MBR ISSUE 44

COVER STORY INTERVIEW 

Making Investments Easy 

Interview with Sergey Vasin, Chief 

Operating Officer of Blackmoon, a 

Blockchain FinTech company p.06 

INTERVIEW OF THE MONTH 

Driving Change 

Exclusive Interview with Marlene Mizzi, 

MEP p.12 

ONE-ON-ONE 

Adding Value to Business 

MBR Exclusive with Sue Duke, global 

head of public policy, LinkedIn p.18 

GAMING INTERVIEW 

Ahead of the Curve 

Exclusive interview with CEO and Founder 

of Betconstruct Vigen Badalyan p.36 

MALTA BUSINESS REVIEW 

ISSUE 44 | 2018 

Newspaper Post

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Together we thrive

your perfect atmosphere 

Malta Business Review 

CONTENTS 

Issue 44 


06 MAKING INVESTMENTS EASY 

Interview with Sergey Vasin, Chief Operating Officer of 

Blackmoon, a Blockchain FinTech company 

6 

30 

34 

AN AI COMMUNITY 

ROUNDTABLE REPORT | USING AI TO SERVE 

CITIZENS: A ROADMAP FOR FRANCE 

An ongoing conversation about artificial intelligence 

and the key governance and innovation issues facing 

policymakers, scientists, innovators, industries and 

academics, powered by our founding partner Accenture. 

SPECIAL REPORT 

HSBC BANK MALTA SUSTAINS DIVIDEND, 

SHIFTS FOCUS TO GROWTH 

Annual Bank Report presented by HSBC 

TALKING POINT 

10 DON’T BE A BOSS BE A LEADER 

As the saying goes, people don't leave bad jobs, they leave 

bad bosses- so tells us Brigette Hyacinth 

12 

18 

12 

18 

22 


DRIVING CHANGE 

Exclusive Interview with Marlene Mizzi, MEP, with the 

group of the Progressive Alliance of Socialists and 

Democrats in the European Parliament 

ONE-ON-ONE 

ADDING VALUE TO BUSINESS 

MBR Exclusive with Sue Duke, global head of public policy, 

LinkedIn 

EUROPE START-UP STUDY 

EUROPEAN START-UP STUDY: MALTA'S 

CONSTRUCTION INDUSTRY GREW BY 89% 

FROM 2016-2017 

Yvonne Bernhardt provides our readers with an interesting 

study on the construction industry 

MANAGEMENT PERSPECTIVES 

26 THE MOST IMPORTANT WAY TO INCREASE 

YOUR POTENTIAL 

Deepak Chopra MD, FACP, founder of The Chopra 

Foundation and co-founder of The Chopra Centre 

for Wellbeing, world-renowned pioneer in integrative 

medicine and personal transformation, with his first 

contribution to MBR 

OUR GOLDEN PARTNERS 

40 

46 

46 

26 

AHEAD OF THE CURVE 

36 GAMING INTERVIEW 

Exclusive interview with CEO and Founder of 

Betconstruct Vigen Badalyan 

FEATURES & STORIES 

VENTURE CAPITAL FIRMS, INCUBATORS OF 

DISRUPTIVE IDEAS 

Ninad Tipnis Ninad, an architect from the Academy 

of Architecture, Mumbai and the founder of JTCPL 

Designs gives us his distinguished insights 

TOP TRENDS IN CORPORATE BANKING: 

2018–2019 EDITION 

Patricia Hines brings us CELENT’s latest edition of top 

trends in corporate banking 

RUSSIA’S BLOODY WORLD CUP 

Minky Worden bravely details us with an account on 

Russia’s many rights abuses during the FIFA World 

Cup 

36 

52 

WHY ARE SOME PEOPLE SELFISH? 

Josh Davies describes a minority of people, known as 

“Machiavellians,” who pay no regard to these social 

norms in society 

4

COVER STORY 

Making Investments Easy 

Interview with Sergey Vasin, Chief 

Operating Officer of Blackmoon, a 

Blockchain FinTech company p.06 

Newspaper Post 


Driving Change 

Exclusive Interview with Marlene Mizzi, 

MEP p.12 

ONE-ON-ONE 

Adding Value to Business 

MBR Exclusive with Sue Duke, global 

head of public policy, LinkedIn p.18 


Ahead of the Curve 

Exclusive interview with CEO and Founder 

of Betconstruct Vigen Badalyan p.36 

MALTA 

BUSINESS REVIEW 

PUBLISHER 

MBR Publications Limited 

OFFICES 

Highland Apartment - Level 1, 

Naxxar Road, 

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+356 2149 7814 

EDITOR 

Martin Vella 

TECHNICAL ADVISOR 

Marcelle D’Argy Smith 

SALES DIRECTOR 

Margaret Brincat 

DESIGN 

MBR Design 

ADVERTISING 

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

Email: margaret@mbrpublications.net 

or admin@mbrpublications.net 

CONTRIBUTORS 

Yvonne Bernhardt; Antoine Bonello; George 

Carol; Deepak Chopra; Jean Paul Demajo; 

Patricia Hines; Brigette Hyacinth; Ninad Tipnis; 

Minky Wordin 

SPECIAL THANKS 

DOI; European Parliament Information Office in 

Malta; European Parliament, Directorate- General 

for Communication/Press Office; European 

Research Council; FIMBank; HSBC; LinkedIn; 

Edwards Lowell & Co.; MORGEN EUROPA; OPR; 

POLITICO SPRL; Politico Global Policy Lab; PTV 

Group; Taylor & Francis Group. 

PRINT PRODUCTION 

Velprint 

QUOTE OF THE MONTH 

“Once you start ignoring your enemies they will 

be disappointed because they will no longer 

have the power to make you angry or miserable.” 

Emanuel Vella, Ex-Snr. Inspector Police Corps, 

Malta 

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: 

MALTA BUSINESS REVIEW 

ISSUE 44 | 2018 

E-mail: martin@mbrpublications.net 

Twitter: @MBRPublications 

Facebook: www.facebook.com/MaltaBusinessReview 

EDITORIAL 


Power is an important quality that a leader must possess. 

Power or the way the leaders behave emanate from the 

principles on which organizations are crafted. Hence, the 

power that is exercised is the other side of the coin. Due to 

the system’s tenets, individuals are influenced and have some 

kind of “shape” in their performance and leadership style. It is 

through this kind of power that individuals impose influence 

over others. However, some tend to misuse this power in 

various ways. 

In the past we have been taught that leadership is position, so 

as leaders we go for position, but when we are in the esteemed position, we realize that it does 

not follow that everyone follows us. We do not lead through structure, through influence. 

Positional leaders only influence positional followers, whereas, real leaders influence 

everyone. From this one can understand that having a position does not mean influencing 

others. Position does not make the leader, but the leader make the position if he influences 

others willingly and enthusiastically. For an effective leadership, power is influencing people 

to commit to the vision and mission of an organization. It is not having position of certain 

level and exerting force over others. It is precisely this factor which is lacking in the Opposition 

leadership at the moment, so if a leader is not performing up to the required standard, the 

team will obviously not give out their best as well; for a leader to be genuinely competent, 

he needs to demonstrate both professional and leadership competencies, having the ability 

or skill to listen, understand, evaluate, monitor, interact, accept, tolerate, guide, decide 

impartially, act rationally, and adapt to change. 

Humility is one of the key effective leadership qualities. Though leaders have the maximum 

responsibility, and though they are the ones who work harder than anyone else in the group, 

a leader needs to be down-to-earth. He should not think of himself as someone special; he 

should understand that he is just a leader and not the owner of his people. Only if the leader 

is humble, people will approach him. It is the duty of a leader to motivate his people, and only 

if a leader is humble will he be able to guide and support his group members. A leader must 

define his strategies, be able to provide a structure, have a heart and soul to accomplish an 

objective and directs the organization in a way that makes it more cohesive and coherent. 

In general, leadership is about relationships. Above all, it is about working with and guiding 

people in new directions; it is about integrity and trust; achieving the most positive interaction 

between leaders and followers. 

The current situation shows that without effective leadership and good governance at all 

levels, it is arguably virtually impossible for the Opposition to achieve and to sustain effective 

administration, to achieve goals, to sustain quality and deliver first-rate services, including 

being capable to answer any journalist’s questions in the true spirit of democracy and 

freedom of expression, and not act condescendingly, or to the contrary. 

The other important quality of effective leadership is openness. In exercising leadership, 

openness fosters integrity and dedication of the leader to achieve the targeted goal. By 

dedication, it is to mean that the leader spends all of his time to accomplish the targeted 

objective being a model for others. Through openness, there is free flow of information 

among leaders and followers, including the public at large. Because, the leaders are there to 

serve the public at large. 

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



MAKING INVESTMENTS EASY 

By Martin Vella 

Sergey Vasin 

Exclusive interview with Sergey Vasin, Chief Operating Officer of 

Blackmoon, a Blockchain FinTech company, and the creators of 

the only operational blockchain investment platform, who are 

expanding into Malta. 

MBR: I want to kick off first 

with Blockchain Fintech, since 

you have just announced 

your expansion into Malta. 

What are the big trends for 

you in this space and what is 

significant about your choice 

to position your growth 

strategies in Malta? 

SV: We selected Malta after rigorous research of 

the proposed regulations in a number of European 

countries. The Maltese regulator really impressed 

us with their proactive approach. We had a very 

positive preliminary meeting, where the MFSA 

representatives asked very deep questions about 

our business model and value propositions. It went 

extremely well and we decided to choose Malta as a 

go-to jurisdiction. 

Blackmoon understands that the blockchain 

technology could bring its promise of enhanced 

liquidity, transparency and price discovery only in 

close collaboration with the regulators like the MFSA. 

I believe that the promise of blockchain technology is 

the biggest trend in the financial space. It is the first 

time in history that the financial system could switch 

from competitive mode to the sharing of common 

resources. Blockchain provides the technology, as a 

shared database, to scale and distribute the required 

standardizations for industry associations. This will 

enable financial institutions to become inclusive and 

offer their clients products issued by other sellers. 

MBR: Can you tell us about 

your role and what is 

Blackmoon? 

SV: Blackmoon’s mission is to make innovative 

investments easily tradable for all. 

MBR: I have been with 

Blackmoon since 2014. As 

COO, I’m responsible for the 

operational activity of the 

company with a focus on 

developing new products and 

the platform functionality. 

These products and platform 

functionalities allow investors 

to access investment 

opportunities that were 

previously inaccessible: from 

real estate lending hedge 

funds to algorithmic trading 

in cryptocurrencies. 

SV: Our platform unlocks liquidity for these 

investments. The tradability in the secondary 

market improves price discovery, transparency and 

mitigates the overall risk in the financial system. 

With compliance at our heart, we strive to offer 

our services to a wider range of investors. For 

asset managers, Blackmoon is a turnkey solution 

to increase their assets under management with a 

reliable distribution channel like our platform. 

MBR: What are the major 

features and services 

provided by Blackmoon? 

SV: There are three pillars of Blackmoon as a fintech 

group: Issuer, Technology Provider and Sales Channel. 

As an Issuer, we issue our own investment products. 

As a Technological Provider, we apply blockchain 

technology and provide tokenization infrastructure 

for third-party issuers. Finally, as a Sales Channel, 

we distribute products to verified investors and 

provide secondary liquidity on issued instruments. 

Our strategy is to develop an end-to-end platform 

for innovative financial instruments that makes 

investments easy, accessible and liquid to all. 

MBR: Can you describe what 

is the technology behind 

Blackmoon? 

"I believe that the 

promise of blockchain 

technology is the biggest 

trend in the financial 

space 

SV: Blackmoon as a technology provider uses the 

blockchain technology to manage tokenization 

infrastructure for the issuers. This infrastructure 

enables value transfer between participants while 

keeping the ecosystem open. That means that a Token 

issued in one place can travel across whitelisted sales 

channels. The technology is easy to use, customizable 

and failure-resistant due to the distributed ledger. 

The lifecycle of the token includes creation, 

distributed custody, and clearing, verification, trade, 

and redemption. This technological layer creates 

unparalleled opportunities to get access to a wider 

user base via multiple Brokers or other sales channels. 

Blackmoon provides a turn-key solution as it includes 

not only technological but a legal framework for that. 

MBR: With the MiFid II 

license, what promise to the 

investors to build a legally 

compliant framework for 

its services does Blackmoon 

fulfil? 

SV: We understand the importance of regulation. 

That’s why we already apply strict KYC and AML 

procedures. The Category 3 Investment Services 

Licence issued by the Malta Financial Services 

Authority (MFSA) that we applied for (and made 

significant progress with) will enable Blackmoon as 

a distribution channel to offer our products to the 

broader audience of the investors. 

MBR: How does Blackmoon 

intend to add further plans 

to strengthen its regulatory 

stance? 

SV: Blackmoon’s further regulatory milestones are 

entering the MFSA Virtual Financial Assets (VFA) 

sandbox and applying for a licence as soon as the 

regulation is enacted. On the other side of the ocean 

the Blackmoon group works on the REG D and REG 

S offerings to enter the US market targeting both 

investors and issuers respectively. 

6



This diligent approach and proactive cooperation 

with the regulatory bodies is the only way to build a 

scalable and reliable company. 

MBR: What can you tell our 

readers about the release of 

Blackmoon’s Prime Meridian 

Capital token (BMxPMR), 

announced last week, how 

does it work and how can we 

invest in it? 

SV: The release of this token is an important milestone 

for us. With this seventh asset on our platform, 

we provide investors with the opportunity to get 

access to the performance of the leading US hedge 

fund managers with $700 million in assets under 

management. To get access to this opportunity, 

investors should pass KYC. This includes not only the 

identity check but an appropriateness test as well. 

Once verified, a potential investor gets access to 

the dedicated interface with the information on the 

strategy and historical performance. 

MBR: What is the market 

size of the Blockchain Fintech 

industry and how do you 

intend to capitalise on this 

market with the launch of 

your new offices in Malta? 

SV: Since our solutions cover the needs of the entire 

asset management industry, Blackmoon is in a multitrillion 

dollar market, as Asset Managers benefit from 

not having to deal with multiple investors and most 

importantly, from the secondary market liquidity 

provided by our platform. With our launch in Malta, 

we enable investors to onboard with Blackmoon to 

diversify their portfolios with innovative investment 

products featuring various risk and return profiles. 

MBR: How safe is Blackmoon, 

would you like to talk about 

your legal and security 

measures? 

SV: Our current procedures are already based on 

ESMA and MiFID requirements and we are looking 

forward to providing users with a fully licensed entry 

point. We perform in-house customer onboarding 

with PEP and Sanctions screening and perform KYC 

and AML in cooperation with some of the world’s 

most credible risk intelligence data providers. 

Furthermore, we do assessments on all our thirdparty 

suppliers to ensure their credibility and 

reliability. 

From a security standpoint, we use two-factor 

authentication and prompt our clients to do so, cold 

storages and multi-signature wallets, a unique pool 

of addresses and partner with the leading provider in 

cyber security, to name some measures. 

MBR: What is next on 

the Blackmoon roadmap 

and where do you see the 

business in two years in 

Malta? 

SV: The next big milestones on our roadmap are 

the public launch of the secondary market and the 

first completed equity offering (also known as STO) 

on the platform. In the meantime, Blackmoon will 

keep on adding new investment opportunities to the 

platform. In the next several years I see Blackmoon 

becoming the go-to solution for investors to get 

access to the innovative investment opportunities. 

Without getting into details, we can reveal that 

our strategy will be segregated into retail and 

institutional. For the retail segment, we plan to be a 

more support/assistant role for our clients nurturing 

the lasting relationship. Institutional sales have a 

longer cycle. We have already set up this division and 

have made significant progress. Blackmoon is open 

for cooperation with new and existing companies to 

make the promise of the Blockchain to investment 

world a reality. 

Editor’s Note: 

Mr. Sergey Vasin is an investment and operations 

professional with SEVEN years experience in startups, 

venture capital, and investment banking. As COO 

at Blackmoon, he is responsible for the operational 

activity of the company with a focus on developing 

new products and managing internal processes.As 

the investment director at Flint Capital, Mr. Vasin 

was responsible for the execution of the deals and 

operational supervision of the portfolio companies 

with a focus on the fintech sector. Prior to that, he 

had a 3-year experience in investment banking. Mr. 

Vasin is a CFA charter holder. He graduated from the 

Higher School of Economics and holds a MS degree 

in Quantitative Economics 

Risk warning: 

Due to the fact that cryptocurrency markets are 

unregulated and decentralized, the provision of our 

services is not governed by any specific regulatory 

framework or investor protection rules. Investment 

in cryptocurrencies carries high degree of risk and 

volatility and is not suitable for every investor; 

therefore, you should not risk the capital you cannot 

afford to lose. Please consult an independent 

professional financial or legal advisor to ensure the 

product meets your objectives before you decide 

to invest. Under no circumstances shall Blackmoon 

have any liability to any person or entity for (a) any 

loss or damage in whole or part caused by, resulting 

from, or relating to any transactions related to 

the asset tokens or (b) any direct, indirect, special, 

consequential or incidental damages whatsoever. 

Please consider our Risk Disclosure and our Terms 

of Use before using our products. Social media 

posts about Blackmoon platform are generated 

by members of Blackmoon community and do not 

contain advice, recommendations or solicitation on 

behalf of Blackmoon. You are not permitted to use, 

alter or reproduce or distribute any of Blackmoon 

images and/or content, including but not limited to 

text, graphics, video, audio, software code, interface 

design or logos without our prior written consent. 

MBR 

All rights reserved © - Blackmoon Financial Group 

2018 

Credits: BLACKMOON FINANCIAL GROUP 2018 


7


TRANSPORT 

More electric cars on EU roads by 2030 

by Baptiste Chatain 

• 40% of new cars and vans to be zero- or 

low-emission vehicles by 2030 

• Carmakers to cut their fleet-wide CO2 

emissions by 45% 

• Towards real driving emissions testing for 

CO2 emissions 

• 

CO2 emissions from new cars should be cut by 

45% by 2030 and market uptake of zero - and 

low- emission vehicles should accelerate, said 

committee MEPs on Monday. 

Environment Committee MEPs proposed setting a 

higher target for reducing EU fleet-wide emissions 

for new cars by 2030: 45% (compared to the EU 

Commission’s 30%) with an intermediate target 

of 20% by 2025. The draft legislation also sets 

similar targets for new vans. 

Manufacturers whose average CO2 emissions 

exceed these targets will pay a premium to the 

EU budget, to be used, inter alia, for up-skilling 

workers affected by changes in the automotive 

sector, MEPs agreed. 

Carmakers will also have to ensure that zero- and 

low- emission vehicles - ZLEVs - (which emit less 

than 50g co2/km) have a 40% market share of 

sales of new cars and vans by 2030, and 20% by 

2025. 

Real-driving emissions 

Within two years, the EU Commission should 

table plans for a real-world CO2 emissions 

test using a portable device, like that recently 

introduced for NOx. CO2 emissions must 

meanwhile be measured on the basis of data 

from the cars’ fuel consumption meters. The realdriving 

emissions test must be up and running 

from 2023, say MEPs. 

Social impact of decarbonisation 

MEPs acknowledge that a socially-acceptable and 

just transition towards zero-emission mobility 

requires changes throughout the automotive 

value chain, with possible negative social impacts. 

