leese adds that another important, and too

often overlooked, part of change is the human

and cultural element. “It really doesn't matter

how much an organisation invests in its IT

system,” says Leese, “if staff are able to adopt

"password" as their system password or carry

files outside the office, lose laptops holding

unencrypted data or former members of

staff retain system access then confidential

information is going to be at risk . Substantial

efforts and investment in training staff and

senior management taking real leadership

and showing the importance of these issues

are all necessary.”

Generational leapfrogging as lifespans


Michael Shimmin is a chairman of Fedelta, a

trust service provider based in the Isle of Man,

and he says: “The offshore industry needs

to be more vocal about how transparent

it is in order to counter the illusion that it

is used for, and complicit in, tax evasion,

especially as there are some who try to blur

Continued on pg 10



and we still strive

for a higher level

of excellence

We believe in partnerships built on trust

and this is evident in our award-winning work

with our clients and partners.

For further information on Equiom’s

services in Malta please email:


Trust | Company | Private Office

Aviation | Yachting


Equiom (Guernsey) Limited is licensed by the Guernsey Financial Services Commission. Equiom Trust (Guernsey) Limited is licensed by the Guernsey Financial Services Commission.

Equiom Trust Services (BVI) Limited is regulated by the British Virgin Islands Financial Services Commission. Equiom (Isle of Man) Limited is licensed by the Isle of Man Financial

Services Authority. Equiom (Jersey) Limited is regulated by the Jersey Financial Services Commission. Equiom (Luxembourg) S.A is supervised by the Commission de Surveillance du

Secteur Financier (CSSF), the supervisory authority of the Luxembourg financial sector. Equiom (Malta) Limited is authorised to act as a trustee and fiduciary services provider by the

Malta Financial Services Authority. Equiom S.A.M. is registered as a Trust and Company Services Provider in Monaco under n° 03S04142. Equiom Trust Services Pte. Ltd. is licensed by

The Monetary Authority of Singapore.

Malta Business Review


the difference between tax evasion and tax

avoidance.” Shimmin also notes that offshore

centres deal less and less with tax. “Increasing

life expectancy means that people in their

nineties can have children in their seventies

who do not need inherited wealth and so

trusts are being used to preserve family assets

for younger generations. Charitable trusts and

foundations are also becoming more popular.

These trends are not tax driven particularly

where charities are concerned, which makes

it difficult to condemn everything offshore

as morally bad. We also see structures being

put in place by individuals where they are

concerned that their beneficiaries are not

financially sophisticated, subject to undue

influence or have special needs.”

BVI gets a BOSS

Rathmell says that outside of the media

diatribes there is a considered, intelligent,

and measured effort to improve financial

crime regulation around the world. “In the

UK, one of the most recent examples with

a knock-on effect for the offshore world is

the implementation of the EU’s Fourth Anti-

Money Laundering Directive.” Rathmell

explains that this resulted last year in the

2017 Money Laundering Regulations,

which brought some important changes.

The personal nature of the

leaked documents provided a

lot of media fodder and some

additional investigations, but

the real battle against financial

crime is being fought on a

different turf.

One of the latest rounds of improvements

in the fight against financial crime has been

the introduction of enhanced beneficial

ownership information requirements,

which directly impacts offshore jurisdictions.

“In the BVI, for example, on 30 June 2017,

laws came into effect requiring registered

agents to keep databases of the name,

date of birth, nationality and address of

beneficial owners of corporate and legal

entities. This information is searchable by

BVI authorities via the Beneficial Ownership

Secure System (BOSS).”

According to Rathmell, all of these changes

were born from developments preceding

and independent of the Paradise and Panama

Papers breaches. “The personal nature of the

leaked documents provided a lot of media

fodder and some additional investigations,

but the real battle against financial crime is

being fought on a different turf. Condemning

all offshore jurisdictions, structures, or the

people that use them as criminals or “dodgy”

does not help that battle. This has been

the most unfortunate effect of both of the

‘Papers’,” says Rathmell.

He concludes: “The antidote is for all of us

who work in the industry to show that we

take financial crime seriously, and to continue

to educate the public about the many useful

reasons for the use of offshore structures,

which accounts for the motivations of the

vast majority of our clients and other offshore

account holders.” MBR

Credits: Citywealth Weekly

Continued from pg 8


Malta Business Review


Be M.a.D. not S.a.D.

be Magnificent and Dazzling – Part 1

Interview with Mike Ogilvie, Recent President of the

Professional Speaking Association in UK, Master

Practitioner of Neuro-linguistic programming (UK) and

he is currently writing a new book – “Profit Robbers –

Arrest them before they steal your business”.

By George Carol

Mike Ogilvie

MBR: Tell me about the story behind the

pineapple business card...

MO: I always open and close the

conferences at which I speak with the

story about the pineapple salesman

from Barbados. When I first arrived in

Barbados this man spoke to us on the

beach and said “You’re new in Barbados,

I haven’t seen you here before. Before you

go anywhere, let me just give you a word

of warning so that you don’t ruin your


He was a typical beach salesman, but

instead of trying to sell us things, he made

friends with us. It worked - my wife made a

big mistake - She asked him: “what are you

selling?”, and I whispered to her “Darling,

never ask a salesman what they’re selling,

never encourage them”.

He laughed, “no madam, I don’t sell anything,

people buy pineapples from me”. When one of

the other wives asked “how much does one of

these pineapples cost?”. I interrupted again,

whispering “you must never ask a salesman

questions like this, you’re encouraging them”,

He befriended us and engaged

with us, never trying to sell,

but instead invited us to buy

from him, which all businesses

should do.

but when the salesman answered “twohundred

dollars!”, I suddenly took interest

and I asked “what? Are the pineapples made

of gold?” He answered, “they’re golden,

they’re delicious, they’re a work of art, they’re

an experience; wait till you’ve tried it!”

And basically, I go through the whole story. In

the end he eventually peels a pineapple just

like he peels an apple and, cutting the story

short, I willingly give him twenty dollars rather

than two hundred dollars. He shakes my

hand, takes the twenty dollars and says, “nice

doing business with you Mike” and I always

ask the audience, “have I been had?!”

Why did I willingly give the man twenty dollars

for a pineapple that I could have bought for

a tenth of the price? What is more - why do

others willingly give him $200? - It’s a story

with many lessons. He befriended us and

engaged with us, never trying to sell, but

instead invited us to buy from him, which all

businesses should do.

Everyone can learn from this story, because

with the tsunami of artificial intelligence,



Malta Business Review

virtual reality and technology that is

developing so rapidly, it is inevitable that

many traditional jobs will be lost in the next

few years. What we cannot do, is compete

and beat the computers. The computers will

always win!

As an example, I am an accountant and

many accountants’ jobs are going to be

totally abolished because the traditional

job of accountancy is going to be done by a

computer. Where the accountant is going to

play a role in future, is to look at the figures

the computer produces and work with other

human beings helping them to make the right

decisions, instead of trying to produce the

information that now will be produced by

IT. Similarly many bankers, economists and

actuaries will also lose their jobs. So humans

need to learn to be more human, and to

engage better with other humans, who will

choose to work with them, but only if they

like them.

MB: Yes, I was watching and I was curious

about it and it is very scary. When you start

thinking deeply, it is very frightening to see

how computers and artificial intelligence

(A.I.) are able to process information so

quickly, and they can be programmed how

to use that information unilaterally, even if

it’s so advanced. And that is intimidating!

MO: It’s the same with construction! I have

been talking with a construction and robotics

company. Even the cranes now will soon no

longer be manned by human beings. They are

going to be programmed and able to build a

building on their own.

MB: The same with cars! You will lose the

kick out of it!

MO: So human beings will just have to adapt

and they are good at adapting; so do business

people- they need to be able to adapt, they

need to prepare for this onslaught. We don’t

know how fast, but I will suggest within the

next ten years, the whole business landscape

will be completely changed. Some people say

three years, but I think that’s probably too

quickly. Within ten years artificial intelligence

will change our whole lifestyle.

Even in the medical and healthcare world,

they already show that diagnosis is so much

more accurate when done by computers than

by human beings. The doctors will soon have

to become carers and trainers preventing

disease, rather than diagnostic specialists

identifying diseases, and actually that has

to be good. Everybody’s job is going to be

different than it is, some more than others.

MBR: So, can you tell me a bit briefly

about your background and what brought

you here?

MO: I have an accountancy business and I got

into speaking professionally by accident. I was

a young accountant and when I was talking

about technical matters, I got invited to speak

at conferences, where you learn to deal with

entrepreneurs, and as a result of that I ended

up working closely with other businesses, and

their directors. I could never become a doctor

or a construction worker, but I see the skills

that they use that work, and these are stored

for me to share with my audiences.

I have my own businesses, I have bought and

built up businesses and I have helped other

businesses and worked with them, helping

them to buy and sell. Everything that I talk

about is based on real life experience rather

than just theory.

I talk about the importance of TNT- Tiny

Noticeable Things, that appear so minor to a

human being, but which can be explosive in

their impact, both positive and negative.

In a business, so many human “beings” allow

themselves to become human “doings”.

All they are doing is becoming transaction

processors. Computers will replace all

“human doings”.

I talk about the importance of

TNT- Tiny Noticeable Things,

that appear so minor to a

human being, but which can be

explosive in their impact, both

positive and negative.

However, mechanic or robotic A.I. cannot

replace human “beings” - those people who

don’t just have a pulse, but instead they

have a personality and character that other

humans like.

MBR: But if you notice and observe, you

also see a change in human behaviour as

well, because most humans due to the rapid

changes and the tumultuous developments

that are happening externally, tend to

become immune to feelings. Less feelings,

with less emotions. Why?

MO: I agree. Part of our challenges as leaders

in businesses now, is to challenge our teams if

they want to be part of the new way of doing

business. They have to learn to develop the

positive aspects of the communication skills,

the positive aspects of engagement to be able

to get trust. You don’t deserve trust, you have

to earn trust.

And this is where people have to learn the

ability to communicate - body language and

all the soft skills that have been considered

less important, have now become even more

important in most businesses.

MBR: You are a global person, you have

been around, you have helped businesses.

How do you perceive Malta?

MO: I’m really impressed. It’s bigger than I

was expecting! It’s my first visit and when I

landed into the airport I thought “Wow!”

Within ten years artificial

intelligence will change our

whole lifestyle.

I had lots of people telling me how beautiful

Malta was because I have had friends and

family who were here. They love the place.

The taxi driver in his own right was an

entrepreneur, because he said to me, “Ok,

listen, we are probably going to take quite

a while because the traffic is so slow, so let

me tell you a little bit about Malta…" and he

was telling me about all the growth, changes,

development and how a gaming industry has

grown, how the aviation industry moves, and

about one company that brought itself from

Austin to establish its presence. He was telling

me proudly of these massive developments.

So, he became almost like a tourist guide who

was including amongst his stories a lot about

business on the Island.I was amazed with the

amount of knowledge this man had in him!

I spoke at a conference recently and had a

mix of people from farmer to landscaper,

designers to business trainers, and they were

all so entrepreneurial, the levels of questions,

the level of discussion that we had in the

conference was so much higher than I have

been used to. We had lively debates which

was really good fun. MBR

All rights reserved - Copyright 2018



Michael Ogilvie is a past president and director

of the Professional Speakers Association, and

regularly speaks to Entrepreneurs in the UK and

abroad at conferences and seminars on business

related matters. Michael is an experienced

Chartered Accountant by training, and is a Fellow

of The Institute of Chartered Accountants in

England and Wales. However, although he is a

director of and major shareholder in Eastbourne

Chartered Accountants and Business Advisers

OBC The Accountants, most of his time is focused

on his work as one of UK's leading Profit Coaches,

with his company The Profit Team. Michael

is a Master Practitioner of Neuro-linguistic

programming, and was a founding Director of

The Association of Profit Advisers. He is also

an author - his book called "Turnover feeds your

ego but only profits will feed your family - 157

tips to avoid going hungry" is available through

his website. He is currently writing a new book

– “Profit Robbers – Arrest them before they steal

your business”. When he is not using his skills and

experience to help his clients to focus on increasing

their profitability, either as a coach, adviser, or nonexec

director, he is an international motivational

speaker at Seminars and Conferences where he

inspires his audience to adopt a “Profit Culture” in

their businesses.



Malta Business Review



London welcomed cooperation with the French over Syria but critics say May lacks a foreign policy vision | By TOM MCTAGUE

French President Emmanuel Macron, US

President Donald Trump and Britain's

Prime Minister Theresa May at a G7

meeting in 2017 | Stephane de Sakutin/

AFP via Getty Images

The Franco-British military alliance is back.

Ever since the U.K. voted to leave the European

Union, British Prime Minister Theresa May

and French President Emmanuel Macron

have emphasized the continued importance

of strong defense and security relationships

after Brexit.

Several weeks after the EU and the U.S.

expelled more than 100 Russian diplomats

in response to the attempted assassination

of a former Russian spy on British soil, and

following the first military action of both May

and Macron’s premierships, May has evidence

to support the Frenchman’s reassuring

rhetoric. One senior U.K. government official

close to May said the military alliance forged

between May and Macron at January’s

Sandhurst summit has been transformed in

the heat of battle over the past weeks.

“One of the things Macron has always been

very keen on since they had their first meeting

was to focus the relationship on security and

defense,” the senior official said. “Salisbury

and Syria have given more substance to that

— he has made it play out in practice.” May’s

closest aides believe this also bodes well

for Brexit. “It shows Europe, and France in

particular, what a good security relationship

with Britain looks like,” the official said.

May and Macron spoke twice in the week

running up to the airstrikes and once again in

the hours after they had taken place. Officials

in Paris and London also spoke “multiple

times a day,” ferrying top-secret documents

too sensitive to brief over the phone to each

other’s embassies, according to diplomatic

officials. A joint position between Paris and

London was established early on, while the

U.S. administration was split between the

ultra-hawkish national security adviser, John

Bolton, and the more cautious Defense

Secretary James Mattis over how extensive

the strikes should be, diplomats said. The

French and British jointly pushed for “limited”

strikes aimed exclusively at degrading the

Assad regime’s chemical weapons capability

— and won.

