MBR final low res

COVER STORY
A Growth Mindset
Interview with Diane Izzo, CEO,
Dizz Group discuss the company’s
past and present growth p.06
ONE-ON-ONE
Channelling Napoleon’s Spirit
Interview with Malta's Foreign Minister
Dr. Carmelo Abela p.18
SPECIAL FEATURE: MBEOTYA18
A Reputation for Excellence
Exclusive Interview with Dr. Edwin Mintoff,
MD of EM Architects and Civil Engineers
p.24
BRANDING
The Brand Manager is dead…long
live the Brand Activist
Hanneke Faber - President Europe &
Member of the Unilever Executive p.42
MALTA BUSINESS REVIEW
ISSUE 45 | 2018
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Together we thrive

Malta Business Review
CONTENTS
Issue 45
SPECIAL FEATURE INTERVIEWS: MALTA’S
BEST ENTREPRENEUR OF THE YEAR
AWARDS 2018
24 A REPUTATION FOR EXCELLENCE
Exclusive Interview with Dr Edwin Mintoff, Managing
Director of EM Architects and Civil Engineers
6
28 A SENSE OF ACHIEVEMENT
Interview with Jonas Eneroth, CEO, Karmafy Holdings Ltd
COVER STORY
06 A GROWTH MINDSET
Interview with Diane Izzo, CEO, Dizz Group discuss the
company’s past and present growth
32 PERFORMANCE & SUCCESS
Oliver Scicluna, Director, CHIC Med-Aesthetic Clinics is
interviewed by MBR following his unprecedented success
at this year’s awards
TALKING POINT
08 REAFFIRMING EUROPE’S INNOVATION
LEADERSHIP
Peter Stracar, President and CEO, GE Europe at GE,
analyses the GE Innovation Barometer 2018 report
18
16
DEBATE & ANALYSIS
12 CRYPTO AND CANNABIS ARE THE PERFECT
POST-CRISIS BUBBLES
Robo-traders and index funds may have taken over most
of the stock market, but the psychology of bubbles is still
strong tells us Joe Weisenthal
14 THE DEBATE WITH BRUSSELS THAT ITALY
CAN’T LOSE
ONE-ON-ONE
18 BRUSSELS PLAYBOOK THROUGH THE EYES
OF FLORIAN EDER AND ZOYA SHEFTALOVIC,
PRESENTED BY EPP
Interview with Malta's Foreign Minister Carmelo Abela
22 Q & A: CANCER AHEAD OF THE CURVE
Sarah Wheaton interviews Hans-Georg Eichler, the
European Medicines Agency’s senior medical officer
OUR GOLDEN PARTNERS
24
33 THE POWER OF PURPOSE
Interview with Dr. Paul Magro, Founder & Managing
Director - Risk Cap International Ltd
34 INTEGRITY AND LOYALTY
Damian Galea and Jeffrey Sciberras, avante-garde
Directors of Northern Properties in a double-take
interview
35 ELENA ROSLAVITSKIY: "I DON'T THINK GENDER IS
RELEVANT IN THE TECH INDUSTRY
MBR interviewed Elena following her joint success
with her partner Oleg Roslavitskiy, both Directors at
Multimaxx Ltd, during MBEOTYA18
MALTA BLOCKCHAIN SUMMIT
36 MALTA BLOCKCHAIN SUMMIT
Malta Enterprise to support Malta Blockchain Summit
offering 40 free booths to innovative start-ups
42
BRANDING
42 THE BRAND MANAGER IS DEAD…LONG LIVE THE
BRAND ACTIVIST
Hanneke Faber - President Europe & Member of the
Unilever Executive team at Unilever, tackles branding
4

MALTA
BUSINESS REVIEW
EDITORIAL
Malta Business Review
PUBLISHER
MBR Publications Limited
OFFICES
Highland Apartment - Level 1,
Naxxar Road,
Birkirkara, BKR 9042
+356 2149 7814
EDITOR
Martin Vella
TECHNICAL ADVISOR
Marcelle D’Argy Smith
SALES DIRECTOR
Margaret Brincat
DESIGN
MBR Design
ADVERTISING
Call: 9940 6743 or 9926 0163/4/6;
Email: margaret@mbrpublications.net
or admin@mbrpublications.net
CONTRIBUTORS
Greg Adomatis; Antoine Bonello; George Carol;
Baptiste Chatain; Jean Paul Demajo; Florian
Eder; Hannke Faber; Estefania Narrillo; Zoya
Sheftalovich; Peter Stracor; Joe Weisenthal;
Sarah Wheaton; Minda Zetlin
SPECIAL THANKS
Bloomberg; Dizz Group; 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
Gutenberg Press Ltd
QUOTE OF THE MONTH
Business opportunities are like buses, there’s
always another one coming.
Richard Branson
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.
ILeadership in Animal Farm is presented as a power over those
not possessing qualities of a leader, that when abused can be
catastrophic for the corrupt leader’s community. A leader can
help their followers reach goals and accomplish tasks that could
never be achieved without his guidance. However, many leaders
do not want to help their followers, merely use them to further
their own goals and desires. These corrupt leaders are the focus of
George Orwell’s novel, which demonstrates the effect a corrupt
leader has on the people they control, and the situation in which
they are placed. The novel displays leadership in its worst form,
highlighting the corruption of those with power, the deception
of followers without power, and how powerful individuals can
impose their decisions and preferences on weaker ones.
Some leaders shown manipulate the animal’s minds to thoughts more favourable, keeping them
distracted from the problems they face, and less likely to rebel against their leaders. A large portion
of this manipulation comes from Squealer, who with phrases such as, “Surely none of you want
to see Jones back?”, associates any thoughts of defiance with horrible consequences that can be
prevented if the leaders are allowed free reign. This manipulation of thought eventually stifles
the animal’s ability to think for themselves, allowing the leaders to take complete control of every
aspect of the farm with little or no resistance. Some forms of leadership however, do not stand out
as much, and are not even associated with power.
In the novel, different types of leaders use their power in different ways, and to achieve different
goals, and it is shown that if a good leader uses his power for the benefit of others, life can be
vastly improved. A good leader can be determined as one who would inspire others to act in order
to improve their lives. Snowball is an example of this, motivating the animals through heartfelt
speeches and hard work to improve life on their farm. During the debate over the construction
of the windmill, the statement, “Until now the animals had been about equally divided in their
sympathies, but in a moment Snowball’s eloquence had carried them away.” Using their power
and influence, corrupt individuals exhibit moral deterioration by using such power to benefit
themselves and, by doing so, cause harm to the greater good.
Corrupting power has been showcased through many stories like Shakespeare’s Macbeth.
Throughout Macbeth, the desire for absolute power is the main drive for the two main characters,
Macbeth and Lady Macbeth. They are consumed with a great craving for ultimate rule, and are
willing to achieve it by whatever means necessary. Power had corrupted the thoughts, actions and
behaviours of Macbeth and Lady Macbeth. As a result of their greed, selfishness and longing for
supremacy, they were unable to escape the tragic fate at the end of the play that was a result of
their own doing.
In a way, power is to leaders what the taste of blood is to vampires. Once they get a taste of it,
they cannot let go. The more followers they have, the more corrupt they become. What we may
observe today is that society has become infected by real corruption using real stakes. We think
strong governance mechanisms and strong institutions are the key to keeping leaders in check.
Organisations should limit how much leaders can drink from the seductive chalice of power.
That power corrupts is an inevitable conclusion of Animal Farm. When the pigs take over they
claim that their goal is to preside over a farm of equal animals, all working together to support
one another. Yet power quickly proves to be too much for a pig. Small privileges quickly bloom into
full-scale corruption, and the pigs begin more and more to resemble those whom they claim to
replace.
Enjoy the read!
Talk to us:
E-mail: martin@mbrpublications.net
Twitter: @MBRPublications
Facebook: www.facebook.com/MaltaBusinessReview
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