The EU should therefore promote skill formation 

and reallocation of workers in the sector, 

particularly in regions and communities most 

affected by the transition. MEPs also advocate 

support for European battery manufacturing. 

Labelling 

By end 2019, the EU Commission will have to 

propose legislation to provide consumers with 

accurate and comparable information on the fuel 

consumption, CO2 and pollutant emissions of 

new cars. 

Lifecycle emissions 

From 2025, carmakers will have to report the 

lifecycle CO2 emissions of new cars put on the 

market, using a common methodology. 

Quote 

Miriam Dalli (S&D, MT), rapporteur, said: “The 

decisive vote in the Environment Committee 

represents a commitment to start tackling the 

fight against climate change seriously. 

Some cities across the European Union are 

already banning polluting cars but policymakers 

need to incentivise putting cleaner vehicles on 

the road. Since charging infrastructure is a precondition 

for the successful deployment of ZLEVs, 

and investment needs to be increased from 

today’s low levels, different support instruments 

at both Union and Member State level need 

to effectively work together, mobilising and 

incentivising significant public and private 

investment. 

This is an opportunity to inject new life into the 

EU’s manufacturing sector, investing in innovation 

and boosting economic growth. With training, 

re-skilling and up-skilling of workers, the EU can 

provide its citizens with sustainable quality jobs. ” 

Next steps 

The full House will vote on the report during its 

1-4 October plenary session in Strasbourg. 

Background 

Transport is the only major sector in the EU where 

greenhouse gas emissions are still rising, say 

MEPs. In order to meet the commitments made at 

COP21 in 2015, the decarbonisation of the entire 

transport sector needs to be accelerated, on the 

path towards zero emissions by mid-century. 

At the same time, the global automotive sector 

is changing rapidly, in particular in electrified 

powertrains. If European carmakers engage late 

in the necessary energy transition, they risk losing 

their leading role, say MEPs. MBR 

All rights reserved - Copyright 2018 

Electric Car 

8

MALTA 

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STM are world leaders in the 

field of pensions and offer 

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of EU countries. 

At STM our primary goal is 

to secure client assets and 

preserve client wealth. Because 

we have offices in multiple 

jurisdictions covering a diverse 

range of products, we are able 

to offer global solutions to an 

international market. 

STM are an equal opportunities 

employer and are always looking 

for high-calibre, ambitious 

individuals. With offices in multiple 

jurisdictions the opportunity 

to progress and diversify is 

only limited by the talent and 

aspirations of the individual. 

STM MALTA TRUST AND COMPANY MANAGEMENT LIMITED IS PART OF STM GROUP PLC, A MULTI-JURISDICTIONAL 

FINANCIAL SERVICES GROUP LISTED ON THE ALTERNATIVE INVESTMENT MARKET OF THE LONDON STOCK 

EXCHANGE. FOR OVER 25 YEARS STM GROUP PLC HAS PROVIDED INDEPENDENT FIDUCIARY SERVICES AND 

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FOR A CONFIDENTIAL DISCUSSION ABOUT OUR 

PRODUCTS AND SERVICES PLEASE CONTACT US TODAY: 

+356 21 333 210 

info@stmmalta.com 

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AS TRUSTEE AND REGISTERED TO ACT AS ADMINISTRATOR OF RETIREMENT 

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UNITED KINGDOM - GIBRALTAR - MALTA - JERSEY - SPAIN


LEADERSHIP 

DON'T BE A BOSS - BE A LEADER 

By Brigette Hyacinth 

I have worked for many bosses but few leaders. Working 

under a bad boss can make a good job even in the best 

company, unbearable. As the saying goes, people don't 

leave bad jobs, they leave bad bosses. 

Brigette Hyacinth 

Author: The Future of Leadership: Rise of Automation, Robotics and Artificial Intelligence 

Here are the four types of bad bosses that 

make employees want to quit companies: 

1) “Marionette” - In an age of uncertainty, 

many managers are yielding to this trap of 

just playing it safe to preserve their position 

and privileges. They just follow orders. They 

are mere puppets and exude no loyalty to 

employees. It's demotivating working for a 

manager who does not stand up for their 

team. If you make a mistake they quickly turn 

into judge , jury and executioner. It's hard to 

feel passion for a job when you experience 

this. 

2) “King Kong” - Some bosses when they reach 

to the top immediately forget where they 

came from. These type of managers possess 

a superiority complex and like to draw the 

distinction between management and staff. 

It is dreadful to work under a manager who 

is more worried about pushing their weight 

around than building relationships. Great 

leaders don’t talk down to their employees. 

They treat everyone with respect. 

3) “Superman” - They think the organization 

revolves around them. Some start behaving 

like they are the owners of the company. This 

trap includes making all of the decisions solo, 

ignoring feedback you don't like and taking the 

credit." Letting your ego get ahead of you and 

thinking you know it all is a sure path to failure. 

Showing some humility and vulnerability 

allows you to strengthen relations with your 

team. 

4) “Taskmaster” - Their sole focus is on the 

bottom-line. They use the carrot and stick 

approach to motivation which clearly doesn't 

work. Continuously drilling employees is 

a sure way make them unhappy at work. 

Micromanagement suffocates, demoralizes 

and kills creativity. These managers get so 

caught up in the bottom line that they forget 

to treat people with dignity and respect. Very 

few bosses show empathy towards their 

team members and this helps improve overall 

morale and performance. 

Then there is the LEADER. A leader coaches, 

supports and inspires. He/she puts the interests 

of their team before their own. Leaders develop 

safe atmospheres where risk-taking and 

feedback is welcomed. They take care of their 

team. The focus is to help everyone around 

them succeed. They push their team to grow 

and become their very best. A leader never 

leaves any of his team members to hang out dry. 

When a leader is at the helm, employees feel 

valued and appreciated. The corporate world 

is littered with managers but lacks leaders. 

Employees long for managers who are leaders. 

Lauralee emailed me this: "I worked for a 

company in Brussels a few years ago when 

my brother had cancer. In that year, I had ten 

weeks leave visiting him and then, when he 

died, attending his funeral). When I asked my 

manager, Eric how I could repay the company 

for all these extra holidays, he simply replied 

"they weren't holidays, don't worry about it". To 

this day, Eric was the best manager I ever had... I 

would walk over hot coals for him!" 

Bad bosses cost the world economy an 

estimated $360 billion in productivity. Employee 

engagement is at an all-time low (32%). Usually 

when an employee has an issue with their 

company, it has to do with something regarding 

their manager. Companies need to take a closer 

look at their managers and their leadership style. 

"An employee's 

motivation is a direct 

result of the sum of 

interactions with his or 

her manager 

Employee engagement is more of a manager 

issue. 75% of American workers say their boss 

is the worst and most stressful part of their 

jobs. How bad are they? Bad enough for 65% 

of respondents to say they’d rather have a new 

boss over a pay raise. Can a manager become a 

leader? Yes, it's possible. Sometimes it just takes 

being human and developing your people skills. 

Technical skills alone do not keep employees 

motivated. In this Artificial Intelligence economy, 

the new smart is not determined by IQ but by 

EQ. It's about listening, relating, collaborating 

and connecting with your team. This takes 

humility, authenticity and empathy. 

Studies have shown that leading with vision, 

inspiration, and purpose, produces better 

bottom-line results as well as happier, more 

engaged employees. If we want employees 

to feel commitment to the organization; we 

need to show we respect and value them. The 

"human touch" makes all the difference. If you 

want to make a lasting positive impact - Don't be 

a boss, be a leader! MBR 


- Bob Nelson 

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DRIVING CHANGE 


Marlene Mizzi 

Exclusive Interview with Marlene Mizzi, MEP, with the group 

of the Progressive Alliance of Socialists and Democrats in the 

European Parliament and first Maltese woman to be elected 

to the European Parliament 

ST: You will not contest again 

the European Parliament 

elections, scheduled for 

next year. What can you tell 

us about life as an MEP? 

MM: I am basically a technocrat not a 

politician! After entering the realm of politics 

ten years ago, five of which spent as an MEP, 

I feel it’s time to hang up my political boots! 

However, hand on heart I can say that I gave 

my elected post my all. I am satisfied that 

during my term of office I was entrusted with 

very important reports on issues which made 

real difference to the citizens – like the report 

on roaming charges, European standards, 

the single digital gateway, Brexit and many 

others. I have won awards, including the 

MEP of the Year Award for my work in IMCO. 

I represented the European Parliament 

in numerous missions and conferences , 

including in the role of head of delegation. 

In the end my greatest satisfaction is that I 

did not let down the thousands of people 

who entrusted me with their vote and their 

voice in the European Parliament. I believe 

I have served my country well. But, I am 

neither attached of the seat of power, nor to 

the handsome MEP financial package and so 

I decided to move on to other adventures – 

and to leave when at the peak of my political 

career. However, I am still an MEP until June 

2019 and I intend to continue working to the 

very last day of my term. 

It has been a big change in lifestyle for me 

since I became an MEP for the first time in 

2013. Life as a Member of the European 

Parliament is what one makes of it. For me 

of it was a complete change of lifestyle living 

and working in different countries. But it is a 

wonderful adventure... It involves travelling to 

and from Brussels and Strasbourg, and other 

countries on various missions. A typical week 

starts by getting there on Monday, plan the 

week ahead, go through reports, agendas and 

answering emails. My days in Brussels and 

Strasbourg are hectic - report presentations, 

plenaries, shadow and committee meetings. 

When I’m in Malta I engage in meetings with 

individual constituents, local organizations, 

national politicians, businesses organizations, 

trade unions, local councils and so on. While 

many would assume that travelling so much 

may be glamorous, it quickly becomes 

stressful. Even so, I still love what I do and I 

knew what I was getting myself into... so I am 

only explaining, not complaining! 

MBR: How do you account 

for your ten year success to 

date, and what are the 

main highlights of these ten 

years? 

MM: These ten years have been a busy, hectic 

but exciting adventure for me. I entered into 

politics because I wanted to be part of the 

change the country desperately needed at 

the time. So I accepted Dr Muscat’s invitation 

to join the PL team to contest the 2009 MEP 

elections – when I was not elected for a 

whisker! The biggest highlight during these 

years is, therefore, being elected as an MEP 

replacing Prof. Edward Scicluna in the 2013 

by-elections. I am proud to be part of Malta’s 

political history as Malta's first woman to be 

elected to the European Parliament. 

As an MEP I am member of various 

committees – Internal Market and Consumer 

protection (IMCO), Vice President of the 

Petitions Committee(PETI ) , and substitute 

member in the Committee of culture, 

education and sport (CULT). I am also a 

member of various Parliamentary Intergroups 

including Animal Welfare, LGTBQ, Children’s 

Rights and others. 

One of the main highlights was my role within 

IMCO where I was part of the negotiating 

team which was instrumental in the signing of 

the legislation that abolished roaming charges 

across Europe. This was a historic step for 

EU citizens since it meant that anyone with 

a mobile phone line based in any of the 28 

European Member States can travel between 

EU countries and not pay extra for roaming. 

This year we also managed to reach an 

agreement with the EU Council for a new legal 

framework for electronic communications, 

where I was the S&D negotiator of the IMCO 

on the new EU telecoms rules. One of the 

main proposals will reduce the price of phone 

calls made from one EU member state to 

another one. It is on occasions like these 

that I realise how our work as MEPs has a 

real impact on improving the daily lives of all 

Europeans. 

On a personal level, it was an honour for me 

to win the prestigious MEP of the Year Award 

for my role as key negotiator on several 

Digital Singel Market dossiers, including on 

the European Standards of the 21 st Century 

report. 

This was the second time that I was nominated 

for the MEP of the Year Award, after that in 

2017 I was one of the finalists for my work on 

animal welfare issues.In the same year I was 

also named Eurogroup for Animals’ Person of 

the Year for standing strong for the protection 

and promotion of animal health and habitat 

across Europe. 

More than anything I hope that my 

achievements and work will be of benefit 

and make a difference to the citizens in their 

everyday life. 

"The Single Digital 

Gateway offers more 

user- friendly services 

and millions of 

Europeans citizens will 

benefit from it. 

12



MBR: What do you expect 

the EU to do about Malta’s 

immigration concerns? 

MM: Respecting the integrity and rights of 

migrants is a must and xenophobic comments 

and behaviour are never acceptable. As an 

MEP I have been following this issue closely 

since 2013 and I was the rapporteur on the 

report on the situation in the Mediterranean 

and the need for a holistic EU approach on 

migration. I always sustained that the exodus 

of thousands of peoples from Africa into 

Europe is a symptom not the cause. 

For a good number of years I have been 

stressing that to solve the migration problem 

we need action and no more useless 

words and catchy phrases in the European 

Parliament. Unfortunately, I have to say that 

concrete action is still lacking. 

The migration phenomenon will not be solved 

as long as its cause of origin is tackled from 

its roots – mainly, the conflicts and instability 

in the countries where migrants come from. 

A solution has to be found for the main 

causes which are forcing thousands of people 

fleeing their country. If not, we should expect 

the situation to get worse and not better.I 

strongly believe that the best way to address 

migration from African countries is to make 

sure that the people are given all necessary 

toolsand opportunities in their country of 

origin. We have to give people a future in their 

own country. 

In April I was part of the European delegation 

which held discussions with parliamentarians 

from ACP (African, Caribbean and Pacific) 

countries. One of the main issues was 

immigration and the funds, running into 

millions of Euros per year, which the EU 

contributes to these countries. During these 

meetings I insisted that we must ensure that 

"The main objective of 

my work as a shadows 

rapporteur was to 

address the current 

gaps, so that citizens will 

finally have the same 

power as the European 

Parliament. 

the development funds are being used to 

create investment and to create jobs. Only 

then we can be satisfied that the millions 

given to ACP countries are being used for the 

benefit of all the citizens rather than for the 

few. 

The EU must understand that while 

protecting our borders is a priority, no EU 

country can or should be left alone to address 

huge migratory pressures. We need stronger 

and realistic internal and external policies 

involving EU countries and institutions. 

MBR: Recently, the 

European Parliament’s 

InternalMarketCommittee 

(IMCO) approved with an 

overwhelming majority 

the Mizzi legislative report 

on creating the first ever 

European single digital 

gateway that will make 

it easier for citizens and 

businesses to do their 

paperwork online and to 

find the right administrative 

information they need 

wherever they are in the 

EU. How significant was this 

milestone for you, as well as 

for the general public? 

MM: I am proud to have successfully lead the 

tripartite discussions concerning the Digital 

Single Gateway, between the three European 

institutions to make this important legislation 

possible. After lengthy discussions, my Report 

on the Single Digital Gateway got the final 

approval from Member States and from all 

the political groups in the IMCO Committee. 

This legislation is an important milestone 

towards digitalization of public services in 

Europe. 

All existing administrative information of 

all Member States will now be combined 

into a single search engine. This will make 

it easier for citizens and businesses to 

find information, procedures, forms and 

assistance for people moving to, studying or 

doing business in another EU country. It will 

also provide access to key administrative 

procedures online, such as requesting a birth 

certificate, car registration, European Health 

Card, applications for study loans and grants, 

and permits for business activity amongst 

many others. 

The Single Digital Gateway would eliminate 

the need to search in different sites for crossborder 

information, filing endless forms, and 

hours waiting at long queues in public offices 

and the frustration of wasting long hours online, 

at times without getting the required 

information. This legislation will make a 

positive difference to our citizens, and this is 

Marlene Mizzi 


13



what gives me the greatest satisfaction in my 

work as a legislator and MEP. 

MBR: Why do you consider 

this as a key step and how 

far are we from making the 

digital single market a reality? 

MM: Digitalisation is the present and the 

future. The internet has great potential and 

offers unlimited opportunities for the future 

development of the single market. Obviously 

there are also a number of challenges 

that might affect consumers, workers and 

traditional business providers and suppliers. 

potential? 

MM: The European Citizens’ Initiative (ECI), 

which was introduced with the Lisbon Treaty, 

aims at increasing citizen’s role within the lawmaking 

process of the EU by enabling citizens 

to influence legislation. Regretfully, the 

instrument has failed short on expectations 

and after continuous callings from citizens and 

the European Parliament, the Commission 

published a new revised rules in September 

2017. 

It was indeed very satisfying to see the positive 

results we got on the new rules for the revision 

as the European Parliament and the Council 

to propose new initiatives and policies at 

European level. For me the Citizens’ Initiative 

is a direct appeal from the people to the EU 

to directly shape the political future in Europe. 

MBR: You served also as Vice 

Chair, as well as a member on 

the Committee on Economic 

and Monetary Affairs. What 

are your experiences from 

these positions? 

MM: I was Vice President and member of 

Marlene Mizzi at the EU Parliment 

The approval of the Report is a key step 

towards changing the way we think, the way 

we work and the way we live. The Single Digital 

Gateway offers more user- friendly services 

and millions of Europeans citizens will benefit 

from it – especially those who have worked 

or studied, or intend to do so , in other EU 

member states. The Single Digital Gateway will 

open the door towards numerous advantages 

and opportunites,and hopefully it will become 

a reality soon. The Report will be put to the 

final vote in plenary in September. 

MBR: You have campaigned 

in favour that citizens must 

be given stronger voice 

through European Citizens’ 

Initiative. What was your key 

role in drafting and voting on 

this strong position that will 

ensure that the instrument is 

citizens friendly as possible 

and lives up to its full 

of the European Citizens’ Initiative (ECI) in 

May 2018. There was widespread consensus 

across all the political groups in support of my 

amendments aimed at improving the current 

rules and give voice to European citizens when 

organizing, participating or simply supporting 

a Citizens’ Initiative. 

I am happy that as a shadow rapporteur I had 

a key role to play in drafting and voting on 

this strong position that will ensure that the 

instrument is citizens friendly as possible and 

lives up to its full potential. This was a crucial 

vote in favour of giving a stronger voice to 

citizens where EU legislation is concerned. 

The Commission’s new proposal will solve 

several relevant problems, which currently 

limit the user-friendliness of the instrument. 

However, the proposal still fails short on some 

fundamental issues, which are essential to 

ensure the future success of the ECI. 

The main objective of my work as a shadows 

rapporteur was to address the current gaps, so 

that citizens will finally have the same power 

ECON in the last year of the previous mandate, 

2013-2014. As an economist this committee 

was right up my street but the term of office 

was too short to, as it was also MEP election 

year. However, ECON is a very important 

committee, but as it is very technical and its 

effectiveness is often underestimated. I 

decided to change committees for the 2014- 

19 mandate. 

MBR: You were also 

appointed as a rapporteur 

for the Brexit newsbook – 

which report is aimed to 

create a market structure 

that would still give vehicle 

manufacturers access to 

the European single market 

following the United 

Kingdom’s exist from the 

Union. Can you share your 

opinions about Brexit? 

MM: As of present many citizens are still 

unsure as to whether we will see the 

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15



continuance of Brexit or if there will be a 

second referendum – although I am personally 

skeptical about the latter possibility. Therefore, 

in that context one adds that one must wait 

and see what the British government is intent 

on doing with Prime Minister Theresa May at 

the helm. The one thing that is certain is that 

MEPs who have been trusted with files related 

to Brexit must negotiate with the intention to 

benefit all EU citizens. This is inclusive of those 

citizens who reside, and work in the United 

Kingdom, therefore the approach must be 

well-balanced. 