Peter Ricketts, a former British ambassador

to France, said: “The French and the British

united around Mattis, who has been the

central pillar of U.S. foreign policy on this. The

prime minister found the center of gravity.

That’s where the British machine was pushing

and that’s where the government got to.” MBR

Macron and May, during a bilateral

meeting at San Domenico Palace Hotel

in Taormina, Italy | Dan Kitwood-Pool/

Getty Images

Macron-Trump bromance

The return of good France-U.K. defense

relations was welcomed across the Channel.

It also comes just as French frustration at

Germany’s lukewarm adoption of Macron’s

EU reform proposals — as well as Berlin’s

inability to step up on the world stage — is

beginning to mount. “In the area of defense,

relations between Paris and London are

naturally fluid while they are restricted and

unsatisfactory with Berlin,” one French

diplomat told Le Figaro.

However, officials in Paris said the U.K.’s

involvement in Syria was “a nice-to-have, not a

need-to-have.” Internationally, May also risks

becoming the third leg in the transatlantic

alliance, as the budding b-romance between

U.S. President Donald Trump and Macron

continues apace. Macron was quick to claim

credit for convincing Trump to act in Syria,

in an interview with French TV the following

day. Next week, Trump will host the French

president for a state visit, an honour not yet

granted to the British prime minister.

The U.K.’s continuing travails extricating

itself from the European Union continue

to cause alarm on the Continent. French

officials said Brexit appears to be sucking

up much of London’s time and energy and

would continue to do so for the foreseeable

future as talks grind to a near-halt over the

Irish border.

Domestically, however, U.K. government

ministers say May’s understated approach

to the Salisbury spy poisoning and Syrian gas

attack has played well with the British public,

which is tired of alpha-male foreign policy.

“Macron’s playing the Gaullist and that’s

all right — that’s what French presidents

do,” said one minister who is close to May.

“The PM is using the fact that there are

these two big egos to her advantage. She’s

undemonstrative, steady as you go. The fact

that she’s not a Blair or a Cameron helps.” MBR

Global Britain?

The biggest risk for the British prime minister,

according to her ministers and advisers, is

that she fails to capitalize on the two crises

because she is unable to formulate a longterm

foreign policy strategy that sets out

how Britain sees its role in the world after

Brexit. Those closest to May also insist it is

unfair to say her approach to foreign policy

is purely ad-hoc, pointing to the prime

minister’s speech to the Republican Party

conference in Philadelphia in January 2017

as the intellectual ballast holding her strategy

together. In the speech, May said the days of

Britain and the U.S. “intervening in sovereign

countries in an attempt to remake the world

in our own image” were over and that military

action should be reserved to defend the

international order.

Yet those involved in crafting May’s Syria

policy said hers is essentially a “reactive, not

proactive approach,” which means acting

only when international law is broken and not

for any other wider objectives. May is fond of

telling aides that she has little time for grand

visions or strategies, one former adviser said.

“She often says she just gets on with the job,

putting one foot in front of the other.”

“There are costs to her approach as well

as some benefits,” one of her closest allies

said. “Governing does require an overarching

narrative and it is actually quite difficult to

maintain one at the best of times.” Some

ministers close to May were more caustic.

Speaking on condition of anonymity, one said:

“Trade deals are no substitute for a vision.”

Jonathan Eyal from the London-based foreign

policy think tank RUSI said it is okay in the

short term for May to “bump along” reacting

to world events, but eventually she will need

to set out her vision if she wants to be treated

as a reliable partner. “It cannot just be small

steps,” he said. “It still requires the big speech,

the big vision. She will need to answer the

question: ‘What is Britain’s role?’ She cannot

escape this question.” MBR

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Malta Business Review


Social Entrepreneurship:

MBR: What is Social Entrepreneurship and

who is a Social Entrepreneur?

RM: Social entrepreneurship is the

use of start-up companies and other

entrepreneurs to develop, fund and

implement solutions to social, cultural, or

environmental issues. This concept may be

applied to a variety of organizations with

different sizes, aims, and beliefs.

On the same mindset a social entrepreneur

is a person who pursues novel applications

that have the potential to solve communitybased

problems. These individuals are willing

to take on the risk and effort to create positive

changes in society through their initiatives.

The main goal of a social entrepreneur is

not to earn a profit, but rather to implement

widespread improvements in society.

However, a social entrepreneur must still be

financially savvy to succeed in his or her cause.

We usually give the example of a combination

of the characteristics represented by Richard

Branson and Mother Teresa.

as youth work is


often value based

there is a need

to re-shape the

approaches for


education from the

"classical - formal



MBR: What was the project about?

RM: The project funded by Erasmus+ was

about Social Entrepreneurship in Youth

Work with the main aim to developing

employability and innovations amongst the

youths. Together with our two international

partners, Out of Box International and the

Institute for Entrepreneurship Development

we developed and successfully implemented

this project.

The project answered the question often

spoken from youth workers of how to

approach youth in a non-formal way and

inspire them to start their own business and

social enterprise. In addition, this project

through the entrepreneurship education in

youth work, young people improved their

sense of initiative and gain soft skills needed

for their future working life, thus help them

to gain transversal competences needing for

their life.

The project is set around the trend of

development of youth work as a tool to

combat unemployment among young

people, which is enhanced both on European

and national level. Furthermore I believe

that the notion of social entrepreneurship

could be a turning point for Gozo, as it

would offer sustainable employment for

the Gozitan youths who would like to have

a future in Gozo.

Ryan Mercieca

MBR: How can you combine youth work

and social entrepreneurship?

RM: They are actually very easy to combine. A

lot of youth workers find themselves confused

about approaching this topic and often lack

tools to effectively work on such topic with

the young people. Also, as youth work is often

value based there is a need to re-shape the

approaches for entrepreneurship education

from the "classical - formal" approach, to



Malta Business Review

An Opportunity for Malta


By George Carol

more social awareness and empowerment,

which means that youth work has much more

to add to social entrepreneurship. In addition,

often, where it exists the Entrepreneurship

in youth work is limited to one off process of

training or workshop, and in order to support

young people to develop their own business

there is a need of an ongoing support and

mentorship in order to keep their motivation;

The idea of youth work as a tool for social

entrepreneurship development often can

be seen as a two-fold process: on one hand

directed to the youth work providers aiming

to make their work effective and directly linked

with the needs of young people. As majority

of young people need jobs then youth work

providers should provide space for real and

meaningful support for young people.

MBR: Was the aim of the project reached?

RM: Yes the aim of the project was to

develop strategic tools and motivate

youth organizations to provide youth

entrepreneurship support and further

expand on this topic. Such tools were

developed in two Intellectual Outputs. The

topic is important for the wider youth work

field who will benefit from deeper and more

contextualized exploration of the role of youth

work in promotion of entrepreneurship.

Brings together different actors working on

social innovation and advocating for a more

creative Europe with a main mission to

provide fresh ideas and solutions acting as a

catalyst for positive changes across Europe

and worldwide. Our main goal is to design

innovative social projects to respond to the

persistent social and economic challenges

in order to empower people’s potential and

facilitate their active engagement in society.

MBR: Would you consider this project as

innovative to Malta?

RM: Sure, as we were aiming at producing

and transferring know how, promoting

entrepreneurial culture and enhancing the

effectiveness and viability of enterprises. All

of these are concepts that are developing and

gaining momentum in Malta.

Another innovation of this project was that

it answered the question of how much

youth work and non-formal education/

learning have managed to gain recognition

as a tool for youth entrepreneurship and

social entrepreneurship.

There is a clear and deep change in the

purpose of youth work in Europe as it is

adjusting towards young people's needs.

Due to the high unemployment, on a

European level, youth work is becoming

more visibly a tool for supporting young

people to find a job or even more

popularly to create a job themselves.

This is an addition to the more traditional

definitions of youth work where it is

seen as a tool for social and personal

development of young people.

The project is a step forward in defining the

role of youth work in social entrepreneurship

and in this line it is both innovative, as it is

focused on defining new areas of work

and development of new tools, but also

complementary to the political priorities

given to youth work and the process of youth

work recognition.

Our main goal is to design

innovative social projects to

respond to the persistent social

and economic challenges

MBR: Can you explain more the Intellectual

Outputs of the project?

RM: The first intellectual output is a

publication that is a support tool for youth

workers to mentor and stimulate Youth

Entrepreneurship in their youth organisations

and communities. It main aim is to strengthen

mentoring skills of youth workers, to be able

to fully follow a Youth Entrepreneurship

Process, from idea development to realization

and provide the necessary support for the

idea to be realized. It includes methodologies

and methods in Mentoring and Coaching

in particular on the topic of Business Idea

Development, Monitoring of Business plan,

Meaning of Entrepreneurial Leadership and

Carrier Guidance

The second intellectual output is a toolkit

will be a mainly an educational resource for

youth workers and other stakeholders. It is a

support tool for youth workers to introduce

(Social) Entrepreneurship Education and

Programmes related to Entrepreneurship in

their youth organizations and youth center.

The first part is focused as a training curricula

for educators and coaches to conduct training

and learning activities on the topic of youth

entrepreneurship. The second part will be

composed of methods and practices from

youth work and non-formal education that

youth workers can use to introduce and

stimulate entrepreneurship in youth work

activities, when working with young people

on local, national or international level. The

two of the project outputs will be a valuable

contribution to the youth field in general, as

they will be a hands on support and tool for

youth workers to promote entrepreneurship

not only on local, but also on European level.

MBR: What is the main impact of the


RM: The main impact of the project is the

introduction of the non-formal youth work

approaches and reflections among the

participating youth workers so that they are

able to work on entrepreneurship education.

In this way the role of youth work in

entrepreneurship education will have higher

potential for quality approaches and will offer

space for social entrepreneurship by the

youth workers. In addition the development

of a set of tools based on peer learning and

exchange of ideas will give also a strong

impact in equipping the youth field with the

needed tools in this area.

MBR: What is the way forward?

RM: The way forward will be to

continue advocating the notion of social

entrepreneurship in Malta as we have already

a number of other initiatives in the pipeline

as well to strengthen our network with local

partners and on a European level. MBR

For more information, you can contact Ryan

Mercieca on info@ryanmercieca.com

All rights reserved - Copyright 2018



Malta Business Review




Main survey findings

The MCA is hereby publishing the findings

of a survey gauging consumer perceptions

based on their experience of fixed broadband

services offered in Malta. The variables

assessed include the level of satisfaction with

the products and services being purchased,

the sensitivities to price changes and switching

providers, and the overall experience with

customer care related to faults.

The survey, which was limited to residential

users, was carried out by Grant Thornton

via telephone interviews. A total of 903

randomly selected respondents participated

in this survey.

The survey explored the quality of fixed

broadband connection and the overall

experience with OTT-based services

accessed via fixed broadband. Survey

questions also focused on the features

sought when purchasing a fixed broadband

connection, the tendency of end-users to

test download speeds and the addition of

over- the-top (OTT) services over a fixed

broadband connection.

Proportion of households with fixed

broadband access on the rise

According to the survey results, a total of

94% of household respondents claim to have

access to fixed broadband at their place of

residence. This represents a 17 percentage

point increase over the 2015 survey.

Just 6% of household respondents say that

they do not have access to fixed broadband,

as the service is unnecessary or ‘too

complicated to use’. Moreover, the majority

of respondents not having a fixed broadband

connection stated that they would not be

purchasing a connection over the next 6

month period.

Knowledge of headline download speed

remains low

Despite download speed ranking 2nd in

priority as a factor influencing type of fixed

broadband purchase, only 28% of respondents

with a fixed broadband connection are aware

of the headline download speed supported

by their connection. A lack of awareness

of headline download speeds has been

observed consistently even in surveys carried

out in 2013 and 2015. Nevertheless, the 2017

figure concerning headline download speed

awareness represents an improvement, up

from 19% in 2013.

More households with fast and ultra-fast

download speeds

Fast download speeds correspond to

fixed broadband connections supporting

a download speed of between 30Mbps

but less than 100Mbps whilst ultra-fast

download speeds correspond to those

connections supporting download speed of

100Mbps or more.

Compared to 2015, the 2017 survey

findings show a big rise in the proportion

of households owning fast and ultra-fast

broadband connections. In the former case,

a 23 percentage point increase has been

registered, whilst in the latter case an 18

percentage point increase was recorded.

A big proportion of household respondents

do not recall their applicable monthly

access fee

46% of household respondents were unable

to identify their monthly expenditure on their

Type of purchase by advertised download speed

Number of respondents knowing the download speed of their

fixed broadband connection – 234

i.e. 28% of all respondents with a fixed broadband connection at








2015 2017



Are ava



Price is a key factor determining consumer


37% of respondents stated that price was

their primary concern when purchasing a

fixed broadband service followed by internet

download speed at 32%.

22% of household respondents also say that

the availability of fixed broadband in a bundle

was important in their purchase choice.


Less than


10Mbps to


31Mbps to



51Mbps to





Continued on pg 20




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T (+356) 2166 0505/6


Malta Business Review


Continued from pg 18

Download speed and technology (4)

Propensity to test download speed

Outcome of download speed tests

Number of respondents with a fixed broadband

connection – 846




Number of respondents who have performed speed

tests on their fixed broadband connection – 156

i.e. 18% of the number of respondents having a fixed

broadband connection at home





Yes, I tested once

Yes, I test regularly

Yes, I test occasionally


Speed the same as advertised

Speed slightly lower than advertised

Speed much lower than advertised

fixed Among broadband those service. that The did main speed reason tests, for 56% represents of respondents an improvement said of that 2 percentage their speed was lower than advertised.

this lack of knowledge stems from the fact points on the number of satisfied households

that generally respondents purchase their when compared with 2015.

fixed broadband service in a bundle, which

makes it difficult to identify the monthly Just 3% of respondents in 2017 say they were

financial outlay per service in a bundle. dissatisfied with the service being offered.

The remaining 16% of respondents were

different socio economic categories of the

indifferent as to the quality of the service they

Maltese population.

were purchasing.