Malta Business Review
COVER STORY INTERVIEW
A Growth Mindset
By Martin Vella
As fast fashion continues being fuelled by the latest celebrity looks that mirror seasonal trends dictated by high-end designers, agile retail is
an emerging industry driven by smart data as the primary tool for predicting current and future style trends, turning ecommerce retailers into
on-demand platforms that identify, stock and deliver desired looks direct-to-consumer, Diane Izzo stepped up to the podium of Maltese fashion
retail, where her brand retail expansion took off, and she was about to drive bonds through public shares. In a rare interview, Diane discusses
the company’s past and present growth, what it takes to hire good people, and how she fosters dialogue with customers and employees.
MBR: You started your career with Dizz
Group in an entry-level position 18 years
ago. How did you work your way to the
top spot in Maltese fashion and blend
in with Malta’s leading and innovative
entrepreneurs?
DI: Well, when I actually started my career
the DIZZ Group concept was not even
contemplated. I started the business after
a holiday overseas during which I saw a
Terranova store and decided to take on
the great challenge of leaving my job and
trying my best at running my own business.
The way to the top was a tough, long, yet
satisfying challenge. It may sound rhetoric,
but I really gave everything I had during
these years. Looking back now I certainly
have no regrets.
MBR: What is an event in your past that
helped define your professional values?
DI: More than an event, I feel it was the
teachings I received from my father
and grandfather which have helped me
professionally. They were my inspiration.
My husband Karl and my sisters Denise and
Daniela have been my closest collaborators
throughout my career. So, I would say that
family has shown me the values I live by.
MBR: How are you strengthening
relationships with customers and
distributors?
DI: I have always run my business in a very
much hands on way and have constantly
made it a point to be the person of reference
to our suppliers. Over the years, some have
become close family friends. Ties have
grown stronger. The friendship has also left
its mark on the way we do business and we
have created an understanding in the way
we approach our business with together.
With regards to our customers, we ensure
"I have always run my
business in a very much
hands on way and have
constantly made it a
point to be the person
of reference to our
suppliers.
we offer a great selection, fair prices and a
perfect in-store service in order to create a
bond which leads to loyalty on both sides.
Diane Izzo
6

COVER STORY INTERVIEW
Malta Business Review
DI: With the rapid expansion of the group,
I have had to dedicate more time to the
overall strategy and the large projects
which we plan launching in the years
ahead. It has therefore been necessary
to strengthen our management structure
in order for me to have persons directly
responsible for various areas of the
business who still report directly to me. This
now allows me to manage my time better
and, consequently, be more available to
whoever requires my contribution.
MBR: What is something that guided you
throughout your first six months as CEO?
DI: What struck me first was the need to
recognise that unless we would work as
a team in it would be definitely harder
to achieve the desired success. This still
applies today and is a defining principle
within the DIZZ Group.
MBR: What excited you about the
opportunities to have various prestigious
brands under your umbrella and made
you feel it was the right fit?
DI: Having established Terranova and
Calliope on the market and having acquired
the franchise for Liu Jo we realised that the
fashion retail business was really where
we belonged. This was further confirmed
when a number of companies started
contacting us in order to discuss the
possibility of representing their interests
in Malta. This trend continues till this very
day and is of great satisfaction as it proves
that we are seen as the ideal partner.
MBR: How important is it to use
technology to speed data collection and
support rapid decision making?
DI: Considering we run 33 outlets which sell
hundreds of items every day information
technology is crucial in order for us to keep
the correct stock levels 365 days of the
year. We invest in hardware and software
but our main focus is to have the machines
supported by fully trained and prepared
staff who ensure we never experience any
down time.
MBR: Has change occurred when it
comes to women leading in the fashion
industry?
DI: I don’t believe it is a question of
change which has led to women leading
in the fashion industry. I believe it is that
more women have proved themselves as
important and competent participants in
Diane Izzo
many sectors of the economy, in the arts,
sciences and also politics. The natural
consequence was that some would
become leaders in their respective fields.
MBR: How ingrained is corporate
responsibility within the culture of Dizz
Group?
DI: We are heavily involved in promoting
directly and indirectly CSR in Malta and we
have an ever-growing number of initiatives
which have become annual events.
"Information technology
is crucial in order
for us to keep the
correct stock levels
365 days of the year.
Through these we raise money which is
then distributed amongst a number of very
honourable organisations which require
continuous support.
On the other hand, we also feel that fashion
is beauty, a healthy bodies and we feel that
sport is another way through which we can
help in creating a stronger and healthier
society. Hence, our investment in this
sector also.
MBR: How do you define your specific
role and how critical is it that your role is
involved in business strategy?
Background
Diane Izzo was the mastermind behind the
set-up of the group in the year 2000 and its
eventual continuous bursts of growth. The
group is owned by the parent company
Dizz Group of Companies. The company
is owned equally by Diane Izzo and her
husband Karl Izzo. Still in her thirties
she is in by far one of Malta’s leading
and innovative entrepreneurs who has
successfully made a strong name for the
group in the fashion, beauty and catering
industries and believes that the group
has more growth prospects ahead. Diane
occupies to the role of Chief Executive
Officer within the group and drives the
strategy and expansionary plans of the
group.
The group is backed by strong levels of
equity and profitability and therefore
enjoys very positive backing by its bankers,
suppliers and other stakeholders. Karl is
a reference point for the group as the
Public Relations Officer and attends all
important company meetings both locally
and overseas, assisting Diane in all major
decisions that are taken. The group’s core
activity is that of importing and retailing
of fashion wear by means of its franchise
agreements, warehouse stores and retail
outlets. In fact, the group is the franchisee
of the prestigious fashion brands:
Terranova, Calliope, LIU.JO, Harmont &
Blaine, Trussardi, Goldenpoint, Elisabetta
Franchi, PINKO, Caffe Pascucci, Max&co,
Brooks Brothers, Guess, Alberta Ferretti,
Philosophy, Philip Plein, Moschino, Micheal
Kors, Pollini, Versace & Billionaire .
The group has more recently also invested
in a number of cafeterias under the
exclusive franchise Pascucci. The group
engages over two hundred and fifty
personnel and is an equal opportunities
employer. The sectional heads of the
departments include the Chief Operations
Manager, the Chief Financial Officer, the
Head of Human Resources and the Head
of Sales and Marketing. Diane also believes
in innovative management practices which
see empowerment of staff and few tiers of
management levels. MBR
All rights reserved - Copyright 2018
www.maltabusinessreview.net
7

Malta Business Review
INNOVATION LEADERSHIP
Reaffirming Europe’s Innovation Leadership
by Peter Stracar
Europe has an intrinsic relationship with innovation, and whilst we
might perceive ourselves as being innovative, the GE Innovation
Barometer 2018 report, suggests that global business leaders feel
that in terms of innovation leadership in Europe has now been
overtaken by Asia.
Peter Stracar, President and CEO, GE Europe at GE
The latest statistics from Eurostat don’t
make for good reading either. They show
that while gross domestic expenditure on
R&D relative to GDP across the EU-28 has
risen by 40% over the past ten years to
around 2.04%, it remains comparatively
well below corresponding ratios recorded in
Japan (3.29% in 2015) and the United States
(2.79 % in 2015). Three years ago, China’s
R&D expenditure rose to 2.07% of GDP and
surpassed that of the EU-28. If Europe is
becoming less innovative and no longer a hot
bed of invention, then we have a problem in
terms of economic growth and productivity.
Commit more EU funding to
R&D and Innovation
Europe, like all regions is operating in a more
challenging environment and grappling with
the impact of automation and future work.
If we in Europe seriously want to compete
globally, then we will need to match and
exceed spending in other regions.
I would welcome a consistent scaling up of
the EU’s budget for research, development
and innovation and applaud the call from
last year’s Lamy report to double the
overall budget of the post-2020 EU R&D&I
programme. I would also encourage a
"If Europe is becoming
less innovative and
no longer a hot bed of
invention, then we have
a problem in terms of
economic growth and
productivity.
further simplification of instruments and a
minimization of the administrative burden.
The Multiannual Financial Framework (MFF)
should at a bare minimum deliver concrete
benefits and stimulate competitiveness and
global trade. Integral to all of that is the
access to increased funding for research,
development and innovation and creating a
dynamic, mutually-beneficial environment
for businesses of all sizes in Europe to flourish
and grow.
The current MFF — the EU’s 7 year budget
— runs until the end of 2020. We expect the
Commission to put forward comprehensive
proposals for the post-2020 framework
and for the next generation of financial
programmes that will receive funding
sometime in May. While the MFF should of
course always match the EU’s priorities and
provide financial support to the regions,
towns and a multitude of sectors, if it is to
drive long-term growth, the next budget
should be focused on addressing key concerns
around productivity and job creation, as well
as have a renewed funding focus on the
digital economy, R&D and innovation.
Encouraging Closer Cohesion
and Collaboration
We shouldn’t expect policymakers to
carry the whole burden of addressing this
situation. Yes, we should encourage them to
reapply their foot to the pedal when it comes
to spending on innovation, but industry and
large multinationals also have an integral role
to play.
Firstly, by remaining committed to investing
in their R&D strategies, and by creating and
fostering diverse ecosystems with academia,
start-ups and SMEs. However, for ecosystems
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Malta Business Review
INNOVATION LEADERSHIP
"Both governments
and big business now
need to do a better
job of developing fluid
mechanisms
to be productive and fruitful they need to
be long-standing, almost symbiotic and
always mutually beneficial.
As a key investor in innovation with 30
industry R&D centers across the region,
GE is committed to success across Europe
through local and regional growth. Part
of driving that success is through our
work with entrepreneurs and early stage
companies:
In the spirit of co-operation and co-creation,
we regularly open our doors to SMEs and
start-ups at our Digital Europe Foundry
in Paris and the GE Additive customer
experience centre in Munich. One great
example of how collaboration can work is
demonstrated in our investment in Sonnen
Batterie – a developer of residential power
storage systems in Germany. Sonnen has
transitioned from a start-up to SME and
we are now helping this energy industry
innovator to globalize its business.
Empowering students to push the
boundaries of innovation was at the
forefront this February when a collaborative
agreement with the Technical University in
Prague was signed to investigate future
aerospace manufacturing technologies. It
is the first university in Europe to receive
GE’s Predix software platform. While there
are many established EU-led and national
initiatives for collaboration between startups,
spin-offs and scale-ups with MNCs,
all too often investment for start-ups
companies still becomes bottlenecked.
Both governments and big business now
need to do a better job of developing fluid
mechanisms – perhaps jointly - for capital
to be freed-up to allow companies of all
sizes across Europe to bring innovation to
market quickly and in a scalable way.
Reaffirming Europe’s position as
global innovation leader can only be
advantageous , It will boost productivity
and economic growth, drive inward
investment, and create more jobs. Only
then, can we expect the entire region to
begin to benefit again. MBR
Credit: GE Voices Europe
A group of employees work on a massive gas turbine at one of GE plants in Belfort, France. Image credit: GE Reports
Credit: GE Voices Europe
10