Additionally, Brexit will set new corner stones 

for the European Union and its members, 

creating grounds of precedent which means 

that the European Institutions must get closer 

to the citizen than ever before. The work 

of the negotiating team will determine the 

fate of over four million citizens and thus it is 

necessary that the right balance throughout 

the discourse is maintained. 

MBR: You have been awared 

MEP of the Year Award in 

the Internal Market and 

Consumer Protection (IMCO) 

category for her work as lead 

IMCO Committee Rapporteur 

on the European Standards of 

the 21st Century report. How 

significant was this award for 

you and for what recognition 

was this prestigious award 

bestowed to you? 

MM: This is the second year running in which 

I was nominated for the MEP of the Year 

Award (the first time was for my work in the 

field of animal welfare). I played a leading role 

in the IMCO committee as key negotiator on 

several Digital Single Market dossiers. I helped 

finalizing and drafting European legislation on 

important issues such as net neutrality and 

abolishing roaming charges. I also worked 

on a strategic report on shaping the future 

of European standards and I was one of the 

leading MEPs who worked so that phone calls 

from one EU country to another cost almost 

the same as a domestic call. 

It is an honour to win this prestigious MEP 

of the Year award and to have one’s work 

acknowledged by independent judges. I was 

pleased, not only for me, but also for Malta. 

I am humbled that people have placed their 

faith and trust in me especially because I have 

been given this award for my contributions 

in the area of digital single market. What is 

particularly satisfying is that my work as an 

MEP leaves real impact on people’s lives and 

that the voice of consumers, citizens, and 

micro and small businesses is heard across 

the European spectrum and the European 

Parliament. 

We need to ensure that the digital world we 

live in is more fair, just and sustainable, whilst 

providing equal opportunities for all. This 

award is a responsibility that I do not take 

lightly, and I will continue to represent citizens, 

consumers and businesses across Europe with 

the utmost devotion and boldness. 

MBR: With the PN party in 

total disarray, where do you 

see Labour in a year’s time at 

the EP elections? 

MM: The worst thing the Labour Party , the 

government and the citizens can do is to take 

pleasure in the troubles of the Nationalist 

Party. The country needs a strong, serious and 

responsible opposition. I truly hope that the 

PN finds the courage to take bold steps and 

take those decisions which many not be easy 

– including disassociating itself from people 

who lack the integrity and the insight to realise 

the damage they have inflicted on the PN; 

from people who brought their own party 

in total disarray; from people who consider 

themselves bigger than the Party. 

In the European Parliament I experienced 

a different way of doing politics, whereas it 

is more a politics of debate rather than one 

of continuous confrontation. It is due time 

to move away from the tribal politics which 

"I am afraid that many 

PN MPs and supporters 

have not yet realised the 

gravity of the situation 

their party is in. 

unfortunately exist in our country. Still, I am 

afraid that many PN MPs and supporters have 

not yet realised the gravity of the situation 

their party is in, and are still digging a deeper 

hole and harming the PN even more. On the 

other hand Labour is determined to keep on 

working in the interest of all citizens and our 

country, both on national, international and 

European level. 

At the European Parliament elections people 

will vote for those candidates who really have 

their country’s interest at heart and not those 

who try to undermine national interest to gain 

political points. The electorate is no fool and 

knows who worked in their interest, and in the 

interest of our country and who collaborated 

with foreign MEPs to damage our reputation, 

hoping to bring down a democratically elected 

government. 

I do not like to make predictions, therefore I will 

not predict! . However, I am sure that citizens 

will make the right choice since it is crystal 

clear which party is working for a better future 

for its people, and which party is just hungry 

for power, mainly interested in playing dirty 

games to tarnish Malta’s reputation in Europe. 

Having said so, what I wish for my beloved 

country and for the sake of democracy, is a 

strong Government and a strong constructive 

Opposition. We have the former, we badly 

need the latter. MBR 


Marlene Mizzi 

16

Beyond Ordinary 

Charter Experiences 

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


ONE-ON-ONE 

ADDING VALUE TO BUSINESS 

MBR Exclusive with Sue Duke, global head of 

public policy, LinkedIn 

As news filters through that EU 

unemployment levels are at their lowest 

in 10 years (6.9 percent for the EU28, but 

8.3 percent for the eurozone), Sue Duke 

wonders if national labour markets even 

exist in 2018. 

Duke’s got the data of 167 million Europeans 

at her fingertips — in what LinkedIn’s calls 

its “economic graph” — to illustrate the 

clunkiness of old ways of thinking about 

and measuring our economy. 

Take entrepreneurship: “Everybody kind 

of thinks the start-up scene is the same 

everywhere. You know, lots of bean bags 

and cool young people running around in 

sneakers. But actually when you dive in and 

take a look you realize that they are very 

different, often very much rooted in the 

history and culture of the city.” There are 

often older entrepreneurs and innovation 

hubs tied to the a city’s original industry, 

for example: What Duke calls “historical 

echoes” in cities such as Manchester, 

which was at the centre of the Industrial 

Revolution. 

"What we are not 

necessarily seeing is 

displacement of jobs. 

what we are seeing 

is jobs evolving and 

adapting to take 

account of these new 

technologies 

Why should you care? First, Duke is 

helping politicians including European 

commissioner Elżbieta Bieńkowska, 

and the mayors of cities like Stockholm, 

reshape their policies with her data. 

“When we spoke to the city of Stockholm 

they were able to use the insights that we 

generated to go out to companies abroad 

and say, you know, if you want to set up 

a Centre for Digital Design, if you want to 

be focused on user interface, you should 

come here, because look how well we 

compare, look what we are doing in that 

space,” Duke said. 

Duke is also European and based in 

Europe: a rarity for senior figures in global 

tech companies, who tend to treat Europe 

as a troublesome offshoot to be governed 

from California. 

She was in Brussels pitching how low she 

can go in terms of labour market granularity, 

telling officials “what is happening on the 

ground concretely in their labour market: 

who’s moving in and out, what new jobs 

are emerging, what new sectors are on the 

rise or indeed on the decline,” she said. 

LinkedIn’s European Commission work 

focuses on the politically sensitive car 

sector. Often seen as vulnerable to artificial 

intelligence, which could replace many 

humans in the industry, Duke said there 

are surprises: “What we are not necessarily 

seeing is displacement of jobs. what we are 

Sue Duke - Global head of public policy, LinkedIn 

seeing is jobs evolving and adapting to take 

account of these new technologies.” 

Duke also had wise words for EU 

Confidential regarding pregnancy in the 

workplace: Pregnant women need lumbar 

support, so give them the best chair in the 

room (unlike EU Confidential, which gave 

Duke a nice looking, but not particularly 

supportive, chair). 

Beyond that, Duke is using her own 

pregnancy to broaden workplace 

conversations about absence. “It should 

be part of a broader conversation around 

different phases in your career,” she 

said. “I think that’s one of your primary 

responsibilities as a leader, to ensure that 

no matter whether you are on leave for 

parental reasons or because you got run 

over by a bus, that actually you have a team 

in place that has that ability to ensure that 

the organization and its members continue 

to be well served.” MBR 

Creditline: POLITICO SPRL 

18

BANKING NEWS 


FIMBank Meets 

Professional Stakeholders 

FIMBank recently hosted a meeting with 

professional stakeholders to discuss the Bank’s 

interim financial results for 2018. The meeting 

revolved around the key developments at 

FIMBank, including its interim after- tax profit 

of USD 6.1 million for the first six months of 

2018, an increase of 47 per cent on the USD 

4.1 million registered during the same period 

in 2017. 

During his opening speech, FIMBank Group 

Chairman Dr John C. Grech referred to the 

Rights Issue announced in March, which 

he referred to as a ‘significant milestone’ in 

the Group’s development. He stated that 

the raising of additional equity amounting 

to USD 105 million in the second quarter of 

2018, “was a statement of strategic intent, 

taking the Group’s capital strength to a 

superior level, and unlocking the potential 

for further growth.” Looking towards the 

future with optimism, Dr Grech reinforced 

that the turnaround is over, a strong indicator 

that FIMBank is now in growth mode, and 

that the results obtained recently show an 

acceleration of performance on the bottom 

line, a process that is expected to continue. 

FIMBank’s CEO, Murali Subramanian, 

elaborated on FIMBank’s strategy, explaining 

that this is founded on the “core pillars 

of client origination and delivery, product 

evolution, funding efficiency, and risk and 

governance stability.” Mr Subramanian added 

that “Consistent planning, hard work, and 

perseverance, have contributed to our stable 

performance and the creation of a sustainable 

platform for further success.” 

The Group’s Chief Financial Officer, Ronald 

Mizzi, provided a detailed overview of 

FIMBank’s financial results, highlighting 

amongst others the salient milestones and 

issues which marked the Group’s financial 

performance during the first six months of the 

year, whilst analysing the trends relating to the 

main key performance ratios. In this regard, 

he concluded that “the Group recorded 

positive results across the main key areas, 

with assets growing compared to last year, 

revenue increasing, asset quality improving, 

and costs being managed adequately across 

all businesses. This was supported by the new 

capital injected earlier in the year, enabling 

FIMBank to achieve the objectives set for 

2018 and beyond.” MBR 

Creditline: FIMBank 

"Consistent planning, 

hard work, and 

perseverance, have 

contributed to our 

stable performance 

and the creation of a 

sustainable platform for 

further success. 

Professional Stakeholders Meeting 


19


TRANSPORT & LOGISTICS 

A TRAINING ACADEMY WITH A MISSION 

At Express Trailers, one ideal has always stood the test of time: 

that the people within the organisation, are one of the main 

drivers for business. 

At Express Trailers, one ideal has always 

stood the test of time: that the people 

within the organisation, are one of the 

main drivers for business. 

“Equipment and space are investments 

that anyone can make. But attracting, 

training, and retaining the best people is 

a culture. We have decided to set up our 

new Express Trailers Training Academy 

with a very specific mission: to intersect 

theory, experience and better practice 

in the field of transport and logistics. We 

want this project to be a source and flow 

of knowledge and motivation for all our 

employees,” explains Franco Azzopardi, 

Chairman and CEO of Express Trailers. 

The Express Trailers Training Academy will 

be providing Express Trailers’ employees 

with ongoing training based on a structured 

and long-term plan. 

“The intention is driven by the way we do 

things at Express Trailers because we do not 

just hire people, but we provide them with 

ample opportunities for career progression 

based on transmitted experience and 

knowledge aimed at heightening their 

capabilities and experience. Indeed, we do 

not just employ people – we train them to 

become experts in logistics.” 

"Indeed, we do not just 

employ people – we 

train them to become 

experts in logistics. 

“The transport and logistics sectors are 

very dynamic ones which are constantly 

evolving. To be able to retain our expertise, 

our people need to remain abreast with the 

latest developments. In fact, through this 

Academy, we will be training our people 

in the art of logistics, be it on the road, at 

customer level, in operations, planning, 

administration and management.” 

Franco Azzopardi acknowledges the 

importance for companies like Express 

Trailers to harness the wealth of knowledge 

that exists and that is held by many of its 

key people. 

“Harnessing this knowledge and passing 

it on is part of good succession planning 

that every company needs to be looking 

at. Key experts in companies are always 

very busy and no one knows what would 

happen if one day, these key people decide 

to leave. The Express Trailers Training 

Academy is part of our long-term plan on 

making sure this knowledge keeps being 

passed on to the respective teams to 

ensure business continuity. In fact, besides 

the specialised training courses delivered 

by accredited bodies and online courses 

Express Trailers Training Academy 

20

TRANSPORT & LOGISTICS 


Express Trailers Training Academy 

which the employees may follow in their 

own time and at their own pace, we will 

also be involving our mature employees, 

heads of departments, managers and even 

retirees,” added Franco Azzopardi. 

The first course will be an online course 

on International Commercial Terms and 

Documentation. Also known as incoterms, 

these are standard contract terms used in 

sales contracts with importing/exporting 

to define responsibility and liability for 

shipment of the goods. Other topics will 

include GDPR, procedures related to safety 

and security as well as courses on soft 

skills. 

Mr Azzopardi stressed how Express Trailers 

has always been a market leader especially 

in the way it does things. 

“We do not see the return on investment in 

monetary terms but more as a barometric 

reading of employee satisfaction. We only 

look ahead of the game. Perhaps others 

will follow. There are employers who are 

afraid of investing in their employees 

because these might eventually move 

to competition. We think differently and 

expect any over-spill of people trained by 

us moving into the industry to transmit 

a contagion of good practice. There is 

absolutely nothing wrong there. Ultimately, 

I know that an initiative like this will not 

only help us develop our current workforce 

but also building the next generation of 

employees.” 

“From our customers’ perspective, they 

will know that they are working with a 

company whose workforce is being trained 

in speaking the same language and working 

in the same style using the same high-tech 

systems and equipment, is mindful of 

ethics, health and safety and manners.” 

“Our aim has always been to be a positive 

experience and a strong currency on the 

curriculum vitae of our people, even if 

they ever decide to move on to other 

jobs. Ultimately, as leaders in the industry, 

we also believe it is in our interest to see 

the industry grow not only in terms of 

numbers but more holistically especially in 

the quality of service it offers,” he adds. 

The obvious question one tends to ask in 

the end is what kind of return one could 

expect from this investment and how does 

this initiative fit into the company’s longterm 

strategy. 

“We are very positive that our people will 

embrace this initiative and will help them 

in their self-development path. Personally, 

I also look at this as a differentiator that 

strengthens Express Trailers’ reputation as 

a good employer who is constantly seeking 

to not only hire but train its people into 

becoming logistics experts,” concluded 

Franco Azzopardi. MBR 

Creditline: Express Trailers 


21


EUROPEAN CONSTRUCTION INDUSTRY 

European Start-up study: Malta's construction 

industry grew by 89% from 2016-2017 

by Yvonne Bernhardt 

• With 1,955,681 start-ups registered between 

2013-2017, the construction sector is the 

third biggest industry fuelling Europe’s startup 

scene 

• Ireland is the top country for the construction 

industry in Europe, with a steady growth of 

11.18% of new businesses between 2013-17 

• Looking at the growth rates between 2016- 

2018, Malta’s construction industry is 

booming with a growth of over 89% 

Analysing the start-up industry in 

Europe, card processing specialists, 

Paymentsense, have conducted research 

to reveal the countries seeing significant 

growth in start-ups between 2013 -2017. 

The data has been mapped out across 

Europe - detailing the industry’s most 

prevalent in each country and the rate of 

growth over the last 5 years. 

Paymentsense have analysed 30 

European countries and ranked each 

one based on how many new businesses 

have been registered in a 5-year period. 

The business types which have been the 

most popular in these countries are also 

detailed. 

When looking at what type of start-ups 

have dominated Europe in the last few 

years, wholesale and retail have the 

largest presence with 3.7 million new 

businesses started up. This is surprising 

The type of companies that have started up in Europe between 2013-2017: 

to see when in recent years we have 

seen a retail crash with companies like 

Woolworths and Toys R Us go bust. 

With 1,955,681 start-ups registered 

between 2013-2017, the construction 

sector is the third biggest industry 

fuelling Europe’s start-up scene. 

Looking at the percentage growth of new 

businesses in the construction sector, 

Ireland tops the charts as country with 

the highest stable growth of 11.18% 

between 2013-2017, followed by Latvia 

and Malta. Although the UK has the 

highest number of newly registered 

businesses, its industry has only gained 

7.10% more companies over the course 

of the past 5 years. 

Guy Moreve, Chief Marketing Officer at 

Paymentsense, says: 

“It’s fascinating to see how Europe has 

changed in recent times. A number of 

countries are now placing more emphasis 

on technology which has helped create a 

‘golden era’ for tech start-ups. 

Top 10 countries fuelling the European construction industry: 

“In order to thrive a business in your 

respective country, make sure you 

analyse the market you’re addressing 

– what works best and what doesn’t; 

It’s also worth looking at the legal and 

environmental conditions in order 

to make sure your business idea is a 

success”. MBR 


22

HEALTHCARE 


Anatomy Centre in Gozo to Open in September 

A new anatomy centre next to Gozo General 

Hospital in Victoria is scheduled to complete 

this September, as artist’s impressions of 

the development are released by Barts 

and The London School of Medicine and 

Dentistry, Queen Mary University of London 

(see Notes to Editors). 

Carrying a bespoke design for a modern 

anatomy centre, the building will be 

equipped with the most up-to-date facilities 

to support anatomy and clinical skills 

teaching. 

The unique facility will be the focus of 

teaching activity from September 2018, in 

time for Year 2 medical students to continue 

their anatomy studies and for the new 

intake of first year students. The building 

will also provide office accommodation 

for academic, technical and administrative 

staff. 

A central feature of the building is its anatomy 

lab where students will undertake practicals 

and tutors will lead demonstrations using 

anatomical specimens and models. The lab 

will include a dedicated area for learning 

anatomy through dissection, and will be 

equipped with facilities for showing clinical 

images, videos of surgical procedures and 

specialised computer imaging. 

The building also has a central courtyard, 

which will provide an outdoor space for 

students and staff. 

at Gozo General Hospital, which is due to be 

completed in Spring 2019. 

Professor Anthony Warrens, Dean for 

Education at Barts and The London School 

of Medicine and Dentistry, said: “We are 

delighted to see our new state-of-theart 

anatomy centre taking shape. These 

facilities combined with the high-quality 

educational programme which we’re 

already delivering, will give our students the 

very best start to their medical careers and 

help train the next generation of doctors.” 

Dr. Nadine Delicata, Chief Operating 

Officer at Steward Health Care Malta, said: 

“Steward Malta is honoured to have Barts 

onsite within the Gozo Hospital campus, 

and we are looking forward to contributing 

toward the education of medical students 

at Barts. Together both institutions can 

work to further improve the quality of care 

delivered to patients of Malta and Gozo.” 


Creditline: Joel Winston, Public Relations 

Manager – Medicine and Dentistry, Queen 

Mary University of London 

The development is part of the ongoing 

construction work for a new medical school 

Barts Anatomy Centre - Mock-up Design 

Barts Anatomy Centre 


23


DENTAL HEALTHCARE 

I CHOOSE IMPLANTS! 

By Dr Jean Paul Demajo 

It is a fact that the majority of the population 

wishes to have straight teeth. It is also a 

fact that they want them white and natural 

looking. Patients never request crooked, 

yellow or poor-looking teeth. So straight, 

white and natural looking, are adjectives 

patients often use to describe the type of 

smile they wish to have. Patients also request 

that they receive the necessary treatment in 

the quickest time with the minimal number 

of injections and appointments. A typical 

scenario is a soon to be bride and mother 

of the bride. Unfortunately time is very 

often an essential part of it especially when 

the treatment involves braces and tooth 

alignment. The proposition of having a 

treatment plan spanning over a year or two is 

absurd and is quickly shot down. 

Intra-oral before treatment 

Quick fixes are often attractive but by far 

not the best choice, as they tend to be 

non-conservative in nature and destructive 

towards the tooth tissue. Often, upon 

patient’s wishes, dentists are made to 

propose alternative treatment plans involving 

elective extractions, crown building and the 

fixation of porcelain veneers. This may be a 

controversial topic, which in some countries 

may even have you lose your licence. Having 

said that, in other countries it is done 

following the patients requests reasoning 

on the lines of the teeth are theirs and they 

decide. Time and money are also factors, 

which push patients to opt for the second 

or third option of treatment leaving the 

unattractive first option out altogether. 