Two out of every three respondents say

they know what their financial outlay on

fixed broadband is. 70% of these report a

monthly expenditure in the range of €20

to €50. Moreover, 47% of respondents

knowledgeable of their monthly expenditure

on fixed broadband say that the service they

were getting was expensive.

Not many households test their actual

download speeds

Household respondents were generally

unaware that they could test their download

speeds via online applications. Also, just

18% of respondents with a fixed broadband

connection say they have actually carried out

a test to determine whether they were actually

getting the advertised download speed.

A further assessment of survey findings in this

respect shows that almost 60% of those who

actually carried out these tests found that

their actual speed test was lower than the

one advertised by their service provider.

Respondents also relay a message that they

are generally satisfied with the service being

provided by their operator. Indeed, 53% of

respondents say they are satisfied with their

fixed broadband service and an additional

28% say they are highly satisfied. Overall, this

An increase in reported faults but service

providers offering proper remedial action

47% of respondents claim to have reported

at least one fault with their fixed broadband

connection in the span of 12 months, an increase

of 12 percentage points when compared to the

corresponding 2015 survey finding.

Nevertheless, 69% of respondents that

encountered faults throughout this period

feel that their reported fault was addressed in

a satisfactory manner and were satisfied with

how their service provider handled the matter.

Methodology and Fieldwork

The methodology used in the latest

round of consumer surveys, including the

sampling, questionnaire design, fieldwork

and weighting processes followed similar

approaches to previous surveys. The research

methodology involved the use of telephone

computer-assisted interviewing (CATI).

Consumers sampled were stratified according

to the age composition of the Maltese

population. Moreover, the interviews

were distributed among Malta’s six official

geographic regions and carried out across

The MCA has been regularly carrying out the

Consumer Perception Surveys on a two-yearly

interval since 2008. The main purpose behind

this exercise is to gather information on the

level of satisfaction of local consumers with

the products and services offered by electronic

communication service providers and the extent

to which these providers are able to address

the demands of their clients. Given that these

surveys have been carried out regularly for a

number of years, survey results are indicative of

how the needs of end-users have developed over

time and how local service providers are dealing

with changing demand over the years.

The results of these surveys also serve as an

additional source of information for the MCA’s

regulatory decisions, in order to ensure an

environment that is conducive to sustainable

competition and investment in view of the

growing demands of the future. MBR

For further information:

Rachel Baldacchino, Communications

Coordinator, Malta Communications Authority,

Tel: (+356) 22059406,

Mob: (+356) 79695695,

Email: rachel.baldacchino@mca.org.mt

Credit: MCA


Malta Business Review


How To Get More Comfortable With Change

By Gwen Moran

Every career has a measure of change. Here’s

how the change professionals manage it.

Whether you’re working for a promotion or

trying to change jobs altogether, every career

requires a measure of change. For those

craving something new or different in their

work lives, the people who manage change

for a living can provide a few important

insights. Change management professionals

work with organizations to help plan, manage,

and adapt to change. And some of the very

strategies they use to help companies make

their way forward through turbulent or

uncertain times can apply to those who are

working on moving their professional lives

forward, too

Release your attachment

If you’re going to truly be open to change and

its possibilities, you’ve got to release some of

the comfortable ways of doing things. “We start

our careers with high hopes and expectations,

and we want to conquer the world. What

happens too often is that eventually you get

comfortable in a process or role or with a piece

of technology we master,” says Lior Arussy, CEO

and president of international consultancy

Strativity Group and author of Next is Now:

5 Steps for Embracing Change – Building a

Business that Thrives into the Future. That

shifts us into the role of process operator. We

stick with what we know and we’re reluctant

to do things differently.

The number one challenge in change

management is not the adoption of new

tools or processes—it’s the assumption that

change is a negative judgment on people’s

past performance, Arussy says. When people

feel threatened in that way, it’s difficult to see

other opportunities. If you work in a bank

as a cashier, for example, what does it mean

when the bank transitions to automated

cashiers? In your career, this complacency or

attachment to the way things were can make

you reluctant to stretch, try new things, and

anticipate what the future holds, which can

be dangerous to your career, he says.

Instead, work on understanding your “core

cause,” or your true purpose in your job. For

example, if you work in banking, and believe

your core cause is being in charge of compliance

with a policy, then you’re going to stick to the

process. “And, so, I’m pretty much alienating

a lot of people in the process, but maybe not

keeping in mind, How do I make it impactful

for the bank from a customer’s standpoint? Do

I make customers happier or more upset? Do I

enable them to reach their goals or, do I restrict

them from reaching their goals?” he says.

If you look at your core cause as how to fulfill

your responsibilities but do so in a way that

helps the organization achieve its goals, too,

you’re going to be more flexible in adapting to

changes in process and tools, which will help

you in your career, as well.

Define the outcome

Whether you’re working to create change in

your career willingly or you’re dealing with the

results of a layoff or reorganization, you’ve

got to be clear about the outcome you want

to achieve, says Julita Haber, Ph.D., clinical

assistant professor of organizational behavior

at Fordham University’s Gabelli School of

Business. Ideally, where do you want to go

in your career and how does that match

your core values? Just as organizations align

their change management strategies with

organizational goals, “you want to actually

come up with your purpose in life and how

the change will help you fulfill your ultimate

goals,” she says.

Know your style

Your personal leadership style will have an

impact on how you navigate change. Haber

says there are two types of leaders who

typically drive change: the transformational

leader and the transactional leader.

The transformational leader is focused

on large-scale changes—reorganizing the

company or changing the culture. They have

big-picture ideas and operate on a grand

scale. Transactional leaders take on change in

a more methodical and step-by-step manner.

Both can be effective, but one may help you

feel more adept at managing change than the

other. While a transformational leader may

be comfortable saying, “I’m done with this

career,” and simply move on, the transactional

leader will likely want to have some sort of

game plan in place, first.

Become change resilient

Whether you just got a huge promotion or

were let go in a layoff, change and determining

the next best steps can be stressful, says

Jessica Lueck, practice manager in career

transition and change management at BPI

Group, a leadership and talent advisory firm

based in Chicago. “There’s a piece of [change

management] that’s very technical and it’s

about planning and clarity and precision,”

Lueck says. “Then, there’s the messy, more

organic side of managing change that’s all

about the human piece of it, the emotions

that come with it,” she says.

Arussy recommends that people work on

becoming change resilient, improving the

speed and scope in which people adapt

to change. “The new skill set that we are

recommending for people to start thinking

about is how do I build a better change

resilience so I can explore, experiment,

accelerate change within the organization

and within my own life,” he says.

Again, he says this relates to understanding

your core cause. “Define yourself through the

impact you make on people. Then, you can

endure a lot of things,” he says. MBR

About the author

Gwen Moran writes about business, money and

assorted other topics for leading publications

and websites. She was named a Small Business

Influencer Awards Top 100 Champion in 2015,

2014, and 2012 and is the co-author of The

Complete Idiot's Guide to Business Plans (Alpha,

2010), and several other books.

Credit: Gwen Moran


Malta Business Review


‘Great things in business are never done

by one person. They’re done by a team

of people’

- Steve Jobs -

Still Going Beyond Ordinary

For Azure Ultra, 2017 was a great year. Two

major industry awards. Perfect 5* scores on


A 200%-plus increase in charter business.

New additions to the family, including crew,

captains and a gleaming new Sunseeker

Camargue. Riding high on this tsunami of

success is all very well, but, as the 2018

yachting season gathers momentum, Azure

Ultra remains focused on its long term

business objective – to be innovative and

visionary while cultivating a distinctive

elegance unique to the Mediterranean

charter industry.

So welcome then to the first of Azure

Ultra’s 2018 innovations. . . glass bottomed

canoes. With Malta’s clear seas and amazing

underwater kingdoms, the canoes add an

extra bit of fun and excitement to Azure Ultra

charters. As the season unfolds, the Azure

Ultra team will continue to find novel ways

to deliver beyond ordinary customer service,

a signature brand feature that competitors

often overlook but connoisseurs of luxury

never fail to appreciate. MBR

Credit: Azure Ultra


Beyond Ordinary Charter Experiences

00356 2778 2500 / charters@azureultra.com / www.azureultra.com

Malta Business Review









iGaming companies are constantly battling each other for a share of the market, so it is

imperative that they use every possible tool in their arsenal to up their game. One of these

tools is player journey optimisation. The concept is to divide a pool of players into smaller

and more targetable groups based on their overall betting behaviour, then deliver specific

messaging to them based on their preferences.

Not all players are created equal

It is important for iGaming companies to

realise that players bet in many different ways,

and as such they each should be targeted in a

unique manner. This is one of the many ways

in which data segmentation can become

a useful tool. For example, most iGaming

brands will find that they have a blend of onetime

players, others who are more frequent

players, and others that have a higher betting

pattern such as VIPs. These groups then need

to be broken into micro-segments based on

player personas, as everyone has their own

personal approach towards placing a bet. This

is generally translated in the bet amount, bet

type, and bet frequency.

Reduce player churn

iGaming companies are used to the everchanging

faces of their customer base, with

new players steadily coming and going. The

technical term for this process is called player

churn, where players cease their relationship

with a company or brand. Being able to

understand how this indicator works within

iGaming is critical, as it is generally recognised

to be less expensive to invest in retaining

existing players rather than attracting new

ones. Creating an optimised player journey

which engages before the point of churn is

the key to increasing player retention.

Make sure your players follow

through with their bets

Two of the most recurrent issues in iGaming

is that of registering without depositing or

depositing without playing, which basically

means that a player never follows through

with placing a bet. There are various factors

that attribute to this such as poor website

design, bad messaging, or a cumbersome

process to bet. However, by segmenting

players and understanding why certain

individuals are abandoning their bets,

marketers can target them more specifically

with the right message at the right time, and

to the right player. MBR

AXON Gaming to the rescue

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Malta Business Review


DOI- Jason Borg






Minister for Transport, Infrastructure

and Capital Projects Ian Borg launched

the Express Road Safety Campaign,

which is being led by Express Trailers,

aimed at promoting more responsible

road sharing.

Minister Borg reiterated his belief in

continuous education towards safer roads

and described the campaign as a versatile one

which reaches different sectors of society. The

Minister explained that a company such as this,

which operates in a sector directly related to

transport, has a greater potential of reaching

audiences within the same industry, and

commended the incentive they are proposing

to encourage similar companies to come up

with their own initiatives towards road safety.

Addressing the launch of the campaign, the

Chairman and CEO of Express Trailers, Franco

Azzopardi said “our company is regarded as

the leading respected transport and logistics

operator in Malta. Although we deploy a large

fleet of trucks, trailers and vans to deliver most

of our essential day-to-day commodities, we

acknowledge that we are also a nuisance on the

road. Therefore, we decided that we wanted to

take an active role in the community and we

felt that promoting road safety would be most

in line with our operations as active road users.

We enjoy a very positive track record and

widespread respect as responsible road

users and we are delighted to have found the

support of Transport Malta and notably, the

Malta Road Safety Council, with whom we are

embarking on this campaign.” The company’s

belief that road safety should be a top priority

for everyone, especially drivers who are

being called to drive responsibly and protect

more vulnerable road users. He said that on

the road, everyone is borrowing space and

everyone has an acquired right to use roads,

adding that every road user is responsible for

the safety of others.

Minister Borg commended the company for

the initiative, for their general commitment

to road safety in their operation and praised

their decision to consult with Transport Malta

and the Malta Road Safety Council towards

ensuring that more benefits are reaped from

the campaign.

The Minister spoke about the significance

of the graphic symbolising the campaign: a

heart held within hands which symbolise the

road. He linked this to the unfortunate fatal

accidents we hear about so often; accidents

which have led hearts like the one in the

picture to stop beating. “We talk, discuss

and try to reason things out every time an

accident happens, but this is not enough

– we need to act, and that is what we are

doing and what we will continue doing

throughout our work”, he said, explaining

the work being done by the Ministry towards

this aim, such as designing safer roads and

including safety facilities such as improved

crash barriers which better protect

motorbike riders. He also spoke about the

strengthened Transport Malta enforcement

team, which he met earlier this week and

which now consists of 166 members, stating

that the Ministry continues to invest in

better training and equipment for the unit.

Minister Borg concluded by reiterating his

full support for any educational campaign

towards responsible behaviour on the road,

and said that the Ministry is carrying out

work, together with Transport Malta, to

continue contributing towards this aim. “I

believe that the fact that we are launching

another campaign here today means that

our messages towards promoting more

responsibility on the road is coming across,”

said the Minister.

Franco Azzopardi expressed the company’s

commitment, through its team of drivers,

to advocate more actively in favour of road

safety on Malta’s roads. “Our drivers are

our foremost ambassadors on the road and

we take safety very seriously. This campaign

will be a celebration of this commitment,”

concluded Franco Azzopardi.

Pierre Vella from the Malta Road Safety

Council commended the fact that a private

company like Express Trailers was taking the

initiative to launch a road safety awareness

campaign on a national level and reiterated

the Road Safety Council’s support to ensure

the effectiveness of this campaign. “Everyone

is a road user, and therefore, everyone is being

called to act responsibly on the road. Ensuring

that our roads are safe should not only be

the duty of the authorities or policy makers,

but it is high time that everyone understands

that on the road, we are all vulnerable and we

can all contribute by reducing speed, avoiding

dangerous manoeuvres and respecting

driving regulations.” MBR

More information about the campaign can be

found at www.expressroadsafety.com

Courtesy: The Ministry for Transport, Infrastructure

and capital projects


Betsoft Gaming Reaches New Casinos Through Content

Agreement with Groove Gaming


etsoft Gaming has extended its reach

in key European markets, signing a

comprehensive content deal with

casino consultants Groove Gaming.

The agreement is all-encompassing: Groove

Gaming will add every game from the

Slots3TM series, along with the complete

collection of Betsoft’s table games, to its

library of more than a thousand titles.

Based in Malta, Groove Gaming unites a

team of experienced gaming professionals

with a carefully-chosen list of clients, who

they support in launching, maintaining,

and growing new online casinos. The

company’s services are extensive, covering

payment processing, fraud protection,

risk management, regulatory compliance,

business intelligence, affiliate promotion,

customer service, and more.