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9/10 Melfar Buildings, C. de Brockdorff Street, Msida MSD1421
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Malta Business Review
CRYPTO & CANNABIS
Crypto and Cannabis
Are the Perfect Post-Crisis Bubbles
Robo-traders and index funds may have taken over most of the stock market, but the psychology of
bubbles is still strong.
By Joe Weisenthal
The economist John Maynard Keynes wrote:
“The game of professional investment is
intolerably boring and over-exacting to anyone
who is entirely exempt from the gambling
instinct; whilst he who has it must pay to this
propensity the appropriate toll.”
Ever since the crisis, the message to investors
has been to embrace the “intolerably boring”
style: Index. Rebalance. Diversify. Rebalance
again. Reduce your fees. And don’t be so foolish
as to think that you, sitting at home, could
ever hope to win by picking individual stocks.
Investors who have internalized this message
have done phenomenally well in the post-crisis
years, amid a long and steady—even dull—bull
market.
But the gambling instinct can be repressed
for only so long. And lately we have seen the
emergence of strange new bubbles. And, yes,
I’m talking about crypto and cannabis. The
wild trading in shares of Canadian marijuana
company Tilray Inc. in September—in which its
market value briefly exceeded that of American
Airlines Group Inc.—felt a lot like last year’s
Bitcoin frenzy. Despite their different paths, the
crypto and cannabis bubbles are unmistakable
siblings. Spend a few minutes on Reddit pages
devoted to Bitcoin, cannabis, or trading, and
you can see the overlap and similarities of the
communities. According to TD Ameritrade Inc.,
trading in pot stocks is overwhelmingly done by
millennial-aged males. The stats for crypto look
the same.
To understand these bubbles, it helps to
compare and contrast them to what we saw in
the late 1990s. People call it the dot-com bubble,
but it was so much more than that. It was really
an optimism bubble. Everything seemed to
be going right in those days. People believed
peace was about to break out in the Middle
East and that China’s entry into the World
Trade Organization would begin an inevitable
transition toward freedom and democracy.
The Segway was going to revolutionize how
people got around cities. People didn’t just pile
into tech stocks. They piled into everything.
Another hot area was fuel cell companies, with
speculators betting on an imminent era of zeropollution
vehicles. (I know this because I was
one of them.)
"Now contrast this
with crypto. This is a
market not born of
optimism and dreams
of a Lamborghini in
every driveway, but of
pessimism and mistrust
The ultimate emblem of the dot-com bubble
was not the Pets.com puppet, or Henry
Blodget’s Amazon call, or the disastrous AOL-
Time Warner merger. No, the ultimate emblem
of the bubble was a small penny stock called
Uniprime Capital Acceptance, which owned a
car dealership in Las Vegas. One summer day in
1999, Uniprime put out a press release claiming
that it had discovered—I kid you not—a cure
for AIDS. Of course, people were skeptical,
but hey, it was the ’90s and anything seemed
possible ... so maybe one of its employees really
had discovered an AIDS cure? The stock soared.
Spoiler alert: It had not found an AIDS cure, and
the president of the company got arrested for
fraud.
Now contrast this with crypto. This is a market not
born of optimism and dreams of a Lamborghini
in every driveway, but of pessimism and
mistrust. It first sprang to life a decade ago while
the world was collapsing. In the code that got
Bitcoin started—known as the genesis block—
its pseudonymous creator Satoshi Nakamoto
inscribed: “The Times 03/Jan/2009 Chancellor
on brink of second bailout for banks.” Since
then, Bitcoin has taken a strange route toward
respectability, from cypherpunks to online drug
dealers to angry anti-Fed neo-goldbug types to
Wall Street. When Wall Street finally arrived
at the party, it was one of the last to show up.
Bitcoin peaked the very week futures on it were
launched last December. Of course, along the
way, a few thousand other cryptocurrencies
also showed up, hoping to cash in.
The Bitcoin frenzy moved in the opposite
direction from the housing bubble. In The Big
Short, the ultimate tell that housing was going
to crash was the scene where a stripper was
talking about her real estate speculation. There
were stories about strippers accepting Bitcoin all
the way back in 2012. When they make a movie
12

