MBR_ISSUE 41_Cover_LOW

COVER STORY 

Leaders In Luxury Real Estate 

Interview with Michael Hili, 

Managing Director, John Taylor Luxury 

Real Estate p.06 

INTERVIEW OF THE MONTH 

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 

ENTREPRENEURSHIP 

Social Entrepreneurship: 

An Opportunity For Malta 

Q&A with Ryan Mercieca, explains the 

recent important Erasmus project on 

Social Entrepreneurship p.16 

LEADERSHIP & MANAGEMENT 

How To Get More Comfortable 

With Change 

Gwen Moran maintains that every 

career has a measure of change p.22 

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Together we thrive

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Malta Business Review 

CONTENTS 

Issue 41 


22 HOW TO GET MORE COMFORTABLE 

WITH CHANGE 

Gwen Moran maintains that every career has a measure of 

change as she explains how the professionals manage change 

COVER STORY 

06 LEADERS IN LUXURY REAL ESTATE 

Interview with Michael Hili, Managing Director, John Taylor 

Luxury Real Estate 

08 

TALKING POINT 

WHEN PARADISE TURNS TO HELL: ERUPTIONS 

OF THE PANAMA KIND 

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 

6 

30 

32 

ASK THE COACH 

WHY EMPLOYEES LEAVE COMPANIES AND 

HOW TO RETAIN THEM 

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. 

GAMING REVIEW 

ODDS STACK UP AGAINST MALTA’S ONLINE 

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

That might not last tells us Joanna Plucinska 

12 


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, Master Practitioner 

of Neuro-linguistic programming (UK) 

08 

12 

14 

16 

18 

OPINION 

MAY’S MACRON OPENING FORGED IN BATTLE 

Tom Mctague’s discusses how London welcomed 

cooperation with the French over Syria when critics say May 

lacks a foreign policy vision 


SOCIAL ENTREPRENEURSHIP: AN OPPORTUNITY 

FOR MALTA 

Q&A with Ryan Mercieca, explains the recent important 

Erasmus project on Social Entrepreneurship 

SURVEY 

MCA CONSUMER PERCEPTIONS SURVEY – 

FIXED BROADBAND 

MBR publishes the MCA findings of a survey gauging consumer 

perceptions based on their experience of fixed broadband 

services offered in Malta 

OUR GOLDEN PARTNERS 

40 

42 

46 

48 

MENTORING 

THIS IS MY SECRET TO GIVING EMPATHETIC 

CRITICISM AS A NEW MANAGER 

Fran Hauser is a former media executive who hated to 

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

right balance. 

FEATURES & STORIES 

30 40 

ANTI-MONEY LAUNDERING: MEPS VOTE 

TO SHED LIGHT ON THE TRUE OWNERS OF 

COMPANIES 

EU proposed measures are a step forward in the fight 

for the European banking system, especially by more 

transparency on who is company owner 

GAME RESEARCHERS AND DESIGNERS 

IN MALTA 

Maltco Lotteries and the Institute of Digital Games Partner 

to Support the Next Generation of Game Researchers and 

Designers in Malta 

WHY I REMAIN AMBITIOUS FOR EUROPE 

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 

4

MALTA 

BUSINESS REVIEW 

PUBLISHER 

MBR Publications Limited 

OFFICES 

Highland Apartment - Level 1, 

Naxxar Road, 

Birkirkara, BKR 9042 

+356 2149 7814 

EDITOR 

Martin Vella 

TECHNICAL ADVISOR 

Marcelle D’Argy Smith 

SALES DIRECTOR 

Margaret Brincat 

DESIGN 

MBR Design 

EDITORIAL 


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. 

ADVERTISING 

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

Email: margaret@mbrpublications.net 

or admin@mbrpublications.net 

CONTRIBUTORS 

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; 

SPECIAL THANKS 

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 

EUROPA; OPR; POLITICO SPRL; Politico Global 

Policy Lab; Taylor & Francis Group; David Wine 

PRINT PRODUCTION 

Printit 

QUOTE OF THE MONTH 

"Once you have experienced excellence you will 

never again be content with mediocrity." 

Thomas Monson 

Disclaimer 

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

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

prohibited without written permission of the publisher. All content 

material available on this publication is duly protected by Maltese 

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

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

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

is sourced from the website, magazine or related product without 

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

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

are not necessarily those of the editor or publisher. 

Talk to us: 

E-mail: martin@mbrpublications.net 

Twitter: @MBRPublications 

Facebook: www.facebook.com/MaltaBusinessReview 

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 

Editor-in-Chief 

Malta Business Review’s editorial opinions are decided by its Editor, and besides reflecting the Editor’s 

opinion, are written to represent a fair and impartial representation of facts, events and provide a correct 

analysis of local and international news. 