The cornerstone of Groove Gaming’s offer,

however, is content. Its consultants are

constantly curating a portfolio of high-profile

games, which is then made available to clients

as a prebuilt library from which they choose the

right regionally-compliant titles for their players.

It was this constant appetite for innovative

content that led Groove Gaming to Betsoft, as

Miguel Micallef, Account Manager explained:

“New casinos need to distinguish themselves

with the right mix of perennially popular

classics, and new, trending titles. Groove

Gaming has made this process easy, building

up a treasure trove of compelling content that

Betsoft is proud to be a part of. Our Slots3TM

series is packed with both player favourites and

new, exciting experiences that, together, will

help new casinos to stand out from the crowd.”

Groove Gaming’s services and content are

currently geared towards European clients, but

the company is also targeting expansion into

Africa and Asia, as well as looking to capitalise

on other emerging opportunities, explained

Operations Manager Yahale Meltzer:

“At Groove Gaming, we have extensive

experience of spotting trends. We also

know quality when we see it, and Betsoft’s

impressive array of content will give our

already-diverse portfolio a decisive edge.

For our clients, this agreement means a

huge number of new, innovative games will

be made available for seamless integration -

helping them to attract and retain players in a

competitive market.” MBR

Courtesy: Betsoft


Made of Sicily


www.farsonsdirect.com - Tel. 2381 4444

Malta Business Review


Why employees leave companies and how to

retain them ... By Marion Gamel

Most companies on the island have experienced

the dire consequences of employee attrition and

deployed creative measures to contain them:

Pricey ones (such share option programs, fancy

offices, company trips), and even trendy ones

(such as yoga classes, organic juice bars), but to

no avail.

I’ve witnessed bootstrapped startups, where

employees sit amongst cardboard boxes

and don’t even get health insurance where

attrition is nil, and yet I’ve also seen large

corporations, where on-site massage and

working from home type policies have had

zero impact on talent haemorrhage. When

considering the costs of recruitment and the

loss of IP when key talent leaves, it’s no wonder

employee retention ranks so highly in Business

Leaders’ list of concerns. The problem is many

companies have lost sight of what really

matters: People and their motivations.

What we know: Consumers (AKA: People)

make decisions with the right emotional

side of their brain. The left logical side of

their brain then validates this decision with

facts and cognitive messaging. Which means

fact-based thinking is an afterthought, and

emotions are leading. Deciding to be loyal

to a brand or to stay in a company … is about

relationships and the emotional benefit one

gets from them. So is work: A relationship that

evolves and gets reassessed every day.

Changing the question from “Why do

employees leave their company?” to “Why do

people leave their partner?” allows us to demystify

employee attrition, but first let’s explore

some of the myths about employee retention

Things that don’t work


Relationships: You have met the love of

your life, he lives in Gozo. Are you going to

break up because you can’t face making a

trip to Gozo now and then? On the other

hand, would you continue dating someone

who you’re not really into just because he

lives round the corner from your house and

it is geographically convenient?

Work: Malta can be challenging location

for local companies as there’s not enough

talent locally to fill every role, talent has to

be attracted from abroad. I keep hearing

that a high percentage of employee churn

is inherent to Malta: “People come to

Malta for three years tops, after that, they

go home” and I doubt this… If your job is

amazing, you have made friends locally,

you still enjoy what attracted you to Malta

in the first place... There’s nothing forcing

you to leave Malta after three years.

What I suspect happens is that something

deteriorates, and that the charms of Malta

are not enough to keep people in place. On

the opposite end of the spectrum, you have

the Google HQ which is located in Mountain

View (Mountain Where? My point exactly!).

San Franciscans go through the 3 hours

commute every day because of what they

get out of working at Google.

Location’s not the reason a company

experiences employees attrition, neither is

location efficient at retaining employees.


Relationships: What would you think of

someone staying in an unhappy relationship

predominantly because their partner has

a sport car or can use a friend’s cabin in

Verbier? You see my point!

Work: Sure, benefits are nice to have. But

benefits are lipstick on a pig, they do not

impact the decision to stay or go.

We can take any tech start up as an example.

When I joined Eventbrite in 2012, there were

hardly any benefits for European employees

yet attrition was almost non-existent. The

company grew, employee churn increased

even though benefits started pouring. Perks

are nice but they don’t influence the little

voice in your head telling you that it’s time

to go or on the opposite, it’s worth sticking



Malta Business Review

around. Benefits don’t reach the right

emotional side of the brain that decides

if you are still attached to the company.

Benefits only feed the left side of our brain,

that analyses pros and cons consciously with

the purpose to support the decision you

have already reached.


Relationship: You’re been with your partner

- who you love very much - for a couple of

years so, logically, you start thinking “it’s time

to break up”…. Unlikely, right?

Work: I often hear: “People leave after two

years. In our industry, it’s pretty normal”.

Hum… By “normal”, do you mean it’s

unavoidable? I don’t believe employees

count the months like prisoners in a cell and

that when they reach a certain period of

time, they feel time is up and they must start

looking elsewhere. Employee attrition has

nothing to do with time per say, it has to do

with something that happens over time that

convinces employees that the best has already

been experienced and that it won’t get any

better, that real opportunities are elsewhere.


Relationships: You are going out with a man

who is not only very good looking but also

the life and soul of the party. When you

meet people, they often say: “Ohhhh! You

are Tommy’s’s girlfriend! Lucky you!”. Only

thing is, he turns out to be very vain. At

parties, he recycles the same four jokes. He’s

on social media 20 hours per day and takes

more selfies than KK.... Are you going to stay

with the guy just because others think he’s

“cool” and you’re “lucky”?

The stellar reputation of a

company can indeed act as a

powerful talent magnet, but it

will not be powerful enough to

act as an employee retention

tool if what happens on the

inside does not match the

image of the company.

Work: It feels great when you speak about

the company you work for and people go

“Lucky you! I dream of working for this

company one day!”. This type of reaction

results in a big ego boost. But like all ego

boosts, it’s short-lived and will not cover up

core issues. Ego boosts do not bring longterm

satisfaction at work or anywhere else

for this matter. The stellar reputation of a

company can indeed act as a powerful talent

magnet, but it will not be powerful enough

to act as an employee retention tool if what

happens on the inside does not match the

image of the company.

You could argue that you have witnessed

people staying in jobs for reasons such as

location, benefits, reputation or tenure. You

are right, some do, but the question then is:

Are they the kind of employees you really

want to keep? They say things like:

1. “The office’s 10 minute drive from my

house. I’d hate a longer commute” -


2. “I love working from home 1 day a

week” - Benefits

3. “I’ve only been here 2 years, it’ll look bad

on my CV if I leave so soon” - Tenure

4. “Everyone thinks I am lucky to be

working here” – Reputation

To this, you add the self-confidence sabotage

that the wrong work environment will do

to you:

5. “I don’t think I can get a better job in a

better company. The job market is really

competitive, I can’t face the rejection”.

When employees think like this, they’re not

driven by a real commitment to deliver and


So, what does work?!


Hope is in my view the only valid reason

why people stick around, at work and in a

relationship. Hope manifests itself like this:

1. A strong belief that things are improving

everyday. Such belief overcomes today’s

sometimes tough reality:

Relationship: “Sure, he’s a bit of a rough

diamond but he’s so clever… who knows

how far he’s gonna go, I believe in him.”

Work: “It’s only a start up right now but

the progress we make is exhilarating, I

believe in the success of this company.”

2. Sharing the same dream and vision as

your peers, resulting in a strong sense of


Relationship: “We are looking in the

same direction: We both want the same

thing. We are currently focusing on our

careers, to reach our dream.”

Work: “We are all completely passionate

about the problem we are solving. Our

work will improve people’s lives!”

3. Being inspired and supported to grow,

feeling encouraged and stretched:

Relationships: “We are a good influence

on each other. I encouraged him to quit

smoking. He helped me get back into

training. We motivate each other.”

Work: “I am surrounded by such clever

people, it’s inspiring! As a result I decided

to go to an evening course to acquire XYZ

skill. Colleagues are really supportive.”

4. Learning, adapting to new challenges

and revising how you function:

Relationships: “She challenges the way

I think in a non aggressive manner. She

asks me the right questions at the right

time. With her, I push my boundaries.”

Work: “My boss is both encouraging and

demanding. It’s the first time someone

I look up to believes in me like this and

pushes me to achieve things I never

thought I could do. What a boost!”

5. Knowing that you will not outgrow this

situation, feeling pushed towards the

top with the sky as your limit:

Relationships: “Right now, he’s a great

boyfriend and I know that one day he

will be an amazing father. He can take on

any challenge in life.”

Work: “Right now I am just a marketing

exec, but I know hard work is rewarded.

Our CEO started as a Sales Executive."

Employees are people: They are not easily

fooled. They are driven by common principles

and needs. Just like love, work is a series of

relationships and our decisions are driven by

emotions. Once you understand what fulfills

people in a love relationship, you know how to

retain key talent at work. Unfortunately

for quick-fix enthusiasts: cutting corners

will not do. MBR

All rights reserved - Copyright 2018



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:




Malta Business Review


Odds stack up against Malta’s

online gambling bet

Low taxes have been Malta’s recipe for economic success. That might not last. | By Joanna Plucinska

For over a decade, low corporate tax rates

made the tiny Mediterranean island of

Malta the best place in Europe to set up

online poker, sports betting and slots sites.

That could all change soon.

As Brussels doubles down on efforts to regulate

the gambling industry and enforce a new tax

regime for digital companies, Malta is fighting

to keep its biggest asset. Rising skepticism of

the gambling sector, also referred to as online

gaming by government officials, did little to

deter operators in recent years. But a new EUwide

digital taxation scheme, spearheaded by

France and Germany, now threatens to tax all

digital companies on their turnover or profits.

The tax proposals may intend to take aim

at big American giants like Apple, Facebook

and Google, but any new measures could

inevitably affect other digital firms, such as

the online gambling companies thriving in

Malta. The extent of the rules is still not clear

— the European Commission is only expected

to release its proposal in the spring and France

seems to have dialled down its enthusiasm.

But the political push to tax digital firms could

be bad news for the island, which has grown

dependent on the gaming sector’s success.

Online gambling makes up almost an eighth

of the tiny country’s economy and is one of

the largest sectors, along with finance and

tourism. Malta — population of over 430,000

— has few natural resources to speak of.

“Possible international corporate taxation

reforms may affect Malta’s fiscal position

unfavourably due to the high share of

corporate tax revenues in total revenues,”

a recent evaluation from the International

Monetary Fund said. Along with countries

like Luxembourg and Ireland, the Maltese

government is scrambling to obstruct the

Franco-German initiative and will make a

case for pursuing global tax reforms via the

Organization for Economic Cooperation and

Development [OECD], which wants to set

global, not just European, taxation standards

for digital giants.

Possible international

corporate taxation reforms

may affect Malta’s fiscal

position unfavourably due to

the high share of corporate tax

revenues in total revenues

Because EU decisions on tax reforms require

full, unanimous agreement from all member

countries, Malta has the power to stall

potential reforms for months. But whether

this will save Malta from broader EU oversight

— and rising criticism against its digital

gambling sector — is far from clear. “Malta has

a general problem with money laundering and

tax evasion,” said Markus Ferber, a German

European People’s Party MEP and vice chair

of the European Parliament’s Economic and

Monetary Affairs Committee. “For me, it is

very clear that the Maltese government has

to significantly step up their game.”

The Commission can launch infringement

procedures if Malta isn’t complying with EU

rules. That could target money laundering and

Malta’s corporate tax exemptions and rules,

especially if they favour one company or type

of company. The Commission prepared a recent

analysis of Malta’s compliance with anti-money

laundering rules and flagging potential areas of

Continued on pg 52

improvement. The murder of journalist Daphne

Caruana Galizia last year, who was investigating

corruption and money laundering, also led to

calls for a closer look at Malta.

“Malta needs to show to Europe and indeed

the world that its rules and regulations are

healthy and robust,” European Commission

First Vice President Frans Timmermans said

earlier this month. With ongoing European

Parliament investigations into Maltese

politicians’ involvements in the Panama

Papers scandals and tougher EU-wide scrutiny

on sectors like online gambling, European

authorities aren’t expected to let up anytime

soon. Věra Jourová, Europe’s commissioner

for justice, put it simply: “I will focus on Malta.”


Malta’s gambling industry has been a key

driver of its economic growth in the past

decade. When the country joined the bloc

in 2004, it had an economy funded largely

by tourism, with little or no tech industry to

speak of. Online gambling was still a relatively

new concept in Europe.

The small country saw an opportunity to

capitalize on a gap in the market and became

one of the first to craft clear rules for the

Malta sees e-sports as a

potential way of diversifying

its economy | Kazuhiro

Nogi/AFP via Getty Images


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Malta Business Review





Macron and Trump, British

Blunders, survival story

Emmanuel Macron was centre-stage again

this month, sharing the spotlight with

Dandruff-Brusher-In-Chief Donald Trump.

Our podcast panelists analyze the body

language and the big issues in the Don and

Manu show. Also up for discussion: Britain’s

immigration system blunders, a story of

survival and triumph that links Europe and

Australia and where to go to get a sense of

European history in Brussels. Plus, POLITICO

reporter Kalina Oroschakoff sketches out the

controversies around the EU’s efforts to cut

carbon emissions and change its energy mix.

**A message from Grow with Google: All

over Europe, careers and businesses have

the potential to grow with the help of digital

skills. Hear inspiring stories from some of the

725,000 Europeans so far who have found a

job or grown their business with our help. By

2020 #GrowWithGoogle pledges to support 1

million more.** MBR

Macron & Trump


Spencer Dale’s energetic battle

Spencer Dale knows all about the dangers of

groupthink. A longtime employee of the Bank

of England, he rose to the heights of chief

economist and was in the eye of the storm

during the 2008 financial crisis.

“I think at the roots of that financial crisis was

a collective intellectual failure,” said Dale,

who is now chief economist at energy giant

BP. “That was a very sort of humbling process

and I think you … recognize that you actually

knew an awful lot less than you thought you

did and those types of lessons stay with you,”

he told EU Confidential.