CRYPTO & CANNABIS
Malta Business Review
about Bitcoin, the stripper will realize Bitcoin is
peaking when a Wall Street client starts talking
about launching a crypto hedge fund.
The crypto bubble burst, but there are still many
believers, and many players in the industry
are hoping these currencies can get a haircut,
put on a suit, and collect billions of dollars in
Wall Street money. And maybe they will. But
at its core, there’s an inherent contradiction,
because crypto started as a rejection of all
that. Cryptography allows Person A to send
Person B a message without Person C having
any knowledge of what’s going on. Thanks to
Satoshi, now the same can be done for money.
The entire premise was that banks would no
longer be needed to mediate transactions, and
no one would be in a position to say what types
of transactions are allowed. That’s inherently
subversive, and no amount of futures, ETFs, or
“institutional custodial solutions” can alter that
fact.
So now to marijuana, which has always been
associated with counterculture and degeneracy.
There’s no need for a full history lesson here,
but the path to mainstream respectability was
a little bit different. Although activists worked
for years on marijuana legalization, it feels like
a switch was suddenly flipped. One day pot
dealers were being arrested on the street. The
next day a totally different set of dealers got to
list on the Nasdaq. The Tilray board of directors
looks about as counterculture as a branch of Re/
Max agents.
The dark social mood of the post-crisis years
may have helped catalyze the rise of cannabis.
Peter Atwater, president of Financial Insyghts,
which looks at markets through the lens of
bigger societal trends, wrote in an email that
both crypto and cannabis contain simultaneous
elements of “fear and greed” and they’re both
inherently anti-Establishment. Atwater also sent
me a 2013 research report on attitudes about
marijuana from the Socionomics Institute,
a group associated with the controversial
investment theorist Robert Prechter. The report
argues that support for marijuana legalization
has historically risen in America during periods
of social tension. The percentage of people who
say marijuana should be legal has absolutely
soared since the financial crisis.
Just like with crypto, there’s been a party
going on, and the traditional Wall Street and
media gatekeepers are getting in late. David
Greenwald is a former music journalist who’s
now a web developer and cannabis stock
trader in Oregon. He told me via email that he
started learning about marijuana stocks after a
Google search took him to the Reddit pages r/
Weedstocks and r/thecannalysts. On the latter,
people post breakdowns of the business models
and finances of the various publicly traded pot
companies that are as in-depth as many Wall
Street research reports. “There are folks who
have spreadsheets on which producers will have
how many kilograms ready for sale, what their
supply deals are,” writes Greenwald.
Reddit plays an outsize part in both the crypto
and cannabis stories. Part of the reason Bitcoin
split into two currencies last year—Bitcoin and
Bitcoin Cash—was the claim that moderators
on the popular r/Bitcoin page were censoring
certain viewpoints on how Bitcoin should scale.
To people outside the community, that would
seem like the pettiest drama in the world, but
one Bitcoin sect went ahead and made a whole
new currency because of it.
Aaron Lammer happens to host both a podcast
on crypto called Coin Talk and one on marijuana
called Stoner, so I asked him about the overlap
between the two worlds. First, he wanted to
clarify that his podcast is about enjoying weed,
not speculation. That said, he told me in an
online chat he does follow cannabis penny
stocks. It’s a murky world. “I have never seen
a stock that matched a product I have seen for
sale,” he says. “I don’t really understand what
any of the companies do, which makes them
a lot like shitcoins.” “Shitcoins” is the crypto
pejorative for tiny coins nobody will ever use,
but which people like to gamble on.
"Cryptography allows
Person A to send Person
B a message without
Person C having any
knowledge of what’s
going on. Thanks to
Satoshi, now the same
can be done for money
So here you have these two bubbles, with a
lot in common, coming back to back. But why
now? If there were an easy explanation for
why bubbles emerge, anyone could get rich.
But there are some general rules. You need a
fantastic story, which both crypto and cannabis
have. One’s disrupting finance and big tech; the
other’s a gigantic new market rapidly becoming
legal around the world. You also need the supply
of investable assets to be small, so there’s a
huge mismatch between the great story and
what investors can actually buy.
That mismatch between demand and supply for
internet stocks created some pretty hilarious
situations in the late ’90s. So thirsty were people
to buy into anything dot-com adjacent that
shares of K-Tel International Inc. (the maker of
corny retro compilation albums) rose tenfold in
1998 just because the company said it was going
to start selling its CDs online. Eventually there
was a tidal wave of IPOs in 1999. Supply caught
up with demand, and the bubble soon came to
an end. In 2017 the initial coin offeringexplosion
may have helped kill the crypto bubble, when
suddenly there were more coins to buy than
anyone could count. There were also tons of
forks of Bitcoin—basically, new versions—
including Bitcoin Cash, Bitcoin Gold, Bitcoin
Silver, Bitcoin Faith, Bitcoin World, Bitcoin
Private, United Bitcoin, Bitcoin God (seriously),
Lightning Bitcoin, Bitcoin Diamond, and dozens
more.
With cannabis, there are just a handful of
companies available to invest in, especially
if you live in the U.S. If the market stays hot,
though, there’s no doubt we’ll see a wave of
IPOs and secondary offerings and spinouts from
existing companies. Plus, we’ll see opportunistic
pivots—press releases from companies saying,
“Hey! We’re a cannabis company now.” You
almost have to feel sorry for (the former) Long
Island Iced Tea Corp., the beverage company
that bizarrely pivoted to blockchain at the
very peak of the crypto hype last December.
If it had waited only a few months, it could’ve
announced some CBD-infused drink, and that
might have made some business sense.
And then there’s that long dormant urge to
gamble. When I asked Greenwald why he both
invests in and trades cannabis stocks, he was
crystal clear: “The answer is volatility.” The
stocks can go up 10 percent or 20 percent in a
day. Of course, they can crash, too. If you are a
disciplined investor, volatility is a threat, because
it plays with your emotions and tempts you to
make bad decisions. But if you are a trader or
gambler, and you are looking for action, volatility
is an asset. And these days it’s a rather scarce
asset. The years 2017 and 2018 have been
among the least volatile for the market on
record.
Probably the most visible advocate for cannabis,
both as an investment opportunity and for its
medical benefits, has been Todd Harrison of CB1
Capital. Harrison first got interested in the space
after 9/11. He was working at a hedge fund in
the vicinity of the Twin Towers when the attack
happened, and the ensuing period left him with
PTSD. Mainstream therapies weren’t helping. So
he went down the rabbit hole, learning about
the history of the war on marijuana, and what
he says is the government’s long-term effort to
suppress the medical research on it. He points
out the heavy racial component in the war
on drugs. The government has “blood on its
hands,” he told me.
Ultimately, he sees this market going to $2 trillion
to $3 trillion, but says that the current uncertain
legal landscape makes it very hard for most
investment institutions to take advantage of
the opportunity. Cannabis is, he says, “the only
time I’ve ever seen in my 30 years on Wall Street
where individuals can front-run institutions.”
It was at that moment talking to Harrison that
I realized the story with the cannabis boom is
far more gripping than the banal observation
that a new, legal market is opening up. Both
crypto and cannabis have the same meta-story
about getting back at corrupt elites. Stick it to
big businessmen, with their war on hemp. Stick
it to ineffective mainstream medicine. Stick it
to central bankers degrading the value of your
dollars. Stick it to bankers and their bailouts at
taxpayer expense. Stick it to the censors. Stick it
to Richard Nixon. Stick it to Jeff Sessions. Stick it
to the racist prison-industrial complex.
And the cherry on top with both, the believers
will tell you, is that thanks to the current
regulatory black hole, there’s a beautiful
opportunity to get in now and make Wall Street
the last bag holder. Psychologically, at least,
crypto and cannabis are the perfect trades for
the post-crisis era. MBR
Creditline: Bloomberg
www.maltabusinessreview.net
13

Malta Business Review DEBATE
The Battle With Brussels that Italy Can’t Lose
Rome’s deficit decision could spark a fresh fight with the EU.
By Jacopo Barigazzi
Italian Interior Minister Matteo Salvini | Florian Wieser/EP
Pierre Moscovici at the European Commission in Brussels |
Emmanuel Dunand/AFP via Getty Images
By pushing for a big-spending, deficit-busting
budget, the Italian government can expect
repercussions from Brussels. It will laugh them
off.
After a Cabinet meeting late Thursday, Deputy
Prime Ministers Matteo Salvini and Luigi Di
Maio declared they have agreed on a budget
deficit of 2.4 percent of GDP for 2019. “It’s a
budget for the people that doesn’t favor the
powerful,” Di Maio said. That, according to the
daily La Stampa, is “a declaration of war” on
Brussels. It’s a war the Italians will win, even
if the European Commission hands down a
fine for breaking the bloc’s rules on deficits,
or rejects the budget altogether, because the
populist government will use it as an example
of Brussels’ interference in domestic affairs.
The previous, center-left Italian government
had settled on a 0.8 percent deficit for 2019.
The European Commission and Giovanni
Tria, the technocrat who serves as economy
minister in Salvini and Di Maio’s government,
agreed on a red line of 1.6 percent.
“The European Commission will decide what
to do next month, when Italy will officially send
its budget plans to Brussels.”
Those figures are now out the window — and
the populists couldn’t care less. Members of
Di Maio’s 5Star Movement took to Twitter
to declare the day “historic” as the deficit
increase will allow them to have €10 billion to
spend on one of their key pledges, a “citizens’
income” or basic salary for the poorest. The 2.4
percent figure is well below the 3 percent EUrequired
deficit ceiling. However, in a country
that has the eurozone’s second largest debt
mountain after Greece, and one of the slowest
economic growth rates, it will fuel European
Commission worries that Italy’s public debt,
already at around 131 percent, could increase
further.
Commission officials say it’s likely that Italy will
face an excessive deficit procedure in response
to Thursday’s budget decision, and it could face
a fine if it doesn’t comply. But analysts reckon
that for Di Maio and his coalition partner, the
far-right League, a conflict with Rome would
be a blessing and strengthen their “Italy first”
line.
"The difference in
borrowing costs
between Italy and
Germany on Friday
reached about 2.8
percentage points,
almost double what
it was before the
government came into
office and up about
17 percent since mid-
September
The Commission’s first reaction was to play
down a fight. “We have no interest in a crisis
between the Commission and Italy,” European
Commissioner for Economic and Financial
Affairs Pierre Moscovici told France’s BFMTV
on Friday. “Nobody has an interest because
Italy is an important eurozone country,”
“But we don’t have any interest either that
Italy does not respect the rules and does not
reduce its debt, which remains explosive,” he
said. “When you’re in debt, you’re cornered
and you can’t act. Staging a recovery with very
high debt eventually turns against you.” The
European Commission will decide what to do
next month, when Italy will officially send its
budget plans to Brussels.
Whatever it does, Rome will be able to play it
as a victory. No action from the EU, and the
Italian budget gets the green light; if Brussels
takes action, the government can play the
victim against an overbearing EU, which
has been a popular, and successful, tactic
to date (Salvini even blamed the EU for the
collapse of a bridge in Genoa in which more
than 40 people died). The best-case scenario
for the Italian government would be if the
Commission took action against Rome but
not against Paris.
In the eyes of the 5 Stars, since France
announced a higher-than-expected deficit
of 2.8 percent, then Italy can do the same —
never mind that France’s debt is below 100
percent and its economic growth is almost
double that of Italy. “We are a sovereign
country exactly like France. Money is there
and it can be finally spent in favor of citizens,
in Italy like in France,” Di Maio tweeted
recently.
The Commission taking on Rome but not Paris
would allow the Italian populists to push their
line that the EU is biased against “the people”
and widen the gap between Salvini and
Emmanuel Macron, who have become heads
of opposing camps ahead of the European
election. The real threat for Rome is not the
Commission but the financial markets. The
difference in borrowing costs between Italy
and Germany on Friday reached about 2.8
percentage points, almost double what it was
before the government came into office and
up about 17 percent since mid-September.
Italian banks faced heavy losses at the Milan
stock exchange.
Yet Salvini and Di Maio are pushing ahead.
“Now we start dialogue with the EU,” Di
Maio said Friday, stressing that “there’s no
intention to clash.” As for Salvini, he said the
“markets will understand” and “if Brussels
rejects, we go ahead.”
MBR
Creditline: POLITIO SRL
14