Intra-oral 3 months after implant placement 

Intra-Oral after fitting of implant bridge 

What is a must, is to inform the patients of 

all the treatment options that are available in 

dentistry discussing in detail their advantages 

and disadvantages. It is then up to the patient 

to choose their preferred option. Let us 

not forget that even dentists like providing 

their patients with straight, white goodlooking 

teeth. Dentists might disagree with 

the patients’ choice of plan but might also 

understand where they are coming from for 

time and money are not always available. 

Extra-Oral after treatement 

Case Study 

A middle aged lady wishes to fix her top four front teeth. She is extremely conscious of them and is always covering 

her mouth. As time went by, the teeth got worse. She is not interested in braces and wishes a relatively quick fix. 

She didn’t wish to touch any of the other teeth. Besides aesthetics her main concerns were how they would feel 

on her lip and whether it would have an effect on her speech. It was decided to remove the four front top teeth 

and place three dental implants. These implants were then restored with a porcelain bridge, straight and relatively 

white looking teeth. MBR 

Ask your dentist! 

DR JEAN PAUL DEMAJO 

Dental and Implant Surgeon 

24



25


MANAGEMENT PERSPECTIVES 

THE MOST IMPORTANT WAY TO INCREASE 

YOUR POTENTIAL 

By Deepak Chopra 

Deepak Chopra MD, FACP, founder of The Chopra Founda on and co-founder of The Chopra 

Center for Wellbeing, is a world-renowned pioneer in integra ve medicine and personal 

transforma on, and is Board Cer ed in Internal Medicine, Endocrinology and Metabolism. He is a 

Fellow of the American College of Physicians and a member of the American Associa on of Clinical 

Endocrinologists. Chopra is the author of more than 85 books translated into over 43 languages, 

including numerous New York Times bestsellers. His latest books are The Healing Self co-authored 

with Rudy Tanzi, Ph.D. and Quantum Healing (Revised and Updated): Exploring the Fron ers of 

Mind/Body Medicine. 

Deepak Chopra 

By now many people are familiar with the term 

“positive psychology,” although they might not 

realize its significance. Medicine proceeds by 

diagnosing diseases and attempting to cure them, 

and as a branch of medicine, psychiatry and 

psychology focused for decades on the pathology 

of the mind. It took an enormous change in attitude 

to switch the focus to the positive potential of the 

mind. Positive psychology therefore addresses 

issues like how to be happy, to increase self-esteem, 

to promote well-being and so on. 

One can think of this shift toward human potential in 

much bigger terms. There are so-called paranormal 

or psi abilities—are they a hidden potential in us? 

There is the exploration of higher consciousness, 

investigating the possibility of waking up from the 

dream of pain and suffering and ultimately taking 

the mind to a more evolved state. If you collect 

all the areas of expanded human potential, which 

includes creativity, insight, the renunciation of 

violence, Yoga, meditation, and much more—there 

is enough to revolutionize our conception of mind. 

Once this happens, then we have a foundation for 

redefining what it means to be human. 

In an open society it’s hard to find someone who 

hasn’t dabbled in human potential, beginning 

with the most popular aspect, which is selfimprovement. 

The desire to improve yourself is 

an expression of the impulse to evolve, which is 

unstoppable in human beings. But having painted 

this picture, one needs to ask if the human 

potential movement is bearing fruit. Is it moving 

fast enough? Are reactionary forces pulling society 

in the opposite direction? 

There is an important personal choice, I believe, 

that turns dabbling into commitment. It’s the 

choice to envision yourself as an expression of 

consciousness. For most people this would be a 

radical step, because they see themselves in other 

ways. Take a moment and mentally take stock. Do 

you agree with the statement, “I am my body”? 

Do you place importance on your income, social 

status, possessions, and other external validations? 

Consider the harsh political divisions in this 

country—which side do you identify with? 

A frank selfassessment 

quickly 

indicates that each 

of us identifies with 

various tags, labels, 

issues, habits, 

and a wide range 

of conditioning. 

Let’s take a nonjudgmental 

perspective and 

neutralize words 

like good and bad, 

right and wrong, 

politically correct 

and incorrect, and 

so on. From a completely neutral position, anything 

you identify with is a product of consciousness. 

We have all spent our lives surrounded by these 

products. In effect, we are wearing virtual reality 

goggles through which we view the world, filtering 

every perception through our habits, beliefs, 

conditioning, likes and dislikes. 

The human potential movement at bottom is 

about one thing: getting free of virtual reality in 

order to experience the “real” reality. Keeping 

our neutral viewpoint for a moment, what is 

the best way to divest ourselves of the mental 

constructs—products of consciousness—that 

create pain, suffering, frustration, victimhood, and 

self-limitation? The answer is not to winnow out 

the bad stuff and accentuate the good stuff. Of 

course everyone wants to be good, but one quickly 

discovers that there’s no real agreement on what is 

good, and furthermore, life is inevitably a mixture 

of good and bad. 

There is a different answer for ending pain and 

suffering, which is to stop identifying with the 

products of consciousness and to start identifying 

with consciousness itself. Right now we are like 

visitors to an art museum wandering around 

saying “I like this one” and “I don’t like that one,” 

all the while never realizing that artists painted 

the pictures. Artists are free to paint anything they 

want, and questions of taste come second. The 

same is true of consciousness. We wander through 

life saying, “I like this about myself” and “I don’t like 

that about myself,” without seeing that these are 

secondary reactions. To live creatively is to know 

that consciousness is the common element of 

experience, the “stuff” from which human reality 

is made. 

When you see that you are a co-creator with 

every other consciousness agent in the world, 

you have truly entered the movement for higher 

consciousness, personal evolution, overcoming 

all the imprisoning mental constructs that create 

hated, prejudice, and other divisive forces, along 

with all the inner forces that enforce the divided self. 

Taken altogether, the products of consciousness, 

whether you look at history or just the contents of 

a normal person’s mind, are chaotic. They contain 

huge gaps, contradictions, blind spots, irrational 

prejudices, and impulses of anger, fear, jealousy, 

and self-doubt that have enormous power over us. 

This chaos represents the misuse of consciousness. 

What we call human nature isn’t natural at all but a 

totally artificial, jerry-built Frankenstein’s monster, 

a creation that has turned upon its creator. Among 

all the contradictions that exist in human nature, 

which force us to be loving one moment and hateful 

the next, rational but deeply irrational, proud but 

secretly ashamed, the ultimate contradiction is 

that we create the products of consciousness and 

then believe in them as if they exist independently 

of us. No aspect of human nature exists outside 

consciousness, and when we cannot change the 

things we fear, we are renouncing consciousness, 

the very thing that creates those fears. Once 

we identify with consciousness itself, we will no 

longer be defined by anything except the infinite 

possibilities that are the ground state of reality. 

To say “I am the field of infinite potential” is the 

proper definition of being human. MBR 

CREDITLINE: www.deepakchopra.com 

26

AZURE ULTRA 


A Sea Change 

Cars. People. Noise. Cars. People. Noise. Cars. 

People. Noise. Every which way you turn more 

crowds and clamour, less peace and quiet. 

When you’re coming down with a case of island 

fever, there’s only one way to truly escape. Step 

on board your own private yacht charter and 

sail away into the horizon. Out there, there isn’t 

a soul in sight. Out there it’s just you and the 

sea. The flutter of the fresh breeze on your skin. 

Dancing wavelets reflecting the sparkling sun. As 

the Mediterranean casts its soothing spell, you 

feel de-stressed, calm, recharged. 

Azure Ultra specialises in bespoke Sunseeker 

Wherever you’re heading on your boating 

escapade, you’ll be cruising there in true 

elegance. An iconic brand, Sunseeker is a 

guarantee of impeccable luxury coupled with 

thrilling performance. Each Sunseeker yacht 

is meticulously handcrafted inside and out, 

offering lounge style deck areas coupled with 

opulent, fully-airconditioned sleeping quarters. 

It’s no wonder that Sunseeker has become the 

boat of choice for many a Hollywood A-lister. 

No Azure Ultra experience is ever the same 

because we tailor each trip around your 

Creditline: Azure Ultra 

yacht experiences that go beyond the ordinary. 

Our award-winning crew will take care of all the 

seafaring minutiae so you don’t have to. From 

designing your dream itinerary to a personal 

on-deck steward catering to your every whim, 

everything is taken care of every step of the 

way. Your only job is to roll out a map and let the 

captain know where you wish to anchor. 

Explore Malta’s many hidden coastal gems 

or venture further ashore. Spirited Sicily. The 

alluring Aeolian islands. The seductive slopes of 

the Amalfi Coast. There’s a mesmerising watery 

world of isolated beaches and secluded coves 

waiting to breathe new life into you. 

personal needs. Select the food menus and your 

preferred vintage champagne. Choose whether 

to go for a spot of glass-bottom canoeing or 

snorkelling. Whatever you have in mind, just let 

us know and we’ll get to work. MBR 

Contact our Charter Specialists to design your 

tailored yacht itinerary today. Simply call +356 

2778 2500 or email charters@azureultra.com 

for more information. 




27


ASIA FOCUS 

Welcome to the Sovereign Asia Focus on The Malta Business 

Review keeping you up-to-date with news and views from around 

this burgeoning region – Hong Kong and Singapore, in particular, 

where we have long-established offices. 

Will virtual banks become the preferred 

local banks for SMEs? 

Companies and trusts have been finding 

it harder to set up banking services in 

Hong Kong as successive initiatives to 

address risks around money laundering 

and financing of terrorism activities have 

led to more stringent account opening 

procedures as banks vet potential 

customers. 

Banks worldwide now have a legal duty to 

implement ‘Know Your Customer’ (KYC) 

procedures for all clients, new and old. 

For corporate accounts, this will include 

business plans, transaction records 

and details of all ‘persons of significant 

control’. Banks face huge fines if found 

to have failed the relevant compliance 

checks. 

In Hong Kong, banks have been on 

a de-risking exercise to comply with 

customer due diligence requirements. 

This has caused difficulties in opening 

new accounts and has led to a flood of 

complaints from businesses experiencing 

difficulty in obtaining bank services, 

particularly small and medium enterprises 

(SMEs). This has implications for Hong 

Kong’s status as a business and financial 

hub, but help may be at hand from a new 

direction. 

Life assurance policies for the ‘returning 

expat’ – Australia 

Asia is home to a great many Australian 

expatriates who intend to return to (or 

other nationals who intend to move 

to) Australia after a period of working 

elsewhere in the region. In most cases, 

restructuring business assets and/or 

personal assets in advance, whilst still an 

expat, can provide substantial advantages 

if an individual eventually become tax 

resident in Australia. Life assurance 

policies, in particular, offer considerable 

benefits in respect of holding either 

business or personal assets. 

Hong Kong brings two-tier profits tax 

into force 

The new two-tiered profits tax regime, 

first announced by Chief Executive 

Carrie Lam in her Policy Address on 11th 

October 2017, was brought into force 

on 1 April 2018 by the Inland Revenue 

(Amendment) (No. 3) Ordinance 2018. 

The regime is designed to lower the tax 

burden for small and medium enterprises 

(SMEs) and will apply to both corporations 

and unincorporated business. 

Why ‘Cloud Accounting’ is good for 

business 

Founded in 2006 in New Zealand, cloud 

accounting specialist Xero is one of the 

fastest growing software as a service 

companies globally. Forbes identified Xero 

as the World’s Most Innovative Growth 

Company in 2014 and 2015. Here, Xero 

explains why online accounting software 

can be a wise investment if you want your 

business to work smarter and faster. 

Cloud-based accounting software helps 

small businesses to thrive through better 

tools, information and connections. It 

connects people with the right numbers 

anytime, anywhere, on any device. 

Working online will give you a better 

overview of your finances, and improve 

collaboration with your team. 

Sovereign Licensed as a Trust or 

Company Service Provider in Hong Kong 

Sovereign is pleased to announce that 

it is among the first Hong Kong-based 

firms to be formally licensed as a Trust or 

Company Service Provider (TCSP) under 

Hong Kong’s newly created TCSP licensing 

regime. Sovereign Trust (Hong Kong) 

Limited and its operating sister companies 

– Sovereign Fiduciaries (Hong Kong) 

Limited, Sovereign Fiduciaries Services 

Limited and Sovereign Trustees Limited – 

have all been granted TCSP licences. MBR 

Courtesy: Sovereign Trust (HK) Ltd 

28


POLITICO CONNECTED: AN AI COMMUNITY 

Roundtable Report | Using AI to Serve Citizens: 

A Roadmap for France 

An ongoing conversation about artificial intelligence 

and the key governance and innovation issues facing 

policymakers, scientists, innovators, industries and 

academics, powered by our founding partner Accenture. 

POLITICO hosted an invitation-only 

roundtable discussion, in partnership with 

Accenture Applied Intelligence, in Paris on 

June 14 to brainstorm and suggest pragmatic 

solutions for using artificial intelligence to 

serve French citizens. Here are the main 

takeaways: 

1. The battle for artificial intelligence: A 

battle for human intelligence 

Just a few years ago, the term was in the 

realm of science fiction. Artificial intelligence 

is now giving rise to transformation every day, 

and all the stakeholders have now realized 

the decisive role AI will increasingly play in 

the future. 

Data collection and management, virtual 

correspondents, process automation, 

business intelligence: AI has become a 

concrete reality. It is radically changing whole 

sectors of economic activity. It requires a 

reappraisal of legal concepts which previously 

seemed very sound. AI will — to a certain 

extent — exercise control over our lives. But 

who will exercise control over AI? Will we 

succeed in using it at the service of citizens? 

These issues have come into the limelight in 

France in recent months. The Villani report 

and an artificial intelligence plan express the 

government’s determination to have France 

play a leading role on this matter. And the 

European General Data Protection Regulation 

governing the use of personal data came into 

effect in May. Beyond merely the competition 

and regulation aspects, these issues also can 

lead to the emergence of new models of 

partnership and exemplarity. 

2. A transformation already underway 

The French higher education system has 

conducted pioneering research for a long 

time. The administration and large local 

and regional governments have followed 

a path over the past few years that has led 

them from using data science to real artificial 

intelligence tools. The state, aware of its lag 

and its inertia, has in the past 18 months 

taken measure of these issues and shown a 

proactive approach to reform. 

The impact of AI is also being felt in the 

private sector. As one speaker said: “Artificial 

intelligence is radically transforming 

companies. It’s a change that had not been 

seen in the past 30 years. It’s an absolutely 

unique change.” 

This change is admittedly not an easy one. 

Many people are likely to be left behind if 

they do not receive guidance in upgrading 

their skills and expertise. The various actors 

in the public sector, who are each working on 

a specific aspect of artificial intelligence, were 

originally skeptical at the idea of working 

together, or with German or European 

partners. 

However, the initiatives are starting to 

bear fruit and have sometimes laid the 

groundwork for new partnerships in which 

government agencies, higher education 

entities and local and regional governments 

work on projects jointly with big companies 

or startups. Conversely, it is sometimes the 

startup spirit that impregnates traditional 

institutions. One participant explained the 

path followed on many projects as follows: 

“We act, we progress, we demonstrate, and 

we encourage others to follow.” 

3. Multi-dimensional data 

The fuel of AI is data. On this, the participants 

pointed out the advantage of the French 

"Artificial intelligence is 

radically transforming 

companies. It’s a change 

that had not been seen 

in the past 30 years. It’s 

an absolutely unique 

change. 

system, with its highly centralized government 

departments. It therefore has databases of 

gigantic proportions, notably in the area of 

health, which can then be exploited. 

However, this data cannot always be put to 

use immediately. First, there is the issue of 

the data’s quality, format and standards. The 

issue is crucial for decisionmaking tools, but 

even more so to share information across 

separate databases. 

Now, as one participant observed, sharing 

is not obvious: “Data is a symbol of power. 

Throughout history, it has been the property 

of the people who held it.” In the case of 

government departments, it should be 

remembered that this data is above all the 

data of the state rather than of a particular 

department. And big companies want to keep 

control of data generated by autonomous 

vehicles. 

These obstacles must be overcome. However, 

the participants agreed in considering that a 

central agency in charge of data collection 

would present a number of problems. 

Data collection and management must of 

course protect citizens and their personal 

information. But GDPR also aims to facilitate 

the responsible reuse of data, and to make it 

an opportunity rather than an obstacle. 

Finally, social networks and cloud computing 

services have a considerable volume of data 

to monitor and supervise, which is why AI 

systems are proving necessary. They are still 

perfectible, and the use of human judgment 

is essential. “Artificial intelligence is not yet 

very familiar with subtle humor,” noted one 

guest, who stressed the need to defend 

humor and parody, which machines find hard 

to detect. 

4. The strengths of France and Europe 

The participants pointed to the fact that 

the government was a relatively latecomer 

on AI, but that it is prepared to devote the 

resources to catch up. France has a role to 

play, notably in Europe. 

As one speaker said, this is a strategic issue: 

“There is a European model to be designed, 

30

POLITICO CONNECTED: AN AI COMMUNITY 


between on the one hand an American 

model, where AI policy is driven by large 

private players, and a Chinese model, 

closely controlled by the government, with 

a debatable approach from the ethical and 

democratic perspectives.” 

France can already highlight the quality of its 

higher education system and its fundamental 

"Theres a new obligation 

and a new opportunity 

for companies to engage 

with people differently. 

— Paul Daugherty 

research (including on creative AI systems), 

together with tax benefits. It is attracting 

operations set up by these large private 

players and also by smaller organizations. 

Moreover, a dynamic seems to be emerging, 

fueled by the investment plan and even by 

Brexit, to anchor startups in France and put 

an end to the brain drain. 

This is a fundamental aspect: “The battle for 

artificial intelligence is above all a battle for 

human intelligence,” noted one guest. “We 

won’t overcome this problem without having 

a research ecosystem capable of welcoming 

the best scientists in the world.” 

5. The big foreign private players: Best 

enemies 

The large foreign private players specialized 

in AI are not just limited to the GAFA (Google, 

Apple, Facebook and Amazon). They are 

perceived as both allies and threats. They set 

up research laboratories in France and share 

their work, and have become aware of the 

fight against cybercrime and illegal content. 

But they are buying up European startups, 

sometimes taking over their intellectual 

property in AI research. Their economic 

weight alone gives them huge clout and 

creates imbalances. 

The autonomous vehicle industry plans to 

negotiate separately with each major city and 

retain full ownership of data. In response, 

these cities have united to define a common 

position. Some robotics companies have 

pushed for their products, nurtured on AI, to 

obtain a legal personality, reducing their own 

liability in the event of an accident. 

In conclusion, these players are partners 

to be watched closely. For one speaker, 

the European elections of 2019 will be 

“the chance to transform these ethical 

responsibilities, which these companies 

fundamentally recognize, into legal and 

legislative responsibilities at the European 

level.” 

How will Artificial Intelligence impact your business? 

The past few years have brought an evolution of big data analytics, machine learning and artificial intelligence (AI) at a 

rapid rate. Businesses today can better use data to produce transformative results. Search Technologies, part of Accenture, 

summarizes some key points on the rise of AI and how these developments can impact a business. 

Artificial Intelligence: The next 

frontier in health care? 