Dale, who switched to BP in 2014, was in

Brussels this week to present the company’s

annual Energy Outlook — an attempt to

sketch out the global energy landscape until

2040. Making the report public, Dale said,

was an effort to avoid more groupthink. “If

you stand up around the world and say, ‘This

is what I think’s going to happen,’ guess what?

People love telling you you’re wrong and you

come away smarter,” he said. MBR

Talk of the town

Insta grandpa: European Council President

Donald Tusk spent his birthday weekend

setting up an Instagram account with help

from his grandsons.

Ghost train: An unoccupied train started

moving from Brussels North station toward

Schaarbeek on Tuesday, colliding with

another moving train. SNCB, the national

train operator, has not yet said why the empty

train started moving.

Bonkers read — ‘My dearest Fidel’: An

ABC journalist’s secret liaison with Cuba’s

Fidel Castro,” by Peter Kornbluh in POLITICO

Magazine. “Today, almost no one remembers

Lisa Howard. But in the early 1960s, she was

one of the most famous female TV journalists

in the United States — a glamorous former

soap opera star who reinvented herself as a

reporter and then climbed to the top of the

male-monopolized world of television news.

She became ABC’s first female correspondent

and the first woman to anchor her own

network news show. Her influential role in

the media empowered her efforts on Cuba,

even as it worried White House officials who

were the targets of her ceaseless pressure to

change U.S. policy.

“In top-secret reports from the era, those

officials speculated about ‘a physical

relationship between’ Howard and [Fidel]

Castro and feared she would use her position

at ABC News to break the story of Washington’s

secret talks with the Cuban comandante. But

both she and Castro took the secret of their

intimate diplomacy to their graves. Only now,

thanks to declassified official documents and,

most important, Howard’s own unpublished

diaries and letters, can the story finally be told

of how one tenacious journalist earned the trust

of the legendary leader of the Cuban revolution,

and cajoled two U.S presidents into considering

peaceful coexistence with him.” MBR

We Spy

Ready to depart: The Eurostar terminal

in London’s St. Pancras station is getting

a duty-free shop. That’s taking Brexit

readiness seriously! MBR

Amber Rudd

EU Wtf?

The U.K.’s Home Office keeps messing up. It

was forced to hold a briefing for EU diplomats,

admit to more immigration failures and

promise EU27 citizens would not be the next

victims. First there was the Windrush scandal,

in which Caribbean migrants who’ve lived in

the U.K. for decades were threatened with

deportation because they lacked paperwork

that the Home Office itself has destroyed.

Then Home Secretary Amber Rudd, above,

was reported to have said the system for EU27

migrants registering with U.K. authorities

after Brexit would be as simple as signing

up to a fashion store’s customer club. That’s

likely untrue: The Home Office admitted that

the app for registering residence wouldn’t be

available on Apple iPhones, which make up

just over half of the U.K. smartphone market.

Separated at birth


Scottish First Minister Nicola Sturgeon’s

mother Joan and music legend Elton John. MBR



Malta Business Review




Joan Sturgeon & Elton John

How to fight fake news

Also due today, on the Commission’s second

digital day in a row, is a communication on

online disinformation. The thinking on this one

is that industry self-regulation is better than

concrete regulatory action. Expect increased

pressure on platforms to follow a new code

of principles on algorithmic transparency

and flagging disinformation. That could be

problematic, as no one wants Facebook,

with its market power, to decide what’s good

journalism and what isn’t. But it buys the

Commission and other public authorities time.

**A message from Grow with Google: The

world is undergoing a digital transformation,

offering enormous opportunities for growth,

innovation and jobs. However, digital skills and

tools can still seem out of reach to many. That’s

why we started the Grow with Google initiative

three years ago, and this year have pledged to

help 1 million Europeans find a job or grow their

business by 2020. We want to offer everyone

the chance to Grow with Google through our

free digital skills training courses, tools and inperson

coaching — from the workforce of today

to the students who will drive the workforce of

tomorrow. Hear inspiring stories from some of

the 725,000 Europeans who have already found

a job or grown their business with Google’s help

by visiting #Grow WithG oogle Europe.** MBR

Next big thing

First they came for Microsoft, then Google.

Now Amazon is the EU’s next big target. The

Commission will today unveil a proposal on

“promoting fairness and transparency for users

of online intermediation services” (which we

mortals call digital marketplaces, or shopping

platforms). The Commission is expected to

say that the proposal aims to limit “potentially

unfair or unpredictable behavior” vis-à-vis

small businesses that use the Amazon platform

to peddle their wares.

Question of transparency: The regulation

will set transparency standards that require

companies to explain, to some extent, what

they or their algorithms are doing — and

force platforms to improve how they handle

complaints (if for example someone’s shop is

downgraded). Commissioners will also seek

to establish an “EU observatory on the online

platform economy,” to gather insights on how

the market works, providing analysis “to help

inform possible additional, future regulatory

interventions.” You may find yourself asking: Isn’t

that competition policy by means of regulation?

We think so, as our own Joanna Plucinksa and

Nicholas Hirst explain here for Tech Pros. MBR

Budget Frenzy

Brawlers: The EU is bracing for a struggle

that will highlight splits of all sorts within the

union — contributors vs. recipients, East vs.

West, North vs. South. Wealthy net-payer

countries who oppose any increase in budget

contributions — Austria, Denmark, the

Netherlands and Sweden — are already on

the defensive, as they see their ranks thinned

and their muscle diminished, POLITICO’s David

Herszenhorn reports.


Women in Power

20 WOMEN TO WATCH: Meet the 20 women

at the forefront of politics and policy around

the globe. POLITICO’s latest power list includes

women who will be leading political discussion

for years to come. Europeans on the list include

EU Trade Commissioner Cecilia Malmström,

Brexit negotiator Sabine Weyand and U.K.

Home Secretary Amber Rudd.

Don’t confuse Malmström with a soft

Swedish liberal. Few know how to compete

with U.S. President Donald Trump in boiling the

politics of trade down to relatable factoids, but

Malmström does it with ease. “I ask someone

what kind of job they have,” she told our own

Ryan Heath in an interview. “I explain where

the imports and exports go in that field. I look

at their phone and explain that it contains

contents from 50 to 60 countries, all traded

across the world. I tell them it would be more

expensive or impossible if it came from only

one country.” Ryan’s got a pro tip for those

wanting to get into Malmström’s head: Read

Karl Popper. “He’s rational. Optimism is a duty,

reason is celebrated, and things are possible.”


eyebrow-raising story from our U.S. colleagues:

Donald Trump has repeatedly said he didn’t

consort with sex workers in a Moscow hotel

room in 2013, insisting that he didn’t stay

overnight in Russia during the trip. But flight

records obtained by POLITICO, congressional

testimony from Trump’s bodyguard and

contemporaneous photographs and social

media posts tell a different MBR


PRESSURE ON MALTA: Pieter Omtzigt, a Dutch

Christian Democrat, was appointed special

rapporteur of the Council of Europe on the

murder of Maltese investigative journalist

Daphne Caruana Galizia. It’s the first time

ever that an EU country is to be scrutinized by

a special rapporteur. The news comes as also

both the Commission’s and Parliament’s tone

is becoming increasingly strict on rule of law in

Malta. The 'Rule of Law' resolution regarding

Malta has just passed in the European

Parliament in Strasbourg. With 466 votes in

favour, just 49 against, and 160 abstentions,

this resolution will now head to the the other

EU organs, such as the Commission and the

Council, as well as the governments of other

Member States and Malta. MBR

Creditline: POLITICO SPRL; Brussels Playbook



Malta Business Review


New broom sweeps clean!

By Jean Paul Demajo

For how long have you been conscious of your teeth? How long has

it been since you chewed into a delicious crust of maltese bread?

What holds you back from fixing your teeth?

Before Treatment

Case Study

After Treatment

A middle aged man presents himself with a few remaining teeth in a terrible state. He has been in this state far more

than he can remember and has finally decided to fix up his mouth. He is a non-smoker and in good health.

Treatment Plan

After Treatment


• Eliminate any source of infection

• Regain a normal dentition of 24-28 fixed teeth

• Regain the comfort and stability of eating any kinds of food

• Regain that CONFIDENT smile!

1. Extract all remaining teeth and provision of temporary

removable dentures

2. Allow two months for complete gingival healing

3. Implant planning in upper and lower jaws using custom-made

surgical guides

4. Bilateral sinus lift bone grafting and simultaneous placement of

8implants in the upper jaw and 4implants in the lower jaw.

5. Allow 4-6months for bone healing and osseo-integration

of implants.

6. Exposure of implants and impression taking for new implant

fixed prostheses.

7. Try-in of implant bridges

8. Fitting of implant bridges

9. Placement on an oral and dental maintenance program

Total Tineframe: 6 - 8 months

Yes this is a lot of work and yes it comes at a cost. But can you really put a price on

your daily comfort? How far are you willing to go to comfortably and confidently enjoy

even just simply a meal out with your friends? After 6-8 months of dental and implant

treatment you will immediately know why you chose to go ahead with this plan and you

will also know where your money went. MBR

Ask your dentist for details.


Dental and Implant Surgeon


Malta Business Review



Malta Business Review


Equiom has been nominated for Marketing

Team of the Year, Employee Engagement

Campaign of the Year, Best Content Curation

of the Year and Matt Tabb, Global Head of

Corporate Communications is shortlisted for

Marketing Director of the Year.

Matt Tabb said of the news: ‘This is a fantastic

achievement for our team and it highlights the

success we’ve had over the last 12 months in

relation to our content creation, curation

and delivery. Furthermore, it’s brilliant to be

recognised for our employee engagement

efforts. As a global business, engaging with

our workforce is always high on the agenda,

especially as we’re growing across multiple

jurisdictions and regularly welcoming new

staff. We look forward to representing Equiom

at the event. I’d like to take this opportunity

to say well done to the team. We’ve had a

fantastic 12 months and we have plenty more

in the pipeline that will help Equiom stand out

from the crowd, both as a provider of choice

and an employer of choice.’

Equiom’s Corporate Communications team

encompasses 11 individuals across five

jurisdictions including the Isle of Man, Jersey,

Hong Kong, Singapore and Dubai.

Entries for the awards are reviewed by

an independent judging panel of industry

experts. The ceremony will take place on

Thursday 21 June, 2018 at the Trafalgar St.

James London Hotel. To vote for Equiom




Caroline Ashley, Laura Daly, Hannah Scarffe from Equiom’s Corporate

Communications team

Equiom celebrates four shortlistings in

the Citywealth Brand Management and

Reputation Awards

Equiom, the international professional services

provider, has announced that its Corporate

Communications team have been shortlisted for

four awards in the upcoming Citywealth Brand

Management and Reputation Awards, a ceremony

that celebrates marketing excellence across the

financial industry.


Equiom is fast becoming the standout

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 supportservice

needs. Equiom is an independent,

management-owned 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 (Guernsey)

Limited is licensed by the Guernsey

Financial Services Commission.

Credit Equiom


Malta Business Review


This Is

My Secret

To Giving


Criticism As A

New Manager


This former media executive hated to give tough feedback, but she also didn’t

want to be seen as a pushover. Here’s how she learned to find the right balance.

When I was 27, I took on my first managerial

role at Coke. Some aspects of the job came

more naturally to me than others. As

someone who values kindness, I had a lot of

empathy for my team members. This made

me a good mentor and sounding board, but it

made giving critical feedback difficult. Here’s

how I learned to find the right balance.


I grasped right away how hard it would be

for my team members to hear critiques, and

when I put myself in their shoes, I couldn’t bear

the thought of making them feel bad. Taking

a negative tone just didn’t come naturally to

me; I was much better at being the good cop.

But I knew I couldn’t let that stand in the way

of being an effective manager. The last thing

I wanted was to be seen as a pushover. I was

frankly stumped and worried that I would be

seen as overly harsh or too mean if I gave my

team straightforward feedback. I felt frozen,

until circumstances compelled me to act.

A financial analyst on my team–let’s call her

Kira–was proving to be a weak link. She was

very effective at financial reporting; I could

count on her for accurate spreadsheets,

charts, and tables that communicated the

financial position of the company. The

problem was, she never submitted the report

on time–and her explanation of the financial

results was often poorly written.

The Myth of the Nice Girl: Achieving a Career

You Love Without Becoming a Person You

Hate by Fran Hauser

I avoided giving Kira direct feedback for four

whole months. Instead, I rewrote all of her

copy, and when Kira inevitably sent me the

numbers at the very last minute, I pulled

all-nighters to get the cleaned-up reports to

my boss on time. I knew this approach was

not sustainable. I needed to give Kira real

constructive feedback, but I didn’t know how

to do it in a kind way that felt authentic to me.

When I told my boss about the bind I felt

I was in, he told me that I was doing Kira a

disservice by cleaning up her work rather

than being direct with her. He urged me to

address the issue head-on, suggesting that

maybe the reason Kira struggled to send the

reports on time was because she was getting

stuck on the writing. He recommended that I

start my conversation with her by addressing

the missed deadlines and see if the writing

challenges come up naturally.

I thought back to the feedback I’d gotten

from bosses throughout my career and how

their different approaches had made me feel.

Two experiences came to mind right away.

One boss launched into negative feedback

during my performance. Yet, she did a good

job of clearly communicating what needed

to change and pointing to specific examples.

I left that meeting feeling a bit deflated, but I

knew exactly what I needed to do to improve.

Another boss started my performance review

by telling me how much she valued me.

She asked me questions, and didn’t rush

through the meeting. This conversation felt

like much more of a dialogue. Yet I left feeling

as though she hadn’t really pinpointed any

areas for potential growth. It was a pleasant

conversation, but it wasn’t constructive.

It dawned on me that I could combine these

two approaches. If I gave Kira feedback that

was nice and direct, it would feel natural

to me and hopefully help her improve her

performance without crushing her spirit.

It was a matter of giving her feedback in

an empathetic and supportive way, by

presenting it as helpful advice rather than as

a harsh critique. This new mind-set allowed

me to give feedback while drawing on the

skills like empathy and compassion that felt

authentic to me.