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Malta Business Review COMPANY ANNIVERSARY
Design, Construction and Art
By George Carol
Based in Birkirkara MJM│DA are celebrating
their 15th anniversary this year. In terms of
services, the firm has evolved since it first
started, now offering true integrated design
services combining Architecture, Structures,
Building services and interior design for
residential, commercial and hospitality
projects. But what really sets this firm
apart is their focus on culture. In fact, they
take culture so seriously, they even have a
dedicated direct culture approach. Another
point of pride, they were intentional about
creating an environment that welcomed
diversity of all types, and extending that
beyond employees, to clients and projects as
well. We recently chatted with founder, Senior
Architect & CEO Matthew J. Mercieca to talk
about the firm’s upcoming anniversary, what
it’s like to own a business and the significant
challenges faced.
how did you get past them?
MJM: The biggest challenge has been to
adapt to the reality that change is constant,
and that speed of such change can accelerate
MBR: How do you see the progress of
your company so far? Are you amazed,
overwhelmed, did you think you would get
this far?
MBR: How did it all begin and what was it
like when you first started?
MJM: The beginning was unplanned! I was
happy and settled working with several
local top firms for four years, after having
travelled substantially as a student and going
through an internship in Warsaw. Within a
challenging economic climate in 2003 and in
a planned transition of sorts, I had a start-up
of my own. I first started working on family
business projects designing and setting up
the BoConcept showroom and offices for
example. It was raw and chaotic, but very
engaging. I certainly had a better work life
balance and income before I started, but
since I always wanted to work with a team,
I very quickly started building my own team.
Collaboration builds capacity, reinforces skill,
and provides professional solutions.
MBR: Where did you get the drive for the
business and what made you not give up on
it?
MJM: Coming from a background of family
businesses on both sides of my family, I was
exposed to different business types and
functions. Surprisingly, whilst that may have
provided an entrepreneurial foundation, it
is the potential of architecture that keeps
me going. I had witnessed a separation of
architecture in the way it was created such
that the result did not feel wholesome,
or complete. Also designing and building
architecture holistically is something that I
am still driven to achieve consistently. In an
ever more connected world, all must work as
one. Architecture is the perfect vehicle for
this since it presents a significant challenge
because of its complexity even when things
are kept simple.
MBR: What were some significant
challenges you have had to overcome and
Matthew J. Mercieca, Senior Architect & CEO, MJM│DA
significantly at times. So establishing
appropriate systems and processes, and
how these are maintained, have been
instrumental to keep the necessary balance
in a world that degenerates into chaos when
left unattended.
"Every time I felt that we
have been wronged, or
that we were treated
unfairly as a team, it has
made the firm stronger
MBR: Is there any event that has drastically
affected you in your journey, something that
has had a big impact in your entrepreneur
life?
MJM: Every time I felt that we have been
wronged, or that we were treated unfairly
as a team, it has made the firm stronger.
Many lessons learnt and the continuity of
having persisted with playing this game for
fifteen years gives me a lot of insight that I
appreciate daily.
MJM: I am very self-critical. So much so, that
anybody who has worked with me over the
years will tell you that I will expect everybody
to deliver to the best of their capacity. Too
many people are not ready to find out how
awesome they are. They stop short of going
the extra mile and pushing themselves to
get there. I believe we can get further. So
although people tell us we have done rather
well, I often feel that we have not even
started or somehow scratched the surface!
1. How have you seen workplaces changing
in the 21st century?
Speed: it’s faster than ever and expectations
are high on all fronts. Everybody expects
more from everybody. Costs to operate
a legitimate business with the right work
force, tools, operations and facilities are ever
higher. So the capacity to develop skills and
deliver is crucial. Malta however remains
rife with the acceptance of amateur services.
We see people settle for services that appear
25% cheaper and deliver less than 50% of the
work. Although many have created an art
form of complaining, learning to pay for the
right level of service and long term vision is a
special capability.
2. How has MJMDA maintained its position
during the past 15 years?
We have never stopped working hard, as
difficult as it has been. We are not quitters.
3. What major projects are you
proud of when looking back at your
accomplishments?
16

COMPANY ANNIVERSARY
Malta Business Review
Solid Porosity
Limber Lattice
Our projects have always had a strong
conceptual basis and purpose. That is why
we give them names. And these names are
not merely for the sake of vanity. They bear
meaning and depth either in client character,
purpose, aims, context, age or other
parameters. ‘Limber Lattice’, is a purpose built
office complex that blends quality, rationality
and efficiency with a lively dynamism and
active outlook. ‘Still Kinetic’ still strikes a
chord in architectural design psyche - I think
it is the best all round villa we have designed
and built, but it remains shrouded in secrecy
because of confidentiality. I am proud of
these and many more, to name a few ‘Solid
Porosity’, and ‘Rapprochement’, stand out
in the residential typology. But the biggest
project of all is the MJMDA project, and
where that project is today fills me with great
pride and appreciation, especially as we see
new like-minded team players join our fold.
4. What are your future plans (What do you
hope to achieve and how fast do you hope
to achieve it)?
Good development takes time! That I do
know now. I have always had very ambitious
plans for MJMDA, pacing and patience is
one of the best lessons I have learnt and still
actively learning through my sport regime. I
have also learnt not to say too much about
what I am working on, as although imitation is
a form of flattery, MJMDA likes to leverage its
ideas to remain at the cutting edge.
MBR
All rights reserved - Copyright 2018
Carcass
www.maltabusinessreview.net
17