On June 20, POLITICO hosted a 

discussion on the role of artificial 

intelligence in addressing the most 

pressing health care issues. POLITICO’s 

AI correspondent Janosch Delcker had 

an open conversation with Roberto 

Viola, the European Commission’s 

director general for communications 

networks, content and technology; 

Paul Bate from Babylon Health; Manon 

Benders from the University Medical 

Center in Utrecht; and Eleonora 

Harwich from Reform. MBR 

Quick reads 

Germany’s falling behind on tech, and Merkel knows it | Angela Merkel met the country’s top 32 AI experts at the chancellery in July to hear 

how the country was doing. In spite of a good track record in AI research, their assesment was sobering, reports POLITICO's Janosch Delcker. 

The man who invented the self-driving car (in 1986) | Janosch Delcker tells the story of the invention of the driverless car in 1986, how it 

came to be all but forgotten and the lessons we can draw from it about the expectations we place on artificial intelligence now. 

Learning to work with robots | Molly Kinder analyzes for Foreign Policy how workers wil have to adapt to face disruption from artificial 

intelligence and automation. 

AI vs. God: Who Stays and Who Leaves? | In Forbes, Kate Levchuk examines how artificial intelligence will challenge our perception of 

consciousness and how that will impact religion throughout the world. 

Source: POLITICO SPRL 


31


ERP SOFTWARE 

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Optimise your delivery process 

Getting trucks in and out of the warehouse 

quickly and efficiently puts your drivers on the 

street faster so they can see more customers. 

Highly automated truck loading increases 

your velocity and assures inventory accuracy 

during check out and check in. Our solution 

enables you to adjust delivery sequence and 

perform a truck inspection before loading. 

The load can be in cases or units or a mixture 

of both – even load temperature can be 

captured. Any changes to the load are noted, 

with reason codes and a signature captured 

to confirm the transfer from the warehouse 

to the truck. 

Improve customer satisfaction 

The key to growth and sustainability for a 

distribution business is greater customer 

satisfaction through speedy and effective 

route management, without increasing 

costs. Companies need a robust solution 

that seamlessly integrates into their backend 

ERP. They need to optimise resources and 

improve their invoice-to-cash cycle, and at 

the same time reduce operating costs per 

route. 

Our solution enables you to streamline your 

direct store delivery and maximise truck 

sales by using the latest technology. It will 

help you reduce errors, payment disputes, 

and the administrative costs associated 

with distribution, merchandising, delivery, 

receiving, and payment procedures. 

For more information on how Computime 

Software can empower your distribution 

business to increase customer satisfaction 

and unearth new sales opportunities for 

route staff, visit: www.computimesoftware. 

com/acumatica-erp or email: info@ 

computimesoftware.com MBR 

Creditline: Computime Software 

Credits: Computime Software 

32


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info@computimesoftware.com 

www.maltabusinessreview.net 33



HSBC Bank Malta Sustains 

Dividend, Shifts Focus to Growth 

Lower H1 profitability reflects impact of risk management actions and negative interest rates 

The profit before tax for the six months 

ended 30 June 2018 of HSBC Bank Malta 

p.l.c. amounted to €16.2m, a decrease of 

€9.8m or 38% compared with the same 

period last year. The performance during the 

first six months of 2018 mainly reflected the 

continuing impact of low interest rates and 

prioritisation of risk management actions 

during 2017. 

Profit attributable to shareholders amounted 

to €14.3m resulting in earnings per share of 

4.0 cents compared with 4.7 cents in the first 

half of 2017. The Board proposes to maintain 

the current dividend pay-out ratio of 65% and 

recommends an interim gross dividend of 4.0 

cents per share (2.6 cents per share net of 

tax). The interim dividend will be paid on 18 

September 2018 to shareholders who are on 

the bank’s register as at 17 August 2018. 

All three main business lines, Retail Banking 

and Wealth Management, Commercial 

Banking, and Global Markets, continued to 

be profitable during the six month period 

under review. 

Andrew Beane, Director and Chief Executive 

Officer of HSBC Malta, said: “Our profitability 

in the first half of 2018 was lower than the 

prior year reflecting four main factors: 

1. The impact of essential de-risking 

actions taken during 2017. 

2. The ongoing effect of negative interest 

rates. 

3. Loan impairments arising where the 

sale of assets pledged as security 

by corporate borrowers in default 

for many years have been delayed 

by lengthy judicial processes which 

make the recovery of liabilities a very 

protracted exercise. 

4. From investment in regulatory and 

risk programmes such as GDPR and 

customer due diligence.” 

He added: “HSBC is proud of the progress 

we have made to achieve the highest level of 

financial crime compliance standards within 

our bank which can give confidence to our 

customers as they use HSBC’s services. It is 

essential that the financial system as a whole 

is able to demonstrate full and effective 

compliance with European Union standards. 

Looking to the future, the substantive 

elements of HSBC’s business model 

transformation are now complete which 

is enabling the bank to move into a new 

strategic phase characterised by a return to 

growth and value creation. Over time, and 

without increasing our risk appetite, HSBC 

Malta will focus on growing revenue faster 

than costs in order to increase our return on 

tangible equity and, subject to our ongoing 

capital management processes, sustain our 

signature dividend.” 

He continued: “The early signs of this new 

phase are encouraging with significant 

increases in our commercial banking 

business pipeline which has led to a 

stabilisation of loans and advances which 

we expect to steadily increase over time. We 

are also seeing increased volumes in parts of 

our retail banking and wealth management 

business as we re-allocate capacity into sales 

and service activity, including insurance 

"The early signs of 

this new phase are 

encouraging with 

significant increases in 

our commercial banking 

business pipeline 

sales. HSBC’s plans to deliver market leading 

customer service standards enabled by 

new digital innovations are a particular 

opportunity and represent a key focus for us 

in the second half of 2018 and beyond. 

I would like to thank our shareholders and 

customers for their ongoing confidence 

HSBC Operations Centre, Qormi 

34



HSBC Press Conference 

and trust, and my colleagues for their 

outstanding contribution as we complete 

this chapter for HSBC Malta and move into 

a new phase.” 

Net interest income decreased to €54.1m 

or 10% compared with €60.3m in the 

same period in 2017 predominately due 

to a further decline in the average yield 

on the investment book due to continuing 

amortisation of higher yielding bonds as well 

as contraction of the Commercial Banking 

loan book relative to the prior year position. 

Non-interest income (fees and commissions 

and trading income) remained broadly in 

line with the same period in 2017. Following 

the completion of the risk management 

actions taken by the bank in 2017, the 

strategic direction taken in the first half of 

the year started reaping positive results, 

in particular increased commissions as a 

result of higher volume of credit facilities 

granted and higher income generated from 

guarantees and derivative transactions. 

Operating expenses increased to €54.9m or 

5% compared with €52.2m in the same period 

in 2017. This increase reflects continued 

investment in regulatory programmes, 

financial crime compliance and business 

growth. The bank continues to exercise 

rigorous cost control and to implement 

initiatives at cost base streamlining through 

digitalisation, outsourcing and processes 

optimisation. During the period under 

review, the bank concluded the remediation 

process for the MiFID (Markets in Financial 

Instruments Directive) complex instruments 

issue disclosed in the 2016 year-end results. 

The bank’s guidance on the costs of this 

programme remains unchanged. 

"HSBC Life Assurance 

(Malta) Limited reported 

a profit before tax of 

€1.8m compared to 

€4.4m in the same 

period of 2017 

On 1 January 2018, the bank adopted IFRS 

9 ‘Financial Instruments’. Adoption of this 

new standard reduced net assets by €8.0m, 

net of deferred tax of €4.3m. The bank was 

not required to restate comparative periods. 

Accordingly, all adjustments resulting from 

the transition apply by adjusting the opening 

balance sheet as at 1 January 2018. 

Since adoption, the bank registered a 

change in expected credit losses under 

IFRS 9 of €3.4m, €0.9m lower than the loan 

impairment charges under IAS 39 of €4.3m 

reported in the same period in 2017 with 

one specific impairment relating to a longdated 

case subject to legal proceedings 

representing the majority of the 2018 

charge. The bank continues to maintain a 

conservative provisioning approach. Overall 

asset quality remained satisfactory and total 

non-performing loans further declined from 

€168m to €155m during the first six months 

of 2018. 

The effective tax rate is 11%. This translated 

into a tax expense of €1.8m, €7.2m lower 

than €9.1m in the same period in 2017. 

During the period under review, the bank 

benefitted from a different tax treatment 

applied on a specific transaction. 

HSBC Life Assurance (Malta) Limited 

reported a profit before tax of €1.8m 

compared to €4.4m in the same period of 

2017. The decline was driven by positive 

market movements in 2017 which were not 

repeated in the first half of 2018. In addition, 

the insurance subsidiary registered a 

reduction in premium income, as a result of 

lower new single premium policies written 

when compared to prior year. MBR 



35



AHEAD OF THE CURVE 


Exclusive interview with CEO and Founder of Betconstruct Vigen Badalyan 

BetConstruct is an award-winning developer and provider of online and land-based gaming solutions with 

development, sales and service centers around the globe. 

BetConstruct’s innovative and proven offerings include an extensive range of products and services, including 

Sportsbook, Sports Data Solutions, Retail Solutions, RNG & Live Dealer Casino, VR Casino, Poker, Skill Games, Fantasy 

Sports, Social Platform and more. The latest addition is the industry-first complete management infrastructure, 

SpringBME (Business Management Environment). 

All partners benefit from the BetConstruct Spring platform with its powerful 

back office tools and all-inclusive services that empower operators’ growth 

and help contain their costs. From stand-alone set up to turn-key and white 

label solutions, BetConstruct offers its partners unfettered opportunity to 

succeed. 

MBR: First of all, thank you 

very much for accepting this 

interview. I would like to 

ask you to shortly introduce 

yourself and your role to 

our readers. When and why 

you started working in this 

industry? 

VB: I started this business with my brother 

Vahe Badalyan and a handful of like-minded 

people who were ambitious and courageous 

enough to enter the gaming and betting 

industry and start a business from zero. 

We shared one dream which was to build a 

company with the potential to revolutionize 

the IT industry and stay on top of emerging 

trends. 

"we have the largest 

portfolios of gaming 

products casino, virtual 

sports and skill games, 

live dealer casinos, 

fantasy sports networks, 

social gaming platform 

and much more. 

MBR: The company you 

represent, BetConstruct, 

constantly innovates, 

presents new products and is 

a leader in this sector. What 

is the key of your success? 

VB: We are a fully transparent company 

in many senses. Everyone can go to our 

website and see our pricing. Everyone can 

go to SpringBME and try out our products, 

activate them and see how easy it is to start 

an igaming business with us. Alongside with 

our offerings we have third party solution 

available through our platform as well. 

Giving a freedom of choice is what defines 

BetConstruct’s approach. And that is exactly 

what make us successful. 

MBR: The aim of your 

company is to build the 

most advanced platform by 

constantly innovating and 

keeping up to date with the 

new technologies. This is a 

very difficult task. How can 

you overcome the difficulties 

this rapidly changing industry 

faces you? 

VB: It is a rapidly developing sphere. Finding 

a room for improvement and innovation is 

our full-time commitment. One must always 

be on the move to keep up the pace with the 

progress, let alone be ahead of the curve. 

And that is not an easy job. However, what 

remains unchanged is the considerable effort 

we put to fit the expectations of our partners 

as they demand innovation alongside safe 

knowledge of being taken care of. We put a 

considerable effort in learning our partners’ 

demands to custom-tailor our solutions and 

services to meet their desirable results. 

MBR: Tell me about your 

company’s game portfolio 

and what is your philosophy 

when manufacturing a slot 

game? 

Through our platform one may find 

everything needed to start or expand a 

gaming business. All the products, tools, 

services. Our philosophy is to provide full 

expertise. Along with the very powerful and 

smart solutions we have the largest portfolios 

of gaming products casino, virtual sports and 

skill games, live dealer casinos, fantasy sports 

networks, social gaming platform and much 

more. What come to creating slot games, 

we want our solutions to disappear into 

experience. Our games are not just about 

spinning reels, but a story behind it. With 

SlotBuilder our casino partners can create 

their bespoke slots in addition to over 5,000 

games we provide from our own studios and 

over 60 other suppliers. 

MBR: Recently, there is a 

change in the gambling 

sector worldwide, with the 

most countries’ governments 

trying to regulate their 

market through their national 

legislation. What do you 

think about that? Does that 

affect you as a manufacturer 

VB: The legislative developments speeding 

36



through continents show that states prefer to 

accept the legality of the industry and keep the 

market under control. New legislative reforms 

will prevent dishonest operators from taking 

advantage of the lack of regulation, but help 

the enthusiasts enter the market with unique 

offerings and keep the industry income from 

going offshore. 

MBR: Your recently won 

prestigious awards in MiGEA 

2018, mainly Best Industry 

Achiever (Land Based), 

Best Gaming Technology 

Supplier and Best Online 

Casino Operator. What is 

your feedback on the event 

and how significant are these 

unprecedented accolades 

you have received from the 

judges? 

The recognition among the industry is a huge 

motivation. It fuels our excitement, pushes 

our competitiveness and challenges us to 

strive for a bigger success. And in this case we 

do not define success only by profitability or 

awards. It is also the productive cooperation 

with our partners and their success as well. 

MBR: What upcoming events 

is the company focusing on 

nowadays and how prepared 

is the company for these 

events? 

VB: We attend 100+ events annually. 

Our calendar of expos, conferences and 

networking events encompasses dozens of 

markets where we travel to offer our solutions 

tailored for a particular region. Apart from that, 

since 2017 we organize series of informative 

workshops. And this year is no different. 

BetConstruct does have several exciting 

announcements coming soon. 

"The recognition among 

the industry is a huge 

motivation. It challenges 

us to push the 

boundaries and strive 

for a bigger success. 

MBR: What do you consider 

to be BetConstruct’s most 

important achievements so 

far? 

VB: Young, aspiring, determined and forward 

looking people who make up a strong 

workforce of BetConstruct. Looking back, 10 

years ago we would have to invite software 

engineers from abroad to get the company 

going. Now the powerful engine behind 

BetConstruct solutions keeps the company 

prospering with the help of our strong team of 

specialists who eagerly share their knowledge 

with fresh minds helping them in their turn to 

become professionals and contribute to the 

growth of our company. MBR 


CEO and Founder of BetConstruct Badalyan, Vigen 


37


eCOMMERCE 

DHL Express Reveals 

Purchasing Habits of Online Shoppers 

• An international express shipping option can increase e-commerce basket value by up to 70%, helping merchants 

boost revenue and tap new markets. 

• Global digital advertising campaign “Where Everything Clicks” educates businesses on how to increase their share 

of the trillion-dollar global e-commerce market. 

DHL Express, the world’s leading international 

express service provider, has launched “Where 

Everything Clicks,” a global digital campaign 

to grow its e-commerce business and guide 

web merchants as they access the booming 

global marketplace. DHL helps sellers navigate 

an increasingly international landscape, in 

which 70% of online buyers made a purchase 

from an international site in 2017, up 6% 

from a year earlier. DHL Express is aiming its 

campaign at companies ranging from startups 

to large enterprises, advising on how to 

enhance international e-commerce shipping 

capabilities and how to target internet-savvy 

buyers like millennials – 68% of whom are 

likely to choose a retailer based on delivery 

options offered. 

“International e-commerce is growing at a 

remarkable pace, and we want our customers 

to grab their share of the market – that 

means adding value to their e-commerce 

proposition,” states John Pearson, CEO 

Europe and Head of Commercial for DHL 

Express. “Our customers’ success is closely 

tied to their buyers’ satisfaction with the 

delivery experience and the delivery options 

offered. DHL has developed services that both 

enhance the customer experience and that 

support web merchants as they access new 

markets. Our global marketing campaign will 

showcase those services, from On Demand 

Delivery with its flexible delivery options for 

buyers to intelligent website analyses tailored 

to merchants.” 

Using advanced market intelligence tools, DHL 

can quickly identify shopping sites that receive 

traffic from international locations, thus 

flagging potential sales outside of the seller’s 

core market. In addition, DHL can compare 

website engagement metrics to those of 

competitors, identifying opportunities to 

reduce bounce rates with the addition of a 

cross-border express delivery option. With 

a checklist-based approach, DHL Express 

advises merchants on how to optimize their 

websites for international sales and how to 

create a competitive advantage via shipping 

options offered. 

With On Demand Delivery, buyers are 

notified proactively via email or SMS about a 

shipment’s progress. Receivers can schedule 

delivery for another day, arrange delivery to 

a nearby DHL Service Point or an alternate 

address, and even request that a shipment is 

held during vacation. DHL Express offers On 

Demand Delivery in over 100 countries, with 

about 50 more coming this year. 

“’Where Everything Clicks’ reveals purchasing 

habits of online shoppers, including always 

important delivery preferences, and shows 

merchants how to use this information 

to increase sales. We want to educate 

current customers and to convert potential 

international web merchants,” says Pearson. 

“We’re convinced that cross-border 

e-commerce has a huge upside that many 

merchants – B2C and B2B – have not yet 

tapped. Our aim is to support web sellers as 

they go global and to stand as the international 

express provider of choice for e-commerce.” 

Creditline: DHL 


38

EDITOR’S CHOICE 


EDWARDS LOWELL OPENS MALTA’S FIRST 

ROLEX BOUTIQUE 

Valletta, August 2018 – Edwards Lowell and 

Rolex today announced the opening of a Rolex 

Boutique that is the rst of its kind in Malta. 

Situated in Republic Street, Valletta, the Edwards 

Lowell Rolex Boutique features an innovative 

use of Rolex’s signature aqua pattern and a 

handcrafted stucco wall with a depiction of 

Valletta. 

The new boutique offers professional expertise 

in an elegant setting, one that promotes a 

sense of harmony, discretion and intimacy with 

the brand, which has been setting standards in 

watchmaking for more than a century. 

“This is an exciting new chapter in Edwards 

Lowell’s distinctive history. A singular and worldclass 

project that aims to set new standards 

in Maltese retail and pave the way for future 

projects,” said Malcolm R. Lowell, Managing 

Director of Edwards Lowell. 

ONE 

BOUTIQUE, A 

WHOLE ROLEX 

WORLD 

Every element of the interior design features the 

elegant Rolex aesthetic and radiates the values 

of the Rolex crown. Excellence, precision and 

attention to detail emanate from the careful 

calibration of colours and patterns in the fittings 

and furnishings. 

Sensitive lighting accentuates the beauty of a 

wide selection of Rolex models in display cases 

lined with beige leather with bronze trims. 

A striking emerald aqua floor highlights Rolex’s 

rich heritage – its wave motif referencing 

the iconic Oyster, the world’s rst waterproof 

wristwatch. Used as flooring for the first time, the 

aqua material draws the eye across the boutique 

towards handcrafted stucco panels that feature 

a view of Valletta from the sea. The intense green 

used around the boutique creates accents that 

harmonize a refreshed colour palette. The space 

also mixes textures from walnut-brown wood to 

beige- coloured marble and leather, and includes 

notable marble counters with leather and wood 

detailing. 

ABOUT 

EDWARDS 

LOWELL CO. 

LIMITED 

“When a man dedicates his life to a company, 

both become intricately entwined. The business 

becomes personal, especially in the case of a 

family-owned business.” 