Agents for: 

www.maltabusinessreview.net 

5


COVER STORY INTERVIEW 

LEADERS IN 

LUXURY REAL 

ESTATE 

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 

6

COVER STORY INTERVIEW 


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? 

MH: 

• Demand high end luxury apartments all 

amenities 

• 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 

services 

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? 

MH: 

• 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 

EDITOR’S 

Note 

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 


7


TALKING POINT 

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 

discovered 

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 

increase 

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 

8

awards 

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: 

malta@equiomgroup.com 

Trust | Company | Private Office 

Aviation | Yachting 

equiomgroup.com/malta 

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.


TALKING POINT 

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 

10



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 

holiday”. 

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, 

12



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 


EDITOR’S 

Note 

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. 


13


OPINION 

MAY’S MACRON OPENING FORGED IN BATTLE 

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 

Creditline POLITICO 

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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 

entrepreneurship 

education from the 

"classical - formal 

approach 

" 

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 

16



An Opportunity for Malta 

Q&A WITH RYAN MERCIECA M.ENT, M.A., B.A.(HONS) MELIT 

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 

project? 

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 



17


SURVEY: CONSUMER PERCEPTION FIXED BROADBAND 

MCA CONSUMER PERCEPTIONS SURVEY – 

FIXED BROADBAND 

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 

home 

21% 

46% 

18% 

21% 

25% 

32% 

2015 2017 

21% 

Downlo 

Are ava 

Number 

Yes 

Price is a key factor determining consumer 

choice 

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. 

4% 

Less than 

10Mbps 

10Mbps to 

30Mbps 

31Mbps to 

50Mbps 

9% 

51Mbps to 

100mbps 

3% 

>100Mbps 

No 


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SURVEY: CONSUMER PERCEPTION FIXED BROADBAND 


Download speed and technology (4) 

Propensity to test download speed 

Outcome of download speed tests 

Number of respondents with a fixed broadband 

connection – 846 

7% 

9% 

2% 

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 

16% 

44% 

40% 

82% 

Yes, I tested once 

Yes, I test regularly 

Yes, I test occasionally 

No 

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 

20



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 

22


SAILING 

‘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 

TripAdvisor. 

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 

24

Beyond Ordinary Charter Experiences 

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


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Not all players are created equal 

It is important for iGaming companies to 

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unique manner. This is one of the many ways 

in which data segmentation can become 

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players, and others that have a higher betting 

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Reduce player churn 

iGaming companies are used to the everchanging 

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Two of the most recurrent issues in iGaming 

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TRANSPORT & LOGISTICS 

DOI- Jason Borg 

EXPRESS ROAD 

SAFETY CAMPAIGN: 

AN INITIATIVE 

TOWARDS EDUCATION 

FOR SAFER ROADS 

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 

28

Betsoft Gaming Reaches New Casinos Through Content 

Agreement with Groove Gaming 

B 

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 

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www.farsonsdirect.com - Tel. 2381 4444


ASK THE COACH 

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 

Location 

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. 

Benefits 

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 

30

ASK THE COACH 


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. 

Tenure 

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. 

Reputation 

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” - 

Location 

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 

contribute. 

So, what does work?! 

Hope 

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 

belonging: 

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 


EDITOR’S 

Note 

Marion Gamel is a C-level executive with over 

20 years of experience. Having started her career 

as an entrepreneur, Marion then worked for 

Google and Eventbrite. Her last role was Chief 

Marketing Officer of Betsson Group and Chief 

Executive Officer of Betsson Services. Marion 

has been coaching Entrepreneurs, Founders and 

C-Executives around the world since 2015. Every 

month, Marion answers questions sent by business 

leaders based on the island. For a chance to have 

your question answered in Malta Business Review, 

of if you think you would benefit from business 

coaching, you can contact Marion at: 

marion.gamel@gmail.com 


31


GAMING 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 


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.” 

UNDER SCRUTINY 

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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EU CONFIDENTIAL 

POLITICO EU CONFIDENTIAL, PRESENTED BY GROW 

WITH GOOGLE: DOWN WITH GROUPTHINK — INSTATUSK 

— DUTY-FREE BREXIT 

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 

One-on-one 

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 

MBR 

Scottish First Minister Nicola Sturgeon’s 

mother Joan and music legend Elton John. MBR 

34

EU CONFIDENTIAL 


By RYAN HEATH 

PRESENTED BY GROW 

WITH GOOGLE 

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.” 

MEANWHILE, ON THE HOME FRONT: An 

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 

Local 

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 


35


DENTAL HEALTHCARE 

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 

Goals 

• 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. 

DR JEAN PAUL DEMAJO 

Dental and Implant Surgeon 

36



37


AWARDS 

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 

visit:https://www.citywealthmag.com/ 

awards/brand-management-and-reputationawards/voting 


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. 