Malta Business Review
ONE-ON-ONE
Interview with Malta's Foreign
Minister Carmelo Abela
by Florian Eder
with Zoya Sheftalovich
Presented by EPP Group
Minister Carmelo Abela
CHANNELING NAPOLEON’S SPIRIT… Carmelo
Abela has a spectacular office, loaded with
history. “This is the place where Napoleon
used to sleep,” Malta’s 46-year-old foreign
minister told me as he showed me around
his room via Skype. But he’s not completely
sure what to make of his surroundings — of
the painting behind him he says he doesn’t
like very much, of a bust of the Frenchman
who ruled over the island for two short years.
“I hope he’s not spying on me,” Abela joked.
I spoke to Abela to gauge the temperature on
the migration frontline ahead of Jean-Claude
Juncker’s Wednesday State of the Union
speech and next week’s Salzburg summit.
Stronger European border guard: As Juncker
prepares to set out a Commission proposal
for a strengthened European Border and
Coast Guard (EBCG) on Wednesday, Abela
issued a warning that a new mandate for the
EU’s agency shouldn’t mean more power for
Brussels. “Our position is that we believe that
there should be no further competence shift
to the European Border and Coast Guard,”
he said. “It’s member states, in accordance
with international rules and regulations, who
are responsible.”
When it comes to Malta’s assessment of the
Commission’s expected proposal, a thumbs
up or down will “depend of the amount of
funding that will be available for the EBCG”
and “on the assets that it will have — [and]
whether these will be provided by member
states,” Abela said. The EU’s naval mission
in the Mediterranean, known as Operation
Sophia, is important to Malta and should
not suffer as a result of shifting priorities, he
added. “We need to see how the EBCG will
operate in conjunction with Sophia.”
Still friends with Rome? Italy and Malta
have recently engaged in a war of words
over where the migrants rescued by Sophia
ought to be dropped off. But Abela says the
two countries have a lot in common. “The
argument that they make, we can agree on.
It’s maybe the way they express themselves,
or some of them express themselves,” he
said, trailing off. “I think we should engage
more, discuss more,” he added, insisting that
“on a bilateral level between Malta and Italy,
I have to say that relations are still strong.”
Any progress since June European Council?
More specifically, any sight of those
disembarkation centres? “I am not aware
that countries in Africa, more precisely in
North Africa have accepted, or that they
were even asked to host such centres,” Abela
said. “It’s still work in progress when we talk
about migration … we need to continue
working on how all member states can take
some form of responsibility and what form
this responsibility will take.”
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Pro subscribers.
MAJORITY RULES: Juncker is expected to
propose allowing EU foreign ministers to
make decisions via majority votes rather
than the current unanimity rule. Abela said
faster decision-making isn’t necessarily
better, pointing to his time in the home
affairs portfolio as evidence. “We took
decisions not by unanimity but by majority
… Then you had member sates who took the
decision to court, and even today you have
member states who have not implemented
fully the pledges that they made,” Abela said.
“The question is not exactly the method but
whether we stick to the decisions we made.”
"The argument that they
make, we can agree on.
It’s maybe the way they
express themselves, or
some of them express
themselves
But that’s not a ‘No.’ “If we expect unanimity
under every circumstances, I don’t think
we’ll come to many decisions,” Abela
acknowledged, pointing to the fact that it’s
difficult for so many EU countries to agree on
a decision. “We need to see how we can be
more efficient in taking decisions … imagine
with more member states in the future
joining the EU — I think it is an issue that
needs to be addressed.”
MALTA’S RED LINES: “Well, there are
competences for member states. One that
comes to mind is taxation and I think that’s
pretty clear for us.” MBR
Creditline: Brussels Playbook - POLITICO SPRL
18

ICT
Malta Business Review
Why IT-business Alignment Still Fails
By Minda Zetlin
Contributing Writer, CIO
With the push for digital transformation, relations between business and IT seemed
to be improving, then they took a left turn. Here’s what’s worth addressing to
improve alignment in your organization.
Do your company’s
IT leaders and top
business executives
have the same
understanding of
IT’s role within the
organization?
Back in 2012, researchers at Capgemini
asked this question of more than 1,300
senior executives. Sixty-five percent of them
answered yes.
Perhaps a number closer to 100 percent
would have been ideal, but the fact that
nearly two thirds of companies surveyed
believed business and IT were on the same
page was very good news. It represented
enormous and hard-won progress from the
bad old days when business executives saw
technology professionals as pointy-headed
geeks, and technology professionals saw
business executives as soulless and moneyobsessed.
In the past six years, though, alignment
between business and IT has gotten much,
much worse. Asked that same question this
year, only 37 percent of executives thought
business and IT leaders agreed on IT’s
role, according to a newly released study
by Capgemini. And that’s not all. Only 35
percent of respondents think IT and business
executives agree on how technology can
increase productivity, down from 59 percent
in 2012. Just 36 percent think IT and business
leaders have the same view of IT investment
priorities, down from 53 percent six years
ago.
This decline in business-IT alignment
happened in an era when IT leaders finally
started getting the “seat at the table” they’d
always wanted. Whether or not business
leaders believe that “every company is a
software company,” they all recognize the
game-changing power of technology across
all industries — and they’re expressing
that recognition with cash. IDC forecasts
that total worldwide spending on digital
transformation technologies will exceed
$1.3 trillion in 2018. MBR
Creditline: CIO
Photo credit: Getty Images
www.maltabusinessreview.net
19

Malta Business Review
TRANSPORTS & LOGISTICS
Express Trailers Formally Enters Manufacturing Industry
EXPRESS TRAILERS ENGINEERING LTD SET UP
Express Trailers has just launched its latest
venture, Express Trailers Engineering Ltd.
The company was launched with an event at
its premises during which it also celebrated
its 15 years of professional collaboration
with the world leader in proprietary sideloaders
Hammar Maskin.
After 15 years, Express Trailers Engineering
Ltd is now Hammar’s authorized partner
in the Southern European region and the
only recognised and accredited Hammar
equipment re-builder in the world,
recognised for its highest engineering and
tradesmanship quality standards.
“We can safely say that with the setting up
of Express Trailers Engineering Ltd, we are
taking our company Express Trailers back to
its roots when its eight founding brothers,
started building the company with their
own hands through their ‘can do’ attitude,
Franco Azzopardi, Chairman and CEO of Express Trailers
Express Trailers Engeneering
20

TRANSPORTS & LOGISTICS
Malta Business Review
their talent and propensity for mechanics and
engineering and their sense of resourcefulness,”
said Franco Azzopardi, Chairman and CEO of
Express Trailers in his inauguration speech.
“In fact, Express Trailers Engineering Ltd will be
operating under the leadership of Noel Vella,
who is a family member and who succeeds his
father Sebastian Vella, a veteran mechanic and
tradesman, a tool-maker in the industry and
one of the founding brothers. Noel Vella will
be leading a dedicated team of 25 tradesmen
who will be focused on the work commissioned
to us by HAMMAR namely the rebuilding and
reconditioning of side-loaders as well as on the
servicing of Express Trailers’ heavy equipment,”
added Franco Azzopardi.
Hammar Maskin produces proprietary sideloading
equipment for trailers made of high
tensile and lightweight steel that gives a huge
advantage to all logistics operators handling
containers single-handedly, be it cargo, mobile
offices for construction and other sites as well as
military mobile barracks and hospitals.
MBR
Creditline: Express Trailers
Express Trailers Engeneering
Express Trailers Launge
www.maltabusinessreview.net
21

Malta Business Review
ONE-ON-ONE
Q & A: Cancer Ahead of the Curve
By Sarah Wheaton
As the European Medicines Agency’s senior medical officer, Hans-Georg Eichler has
a front row seat to how the regulatory system adapts to new discoveries. Cancer, he
told Sarah Wheaton, is “the thin end of the wedge” of how research is conducted and
regulated. Eichler talked me through how cancer research offers a preview of what’s
to come in medicine.
Hans-Georg Eichler
MBR: How would you characterize the
state of European cancer research?
HGE: I would say the state of funding in
cancer research is not bad. When it comes
to basic research, I think Europe is also
pretty good.
It is becoming absolutely clear that we will
only be able to answer a fraction of all the
relevant research questions [with] clinical
trials. Many other questions, like what is the
right combination, what is the right [timing
for] this or that treatment, will have to be
answered on the basis of real-world data.
We suffer in Europe still from large
fragmentation. There are data, but they
don’t talk to each other. We have not yet
cracked how to be able to combine this into
one machinery.”
MBR: We are speaking on the same day
the developers of immunotherapy won
the Nobel Prize. How have regulators
responded to revolutionary new
treatments like these?
HGE: What we’ve now seen in some of
these products is very dramatic [evidence
of effectiveness], in smaller studies. That
is the good news. The bad news is you
have a smaller evidence base, and that is
sometimes being held against us. People
will say, “Oh, this product was authorized
based on data from only 70 or 80 patients.”
We have to communicate that when we
have very substantial effect sizes, it is in
patients’ best interest to allow a product
onto the market based on smaller studies.”
MBR: A lot of what I hear about cancer
research could probably be said about
any other biomedical research. What’s
unique about oncology?
HGE: Cancer is definitely the fastest
advancing field in the life sciences.
The idea of the platform trials, [which
simultaneously investigate multiple
treatments], where have those emerged
from? Again, cancer. We have so many
drugs to treat the same condition in the
pipeline that it absolutely makes sense to
tell five or 10 companies, “Look, would
you please run a platform trial instead of
your usual one-off, each one of you. It is
more efficient, it is more informative, get
together.” It took a little while, but I think
in oncology, it is here to stay. In other fields
it is here to come.
Creditline: Pro Intelligence – POLITICO
Global Policy Lab
Pro Intelligence is POLITICO’s brand
new platform that fuses the power of
technology with the power of journalism,
delivering the insight you need every day.
MBR
Creditline: POLITICO
Cancer rate by country
Germany has the highest rate of new cancer cases per 1,000 inhabitants in the EU.
Source: World Health Organization International
Agency for Research on Cancer
22