- Malcolm A. Lowell, Edwards Lowell Chairman 

Synonymous with luxury since 1925, Edwards 

Lowell is renowned for being a ne retailer of a 

curated selection of the most prestigious brands 

in the world. From its conception over ninety years 

ago, this family-run business has strived to offer its 

clients the world’s nest products alongside unique 

customer service. The Edwards Lowell Rolex 

Boutique is the rst Rolex Boutique on the island 

and is set to be valuable addition to the Edwards 

Lowell family. 

Edwards Lowell is looking forward to presenting 

their esteemed clients with a curated selection of 

ne timepieces which can be enjoyed and treasured 

for their unparalleled craftsmanship and ultimately 

be passed down from generation to generation. 

ABOUT 

ROLEX 

An unrivalled reputation for quality and 

expertise. Rolex, a Swiss watch manufacture 

headquartered in Geneva, is recognized the 

world over for its expertise and the quality of 

its products. Its Oyster and Cellini watches, 

all certi ed as Superlative Chronometers for 

their precision, performance and reliability, are 

symbols of excellence, elegance and prestige. 

Founded by Hans Wilsdorf in 1905, the brand 

pioneered the development of the wristwatch 

and is at the origin of numerous major 

watchmaking innovations, such as the Oyster, 

the rst waterproof wristwatch, launched in 1926, 

and the Perpetual rotor self-winding mechanism 

invented in 1931. Rolex has registered over 

400 patents in the course of its history. A truly 

integrated and independent manufacturing 

company, Rolex designs, develops and produces 

in-house all the essential components of its 

watches, from the casting of the gold alloys to 

the machining, crafting, assembly and finishing 

of the movement, case, dial and bracelet. 

Through philanthropic programmes and a broad 

palette of sponsorship activities, Rolex is also 

actively involved in supporting the arts, sports 

and exploration, and encourages the spirit of 

enterprise, as well as the conservation of natural 

environments. MBR 


Rolex Boutique, Valletta 


39


VENTURE CAPITAL 

VENTURE CAPITAL FIRMS, INCUBATORS OF DISRUPTIVE IDEAS 

“In today’s hyperlinked world, solving problems 

anywhere, solves problems everywhere.” These 

words by renowned entrepreneur Peter H. 

Diamandis couldn’t have been more relatable. Some 

of the key businesses that drive our lives today are 

startups which have leveraged technology to create 

globally-replicable solutions. Be it an Uber or an 

Airbnb, disruptive ideas have scaled into universal 

verbs on the back of technology. 

As VC firms continue to fund technology-led 

businesses, I sometimes wonder if the data and 

infotech sector has reached its saturation point. But 

Matrix Partners India MD, Avnish Bajaj says we can 

only expect more innovation in the future, adding, 

“Things are still nascent in India when it comes to 

optimising the potential of the internet and mobile”. 

Besides, considering the market right now is fertile 

with ideas, this trend is only going to flourish. 

Apart from technology, what drives the minds 

behind these game-changing startups is the faith 

in original thinking and the power of continuous 

collaboration. A second home to such folks then, 

must reflect these values with open, inspiring spaces. 

It must be high on the approachable factor not only 

to communicate the company's 'inviting' philosophy 

to visitors, but also to help team members absorb 

the core essence of the world of venture capitalists. 

The role of VC professionals has now evolved 

into one of value-addition partners. Beyond just 

furnishing capital, they bring vision, belief and 

guidance to take entrepreneurial passion to new 

heights. Contemporary VC workspaces have been 

incorporating this ethos into their design. The 

tone for their team members and visitors alike 

is set keeping this in mind - right from the colour 

palette to more community spaces for ideation and 

collaboration. 

Another factor that has contributed to the new 

design culture at VC offices is the fact that their 

visitors are no longer limited to "safe sectors". 

The likes of lifestyle brands like Chumbak have 

transformed the universe of potential funded 

businesses. They embody the vibrancy and freshness 

of ideas in their spaces. This is why, a ping pong table 

in the reception lounge, like at the Matrix Partners' 

Mumbai office, is not an unusual sight. When future 

founders walk into a VC office, they see a reflection 

of how they envision their own company. Just like 

Matrix Partners' “Founders First” philosophy, a spirit 

of openness towards new entrepreneurs is integral 

to VC firms all over. A case in point is Sequoia 

Capital’s Silicon Valley office, modelled to serve as 

“an office that lets guests feel at home.” 

The second wave of changes will further cement 

the shift in the funded-funder relationship. VC 

offices will also have to mirror their visitors’ passion 

for groundbreaking technology if they are to invite 

the most disruptive business ideas. VCs have been 

cultivating a growing preference for funding startups 

that leverage augmented and virtual reality, artificial 

intelligence, and human experience design. When 

designing VC workspaces of the future, I believe the 

following aspects will play a key role: 

Courtesy: Photographix | Sebastian Zachariah 

• AI-enabled insights and environment 

• Virtual reality zones that allow visitors to 

showcase their business vision 

• Human experience design that appeals to 

design partners 

• Cues from pop culture that communicate VC 

professionals' inclination towards business 

that have changed lifestyles globally. For 

instance, an OTT platform entrepreneur will 

want to partner with a professional who is 

well-versed with highbrow content on Netflix 

and Amazon Prime Video. 

To sum it up, VC offices are set to go from being a 

second home for technology-driven entrepreneurs 

to becoming the home for disruptive experiences 

and discussions. Their workspace design will thus 

serve as a catalyst for developing relationships with 

entrepreneurs who’re redesigning our future. 

About Architect 

Ninad Tipnis 

Ninad is an architect by qualification from the 

Academy of Architecture, Mumbai and the founder 

of JTCPL Designs. Ninad’s enthusiasm for always 

delivering the best pervades through the team and 

his ability to thrive under pressure is an inspiration 

in itself. More than a creative leader he is a great 

motivator & a mentor to many in the field. His ideas 

and insights have impacted the entire industry and 

he has been recognized with distinguished awards 

by renowned design bodies. MBR 

Courtesy: Photographix | Sebastian Zachariah 

• Presentation spaces that are compatible with 

AR / VR technology 

Creditline: Venture Capital 

40



41


GAMING 

MGA - New Gaming Act Comes Into Force 

Heathcliff Farrugia, MGA CEO 

The new Gaming Act, approved by 

Maltese Parliament on 8 March 2018, 

together with the subsidiary legislation 

and Authority-issued binding instruments 

which establish the detailed processes 

and procedures constituting the holistic 

regulatory framework for the gaming 

sector, came into force today 1 August 

2018 after undergoing the EU Technical 

Regulation Information System (TRIS) 

process, in line with European Union 

Directive 2015/1535. 

The new framework elevates the 

jurisdictional profile of Malta from a 

regulatory perspective by strengthening 

the MGA’s supervisory role, specifically the 

Authority’s compliance and enforcement 

"Today marks one of the 

most important days in 

the history of the MGA. 

Years of hard work 

finally come to fruition 

functions to better achieve its regulatory 

objectives. This is in line with concurrent 

developments relating to anti-money 

laundering and combating the funding of 

terrorism. 

The new regulatory framework also 

empowers the Authority to be more 

agile in its decision-making, by removing 

unnecessary regulatory burdens not 

conducive to the regulatory objectives, 

whilst simultaneously strengthening 

supervision and focusing the regulator’s 

efforts on areas which present a higher 

risk profile. 

Furthermore, the reform enhances 

consumer protection standards and 

responsible gaming measures, while 

promoting a risk-based approach towards 

regulation. It provides the MGA with wider 

powers in the fields of compliance and 

enforcement and establishes objectiveoriented 

standards to encourage 

innovation and development. 

Underlining the importance of this 

milestone the MGA’s Chief Executive 

Officer Heathcliff Farrugia stated that: 

"Today marks one of the most important 

days in the history of the MGA. Years of 

hard work finally come to fruition. I would 

like to thank all those involved in making 

the new regulatory framework a reality, 

in particular my predecessor Mr Joseph 

Cuschieri for the foresight to initiate 

this project, Parliamentary Secretary 

Hon. Silvio Schembri and the Maltese 

Government at large for their ongoing 

support and commitment, and especially 

the MGA's personnel for their relentless 

work in developing and implementing the 

new legal regime. 

This is the beginning of a new chapter in 

Maltese gaming regulation. One which 

builds on the foundations of the previous 

laws, and which empowers the Authority 

to further strengthen the way it regulates 

the industry, and to continue being a 

thought leader for the years the come.” 

Subject to the transitory provisions 

envisaged therein, this framework is 

applicable for remote gaming operators 

as of today 1 August 2018, whereas landbased 

operators shall become subject to 

these new laws as of 1 January 2019. 


ww.mga.org.mt 


42

CYBERCRIME 


Acronis Hosts MEP Miriam Dalli 

Leading Member of the European Parliament – to Discuss Cybercrime and how 

more girls can be encouraged to join the IT sector 

LOCATION, 20 July 2018 – Acronis, a global 

leader in cyber protection, announced today 

that it hosted Dr. Miriam Dalli, a prominent 

Member of the European Parliament (MEP), 

at its office in Malta to discuss efforts to fight 

cybercrime and promote cyber protection in the 

EU and countries such as Malta. 

MEP Dr. Dalli has been very vocal in the 

European Parliament on issues relating to 

the protection of citizens in the cyber world. 

Acknowledging the extensive work that she 

has undertaken in the area of cyber protection, 

Acronis pledged to provide sufficient resources 

to assist her in developing policies for any of 

the forums in which she participates in the 

European Parliament. 

Acronis and Dr. Dalli agreed that a more 

concerted effort is required amongst all 

stakeholders and that cooperation is needed 

in order to develop policies and strategies to 

combat cybercrime. Acronis’ expertise and 

research have the potential to serve as a key 

factor in ensuring effective cyber protection 

across Europe. 

Acronis and Dr. Dalli also discussed the need to 

create a platform with which young ICT experts 

can be trained to combat cybercrime, starting 

with pilot projects based at Acronis’ R&D center 

in Malta. Acronis will provide IT experts in Malta 

with training, as well as access to its products, 

to ensure the country has the necessary 

capabilities to detect and defeat cybercrime. 

To raise awareness of the need for cyber 

protection, Dr. Dalli is interested in supporting 

the Acronis Foundation, a European nongovernment 

organisation (NGO) dedicated 

to promoting knowledge around the world 

by building schools and increasing access to 

education in developing countries. 

Together with MEP Dalli, Acronis and Acronis 

Foundation will collaborate to attract more 

girls and women in IT. One goal is to introduce 

training programmes specifically aimed at 

young girls. “It is important to create equal 

opportunities in IT for girls and women. With 

our joint initiative Acronis and my team will 

enable young aspiring talents to strive to their 

full potential in IT. The digital industry offers 

opportunities for both men and women but 

research shows that less girls are attracted to 

careers in IT,” says Dr. Miriam Dalli. 

"The digital industry 

offers opportunities for 

both men and women 

but research shows that 

less girls are attracted to 

careers in IT. 

“We have a common goal to make the digital 

world a safe place for everybody. We’re excited 

to discuss these important issues with MEP 

Miriam Dalli and believe that we can make a 

great contribution to the efforts of the European 

Parliament to define effective standards for 

cyber protection,” said John Zanni, President of 

Acronis. 

About Acronis 

Acronis sets the standard for cyber protection 

and hybrid cloud storage through its innovative 

backup, anti-ransomware, disaster recovery, 

storage, and enterprise file sync and share 

solutions. Powered by the Acronis AnyData 

Engine and strengthened by its artificial 

intelligence-based ransomware defense and 

blockchain-based data certification, Acronis 

solutions deliver easy, reliable, efficient, secure, 

and private cyber protection for physical, virtual, 

cloud, mobile workloads and applications. 

Founded in Singapore in 2003 and incorporated 

in Switzerland in 2008, Acronis is currently 

celebrating its 15-year anniversary as a global 

leader in cyber protection. Its innovative 

technology is driven by 100+ patents, developed 

by 500 engineers, and supported by more than 

1,000 employees worldwide. Acronis’ products 

are used in over 150 countries in more than 20 

languages, bringing complete protection for 

more than 5 million consumers and 500,000 

businesses. 

Acronis solutions are available worldwide 

through a global network of service providers, 

distributors, and cloud resellers. MBR 

To find out more, visit www.acronis.com 

Creditline: Acronis 

Dr. Miriam Dalli 


43


BANKING REPORT 

Top Trends in Corporate Banking: 

2018–2019 Edition 

Patricia Hines 

Celent’s latest edition of top trends in corporate banking explores the 

issues that executives at banks around the globe should be aware of. 

Some are just beginning to emerge, while others have been around a 

long time. 

Key Research Questions: 

• What trends are most 

profoundly affecting corporate 

banking today? 

• What are the implications for 

banks? 

• What are the next best actions 

for banks and their technology 

partners? 

Abstract: 

Our corporate banking trends track Celent’s 

themes of Digital and Omnichannel; 

Innovation and Fintech; and Legacy and 

Ecosystem Transformation. To help banks 

to navigate an evolving ecosystem, this 

Celent report focuses on ten trends that 

bankers should have on their radar. 

Our analysis is high-level and aims to 

provide a quick perspective on the salient 

trends affecting corporate banking over the 

next year. Bankers should not view these 

trends in a vacuum. 

There is substantial overlap across many 

of the trends in terms of drivers and 

outcomes. MBR 


44

SOCIAL 


GiG Hosts press conference to launch Malta Pride Week 2018, 

as headline sponsor 

Malta Pride was officially launched by the Minister 

for European Affairs and Equality, Helena Dalli, on 

Thursday 6 September. The press conference was 

held at GiG, the headline sponsor of Malta Pride 

2018. The Shadow Minister, Claudette Buttigieg, 

also addressed the audience together with the 

President of the Allied Rainbow Communities 

(ARC), Eamonn Gomez Jimenez, and the COO of 

GiG, Mikael Angman. 

Several local artists will be performing for the 

crowds at the open air concert which will be held 

after the parade in Valletta. In addition, the Italian 

Drag duo Karma B. will be entertaining the crowds 

with their spectacular acts. More information will 

be available on www.maltapride.org 

Quotes from GiG: 

"We don’t just believe that iGaming should be fair 

and fun for all, we believe that life should be fair 

and fun for all. And to demonstrate our support, 

today we’re teaming up with Allied Rainbow 

Communities (ARC) to be Malta Pride 2018’s main 

partner" - Mikael Ångman 

Mikael Ångman, Chief Operations Officer of 

GiG said: “We are proud to be the headline 

supporters of Malta Pride, an event we believe to 

be a highlight in Malta’s calendar! GiG’s vision is 

to change the iGaming industry to make it fair and 

fun for all. A huge part of that is to have a diverse 

workforce and provide an atmosphere where 

everyone can be the best version of themselves, 

no matter their background or sexual orientation. 

We want to encourage everyone to be able to be 

who they are without fear. We make insanely great 

tech products through the entire value chain in the 

iGaming industry” 

Quotes ARC: 

Clayton Mercieca, who is organising Pride as part 

of ARC Malta (Allied Rainbow Community) has 

said that witnessing a collaboration between the 

business and civic community is a big step forward. 

"We are hoping to make each year's Pride bigger 

and better than before," he said. 

"With a major employer like GiG supporting Pride, 

it highlights Pride as more than just the fanfare 

and glamour that is fun for all the family, but it 

also becomes an important event because there is 

a lot of isolation in our small islands that makes it 

very hard for minorities like the LGBTIQ community 

to integrate." – Quote from Clayton Mercieca 

(Organiser Malta Pride) 

“Malta Pride week runs from the 9th to the 16th 

September and consists of many events from 

football and volleyball tournaments to mental 

health and Family Networking events. And of 

course, on Saturday 15th of September we hold 

the Pride march and concert at the Heart of the 

Mediterranean” MBR 

Creditline: GiG, ARC 

GIG Event 

CORINTHIA PALACE HOTEL & SPA 

Opens New Executive Lounge 

Located on the ground floor of the hotel overlooking its beautiful gardens, the Lounge is exclusive to guests staying in Corinthia Palace 

suites and executive rooms. 

Corinthia Palace Hotel & Spa recently unveiled yet 

another luxurious facility for its guests to enjoy – its 

new Executive Lounge on the Ground Floor. Located 

just along from the popular Caprice Lounge, the 

Executive Lounge was created exclusively for 

guests booked into the hotel’s upmarket suites and 

executive rooms. 

Designed in a style synonymous with Corinthia 

Palace’s renowned elegance, the Executive Lounge 

is open throughout the day to serve complimentary 

tea, coffee, alcoholic beverages, juices and snacks. 

On top of that, a buffet breakfast is served from 

7am to 11am, afternoon tea from 3.30pm till 

5.30pm, and sunset drinks from 6pm till 7.30pm. 

“We are constantly looking for ways to improve our 

facilities and service for our guests, and this latest 

addition adds appealing exclusivity and luxury for 

those staying in our executive rooms and suites,” 

says Corinthia Palace Hotel & Spa General Manager 

Adrian Attard. “It is an opulent space reserved 

exclusively for them, and we believe it adds that 

little something extra to their stay with us, and on 

the island.” 

Beyond serving snacks and refreshments, the 

Executive Lounge also offers additional business 

services including complimentary access to the 

Mdina meeting room, provided it is booked in 

advance. MBR 

Creditline: Corinthia Palace Hotel & Spa 

For more information on the newly-launched Corinthia Palace Executive Lounge, please visit 

https://www.corinthia.com/en/hotels/palace-hotel-and-spa/executive-club 


45


FINTECH 

Regulation of FinTech must strike a better balance between 

market stimulation and the security and stability of the 

financial and economic system 

By Jasmin Klötzing 

The EESC believes that the European Commission's Action 

Plan is a good basis but that additional measures are 

needed to tap the full potential of financial technology 

and to ensure certainty and protection for all market 

participants. 

The measures proposed by the European 

Commission concerning the development 

of financial technology (FinTech) within the 

European financial sector must be adjusted 

so as to balance market stimulation and the 

security and stability of the financial and 

economic system. The overall aim must be to 

ensure certainty and protection as well as fair 

and equal market conditions for all market 

participants. The EESC is strongly convinced 

that FinTech, in an appropriate legal framework, 

can deliver benefits to European businesses and 

their clients, contributing to a more competitive 

and innovative European financial sector. 

"FinTech players should be subject to the 

same rules as the financial sector, particularly 

as regards resilience, cyber security and 

supervision", said Petru Sorin Dandea, 

rapporteur for the EESC opinion on the 

proposals of the so-called FinTech Action Plan. 

"We must follow the principle of 'same risk, 

same rules, same supervision'", he said. In 

addition, the Committee is calling for rules to 

ensure uniform development of FinTech in the 

EU. 

Despite its reservations, the EESC supports 

the Commission's action plan. It believes that 

the plan could be instrumental as regards 

"National supervisors 

are closer to national 

markets and can 

better assess local 

circumstances. The 

Commission should thus 

consider allocating them 

a substantial supervisory 

role. 

deepening and broadening the capital markets 

by integrating digitisation, and that it could 

serve as a stimulus for small and medium-sized 

enterprises active in the financial sector, as it 

can facilitate their access to finance. The action 

plan could thus contribute to the completion 

of the capital markets union, Economic and 

Monetary Union and the Digital Single Market, 

priorities that are strongly championed by the 

EESC. 