ABOUT EQUIOM 

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 

38


MENTORING: HOW TO BE A SUCCESS AT EVERYTHING 

This Is 

My Secret 

To Giving 

Empathetic 

Criticism As A 

New Manager 

BY FRAN HAUSER 

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. 

CONSTRUCTIVE YET KIND 

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. 

FEEDBACK ISN’T A BURDEN, IT’S A GIFT 

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 

40

MENTORING: HOW TO BE A SUCCESS AT EVERYTHING 



41


EU: MONEY LAUNDERING 

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 

currencies 

• 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 

financing. 

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 

include: 

• 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. 

Quotes 

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 

42

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FORTHCOMING EVENT 

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 

44

EDITOR'S CHOICE 


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 


45


DIGITAL GAMING 

“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" 

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 

ABOUT THE INSTITUTE OF DIGITAL GAMES 

The Institute of Digital Games is the centre for research 

and education in game design, game analysis, and 

game technology at the University of Malta. 

Our work is at the forefront of innovative games 

research. We explore games and play, uncovering new 

playful and generative possibilities in game design and 

technology. We delve into everything games can teach 

us about ourselves. 

Our multidisciplinary academic team spans computer 

science, literature, game design, philosophy, media 

studies, and social sciences. 

Since the foundation of the Institute in 2013, we 

have been involved in a number of EU (FP7, H2020) 

and National funded research projects totaling over 

10m Euro of research funding. Collectively, we have 

published over 160 journals articles, conference 

papers, book chapters and books in these last 5 years. 

ABOUT MALTCO LOTTERIES 

Maltco Lotteries, a modern and dynamic company 

established in 2003, holds the latest Licence and 

Concession to operate the National Lottery of Malta 

awarded in 2012. Maltco Lotteries provides 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. 

ABOUT INTRALOT 

INTRALOT, a public listed company established in 

1992, is a leading gaming solutions supplier and 

operator active in 52 regulated jurisdictions around 

the globe. With €1.1 billion turnover and a global 

workforce of approximately 5,100 employees (3,100 

of which in subsidiaries and 2,000 in associates) in 

2017, INTRALOT is an innovation – driven corporation 

focusing its product development on the customer 

experience. The company is uniquely positioned to 

offer to lottery and gaming organizations across 

geographies market-tested solutions and retail 

operational expertise. Through the use of a dynamic 

and omni-channel approach, INTRALOT offers an 

integrated portfolio of best-in-class gaming systems 

and product solutions & services addressing all 

gaming verticals (Lottery, Betting, Interactive, VLT). 

Players can enjoy a seamless and personalized 

experience through exciting games and premium 

content across multiple delivery channels, both retail 

and interactive. INTRALOT has been awarded with 

the prestigious WLA Responsible Gaming Framework 

Certification by the World Lottery Association (WLA) 

for its global lottery operations. 

Credit: MALTCO LOTTERIES Limited 

46


THE SCOOP SERIES 

WHY I REMAIN 

AMBITIOUS FOR 

EUROPE 

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 

48

APPOINTMENT 


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 


49


EU/JOURNALISM 

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 

whistle-blowers 

• the Commission to address challenges to 

media freedom and pluralism in the EU 

• better monitoring of media ownership 

concentration 

Background 

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 

50


GAMING REVIEW 


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 

Warnand/EPA 

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. 

NOT GIVING IN 

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 

more. 

“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 


52


BUILDING AND CONSTRUCTION 

PROVIDING SHELTER TO OUR 

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. 

54

BUILDING AND CONSTRUCTION 


HOMES 

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 


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 


55


GAMING 

DISCOVER DEEP, NEW RICHES IN REELS OF WEALTH 

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 

56 

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 

ABOUT BETSOFT GAMING: 

Betsoft Gaming develops innovative 

casino games for desktop and mobile. Its 

portfolio of more than 190 RNG titles 

reaches players through partnerships with 

many of the iGaming industry’s leading 

operators. Under the 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

Let’s 

talk 

about 

SEX


NEWSMAKERS 

The Hon. Minister For Gozo, 

Dr Justyne Caruana 

STATEMENT BY THE MINISTRY 

FOR GOZO 

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 

MALTA GAMING AUTHORITY 

APPOINTS NEW CEO 

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 

CHILIZ, A BLOCKCHAIN- 

BASED ESPORTS VENTURE, 

ANNOUNCES ITS DECISION 

TO BE PART OF MALTA’S 

BLOCKCHAIN ECOSYSTEM 

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 

MORE US INVESTMENT FOR 

MALTA - FINANCE MINISTER 

EDWARD SCICLUNA 

“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 

immigration. 

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 

58

J2 GROUP MALTA, OSCAR ZAMMIT STR MSIDA, MALTA EUROPE 

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

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