MALTA’S BEST ENTREPRENEUR
OF THE YEAR AWARDS 2018 ®
Leading the way, going the way and showing the way
SPECIAL FEATURE
THE
WINNERS
Elena & Oleg Roslavitskiy - Multimaxx Ltd
- Best Entertainment Entrepreneur of the Year
Oliver Scicluna - Chic Med Aesthetic Clinic
- Best Healthcare Entrepreneur of the year
- Best Male Entrepreneur of the Year
Jonas Eneroth - Karmafy Holdings Ltd
- Best Tech/Web Developer
Entrepreneur of the Year
- Best Start-up Entrepreneur of the Year
- Best CSR Entrepreneur of the Year
Alison White - Alison White Dance Studio
- Lifetime Achievement Award
Ramona & Roberta Preca -
Tal- Familja Restaurant
- Best Family Business Entrepreneur of the Year
Damian Galea & Jeffrey Sciberras -
Northern Properties
- Best Real Estate & Property
Entrepreneur of the Year
Joseph Portelli - J Portelli Projects
- Best Land & Property Entrepreneur of the Year
Daniel Grech - Shoreditch Bar & restaurant
- Best Innovation Entrepreneur of the Year
Vasilije Lekovic - Trustly
- Best Emerging Entrepreneur of the Year
- Best Igaming Entrepreneur of the Year
Paul Magro - Risk Cap International Ltd
- Best Young Entrepreneur of the Year
- Best Consulting, Advisory, Audit &
Tax Entrepreneur of the Year
Philip Farrugia - Dpro Ltd & Domos
- Best International Trade Entrepreneur of the Year
- Best Interior Design &
Decor Entrepreneur of the Year
Kristina Hambardzumyan - Betconstruct
- Best Female Entrepreneur of the Year
John Zanni - Acronis
- Best Digital/IT Entrepreneur of the Year
Mark Farrugia - Lidl Malta ltd
- Award for Excellence
Edwin Mintoff - EM Architects & Civil Engineers
- Best Architecture & Interior Design
Carlos & Ismael Borg - Mannarino Caterers
Entrepreneur of the Year
- Best Food & Beverage Entrepreneur of
- Chairman Value Award
the Year
- Overall Best Entrepreneur of the Year
Christina & Stephan Ellul Vincenti - CS Projects Ltd
- Best Industry Entrepreneur of the Year

Malta Business Review
SPECIAL FEATURE: MBEOTYA 18
A Reputation for Excellence
By Martin Vella
Exclusive Interview with Dr. Edwin Mintoff, Managing Director of EM Architects
and Civil Engineers
2018
Architecture and the commercial property
market in Malta has changed drastically over
the past few decades to contain new areas
of growth and one of these has been the
demand for large-scale commercial office
buildings.
Five years back and we witnessed the launch
of a number of iconic buildings among which,
were Skyparks at Malta International Airport
and 14 East Tower, Fimbank’s group head
office in St Julian’s.
Valletta and additionally EM Architects feel
that this city can only survive if it adjusts
to contemporary conditions. This is why
for us urban architecture is of the utmost
importance, so as to create a new layer in
Valletta’s history which respects the old but is
conscious of the new,” told us Dr Mintoff.
In the case of Domus Zamittello, the entire
façade stonework had to be completely
restored, metal inserts removed and joints
raked out and re-pointed. “The elevation
which differ radically from residential
buildings. Therefore, the design had to
address the bank’s objectives to create an
iconic, yet functional, building sensitive to
both local culture as well as environmental
considerations, while also reflecting the bank’s
corporate identity and global presence.”
“Numerous other factors taken into
consideration in the design stage included
location, aesthetics, functionality, air quality,
energy efficiency and also the building’s
long-term sustainability and environmental
performance. To achieve this, modern design
techniques were utilised to meet the practical
necessities and specifications of the space,”
he added.
An architect who has been involved in the
design of these projects is Edwin Mintoff of
Edwin Mintoff Architects and Civil Engineers.
Dr Mintoff has been in practice for over 33
years and, in that time, has seen his firm
expand to a large, architectural, civil and
structural engineering firm, working on
various prestigious projects in Malta and
beyond.
His practice has also expanded overseas,
mainly to Europe, as well as North Africa, and
has included development of offices, hotels,
restaurants and banks, community centres,
residential developments and other projects
in Italy, Latvia, Tunisia, Libya, Turkey, Spain
and Sudan, apart from various regeneration
plans, such as in Cospicua and Marsaxlokk,
the Macina and the Domus Zamitello projects.
“It is of upmost important to safeguard the
architectural heritage that is our capital city
Projects by EM Architects
along South Street was in a perilous structural
condition due to war damage compounded
with subsequent civil works. Our design
incorporated arches, so as to reinstate
structural stability whilst simultaneously
emulating the original building façade,” he
rationalised.
With this philosophy, EM Architects embarked
on the design of this palazzo which dates
back to the eighteenth century located in a
prime location of Valletta. Its restoration has
contributed significantly towards the urban
renewal of Valletta and in particular to its
immediate surroundings. This project was
awarded the Planning Authority award for
Conservation Architecture 2018.
In 2009, Edwin Mintoff Architects was
charged with the task of designing Fimbank’s
headquarters in Pendergardens. Dr Mintoff
explains, “projects of that size and nature
have their own particular requirements,
"It is of upmost
important to safeguard
the architectural
heritage that is our
capital city Valletta
and additionally EM
Architects feel that this
city can only survive if it
adjusts to contemporary
conditions.
“A number of distinct architectural and
interior design concepts were presented
to the bank prior to the choice of the final
design – a building that incorporates clean,
visual design lines that best communicate
Fimbank’s strategic, global corporate vision in
an architectural form,” Dr Mintoff explained.
I asked Dr Mintoff about the Macina and he
rapidly elucidated, “This early 17th century
building, originally housing the mechanism
for ship mast fitting known as a ’macchina’,
was rehabilitated and given new life as a guest
house with ancillary facilities, including a pool,
bar, restaurant and cafeteria. It was a complex
project, both technically and philosophically,
and particular care went into the quality
of the finishes and design choices. Despite
creating the necessary luxury, the overall
concept retained the military, functional feel
of the building’s previous use, especially in
the staircase and the courtyard. This Is an
example in the rehabilitation and re-use of
24