Concerning the right to portability of personal 

data, the EESC believes that this must be 

implemented in a manner that is compatible 

with the new Payment Services Directive (PSD2). 

This would ensure that a level playing field is 

achieved as regards access to customer data 

under PSD2 and the General Data Protection 

Regulation (GDPR). 

The EESC would point out the need to clarify 

the responsibility of companies offering cloud 

services as regards protecting the personal data 

they host. Possible rules should be identified by 

the Commission. 

Further recommendations expressed in the 

Committee's opinion concern crypto-assets and 

the impact of innovative technologies on the 

labour market in the financial sector. The EESC 

recommends that the European Commission 

together with the European supervisory 

authorities keeps a close eye on the growth 

and the high degree of volatility of cryptoassets 

and addresses any issue concerning this 

matter that could threaten the security and 

stability of the financial and economic system. 

As regards the impact on the labour market, 

the Committee calls on the Member States to 

design and implement active labour market 

measures enabling workers who lose their jobs 

to take up new jobs. 

In line with its opinion on the FinTech 

Action Plan, the EESC strongly welcomes 

the Commission's proposals for an enabling 

framework for crowdfunding. It believes that 

artificial obstacles should not act as a brake 

on the new framework. It is therefore calling 

for even stronger proposals and additional 

measures. Nevertheless, the Commission 

proposals would be a major step forward, as 

they provide new opportunities and more 

certainty and protection for service providers, 

businesses and investors. 

With regard to stronger proposals and 

additional measures, Daniel Mareels, 

rapporteur for the EESC opinion on Crowd and 

peer-to-peer finance, said: "At least in the initial 

stages, there should be an even stronger focus 

on risk aspects associated with crowdfunding 

operations and markets in order to better 

identify them or mitigate them where possible 

and to ensure certainty and protection for all 

concerned parties". 

Market deregulation would constitute higher 

risks for investors and could create an uneven 

playing field with traditional financial service 

providers. Other areas of tension could be the 

status of providers and their services and the 

unclear role of national supervisory bodies. 

Apart from that, the coexistence of European 

and national regimes may give rise to 

confusion and uncertainty. In order to ensure 

clarity, additional obligations on authorities 

and supervisors to provide accurate, easily 

accessible information for all users or the 

obligatory use of the "EU label" for service 

providers could be options. 

In its opinion, the EESC also urges the European 

Commission to (better) address the issues 

of money laundering, terrorism financing 

and taxation related to crowdfunding. It 

questions the limited possibility for subjecting 

crowdfunding platforms to existing rules on 

money laundering and terrorism financing and 

the restriction to finance projects only up to an 

amount of EUR 1 million. 

Finally, the Committee encourages the 

introduction of provisions to regularly monitor, 

evaluate and measure the success of the 

proposed EU regime. Consultations and 

dialogue with all stakeholders and interested 

parties would be desirable. MBR 

Creditline: EESC Press Unit 

46

EXECUTIVE LIFESTYLE 


Blockchain in Action in Corporate Banking 

by Alenka Grealish 

“And they’re off” is the most succinct way to describe the status of 

blockchain-based initiatives in commercial banking. The race to scale 

production is on and will be a marathon, not a sprint. 

Key Research Questions: 

• What use cases are approaching the 

golden triangle of value, feasibility, 

and viability? 

• Who are the payments contenders? 

• Who are the trade finance 

contenders? 

Abstract: 

Blockchain in corporate banking is moving 

from experiment to live transactions, 

proving value and feasibility but not 

yet demonstrating viability (e.g., scale). 

Celent showcases 12 contenders in 

payments, trade finance, and syndicated 

loans. 

Early movers have gone from proofs 

of concept to pilots and production. 

The production launches are currently 

relatively small initiatives. Most initiatives 

are digitizing processes, that is, carrying 

messages or documents. Only a very few 

are using digital assets as a medium to 

exchange value. The next 18 months will be 

a critical period to attract service providers 

and end users. In parallel, blockchain 

and DLT platform providers are working 

fervently on improving scale and speed 

with the goal of staying one step ahead of 

the needs of application providers. 

Celent has selected 12 contenders to profile 

based on their progress toward winning 

medals in value, feasibility, and viability 

as well as the calibre of their people and 

participants. 

• Five in cross-border payments with 

the first three in production: Ripple, 

Stellar, IBM World Wire, JPM Interbank 

Information Network, and Visa B2B 

Connect. 

• Six in trade finance with the first two 

in production: we.trade, India Trade 

Connect, TradeIX, Skuchain, Voltron, 

and Centrifuge. 

• One in syndicated lending in 

production:Fusion LenderComm by 

Finastra. MBR 

Creditline: Celent PR & Digital; Celent, a 

division of Oliver Wyman 


47


THE LINESMAN 

Russia’s bloody World Cup 

by Minky Worden 

From Russia’s escalating crackdown on peaceful critics to its unwelcoming anti-LGBT “propaganda” law to 

workers dying to build shiny new stadiums, this World Cup did little to counter Russia’s many rights abuses. 

We have all enjoyed the football, but the 

human costs were high. Tunku Varadarajan and 

colleagues on the 2018 World Cup through the 

lenses of culture, politics, anthropology and the 

love of the Beautiful Game. 

The 2018 World Cup is has gone down with 

memorable play, but for FIFA itself, this was a 

preventable own goal. 

FIFA’s flagship tournament could have done 

something to relieve the worst human rights crisis 

in Russia since the Soviet era, but instead the 

football organization condoned many human rights 

violations, undermining its own policies. Russian 

President Vladimir Putin emerged as the big winner, 

using the games to sportswash his rule — to 

legitimize it by hosting a sporting mega-event. 

FIFA adopted a Human Rights Policy in 2017, 

pledging to “go beyond its responsibility to respect 

human rights” by taking “measures to promote 

the protection of human rights and positively 

contribute to their enjoyment,” and it instituted a 

new program of labour inspections at construction 

sites. But from Russia’s escalating crackdown on 

peaceful critics to its unwelcoming anti-LGBT 

“propaganda” law to workers dying to build shiny 

new stadiums, this World Cup did little to counter 

Russia’s many rights abuses. 

To deliver Russia’s World Cup, at least 21 workers 

died in stadium construction, according to Building 

Workers International. This is almost enough to 

field two teams. According to BWI in its June 2018 

report “Foul Play,” “most of these deaths were 

because of falls from heights or because of heavy 

equipment falling on workers, tragedies that could 

have been averted if safety and health conditions 

were enforced.” 

Beyond worker abuses, the World Cup gave one of 

Russia’s worst rights violators, the Chechen ruler 

Ramzan Kadyrov, a global platform to launder his 

reputation. 

"Beyond worker abuses, 

the World Cup gave one 

of Russia’s worst rights 

violators, the Chechen 

ruler Ramzan Kadyrov, 

a global platform to 

launder his reputation. 

In another low, North Korean forced labourers 

constructed a World Cup stadium. In an 

article titled “The Slaves of St Petersburg,” the 

investigative magazine Josimar documented that at 

least 110 North Koreans worked at the Zenit Arena 

in St. Petersburg, one of the venues for the 2018 

World Cup Finals. “International experts describe 

the workers from North Korea as both slaves and 

hostages. One North Korean worker was found 

dead in a storage container outside the stadium.” 

North Koreans working in Russia qualify as forced 

labour because the North Korean labour suppliers 

must send the vast majority of hard currency 

the workers earn back to Pyongyang (in violation 

of U.N. sanctions). After these revelations, FIFA 

President Gianni Infantino said that “North Korean 

workers are no longer being used” — but he did 

not reveal what actually happened to the workers 

who helped build the St. Petersburg stadium, and 

whether they were ever fairly compensated for 

their work. 

Consistent with these findings, Human Rights 

Watch documented wage-cheating, unsafe 

conditions and exploitation in construction of 

stadiums and other World Cup-related sites in 

our 2017 report, Red Card. At one point, our 

researcher was detained by police outside the 

Volgograd stadium, putting an end to his research 

on worker conditions. MBR 

Creditline: POLITICO SPRL 

48



49


WOMEN'S RIGHTS 

MEPs Propose Measures to Combat 

Mobbing & Sexual Harassment 

• Up to 55% of women have been sexually harassed in the EU 

• Reporting should be made easier for victims 

• Perpetrators should face tough and dissuasive sanctions 

Sexual harassment victims should be helped to report 

cases and perpetrators should face sanctions, say 

Women’s Rights MEPs in a draft report adopted on 

Tuesday. 

In the context of the public debate 

prompted by the Weinstein scandal and 

the #MeToo campaign, which helped to 

redraw the boundaries of what constitutes 

sexual harassment and acceptable 

behaviour, Women’s Rights and Gender 

Equality Committee MEPs adopted a 

draft report (21 votes in favour, 0 against, 

5 abstentions) proposing measures to 

combat mobbing and sexual harassment 

in the EU. 

Deploring the fact that laws and the 

definitions in this area vary across member 

states, they reiterate their call on the EU 

Commission to propose a Directive against 

all forms of violence against women (VAW), 

including updated common definitions and 

legal standards that treat it as a crime. 

Victims should not be afraid to report a 

case in the workplace 

The draft report underlines the urgent 

need for member states, local authorities 

and trade unions to understand the 

barriers that women face in reporting cases 

of sexual harassment in the workplace 

and to offer them full support to report 

these cases safely, without fear of possible 

consequences. 

It also calls on member states to encourage 

workplace policies based on prevention, 

confidential procedures to deal with 

complaints, and tough and dissuasive 

sanctions for perpetrators. 

Zero tolerance of sexual harassment in 

politics 

MEPs call on all political parties to tackle 

sexual harassment notably by revising 

party rules to introduce a zero-tolerance 

policy and sanctions for perpetrators. They 

also urge national and local parliaments 

to fully support victims, investigate cases, 

maintain a confidential register of cases 

and ensure mandatory training for all staff 

and members on respect and dignity. 

“Virtual” public spaces: how to combat 

online harassment 

The draft report urges the EU Commission 

to come up with a new definition of 

“public space”, reflecting evolving 

communication technologies and the 

rise of ”virtual” public spaces such as 

social networks and websites, which have 

created more possibilities for harassment 

and violence at every level of society. 

MEPs call on member states to remind 

internet providers of their duty to protect 

their online customers by addressing 

cases of repetitive abuse or stalking and to 

inform the perpetrators that they cannot 

act with impunity. 

Finally, they reiterate that awarenessraising 

campaigns and education at every 

level are fundamental tools in helping to 

address gender-based violence in public 

spaces. 

Quote 

EP rapporteur Pina Picierno (S&D, IT) 

said: ‘‘The #MeToo movement has shown 

the world how big and widespread the 

phenomenon of sexual harassment 

and mobbing is, including in public and 

work spaces. With this report we ask 

the EU Commission to act at European 

level, starting by proposing a clear legal 

definition of what sexual harassment 

is, stressing educational strategies and 

tackling the dramatic phenomenon 

of online harassment. Failing to do so 

would mean ’tolerating’ mobbing and 

harassment and leaving women even 

more alone.’’ 

Next steps 

The own-initiative report will be put to 

a vote in plenary during the September 

session in Strasbourg. MBR 

Creditline: EPO 

50

BANKING 


FIMBank Announces Half-Yearly 

profit of USD 6.1 million 

The FIMBank Group has announced an 

after-tax profit of USD 6.1 million for the 

first six months of 2018, an increase of 47 

percent on the USD 4.1 million registered 

during the same period in 2017. These 

figures emerge from the publication of the 

Group’s Interim Financial Statements for 

2018, which were approved at a meeting 

of its Board of Directors on the 14th August 

2018. 

"The results for the first 

six months of 2018 are a 

manifestation of 

FIMBank’s performing 

fundamentals and 

its realisation of a 

sustainable platform 

for further success. 

During the period under review, net 

operating results, that is operating revenues 

less operating costs, more than tripled, 

from USD 2.7 million to USD 9.8 million, 

as the Group improved its revenues by 

USD 4.4 million and reduced its costs by 

USD 2.7 million. This was a contribution of 

many factors, including increased volumes 

and better yields on its product offering, 

reduced cost of funds as the Group was 

more selective in its funding sources and 

successful implementation of measures in 

managing costs. 

Following the successful completion of the 

USD 105 million Rights Issue concluded in 

May 2018, the Group’s equity at 30th June 

stands at USD 274 million, with the CET1 

ratio at 16.7%. At the end of the reporting 

period, Total Consolidated Assets stood at 

USD 1.95 billion, an increase of 19 percent 

over the USD 1.64 billion reported at end- 

2017, while Total Consolidated Liabilities 

stood at USD 1.67 billion, or 14 percent 

more than the USD 1.47 billion reported at 

end 2017. 

Commenting on the financial results, 

FIMBank Group CEO Murali Subramanian 

stated that “The results for the first six 

months of 2018 are a manifestation of 

FIMBank’s performing fundamentals and 

its realisation of a sustainable platform 

for further success. The Group has been 

successful in turning its business around, 

generating profitability and providing a 

platform for growth over the last twelve 

quarters.” Mr Subramanian also highlighted 

the strong improvement in the Group’s 

core performance, explaining that this 

has occurred across the key operational 

pillars, covering business and revenue 

generation, risk management and expense 

management. “Notwithstanding the 

economic situation around the world”, 

stated FIMBank’s CEO, “the Group’s 

origination efforts have been stepped up, 

growing client assets and demonstrating 

a strong pipeline of business across the 

different products and geographies within 

which it operates. As a result, core income 

generation has rebounded on the back of 

increased volumes, improved yields, and 

lower cost of funds.” 

Mr Subramanian also attributed the 

Group’s positive half-yearly results to 

successful measures in managing costs, and 

to improving key cost/income ratios both 

in absolute and relative terms. According 

to the CEO, “as much as origination and 

business development remain a priority for 

the Group, the focus on asset quality and 

acceptable risk levels has remained critically 

important, resulting in improved provision 

coverage on delinquent loans, with recovery 

efforts continuing to yield expected results.” 

He anticipates that the approach adopted 

so far will continue evolving: “in the months 

ahead, the Group will exploit its strong 

expertise and improved operating culture to 

grow across its diversified product offering.” 

FIMBank Group Chairman Dr John C. Grech 

expressed the satisfaction of the Board with 

the results of the first half of 2018. He stated 

that “FIMBank’s positive performance, 

which has now extended into its third 

year, has a very specific provenance. It is 

the direct consequence of a strategic shift 

in focus successfully tuned to changing 

market conditions. Accomplished with 

extremely sound planning and copious 

amounts of hard work and perseverance 

by our strong management team, ably led 

by CEO Murali Subramanian, this successful 

drive has contributed to establishing the 

FIMBank Group as a more robust banking 

institution, based on business discipline, 

centrally-aligned operations, and effective 

management of enterprise risks.” 

Meanwhile, FIMBank’s Board of Directors 

will not be recommending an interim 

dividend for the period under review. MBR 

For more information about FIMBank plc, 

please visit www.fimbank.com 

Creditline: FIMBank 

FIMBANK 


51


DEBATE 

Why Are Some People Selfish? 

by Josh Davies 

Josh Davies 

Most of us are at least a little selfish, but some 

more so than others. In order to get what we 

want in life we tend to reward those who are 

good to us by being good back to them, and 

punish those who aren't. But there are a minority 

of people, known as “Machiavellians,” who pay 

no regard to these social norms. A new study, 

published in Brain and Cognition, has managed 

to visualize what happens in the brains of these 

Machiavellians when others are nice to them, 

and found they went into overdrive, working out 

how best to exploit them, suggest the authors. 

Named after the 16th Century Italian writer, 

politician and diplomat Niccolò Machiavelli, 

the term is used by psychologists to refer to 

someone who is highly manipulative, deceitful, 

and lacking empathy. The name derives not 

because Machiavelli was particularly any of 

those things, but because of the main character 

in his most famous work "The Prince" used 

clever tricks to hold on to power. 

When it comes to society, it seems that some 

people are hard-wired this way, exploiting others 

for their own gain. And scientists are able to 

work out where people fall on a scale from low- 

Machiavellian to high-Machiavellian by means of 

a questionnaire. Hungarian researchers from the 

University of Pécs used this test to divide a group 

of students into those with high Machiavellian 

tendencies in a group of students and those who 

displayed low tendencies, and then used an MRI 

scan to see what happened in their brains during a 

simple game of trust. 

The game worked like this: The participants were 

paired up with a partner. Individuals were then 

given five dollars and asked to decide how much 

they wanted to “invest” in their partner. The 

participants all thought that their partner was 

another student, but in actual fact they were 

a computer, which was programmed to either 

return their investment fairly (10% above or below 

the initial investment), or unfairly (returning only 

30% of the initial investment). After this first 

interaction the roles were then reversed, with 

the computer partner having to "invest" in the 

participant. The participants then had to decide 

whether to give a fair or unfair return. When the 

low-Machs decided how much to give back to 

their partners they acted according to the social 

norms, rewarding their partner when they had 

given them a “fair” return first, and punishing 

them when they’d received an “unfair” return. 

The high-Machs, however, gave everyone unfair 

returns, regardless of what they’d previously been 

given. Unsurprisingly, at the end of the game, the 

high-Machs ended up with the most money. 

But looking at the high-Machs' brain activity during 

the task, the researchers found that when the 

computer partner gave the high-Mach a fair return 

"Named after the 16th 

Century Italian writer, 

politician and diplomat 

Niccolò Machiavelli, 

the term is used by 

psychologists to refer to 

someone who is highly 

manipulative, deceitful, 

and lacking empathy 

for their initial investment, their brain activity shot 

up in areas involved in inhibition and creativity. 

The researchers suggest that this indicates they 

might have been inhibiting their natural instinct to 

reciprocate fairness, while at the same time trying 

to calculate how best to take advantage of their 

partner. 

So, it seems that those who are most manipulative 

and deceitful don’t decide to punish people 

because they are unfair to them, instead deciding 

to be unfair to them all the time, which feeds into 

their lack of empathy. But show them fairness or 

cooperation, and they start to figure out how best 

to exploit you. MBR 

Creditline: Josh Davies 

52

EU/DIGITAL COPYRIGHT 


Parliament adopts its position on 

digital copyright rules 

Copyright rules need updating for the digital age 

• Tech giants must pay for work of artists and journalists which they use 

• Small and micro platforms excluded from directive’s scope 

• Hyperlinks, “accompanied by “individual words” can be shared freely 

• Journalists must get a share of any copyright-related remuneration obtained 

by their publishing house 

Parliament adopted its revised negotiating 

position on copyright rules on Wednesday, 

adding safeguards to protect small firms and 

freedom of expression. 

Parliament’s position for talks with member 

states to hammer out a final deal was 

approved by 438 votes to 226, with 39 

abstentions. It makes some important 

tweaks to the June committee proposal. 

Tech giants to share revenue with artists 

and journalists 

Many of Parliament’s changes to the EU 

Commission’s original proposal aim to make 

certain that artists, notably musicians, 

performers and script authors, as well as 

news publishers and journalists, are paid 

for their work when it is used by sharing 

platforms such as YouTube or Facebook, and 

news aggregators such as Google News. 

After the vote, rapporteur Axel Voss (EPP, DE) 

said, “I am very glad that despite the very 

strong lobbying campaign by the internet 

giants, there is now a majority in the full 

house backing the need to protect the 

principle of fair pay for European creatives. 