This approach made it much easier to have

that daunting conversation with Kira. I began

with the positive, which was that she was

doing a great job on the numbers. Then I

moved on to the missed deadlines. I told her

that, in order to be helpful to her, I wanted

to understand what was driving the late

behavior. However, I also let her know that

by consistently missing deadlines, she was

creating a burden for the team.

As soon as I brought it up, Kira seemed

relieved. My kindly worded feedback gave her

an opening to admit that she didn’t enjoy the

writing part of the report. She told me that

while she always had the numbers prepared

well in advance, she struggled to get through

the commentary. We spoke about whether

her writing was something that she wanted

to work on improving, or if she wanted to

transition to a quantitative-only role, where

she could create the most value for the

company and for herself.

The conversation ended up being a huge

relief for both of us. And it completely

changed the way I thought about providing

tough feedback. I now see feedback as almost

a kind of gift to the other person. It’s also a

gift to myself as a manager. If I hadn’t spoken

to Kira when I did, I probably would have

spent months redoing her work and holding it

against her. It was much better for both of us

to have that conversation. Most importantly,

by learning that even negative feedback can

be approached with a real sense of empathy,

I was able to leverage my authentic kindness

in a way that was productive for my team and

for me. MBR

Credit: LinkedIn



Malta Business Review



Malta Business Review


Anti-money laundering: MEPs vote to shed

light on the true owners of companies

• Identify beneficial owners of companies

operating in the EU

• EP to back closer controls on virtual


• Greater protection for whistleblowers

To shed light on the true owners of letterbox

companies, any citizen will, in future, be

able to access data about the beneficial

owners of firms operating in the EU.

MEPs supported on Thursday -- by 574 votes

to 13 votes, with 60 abstentions -- a December

agreement reached with the Council, which

also proposed closer regulation for virtual

currencies, like Bitcoin, to prevent them being

used for money laundering and terrorism


The agreement represents the fifth and latest

update to the EU’s Anti-money laundering

Directive and is partly a response to the

terrorist attacks of 2015 and 2016 in Paris and

Brussels, as well as the Panama Papers leaks.

Public access to information on real owners

of firms

The reforms giving citizens the right to access

information on the beneficial owners of firms

which operate in the EU, could help quash the

corrupt use of letterbox companies created to

launder money, hide wealth and avoid paying

taxes - a practice which received widespread

attention in the wake of the Panama Papers.

An additional measure would also open up

data on beneficial owners of trusts and similar

arrangements to those who can demonstrate

a “legitimate interest”. This would make

information on trusts available to investigative

journalists and non-governmental

organisations (NGOs). Member states will

also retain the right to provide broader access

to information, in accordance with their

national law.

Customer verification for virtual currencies

The new measures also address risks linked

to prepaid cards and virtual currencies. In a

bid to end the anonymity associated with

virtual currencies, virtual currency exchange

platforms and custodian wallet providers

will, like banks, have to apply customer

due diligence controls, including customer

verification requirements.

These platforms and providers will also have

to be registered, as will currency exchanges

and cheque cashing offices, and trust or

company services providers.

Lower threshold on prepaid cards

Other measures agreed as part of the update


• a reduction in the threshold for

identifying the holders of prepaid cards

from currently €250 to €150;

• tougher criteria for assessing whether

non-EU countries pose an increased risk

of money laundering and closer scrutiny

of transactions involving nationals from

risky countries (including the possibility

of sanctions);

• protection for whistleblowers who

report money laundering (including the

right to anonymity);

• an extension of the Directive to cover

all forms of tax advisory services, letting

agents, art dealers, as well as electronic

wallet providers and virtual currency

exchange service providers.


Francis Zammit Dimech (EPP)

“The proposed measures are a step forward

in the fight for the European banking system

is not used for money laundering. This by

more transparency on who is company

owner. Moreover, such information will be

provided to the authorities so one can not use

structures to conceal that there is any money

laundering. The revisions also address risks

which methods used to finance terrorism to

put the safety of European citizens at risk. I

want to point out that it is an outrage as Malta

was late to adopt the directive against money

laundering and requires drastic action against

those countries which have still not done so.”

Krišjānis KARIŅŠ (EPP, LV), co-rapporteur

said: “Criminal behaviour hasn’t changed.

Criminals use anonymity to launder their illicit

proceeds or finance terrorism. This legislation

helps address the threats to our citizens and

the financial sector by allowing greater access

to the information about the people behind

firms and by tightening rules regulating virtual

currencies and anonymous prepaid cards.”

The proposed measures are a

step forward in the fight for the

European banking system is

not used for money laundering.

This by more transparency

on who is company owner.

Moreover, such information

will be provided to the

authorities so one can not use

structures to conceal that there

is any money laundering.

Judith Sargentini (Verts/ALE, NL), corapporteur

said: “Annually, we lose billions

of euros to money laundering, terrorism

financing, tax evasion and avoidance -- money

that should go to fund our hospitals, schools

and infrastructure. With this new legislation,

we introduce tougher measures, widening

the duty of financial entities to undertake

customer due diligence. This will shine a light

on those who hide behind companies and

trusts and keep our financial systems clean.

These rules will also be of enormous benefit

to developing countries and their fight against

illicit outflows of money which is desperately

needed for investment in their own societies".

Next steps

The updated directive will enter into force

three days after its publication in the Official

Journal of the European Union. Member

states will then have 18 months to transpose

the new rules into national law. MBR

Creditline:Hyun-Sung KHANG / Econ-Press/EU;

EP Valletta


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Malta Business Review


Malta Law Academy

Conference To

Address Complex

MIFID Regulation

On 3 January 2018, Europe saw the update to the

Markets in Financial Instrument Directive (MiFID II) and

the accompanying Regulation (MiFIR) come into force.

Focusing on core principles of the creation of fairer,

safer and more efficient markets, this broadest piece of

financial industry legislation ever will be significantly

changing market structures.

With this in mind, the Malta Chamber of

Advocates, through its Malta Law Academy

and jointly with the Commercial Law

Department at the University of Malta are

hosting an afternoon conference with the

theme “MIFID II – Burdens, Challenges or

Opportunities?” on Wednesday 23rd May.

“The financial services sector is one of the

main pillars of Malta’s economy and we felt

that the MIFID Directive is one of this year’s

hottest topics which merits a dedicated

conference to help practitioners address some

of the challenges but also at the opportunities

that can help us harness this vast regulatory

change,” explains Dr David Fabri, Head of

the Commercial Law Department at the

University of Malta who will be chairing this

afternoon conference.

“We have secured a very interesting line up

of speakers for this event which is open to

all those who are somehow professionally

involved in the financial services sector. In

fact, besides lawyers, we are also expecting

stockbrokers, compliance officers, fund

managers, insurance brokers, regulators and

all those who operate in our well-established

financial services industry,” added Dr Fabri.

We have secured a very

interesting line up of speakers

for this event which is open

to all those who are somehow

professionally involved in the

financial services sector.

The speakers for this conference will be Dr

Joseph Ghio from Fenech & Fenech Advocates

on the topic “Of crashes, crooks and crises:

the evolution of securities regulation”, Dr

Andre Zerafa from Ganado Advocates on “The

services of investment advice and execution

- differences and pitfalls”, Dr Laragh Cassar

from Cassar Camilleri Advocates on “The

reverse solicitation exemption under MIFID

II”, Dr Katya Tua from Mamo TCV Advocates

on “The Impact of MIFID II on cases brought

before the Arbiter for Financial Services” and

Dr Louis Degabriele from Camilleri Preziosi

Advocates on the topic “ The new MIFID II

inducements and fees regime".

The talks will be followed by a moderated

panel discussion with the participation of

David Curmi, Edward Grech and Edward

Rizzo, which will contribute a more practical

viewpoint of how the industry is looking at the

MIFID regulation.

Attendance for this conference at the Valletta

University Campus is at a fee of €45.00 and

registrations may be made by sending an

email on events@avukati.org MBR

Credit: Chamber Of Advocates



Malta Business Review

Happy sport

Chopard celebrates the 25th anniversary of

its iconic model with a new interpretation

uniting its finest skills

Twenty-five years ago, its launch marked the

birth of an icon and more; a certain vision

of independence, modernity and freedom

of movement. Happy Sport now enriches

its repertoire of stylistic versatility with the

strength of a self-winding movement specially

developed by Chopard manufacture. It also

adds a precious and delicate touch with a

pastel-coloured textured mother-of-pearl

dial. Pure technical strength, shimmering

under a mantle of light.

Happy Sport, a revolution

In 1993, Chopard Co-President Caroline

Scheufele effectively captured the spirit of the

times in designing a sports watch based on an

original and astounding association between

steel and diamonds. Embodying unprecedented

audacity, the Happy Sport was born. In harmony

with the spirit of the Happy Diamonds that grace

its dial, whirling like skaters performing free

variations between two sapphire crystals, the

Happy Sport soon became a powerful emblem

of the Geneva-based Maison and of feminine

watchmaking. Ever since, it illustrates an

inimitable sense of chic embedded in its DNA.

This incredibly alluring style icon plays the mix

& match game and revels in combining various

genres and repertoires, steel and diamonds, the

eternal and the ephemeral.

A manufacture movement: the spirit of time

To celebrate its 25th anniversary, Chopard

Loyal to the spirit of the original Happy

Sport, the new Happy Sport appears with

a 36mm rose gold case and a polished or

diamond-set bezel. It is fitted with a grey

guilloché dial making a perfect match

with its 18-carat rose gold bracelet or grey

brushed canvas strap.

transports the Happy Sport into a new era: that

of an encounter with the other facet of the

family-run Maison, the watch manufacture.

Chopard has drawn on its watchmaking

expertise to endow the Happy Sport with a

mechanical self-winding movement, the 09.01-

C, exclusively developed for 30 mm ladies’ watch

cases. “Having it all” is the perfect motto for the

women who choose the Happy Sport. Feminine

and technical, playful and radical, precious

and modern: through the sheer diversity of

its qualities, the icon of the Maison Chopard

represents the quintessence of a successful

watch model. This creation bears witness to

Chopard’s ever more seamless integration of

its two centres of excellence – the result of a

unique combination of the myriad skills and

expertise contributing to the grandeur of Haute

Horlogerie and High Jewellery.

Suffused with a soft glow

Technical strength, shimmering under a

mantle of light. The Happy Sport makes no

concessions. The heart of the dial is suffused

with the depth and wealth of textured motherof-pearl.

The soft glow of this exceptional

material features the infinitely varied and

unique shades drawn from the heart of the

shell, sheltering its most precious curves.

The silky iridescence of textured motherof-pearl,

its rarity, and the singularity of its

naturally occurring wave-like motifs endow

each Happy Sport with unique character. This

luminous heart framed by a 30-mm case is

available in four versions: a blue dial with a

gem-set steel case; a pink dial with a steel and

18-carat rose gold case; a white dial with an

18-carat rose gold case; and a white dial with

a gem-set 18-carat rose gold case.

A palette of delicate colours echoes the subtle

shimmer of textured mother-of-pearl. Soft

pastels offer an inexhaustible source of visual

delight, where the gaze can linger at leisure.

A haven of tenderness to lift the spirit. A

gentle celestial blue, an invitation to a land of

dreams, where the eye can wander freely in

contemplation of the clouds billowing through

the imagination. A serene shade of blue. And

then of course pink. The pink of a blush, the pink

of femininity and the prism of optimism that

one adopts to see life at its most beautiful. And

finally, an immaculate and timeless white, the

meeting point of all wavelengths, fulfilling our

desire for gentleness and our quest for balance

with its pristine radiance.

These chromatic landscapes are enlivened

by the mesmerising presence of five moving

diamonds that appear to be whirling above

the dial, feather-light and supremely innocent.

Happy Diamonds offer wearers of the Happy

Sport watch the perpetual sight of an infinite

dance, echoing their every movement. A pas de

deux, a single momentum and a sole horizon:

that of freedom and joie de vivre. MBR

In 25 years of existence, Happy Sport watches

have been interpreted in more than a

thousand different ways. An abundance of

models reflecting the profuse inventiveness

of Chopard, the most creative contemporary

watchmaker-jeweller, and each representing

an opportunity to express the diverse range

of its skills. The collection now welcomes four

new models in 18-carat rose gold, featuring

a polished or diamond-set bezel and paired

with an 18-carat rose gold bracelet or grey

canvas strap. These elegant and sophisticated

models are graced with an entirely guilloché

silver-toned dial, a tribute to the decorative

traditions of classical watchmaking and

forming an ideal backdrop for its seven moving

diamonds. The latter treat the wearer of the

Happy Sport to the sight of a perpetually

changing ballet echoing each nuance of her

own movements.

Happy Sport, a new vision of time

In 1993, picking up the mood of the moment,

Caroline Scheufele – now Co-President and

Creative Director of Chopard – imagined a

sporty watch based on an original and quirky

association between steel and diamonds.

This unprecedented bold move gave rise

to the Happy Sport. Cultivating the spirit of

the Happy Diamonds twirling across its dial

like étoile ballet dancers performing free

variations between two sapphire crystals,

the Happy Sport rapidly became an emblem

of the Maison and indeed of feminine

watchmaking in general. MBR

Credit: Edwards Lowell



Malta Business Review


“Increased Opportunities for

Students in the field of digital

games; Maltco Lotteries and

the Institute of Digital Games

Partner to Support the Next

Generation of Game Researchers

and Designers in Malta"


During the Press Conference

During a Press Conference held on

Wednesday, 18th, The Institute of

Digital Games of the University of

Malta and Maltco Lotteries presented

the two projects which were completed

and made possible due to a Maltco

research sponsorship of €20,000, this

to promote research and innovation

in digital games which allowed

researchers at the IDG to hire students

or alumni to undertake a project in

their area of expertise.

The two launched Projects, selected by the

Director of the Institute of Digital Games, in

consultation with the faculty; were “Something

Something Soup Something” designed by Dr

Stefano Gualeni with the support of two of the

Institute’s Master students: Isabelle Kniestedt

and Johnathan Harrington and “The New

Born World”; a story-telling game developed

as tablet application, designed by Dr Antonios

Liapis with the support of one master’s

student, Konstantinos Sfikas and one alumnus,

Rebecca Portelli.