There has been much heated debate around 

this directive and I believe that Parliament 

has listened carefully to the concerns raised. 

Thus, we have addressed concerns raised 

about innovation by excluding small and 

micro platforms or aggregators from the 

scope. 

I am convinced that once the dust has 

settled, the internet will be as free as it is 

today, creators and journalists will be earning 

a fairer share of the revenues generated by 

their works, and we will be wondering what 

all the fuss was about.” 

AP Images/European Union-EP 

Fair pay for artists and journalists while 

encouraging start-ups 

Parliament’s position toughens the 

Commission’s proposed plans to make 

online platforms and aggregators liable for 

copyright infringements. This would also 

apply to snippets, where only a small part 

of a news publisher’s text is displayed. In 

practice, this liability requires these parties 

to pay right holders for copyrighted material 

that they make available. Parliament’s text 

also specifically requires that journalists 

themselves, and not just their publishing 

houses, benefit from remuneration 

stemming from this liability requirement. 

At the same time, in an attempt to encourage 

start-ups and innovation, the text now 

exempts small and micro platforms from the 

directive. 

Protecting freedom of expression 

The text includes provisions to ensure 

that copyright law is observed online 

without unfairly hampering the freedom 

of expression that has come to define the 

internet. 

Thus, merely sharing hyperlinks to articles, 

together with “individual words” to describe 

them, will be free of copyright constraints. 

Any action taken by platforms to check 

that uploads do not breach copyright rules 

must be designed in such a way as to avoid 

catching “non-infringing works”. These 

platforms will moreover be required to 

establish rapid redress systems (operated by 

the platform’s staff, not algorithms) through 

which complaints can be lodged when an 

upload is wrongly taken down. 

Wikipedia and open source software 

platforms will not be affected 

The text also specifies that uploading to 

online encyclopaedias in a non-commercial 

way, such as Wikipedia, or open source 

software platforms, such as GitHub, 

will automatically be excluded from the 

requirement to comply with copyright rules. 

Stronger negotiating rights for authors and 

performers 

Parliament’s text also strengthens the 

negotiating rights of authors and performers, 

by enabling them to “claim” additional 

remuneration from the party exploiting their 

rights when the remuneration originally 

agreed is “disproportionately” low compared 

to the benefits derived. 

The text adds that these benefits should 

include “indirect revenues”. It would also 

empower authors and performers to revoke 

or terminate the exclusivity of an exploitation 

licence for their work if the party holding 

the exploitation rights is deemed not to be 

exercising this right. MBR 

Credit: John Schranz, Press Officer/EP 


53


BUILDING & CONSTRUCTION 

HELP! A Storm is Coming 

It is the time of the year when we experience 

our annual September/October rain fall. This 

usually comes after a dry period of intensive 

heat. During this time of the year we experience 

a drastic temperature change, shorter days and 

lot of traffic. In short winter is coming back. But 

what exactly happens to our houses in summer 

and why many people endure water intake at 

this time of the year. The truth is that we live in 

an island surrounded by sea and our climate is 

very humid and salty, this mix of heat, humidity 

and salt is definitely not concrete friendly. Our 

concrete roofs expand with the summer heat 

and absorbs dew and moist in the evenings. 

This combination of heat and salt water rusts 

the iron bars inside the concrete structure, 

subjecting it to cracks and unwanted building 

damages. 

Over 80% of building damages is the result of 

water intake mostly due to bad waterproofing 

systems, improper plumbing installations 

(always implement waterproofing in bathrooms 

prior installation of pipes and drains), rising 

damp and drainage system. All this sounds 

catastrophic and should be a matter of concern, 

yet in reality with proper products and good 

workmanship there is no reason for any alarm. 

All the above mentioned problems can be solved 

with a proper waterproofing resin membrane. 

A waterproofing membrane is a thin layer of 

water-tight material that is laid over a surface. 

This layer is continuous and does not allow 

water to pass through it. For example, on a 

roof or flat terrace, a waterproofing membrane 

could be laid above the structural slab and 

Application of waterproofing plaster 

Sealing of joints and openings of a metal structure 

below the finish tiles. 

This will ensure that 

water does not seep 

into the structural 

slab. The tiles and 

membrane must be laid 

over a filler material 

that is sloped to ensure 

that water flows into 

sumps and drains. Any water that remains as 

puddles over the tiles roofs is likely to seep into 

the slab over time, so puddles are to be avoided 

at all costs. 

The most common type of membranes used 

in Malta are the sheet (carpet) bitumen 

membranes and liquid applied membranes. 

The first one is mainly made from bitumen, it 

is non-elastic, creates heat intake and tends 

to open from seams when subject to concrete 

movements. This Old school membrane is 

recommended for foundations only. 

A good outdoor waterproofing membrane must 

be flexible, tear-resistant and elastic so that it 

can stretch when required. If the membrane 

is to be exposed to sun rays, then it should be 

UV resistant. The membrane should be flexible 

enough to take any shape it is laid over and be 

capable of turning up and over walls and other 

construction features. 

Liquid applied membranes can be sprayed, 

roller or brush-applied on the surface. The 

liquid cures when it comes in contact with air 

and forms a seamless, joint-free membrane. 

The thickness can be controlled by the number 

of coats applied. 

These are generally considered to be superior 

to sheet bitumen membranes as they are jointfree. 

However care must be taken in application 

and the type of material used. Avoid plastic and 

acrylic based membranes/compounds as they 

lack UV resistance and will eventually flake. The 

result is a fast deterioration and product failure 

when you need it the most. The intensive heat 

and high UV Rays makes life difficult for these 

products to lust long, maybe a winter or two. An 

Important factor is the environment, Bitumen 

based products melt at low temperatures 

create heat intake and are considered a hazard 

to the environment. They are not suitable if you 

have wells and are considered toxic. 

The membrane can tear or break if it is too thin, 

always make sure to apply the right thickness, 

minimum three coats after the application of a 

primer to create a good adhesion. 

How can we identify a good waterproofing 

product? 

• UV Stability - if the membrane is to be 

exposed to the sun, it must carry UV 

resistant mark or else it will degrade over 

time. 

• Elongation - this is the ability of the 

membrane to stretch. It is measured 

in percentages. An elongation of 150% 

means that the membrane can stretch 

to 1.5 times its length when pulled. 

Elongation is a must in buildings that 

54

BUILDING & CONSTRUCTION 


will move, such as high-rise buildings, or 

buildings made with steel, which is flexible. 

This property will allow the membrane to 

stretch over cracks that may develop in the 

future 

• Tear Resistance - this is an important 

property, as many membranes that have 

good elongation also can tear easily. Take a 

small sample of the material in your hand, 

and try and tear it into two pieces. This 

gives a fair idea of its tear resistance. You 

are looking for a membrane that will not 

tear even if a reasonable force is exerted 

on it. 

• Chemical stability - check that the 

membrane is chemically inert with 

respect to its environment in the building., 

especially outside basement walls were 

they are exposed to soil and rainwater. 

• Case Studies - ask the manufacturer or 

importer to give you case studies where 

the membrane has been used. Ideally, it 

should have been in place for over eight 

years. Check with the building owners 

to see if any leakage or problems have 

occurred. 

Quality materials and properly trained installers 

is the secret to a perfect waterproofing. The 

idea of one material fits all is just a fairy tale, 

especially when it comes to waterproofing. 

We know it All… and we have been doing this 

type of application for many years… This classic 

phrase is what we usually hear in the building 

industry by many self-thought installers. The fact 

that a person is doing the same thing for many 

years does not qualify it as the right solution. 

Product knowledge and how to use them 

correctly is the secret of an able installer. 

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 has all that is required for a job carried 

out at its best. All this is being made possible 

thanks to the Resin and Membrane Centre 

and NAICI International Academy. For further 

information with regards the Malta Professional 

Waterproofing and Resin Flooring Association 

visit our website on www.maltawaterproofing. 

com or call us on 27477647. MBR 

Creditline: The Resin & Membrane Centre 

Thermal waterproofing around the solar panels to increase their intake 


55


SOCIETY 

On the Way to School 

Editor's Note: Since 1980, the photojournalist Reza has been undertaking a longterm 

reportage on the Kurdish people –in Iran, Iraq, Turkey as well as in exile. In 2013, 

he began an intense three-year photography project on Iraqi Kurdistan. This land 

so marked by the scars of the conflicts in the Middle East is nevertheless home to a 

modern, erudite society, with a diverse spirituality. The Kurdistan platform is a monthly 

newsletter whose intent is to lift the veil on a little-known people. 

Through the Eyes of REZA 

I travelled several kilometers to a remote valley 

to visit the only Montessori school in Kurdistan. 

Convinced of the pertinence of this pedagogy, 

founded upon the principle of autonomy in learning, 

I was curious to understand what had motivated its 

implementation in the region of Iraqi Kurdistan, an 

area in the midst of a struggle both for the recognition 

of its independence and against the encroachments 

of ISIS. 

Once again, I was moved by this people whose – to 

use a formula of Gandhi’s – “degree of civilization” is 

as elevated as their propensity to place the education 

of their children at the center of their preoccupations, 

despite all the other formidable odds they face. 

After having spent a long time observing life behind 

the walls of this school – the calm environment so 

inductive to learning, the laughter and whispers, and 

the respect for the teachers – so similar to that which 

I had observed among my children during my years 

in Paris, I set off for home with a few more notes of 

hope. MBR 

Credit: REZA PHOTOGRAPHY/MAPITA 


Credit: REZA PHOTOGRAPHY/MAPITA 

56

JUSTICE AND CITIZENSHIP / FUNDAMENTAL RIGHTS 


Rule of Law & Protection of Journalists: 

Measure to Ensure Media Freedom 

How to ensure media freedom and safety of investigative journalists in the EU, as a key element of rule of 

law, will be the focus of a parliamentary hearing on Wednesday. 

Members of the EP Civil Liberties 

Committee will concentrate in particular 

on the situation in Malta and Slovakia, 

following the murders of journalists 

Daphne Caruana Galizia (October 2017), 

and Ján Kuciak and his fiancée (March 

2018). 

The first part of the hearing, dedicated 

to cross-border cooperation between 

law enforcement authorities, with the 

participation of representatives of Europol, 

Eurojust and national authorities, will be 

held privately in camera. 

The second part will focus on the safety 

of journalists. MEPs will discuss the 

situation with reporters, academics 

and representatives of professional 

organisations such as Reporters without 

Borders and the Committee to Protect 

Journalists. 

Background 

The Civil Liberties Committee 

recently set up a new monitoring 

group on rule of law and the fight 

against corruption within the EU, 

chaired by Sophie in ‘t Veld (ALDE, 

NL), which will specifically address 

the situation in Malta and Slovakia. 

Following the murder of Ms 

Caruana Galizia, a delegation of 

MEPs travelled to the country to 

assess the state of rule of law and 

the implementation of European 

anti-money laundering legislation 

(AML). MEPs were also in Slovakia 

after the killing of Ján Kuciak and 

Martina Kušnírová. MBR 

Creditline: EP Press Service 

Single Digital Gateway: 

A Time Saver for Citizens & Companies 

• Easier for citizens and businesses to do their 

paperwork online 

• Key administrative procedures to be fully 

accessible 

• Examples include: birth certificates, car 

registration, European Health Card, study loan 

and grant applications and business permits 

The single digital gateway will help citizens and 

firms to access information and administrative 

procedures online, e.g. to apply for study loans or 

register a car. 

A provisional deal struck with the Council on 24 May 

to set up a single digital gateway, to make it easier 

to find information, forms and assistance for people 

moving to or doing business in another EU country, 

but also for those staying at home, was endorsed 

in plenary by 539 votes to 61, with 17 abstentions. 

This European single entry point will be integrated in 

the “Your Europe” portal, available in all languages. 

It will provide access and links to national and EU 

web sites and web pages, in a user-friendly way, 

to enable users to exercise their rights and comply 

with their obligations within the single market. 

EU member states will be required to grant online 

access to the most important and frequently used 

procedures. In “exceptional cases justified by 

overriding reasons of public interest in the areas 

of public security, public health or the fight against 

fraud”, member states may ask the user to appear 

in person for a procedural step. 

The information, online procedures and assistance 

services provided must be of high quality and 

accessible to users with disabilities. A user feedback 

tool will also be available. 

Quote 

Marlene Mizzi (S&D, MT), who steered this 

legislation through Parliament, said: “Today the 

European Parliament has achieved an important 

milestone, which makes it easier for citizens to 

interact with public authorities. This shall be made 

possible through the digitalisation of public services 

and the completion of the digital single market.” 

“The new rules will make it easier for citizens and 

businesses to manage their paperwork online 

through a single digital entry point, which will 

provide access to administrative procedures 

and high quality information. Such services are 

paramount when people want to move, live or 

study in another EU country and need to request 

relative documentation - such as a birth certificate, 

proof of residence or apply for university or study 

financing, amongst many others. It is also very 

relevant for businesses that require information 

relating to cross-border activities and procedures.” 

“The new rules will also implement for the first 

time the “once only” principle, which essentially 

means that citizens will no longer have to submit 

the same documents over and over again to public 

administrations. Rather, citizens will only need to 

submit documentation once which will be re-used 

by public administrations whenever necessary.” 

“The single digital gateway shall provide responsive, 

inclusive, borderless, user-friendly digital public 

services to citizens and businesses at national and 

European level.” 

Background 

The single digital gateway proposal is part of the 

“compliance package”, aimed at enhancing the 

practical functioning of the EU single market. It 

builds on several existing schemes, which cover 

only a few fields, are not always interconnected, 

suffer from not being well known and are therefore 

underused. 

According to the European Commission, this 

legislation could help EU citizens save up to 855 000 

hours of their time annually and companies could 

save more than EUR 11 billion per year. MBR 

Creditline: EP/Valletta Office 


57


NEWSMAKERS 

A Fiscal Surplus During 

July of this Year 

Minister for Finance Edward Scicluna 

welcomes the latest Government Finance 

Data, published by the National Statistics 

Office (NSO), which shows during the month 

of July this year, the government recorded 

a surplus of €25 million in the Consolidated 

Fund. The surplus reflected an increase 

of €28 million in total revenue while total 

expenditure decreased by €10 million over 

July of last year. 

“We have been able to start the second half 

of this year with a monthly surplus. This 

augurs well for reaching the fiscal target for 

this year”, stated Minister Edward Scicluna. 

During the first seven months of this year, tax 

revenue continued to be robust, increasing 

by €181 million. The significant increase in 

tax revenues continued to reflect the buoyant 

growth recorded in employment coupled 

with a record low unemployment rate as 

well as the consistent increases in private 

consumption. Indeed, despite a significant 

decline in revenue from EU grants of €65 

million from the peak in revenue recorded in 

2017, total recurrent revenue still increased 

by €98 million. 

Expenditure on public investment projects 

increased by €23 million for the first seven 

months of this year. Similarly, recurrent 

expenditure also increased however, the 

increase was in line with MFIN projections for 

the period between January and July of 2018. 

The Ministry for Finance is also pleased to 

note the consistent reductions in national 

debt in absolute terms. Indeed, the debt 

decreased by €193 million year-on-year by 

the end of July of this year. MBR 

Creditline: MINISTRY OF FINANCE/DOI 

Memorandum of 

Understanding between 

the Enemed company 

and Emirates National Oil 

Company Ltd. 

Malta signed a cooperation agreement 

between the company and Enemed national 

Minister Joe Mizzi during ENOC 

company of the United Arab Emirates oil, 

ENOC. 

This agreement sees the start of a possible 

closer cooperation between the two 

companies regarding capital projects locally 

and even abroad, equity participation by 

Maltese companies as ENOC and the opening 

of trading office in Malta. Although the process 

is still at the beginning, Enemed already started 

working internally to identify the team of 

negotiators will be led by Executive Chairman 

Kevin Chircop under the guidance of Minister 

Joe Mizzi. 

This agreement is part of the strategy Enemed 

company to further strengthen its presence 

and assert itself as a model company for other 

Minister Joe Mizzi during ENOC 

entities by improving the continuous operation. 

ENOC, with great experience to this sector, can 

make a valuable contribution in future projects 

that Enemed or future subsidiaries can have 

both Malta and even abroad. 

This MoU has been described as a major step to 

Enemed in its strategic plan to further expand 

operations and diversify the sector to continue 

to guarantee the best quality products for its 

customers. MBR 

Courtesy: MINISTERU GĦALL-ENERĠIJA U 

L-IMMANIĠĠJAR TAL-ILMA 

Moody’s affirms ‘A3 

Positive’ rating for Malta 

The Ministry for Finance welcomes the latest 

credit opinion by Moody’s Investor Service 

that affirmed an A3 Rating for Malta with 

a positive outlook. Moody’s highlighted 

Malta’s sustained progress on public sector 

debt reduction and the prospects for further 

fiscal consolidation on the back of a buoyant 

economic performance. The rating agency 

points out that it will upgrade the rating 

for Malta to A2 if the improvement in fiscal 

strength is sustained. 

Moody’s notes Malta’s recent track record 

of strong economic growth, an elevated percapita 

income and very high scores in terms of 

global competitiveness. While its small szize 

and openness make it susceptible to external 

shocks, Malta is able to weather such storms 

due to the high level of competitiveness as 

well as elevated wealth levels. 

Malta’s institutional strength is deemed 

‘High’ by Moody’s, reflecting the country’s 

robust policy framework, enhancements to 

institutions and policymaking framework of 

public-sector entities. 

Moody’s acknowledges that Malta's fiscal 

consolidation efforts are bearing fruit as the 

fiscal surplus is expected to hover around 

2.5 per cent in 2018 and 2019. This, coupled 

with strong economic growth, will continue 

to contribute towards a rapid reduction 

of Malta’s debt-to-GDP ratio according to 

Moody’s. 

The rating agency considers Malta’s 

susceptibility to event risk, stemming from 

the banking sector primarily, as ‘low’, based 

on the relative size of the sector in the 

economy and the financial soundness of the 

domestically oriented institutions, amongst 

others. 

Moody’s notes that despite the tightening 

labour market, increased foreign workers 

and higher female participation in the labour 

market contained the wage growth. 

The report explains that while growth, is 

expected to moderate from recent highs, 

it notes that Malta’s economic growth will 

remain strong in both 2018 and 2019. MBR 

Courtesy: MINISTRY OF FINANCE 

MSX Plc signs MoU with 

Binance 

PHOTO: DOI JASON BORG 

The subsidiary company of the Malta Stock 

Exchange, MSX Plc, signed a memorandum 

of understanding with Binance—the world’s 

largest cryptocurrency exchange by trading 

volume—at the Malta Stock Exchange 

premises in Valletta. The Chairman of the 

Malta Stock Exchange, Joseph Portelli, and 

the CFO of Binance, Wei Zhou, were the 

signatories of this MoU. 

PHOTO: DOI JASON BORG 

Prior to the signing ceremony, Minister for 

Finance Edward Scicluna congratulated both 

parties and said that the signing is an example 

of the Malta Stock Exchange’s intention to 

continue to play an active role in helping 

the Maltese economy to experience further 

growth, while expanding its operations by 

partnering with global companies. MBR 

Courtesy: MINISTRY OF FINANCE 

58

MBR ISSUE 44

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