“Maltco’s funding allows our researchers and

students to experiment in game design and

explore the full capabilities of games from the

adapting philosophical thought experiments to

the virtual world to developing AI algorithms

that can be used in games or even transferred

to other areas such as civil planning and health.

At the same time students get hands-on

experience in a research project related to game

development, something that is irreplaceable

if they are looking to pursue a career in the

industry,” Prof. Georgios N. Yannakakis, Director

of the Institute of Digital Games – University

of Malta praised Maltco’s initiative to support

student research and experience.

“To work closely with the Institute of Digital

Games of the University of Malta feels indeed

like making a significant step towards gaming

evolution. At INTRALOT we invest greatly on

innovation and as we have a player-centric

approach at everything we do, we treasure

the insights that this collaboration has brought

back. We are very much looking forward to

new projects and to hopefully also facilitating

opportunities for young professionals in the

gaming industry” said Dr Panagiotis Koustenis,

Games and Statistics Manager - INTRALOT.

“Over the past years, the Institute of Digital

Games has grown in reputation and hence

its importance within game research and

education on an international level. It is

thanks to the hard-working and dedicated

team at this Institute, that these innovative

opportunities are offered to students; both

local and foreigners, to undertake digital

games as an investment in the future. As one

of the leading companies in Malta, it is Maltco

Lotteries’ honour to support the Institute of

Digital Games.” Mr Vasileios Kasiotakis, Chief

Executive Officer of Maltco Lotteries

The Institute of Digital Games was ranked

among the top 25 post-graduate game design

programs by the Princeton Review in 2017

and this type of funding allows the Institute

to ensure they remain amongst the top

programs worldwide.” MBR


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.


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 high-quality,

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.


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.



Malta Business Review





By Peter Stracar

Welcome to The Scoop! Each

month, we will explore

business innovation and

news happening all across Europe, as

well as policy issues that will impact GE

and other companies' ability to succeed. In

this month's issue, we feature an article on

Europe's future by Peter Stracar, President

and CEO of GE Europe; GE Healthcare's

partnership with Toronto's new Center for

Advanced Therapeutic Cell Technologies,

and other exciting news across Europe!

GE remains as ambitious for Europe as ever.

Europe’s story remains one of transformation

and opportunity. However, while it has come

a long way, there is still much more to do.

In an age of disruption and uncertainty,

policymakers, business leaders, and citizens

all need to pull together to nip economic

protectionism in the bud. Preventing Europe

from becoming fragmented and inhibiting

investment and impacting competitiveness

should remain a top priority. Companies

wanting to invest need to have confidence

and that requires an environment which offers

transparency, predictability, and consistency.

Structures, processes, policymaking, and

governance need to be simplified so Europe can

focus on where it can compete, win and grow.

There are few areas where I think that focus

should be. It all starts with lots of energy - literally.

Defining a regional electricity strategy

Europe is a forerunner in energy transition

and often the testing ground for future

energy models. However, energy policy still

remains one of the main challenges facing the

European Union and its competitiveness and

growth. Strong political will at a regional and

national level could radically transform the

energy system in Europe.

Addressing the Energy Trilemma – security,

equity and environmental sustainability - can

best be achieved by taking a more holistic

policy approach to consolidating and building

a European-wide, integrated energy system

and a progressive electricity strategy that also

leverages the full potential of digital.

At GE we are working closely with our

customers and utility providers across Europe

to innovate and respond to those future

energy challenges. Two great examples are

the development of the Haliade-X - what

will be the world’s largest, most powerful

offshore wind turbine will be manufactured

by GE Renewable Energy in France and GE

Grid Solutions‘ groundbreaking work with

Arenko in the UK to build a 41-megawatt

battery plant.

Harnessing disruptive innovation

For Europe to win it needs to remove

unnecessary barriers and embrace new

ways of working and flexible business

models to create an environment that

supports continued investment in digital

and encourages fast-growing sectors such as

additive manufacturing to flourish.

GE continues to invest significantly in digital

and additive manufacturing and we believe

both will continue to disrupt industries and

fundamentally change the way products are

designed and made in the future.

Germany is our global innovation hub for

additive manufacturing. Right here, at the

heart of the additive revolution, GE Additive’s

new customer experience center in Munich

operates as an interface between customers

and our teams. GE Additive has combined

the strengths of Germany’s Concept Laser

and Sweden’s Arcam, both leading global

providers of additive machines and services

to become a leader in this exciting field.

Embracing the future of work

Getting workforces ready for the future of

work is a top priority for both employers and

governments and ensuring European workers

are able to develop, hone and upgrade the

right skills to thrive in a world where work

is increasingly exposed to automation and

digital transformation. Ultimately, we need

to work on developing an open ecosystem,

including the creation of a single market for

skills, facilitated by the standardization of skills

credentials and qualifications across the EU

and to encourage the mobility of labour.

GE remains committed to Europe because it

has many advantages that make it attractive

- a highly educated and skilled workforce, a

strong base of knowledge and know-how.

As the European CEO of a company which

employs over 90,000 people here, I am a

firm believer in Europe’s potential today and

tomorrow. The singer Bono put it very well

when he said ‘Europe is a thought that must

become a feeling’ and in my mind that is

worth investing in for future generations. MBR

Peter Stracar is the President and CEO, GE

Europe at GE

Creditline: GE; LinkedIn



Malta Business Review

Ozone Ltd, a local fast-growing

telecoms operator, recently

announced the appointment of Mr

Adrian Sillato as the company’s Chief

Commercial Officer. Mr Sillato will be

responsible for all customer-facing

activities, marketing, and customer

support, reporting directly to Mr

Robert Runza, Chief Executive Officer

at Ozone.

Ozone is Malta’s user-friendly telecom

network operator and has been offering

the best solutions to business companies in

Malta and overseas, best value for money

and flexible solutions. Over recent years

the company has capitalised in simplicity,

streamlining systems, and delivering a straightforward

approach to customer service. With

the employment of Mr Sillato, Ozone aims

to get closer to its clientele with a newly

implemented management structure and an

administrative team thoroughly connected to

its customers. Welcoming Mr Sillato’s to the

new role, Mr Runza said, “We are pleased to

announce that Adrian has joined our reliable

and hardworking team as our new CCO. I know

that Adrian will influence his organizational

capabilities, stakeholder management skills

and great strategic capability to support

Ozone’s journey, both in Malta and abroad.”

by the opportunity of playing a key role

and contributing to the next stage of the

company’s growth. “I look forward to working

closely with the great talent that exists at

Ozone and also getting out and about and

meeting our clients, partners and prospects,”

said Mr Sillato. Without a doubt his

appointment promises to be a hot prospect

for the future of Ozone, as the company

continues to strive to improve the service it

offers to its clients. MBR

Credit : Ozone

Mr. Adrian Sillato

Appointed as Chief

Commercial Officer

for Ozone

During the past years Mr Sillato held a position

as a director with Kasco Limited and managed

to achieve important milestones in his

various role such as successfully introducing

international brands like Pasta Rummo to

the local market with great success and

developing widely the paper export business.

This appointment is also a comeback for Mr

Sillato at Ozone. Ten years ago he was part

of the company before moving on to other

business ventures, which all turned out to be

positive and successful.

He also brings a level of tech experience to the

table having sold the first few broadband Melita

connections to consumers and businesses and

being part of founding companies that started

VoIP telephony in Malta bringing incredible

low-cost telephony tariffs which consumers

still benefit from today.

Mr Sillato said that he has always been

very impressed “with the innovative and

bespoke ICT services Ozone have successfully

introduced locally and overseas.” The new

Chief Commercial Officer is now excited

Mr. Adrian Sillato, Chief commercial officer at Ozone



Malta Business Review


Murder of Ján Kuciak: MEPs urge action to protect journalists across the EU

"The murders of Daphne Caruana Galizia and Ján Kuciak are an attempt to undermine our fundamental values and a blow to the rule of law

in the European Union. This Parliament wishes to strengthen the rights and duty of journalists to stand by free and independent information.

We owe this to Daphne and Ján and to all European journalists who fight on the frontline every day in defence of our democracy."

President of the European Parliament Antonio Tajani

• proper investigation of the double

murder, led jointly with Europol

• EU and national action to better

protect journalists and whistle-blowers

• EU and national action to better

protect journalists and whistle-blowers

The EU must better protect journalists and

whistle-blowers and Slovakia must ensure

thorough, independent and international

investigation into the murder of Ján Kuciak.

This is the main message of the non-legislative

resolution approved by the European

Parliament on Thursday by 573 votes in

favour to 27 against, with 47 abstentions.

Parliament strongly condemns the murder of

Slovak investigative journalist Ján Kuciak and

his fiancée Martina Kušnírová and suggests

renaming Parliament’s traineeship for

journalists after him.

Message to Slovakia: Bring perpetrators

to justice

MEPs called on Slovak authorities to deploy

all necessary resources to ensure a full,

thorough and independent investigation of

the double murder, preferably led jointly with

Europol, to bring the perpetrators to justice.

They also urge them to protect investigative

journalists from any form of intimidation and

defamation charges and from attacks aimed

at silencing them.

Parliament raised the alarm about the

potential infiltration of organised crime in

the Slovak economy and politics at all levels,

the politicised selection of top prosecutors

in Slovakia and a number of corruption

allegations against top officials, which did

not lead to a proper investigation and called

for stronger impartiality of law enforcement

in Slovakia.

Better protection of journalists and whistleblowers

in the EU

MEPs condemn insulting comments made

by some EU politicians towards journalists

and insist that all EU states must protect the

personal safety and livelihoods of investigative

journalists and whistle-blowers.

They want:

• better protection of journalists who are

regularly subject to lawsuits intended to

censor their work

• a permanent EU scheme to support

independent investigative journalism

• a draft EU directive to protect


• the Commission to address challenges to

media freedom and pluralism in the EU

• better monitoring of media ownership



The murder of Ján Kuciak and Martina

Kušnírová led to the biggest peaceful protests

and street demonstrations in Slovakia since

the 1989 Velvet Revolution, calling for justice,

accountability, the rule of law, respect for

media freedom and action to fight corruption.

This was the second fatal attack on a journalist

in the EU in the past six months and the

fifth deadly attack against journalists in the

EU in the past ten years. Several attacks on

journalists in Slovakia have been reported

since 2007 and two journalists are still missing.

Parliament honoured the memory of Mr

Kuciak and Ms Kušnírová with a minute’s

silence at its plenary session on 28 February.

Type of document: Non-legislative resolution

#JanKuciak #AllForJan MBR

Credit: Press OfficerL: Ján JAKUBOV


Malta Business Review


Continued from pg 32

sector that encouraged growth. Its new

EU membership helped, giving it access to

millions of additional consumers — as did

the tax incentives it used to lure companies

to set up shop on the island. Online gambling

companies from Sweden and France —

looking to escape relatively restrictive tax

regimes in their own countries — flocked to

the country. Many international gambling

operators based in Malta effectively pay

around five percent in corporate tax.

“It’s very inexpensive here,” said Valéry

Bollier, the French owner of OulalaGames,

which operates in Malta. “When we made a

business plan and we calculated our breakeven

point here in Malta, we said, ‘Where

would our break-even point have been in

France?’ It would be way higher.”

The industry flourished with little scrutiny

until the 2010s, when transparency advocates

and regulators began to raise concerns about

the online gambling sector, which they found

was particularly prone to money laundering,

among other issues. Portugal was scrutinized

for sports betting, the Czech Republic for

allowing unlicensed operators and Gibraltar

for its lax tax structures.

With the level of anonymity

and lack of face-to-face

interaction that the online

world provides it’s hard for law

enforcement and others to see

where the money is coming

from and where it is going to

“With the level of anonymity and lack of

face-to-face interaction that the online world

provides it’s hard for law enforcement and

others to see where the money is coming from

and where it is going to,” said Laure Brillaud, a

policy officer at Transparency International.

In recent years, Italian authorities discovered

Věra Jourová, European

commissioner for justice, has

her sights set on Malta | Julien


the mafia was filtering money through Maltabased

online gambling companies. Earlier this

year, a whistleblower from the Malta Gaming

Authority (MGA), the national regulator for

online gambling, said the agency was doing a

poor job overseeing the sector.

The Maltese government always used the

authority to prove how well it regulated the

“high-risk” industry. The allegations severely

damaged the body’s independence, casting

doubt over its watchdog function. Local

media speculated that some of the country’s

biggest gambling operators, like Swedish

firm Betsson, were preparing to decamp.

The noise caught the attention of critics in

Brussels, for whom Malta became a target of

intense attention. “Malta has been put on a

screen … having an address there now looks

more dodgy,” Sven Giegold, a German Green

MEP and member of the Economic and

Monetary Affairs Committee, said.


Malta won’t give up its lucrative gambling

revenue without a fight.

The government’s parliamentary secretary

for digital, Silvio Schembri, appointed last

year after national elections, is set to lead

the battle. As the former chairman of the

Responsible Gaming Foundation, a group

that advocates for safe gambling that worked

closely with the industry and was started with

the support of the Malta Gaming Authority,

Schembri is seen as someone close to the

industry who can leverage its profits even

further. He is also expected to convince EU

officials that Malta’s online gaming industry

is squeaky clean, transparent and in full

compliance with rules.

The government insists it is on track to fully

implementing EU-wide rules to combat money

laundering, despite being slapped on the wrist

by the European Commission this past summer

over the failure to apply the latest updates on

time. Maltese officials also brush off tax haven

accusations and EU

calls for reforming its

tax system — including

its digital tax scheme

— that would force

companies to pay


“We’ve introduced such

a number of anti-tax

avoidance legislation …

the public and the media

are not aware of them

… so we’re still depicting

the past,” Malta’s Finance

Minister Edward Scicluna

said earlier this year. He also strongly denied

accusations that Malta was trying to slow

down or stop discussions on broader EU

tax reforms.

Maltese officials insist that an update to

international OECD rules will be more effective

because that would set a global standard that

is easier to follow — and enforce. But industry

insiders presume the government is simply

stalling in an effort to maintain the system it has

in place. And Malta seems to be getting its way,

at least in part. A new draft Council document

obtained by POLITICO shows broad indecision

on whether the EU should wait for international

guidelines or rush ahead with its own.

The same way Malta

established itself as a reputable

leader in the gaming sector,

there should be no reasonable

doubt that Malta is well placed

to do the same in video games,

e-sports and fantasy sports

among other sectors

Gambling companies aren’t complaining. A

spokesperson for Betsson said the company

would continue hiring and growing its

business in the country, countering talk

that the Swedish online gambling operator

was thinking of uprooting its close to 1,000

employees in Malta. Malta is working to

attract more tech interests, such as video

game operators, venture capital money and

startup investment, in a move some see as an

attempt to diversify its economy.

“The same way Malta established itself as a

reputable leader in the gaming sector, there

should be no reasonable doubt that Malta is

well placed to do the same in video games,

e-sports and fantasy sports among other

sectors,” Maltese Digital Secretary Schembri

said. That doesn’t mean a transformation of

the gambling sector, which keeps pumping

cash into the economy.

“The information technology sector in Malta

is also growing fast,” said Carm Cachia from

the eSkills Malta Foundation, a coalition of

representatives from government, industry

and education that aims to boost digital skills,

“but not as fast as the gambling sector.”

Bjarke Smith-Meyer contributed reporting.

Creditline: POLITICO



Malta Business Review



During the past 50 years or so we have witnessed a complete reform in the way

we build. Gone are the days when wooden beams held roofs made of compressed

sand, lime and clay (deffun) resting on stone slabs. Metal and concrete

gave a different dimension to the building industry with evermore bigger and higher

structures, sometimes at the expense of beauty and creativity.

Insulation and waterproofing is also

something relatively new to Malta. Our

houses are mainly made of stone and tend

to be cold in winter and hot in summer if left

unprotected. This mostly occurs due to the

island’s elevated damp, humidity and heat

levels that are absorbed like a sponge by our

limestone brick.

Why insulation is necessary and what are

the best materials to use?

The primary function of thermal insulation

materials is to reduce the transmission of heat

or cold inside buildings, thus making them

healthier to live in by keeping them warmer in

winter and cooler in summer.

What is the best material to use

polyurethane expanding foam or EPS

(Expanded Polystyrene)?

Polyurethane is a relatively new product,

roughly around 35 years. EPS has been

with us for around 50 years. Polyurethane

was produced to replace the shortfalls of

expanded polystyrene.

Hot sprayed expanding Polyurethane applied on concrete surface

The R-value of a building material measures

its thermal resistance. Polyurethane

has twice the resistance to heat than

polystyrene. Polyurethane does not melt,

unlike polystyrene. In fact, polyurethane

will remain mostly undamaged by heat until

temperatures reach 700 degrees, at which

point the material begins to carbonise. The

density of a product will determine the

strength of it. EPS has a density of approx.

450g while polyurethane has a density of

approx. 960g. In short 1cm of polyurethane

insulates for approx. 1 hour while with EPS

you need 2cm of product to insulate for 1hr.

polyurethane will remain

mostly undamaged by heat until

temperatures reach 700 degrees

Moisture Resistance - Polyurethane has one of

the lowest moisture absorbency ratings of any

product manufactured for the building industry

today and unlike EPS boards, hot sprayed

expanded polyurethane provides a seamless

surface with waterproofing properties.

Heat is transferred by conduction, convection

or radiation, or by a combination of all three.

Heat always moves from warmer to colder

areas; it seeks a balance. If the interior is colder

than the outside air, heat will flow inside. The

greater the temperature difference, the faster

the heat flows.

An average 5cm thickness of expanded

polyurethane or EPS is applied in Malta and

this is usually sandwiched between the two

concrete slabs that form our roof. They can

provide a great deal of protection but in most

of the times they prove to be insufficient.

Many concrete roofs endure more than 12

hours of intensive direct sunlight forcing

the concrete to expand and radiating more

heat inside than the insulation can hold.

This heat will eventually penetrate inside

the building creating a hotter environment

that needs to be tackled with the use of

costly air conditioning. This problem can

be solved very easily by applying a second

protection in the form of a much needed

seamless waterproofing membrane with

thermal properties on your roof top. The new

S Reflex by NAICI is a resin liquid membrane

reinforced with fibreglass that has the ability

to reflect all the UV rays and other natural

radiations responsible of creating heat,

making it unique and hence reduces by far

structural heat intake in summer by as much

90%. The other 10% will be easily blocked by

the polyurethane expanding foam. A Good

Roof methodology

thermal reflective resin membrane have must

have an SRI (solar reflective index) of at least

111% (ASMT E 1980) and a thermal ability of

91% (ASMT C 1371).

DIY is very popular here in Malta and to

facilitate its application, a thermal resin

membrane with micro fibres is now available

thanks to NAICI, thus avoiding the need to

implement any fibreglass reinforcing net.

Always avoid plastics, acrylics, latex and

cement based materials as they lack UV

resistance and become brittle, most of them

do not last a whole winter.



Malta Business Review


A good advice if you hire an individual/s or firm

to do your waterproofing works is to make

sure that they are affiliated and in possession

of the Malta Professional Waterproofing and

Resin Flooring Association roofers card.

This will save you the hassle of improper

By Antoine Bonello

works by unaccountable or unethical

persons which can give way to a serious of

unwanted damages. The result could be an

endless court case that will take years and

prove fruitless. MBR

All rights reserved - Copyright 2018

Top finish thermal insulation waterproofing membrane that blocks

90% of heat intake

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



Malta Business Review



By Brittany Burke

Rich in more ways than one, Reels of Wealth is the new, multi-layered 5x3 slot

game from Betsoft Gaming. Continuing Betsoft’s tradition of innovation, Reels

of Wealth takes the proprietary ‘Trail System’ to the next level - providing a

sense of progression as players hop into a hoard of different bonus features and

begin collecting symbols.

Designed to match the immediate aesthetic

appeal of traditional slots, Reels of Wealth

employs clear, compelling symbols and

mechanics in its base game. Gemstones, gold

bullion, piles of paper currency, heaving sacks

of valuables, and gleaming chests full of gold

are all basic symbols, with a potent paytable

that rewards lines from left to right, right to

left, and centre outwards – all multiplied by

the player’s current bet line.

Go beyond the basics and Reels of Wealth will

reveal a treasure trove of rewarding gameplay

innovations: five additional mechanics and a

fully-featured mini-game. First, every winning

line in the base game awards a free re-spin,

and when these wins begin to stack (from

3 consecutive wins onwards), a multiplier

of up to 3x is applied to every subsequent

win. Where a win includes one or more wild

symbols, an additional multiplier of up to 4x

will be applied, and players can gamble all or

half of any standard win on the heads-or-tails

Double-Up game, for the chance to double

their final payout.

Reels of Wealth lives up to its name by

offering players the chance to win big in

the base game, promoting longer, more

rewarding sessions, but the largest potential

for a life-changing payday is in the MEGASTAR

free spins mode. When they find 3 or more

MEGASTAR symbols anywhere in the main


game, players are transported to a new 4x8

grid with its own dedicated set of symbols,

including a high-paying diamond scatter and

four jackpot symbols – Legend, Hero, Star and

Megastar – that correspond to four different

trails of ascending length, displayed to the

left of the grid. Players collect and secure

these different symbols through free spins (as

many as 25 spins, to collect between 7 and

9 symbols depending on trail length,) using

the exclusive ‘Trail System’ to move each of

the four trails towards the biggest payouts

available in the game.

“Our goal with Reels of Wealth was to create

an immediately captivating game that also

had considerable depth,” explained Dan

Cooper, Head of Product Development at

Betsoft. “With re-spins, rolling wins, and

a common symbol set, the base game is

seriously inviting, with the potential for

significant wins. But the MEGASTAR mode

- essentially a game-within-a-game – opens

up even more opportunities, with four

different jackpots, and a totally unique

player journey powered by our in-house

‘Trail System’.”

Developed for cross-device compatibility from

day one, Reels of Wealth is built on the Betsoft

SHIFT platform. Designed to reduce file sizes,

speed loading, and enable new experiences

like the Trail System, SHIFT guarantees that

the same great gameplay reaches players on

whatever platform they choose. MBR


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 SLOTS3 TM 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 ToGo TM

collection in 2012. More recently, Betsoft

revealed the Shift TM 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.

All rights reserved - Copyright 2018





Malta Business Review


The Hon. Minister For Gozo,

Dr Justyne Caruana



The Times of Malta newspaper claim that the

Ministry for Gozo undermines tender process

For the second time in three days, the

newspaper Times of Malta chose not to cite

the Ministry response to Gozo on the fast

ferry service, at the same time continued to

publish false stories in the final stages of the

process a tender where it is natural that the

issue of sensitive data can only undermine

the process. The week the Ministry for Gozo

last received questions from a reporter Ivan

Camilleri on tender fast ferry between Malta

and Gozo that the government promised

in the election manifesto and will perform.

Minister Caruana replied that all the details

can be given as soon as the process of the

Public Service Obligation (PSO) tender ending.

Times of Malta decided to publish a story on

Sunday named, Minister of Gozo Refuse to

justify fast ferry service, where else was even

quoted the Ministry for Gozo version.

Thus the same Ministry has made use of

the right of reply given by the Press Law but

instead this answer, was again published

another story where again the explanation of

the Ministry for Gozo not figured anywhere.

These are the facts; The process performed

by Gozo Channel had a preliminary market

research and the company accepted the offer

that best met its requirements to be able to

participate in the tender of the Public Service

Obligation (PSO ). It is unfortunate that

Times of Malta do not understand that, in a

matter so sensitive that the outcome has a

substantial impact on transport between the

islands and the future of Gozo Channel, the

responsibility of the Ministry for Gozo is not to

jeopardize the exercise of the PSO.

This caution is correct and expected a society

that respects the rule of law. MBR

Courtesy: Ministry for Gozo

MGA New CEO, Heathcliff Farrugia



by Mark Griffith

The Malta Gaming Authority has appointed

Heathcliff Farrugia as its new CEO, with effect

from April 24, 2018.

In 2014, Farrugia joined the Gaming Authority in

the role of chief operations officer. He held this

position for two years until his appointment as

chief regulatory officer in 2016. In this role, he

was responsible for all the regulatory activities

of the MGA with specific focus on regulatory

supervision, authorisations, compliance and

player support.

At the same time, he was also a member of

the supervisory council and co-chaired the

Fit and Proper Committee, entrusted with

the assessment of the fit and properness

of individuals and companies applying for a

MGA licence. Farrugia was a board member

of the Gaming Regulators European Forum,

and is also a member of the International

Association of Gaming Regulators and the

International Association of Gaming Advisors.

Prior to joining the MGA, Farrugia spent the

largest part of his career in the telecoms industry,

specifically with Vodafone Malta, where he

occupied various managerial positions. MBR

Courtesy: Mark Griffith

From L-R, chiliZ’s Chief Strategy Officer,

Max Rabinovitch; Chief Technology

Officer, Thibaut Pelletier; and Chief

Executive Officer, Alexandre Dreyfus






The chiliZ platform is a universal sports and

esports ‘crowd-control’ engine that will give

supporters a direct say in managing their

favourite teams. The platform is powered by

the ‘chiliZ’ virtual currency and uses innovative

blockchain technology and smart contracts. It

is inspired by European football clubs such

as Real Madrid and FC Barcelona, who are

collectively managed by a democratic ‘socios’

system of club management.

The chiliZ team consists of around 20

people and has been based in Malta for the

past 12 years. chiliZ announced that it has

secured $27 milion through early private

token placement. In a statement issued by

the company, chiliZ described Malta as an

EU member country with a pro-blockchain

government that is actively building

regulatory and technological infrastructure

to support such initiatives whilst attracting

the biggest blockchain-based companies.

Parliamentary Secretary for Financial Services,

Digital Economy and Innovation Silvio Schembri

said that having companies like chiliZ, that

want to be part of our ecosystem, helps for the

diversification of the economy and the creation

of new economic niches through this new

emergent technology. MBR

Silvio Schembri expressed his satisfaction

over the interest shown since Malta issued a

regulatory framework for this sector. “Several

were the companies that put their trust in Malta

such as Binance, Okex and Neufund and others

will soon be joining this ever-growing Blockchain

community,” said Schembri. MBR

Credit: The parliamentary secretariat for financial

services, digital economy and innovation




“It is quite thrilling to hear US companies

express their intention to set up their digital

business in Malta,” said Minister for Finance

Edward Scicluna during a business promotion

visit to New York between 17 and 19 April

2018. Professor Scicluna was leading a

business delegation organised by the Malta

Stock Exchange.

Minister Scicluna addressed a seminar

organised by Adherence, a New York City

based compliance firm, attended by over

seventy professionals at the University Club,

New York.

Minister Scicluna also participated in another

event hosted by renowned international

law firm White & Case during which major

issues in global blockchain regulations were

discussed. During this event US company

ABE announced its intention to set up

digital securities exchange in Malta. Miko

Matsumura, who founded crypto exchange

Evercoin, also expressed his intention to set

up business in Malta.

The Finance Minister also held meetings

with senior partners from a number of

international law firms including Pillsbury

Winthrop, KL Gates, and Kirkland & Ellis.

On the last day of his visit, Minister Scicluna

was the special guest on Bloomberg live

television programme Bloomberg Markets

European Close, hosted by Vonnie Quinn in

NY and Mark Barton in London. The topics

covered during the programme included

global trade issues, digital taxation, and


Minister Scicluna was also interviewed by

Jeffrey Cane, News and Features Editor

at American weekly newspaper Barron’s,

published by Dow Jones & Company.

During the visit, Minister Scicluna was

accompanied by Chairman of the Malta Stock

Exchange, Joseph Portelli, Chief of Staff Paul

Debattista, MSE CEO Simon Zammit, Director,

Securities, and Markets Supervision Unit,

MFSA, Chris Buttigieg, Chairman of Finance

Malta Kenneth Farrugia and a number of legal

practitioners from Malta’s leading law firms.

The delegation held over fifty meetings

during the three-day visit. MBR

Courtesy: Mark Griffith



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