military buildings, and out firm was awarded
the Prix d’Honneur for the Rehabilitation and
Re-Use of Buildings,” stated Dr Mintoff.
“The structure today is known as Macina
and formed part of St Michael’s bastion, a
critical part of the city of Senglea’s landward
defence,” explained the prolific architect,
going on “It was utilised for ship mast fitting
from the early 17th century; the bastion
originally housed a machine made of
hardwood, which was later changed to steel
in 1864. By 1927, however, the machine was
dismantled in favour of a floating lift crane,
and the Macina has subsequently been
used for a variety of purposes including the
Admiralty’s Head Office, a Trade School and
a political party headquarters. More recently,
it has been used as an exhibition space for
special events.
“EM Architects’ design was based on the
desire to preserve and enhance this historical
building and restore it to its former glory,” Dr
Mintoff maintained, going on to explain that
this was primarily analysed with regards to
the site location and surrounding amenities,
so as to determine how the project could
contribute to the holistic urban regeneration
of the Three Cities. “It was also of primary
importance that the building was finally
protected and restored so that it could be
enjoyed for years to come. The new layout
was designed to maximise the traveller’s
engagement with the history of the building
and the culture of the surrounding area,” he
says.
After years of disuse and continuous exposure
to rain, wind and sea-spray, when it came to
the commencement of construction works,
the building was badly in need of repair,
the architect recalls. “The existing coralline
and franka limestone was found to be
deteriorated in certain locations, and had
to be replaced, and certain areas which had
been plastered over had to be cleaned,” he
explains. Apart from this, as is common with
many historic buildings in Malta, numerous
modern alterations and additions were
also discovered, which were constructed
using methods and/or materials which are
incompatible with the older fabric. “Many
of the post-war repairs were low-budget and
make-shift, like many of the first and second
floor ceilings. Certain areas of the existing
structure, in particular those which were
repaired following the damage caused in
World War II, were found to be structurally
unstable and impossible to repair. A portion
of the building had also been damaged by
an arson attack and also had to be replaced,
as the fire had severely decreased the area’s
structural integrity,” maintained Dr Mintoff.
Dr. Mintoff and his team were in fact the
recipients of both the ‘Din l-Art Helwa’ award
as well as the ‘Planning Authority Award’
for the rehabilitation of the Macina, to his
immense satisfaction.
"The new layout was
designed to maximise
the traveller’s
engagement with the
history of the building
and the culture of the
surrounding area.
SPECIAL FEATURE: MBEOTYA 18
The architect maintains that having worked
on the project for ten years, every decision,
even related to structural interventions, was
planned so as to respect the existing building.
“We hope that the Macina building serves as
an example and perhaps a benchmark for the
restoration and re-design of other historic
buildings in Malta,” he concluded.
In receiving the Malta Entrepreneur Award,
I felt very proud not just for myself but
Malta Business Review
more importantly for all the hard work put
in by all my staff as we function as a closeknit
team. Being such a successful and well
attended event, it was an honour to be called
on stage. The quality of all the contenders’
achievements was very high and I felt very
privileged to have been bestowed with the
awards and particularly the ‘Overall Best
Entrepreneur of the Year Award’. MBR
All rights reserved - Copyright 2018
Editor’s Note
The firm of Edwin
Mintoff Associates
was set up some 33
years ago by Dr Edwin
Mintoff, an architect
and civil engineer, who
became one of the first
Maltese architects to
obtain a doctorate Ph.D.
in the field of architecture and urban design.
It has since expanded into one of the largest
civil architecture and engineering firms on the
Island and now offers a wide range of services
including land use and environmental planning,
urban design, architectural and interior design,
civil, road and structural engineering, land and
quantity surveying, as well as cost consultancy in
Malta and overseas. The firm today is known as
EM Architects and Civil Engineers. Dr Mintoff was
recently awarded as Malta’s Best Architecture &
Interior Design Entrepreneur of the Year, Malta’s
Overall Best Entrepreneur of the Year and also won
the Chairman Value Award during Malta’s Best
Entrepreneur of the Year Awards 2018. Only this
month they were awarded the Planning Authority
Award for Conservation Architecture for their
project ‘Domus Zamittello’.
Projects by EM Architects
Projects by EM Architects
www.maltabusinessreview.net
25

Malta Business Review
SPECIAL FEATURE: MBEOTYA 18
It’s All About Integrity
By Martin Vella
MBR interviews Joseph Portelli, Managing Director at J Portelli Projects, and winner of Malta’s Best Land &
Property Entrepreneur of the Year 2018. Mr Portelli was interviewed on his general views, as well as insights
and we found out he is full of so many ideas, optimism, and mottos that describe his approach to what he calls
“smart growth”, as his reinvestments in used commercial buildings is catalytic and sets out to restore not only the
surrounding environment they inhabit, but their surrounding communities.
2018
Joseph Portelli, Managing Director, J Portelli Projects receiving Malta’s Best Land & Property Entrepreneur of the Year 2018 by
Paul Magro, Founder & Managing Director - Risk Cap International Ltd
MBR: What motivated you to start J Portelli
Projects? How did the idea come about?
JP: I began my first business at a very young
age. I was only 16 when I ventured into the
catering world by getting a concession for
a small catering establishment which I ran
successfully for several years. However,
even at this very young age, it was evident
that my passion was inclined elsewhere.
In the early 90s I started buying properties
for development and sale. A doer from day
one, my vision for an integrated group that
specialises in developing residential and
commercial real estate projects took off in
1996 – and JPortelli Projects was born.
MBR: How would you measure success in
what you do and also in the role you hold?
JP: I believe that success is not only measured
in financial terms. Client satisfaction and
attainment of time-frames and targets are
"They create
transformative cultural,
corporate, residential
and other spaces that
work in synchronicity
with their surroundings.
equally important. True success is measured
by the repeat business generated.
MBR: How much oversight/interaction do
you like to have from your manager when
working on a project and how important
are the relations you keep with your team?
JP: My people are the reason I managed
to build a successful business over the
years. Every single member of the team is
important in the attainment of our goals.
MBR: What is the most interesting
entrepreneurial project you’ve worked on?
What did you learn from this, and how did
you apply it?
JP: Every project has its interesting
aspects, however I must say that the most
interesting one so far is the Mercury Towers
project. This project is being designed by
Zaha Hadid Architects, in fact it was the
26

SPECIAL FEATURE: MBEOTYA 18
Malta Business Review
last design signed off by Dame Zaha Hadid
herself before her untimely passing in 2015.
Mercury Towers stands to become the most
iconic building in Malta insofar as modern
architecture is concerned.
Many architects are called on to create new
projects that stand as symbols of social
progress – but none delivered as regularly,
as unexpectedly and as spectacularly as Zaha
Hadid. Her successes were so consistent,
she received the highest honours from
civic, academic and professional institutions
across the globe. Her practice remains one
of the world’s most inventive architectural
studios – and has been for almost 40 years.
Currently 950 projects in 44 countries, Zaha
Hadid Architects work at all scales and in
all sectors. They create transformative
cultural, corporate, residential and other
spaces that work in synchronicity with their
surroundings.
Zaha Hadid’s pioneering vision redefined
architecture for the 21st century and
captured imaginations across the globe.
Each of her projects transformed notions of
what can be achieved in concrete, steel, and
glass; combining her unwavering optimism
for the future and belief in the power of
invention with advanced designed, material
and construction innovations.
Their expertise and attention to detail is
second to none and working with them has
been an experience.
MBR: What kind of “tools” do today’s
entrepreneurs want/need, and how is
your company positioning itself to be of
value to this segment?
JP: It’s all about integrity.
MBR: Who has been your greatest
influencer along your entrepreneurial
journey? How did they shape J Portelli
Projects?
JP: My family. They are my motivation to
always be the best I can be.
"I always believed that
success is a consequence
of hard work.
MBR: How do you balance life and work to
remain connected and available for your
loved ones? Any advice for our readers?
JP: Setting realistic deadlines and always
keeping in mind what is truly important.
Building a strong team of people around me
was also pivotal and allowed me to plan my
time successfully. My family are my anchor
and help keep me grounded.
MBR: What is your overall approach to the
real estate market today?
JP: The real estate market is always growing
exponentially. However, there was a
change in the market as of the last ten
years. Customers are now more aware of
quality and value for money investments.
We have always provided excellent returns
to our clients, and that will always remain
the main reason why J Portelli Projects not
only retains its client base, but keeps on
increasing it year on year.
MBR: Hailing from Gozo, Can you tell
us about how you felt when your name
as Directors of J Portelli Projects was
announced as Malta’s Best Land &
Property Entrepreneur of the Year
JP: At times being Gozitan has its limitations
especially when it comes to networking with
the big players in the market, however I never
let this stop me or slow me down. I always
believed that success is a consequence
of hard work. It was a great honour to be
nominated and an even greater honour to
win.
MBR: How significant is it to be recognised
by such prestigious awards and would you
support sponsoring such causes in the
future?
JP: This award is extremely prestigious as
it validates the hard work, passion and
dedication we put into all our projects.
Yes I would support similar causes in the
future especially where it comes to inspiring
budding new architects and the contribution
they will make to our islands’ architectural
future. MBR
All rights reserved - Copyright 2018
Joseph Portelli, Managing Director , J Portelli Projects and his team at the Malta's Best Entrepreneur Awards of the Year 2018
www.maltabusinessreview.net
27

Malta Business Review
SPECIAL FEATURE: MBEOTYA 18
A Sense of Achievement
2018
Jonas Eneroth, CEO, Karmafy
receiving Best CSR Entrepreneur of the Year Award by Charles Sciavone
Interview with Jonas Eneroth, CEO,
Karmafy winner of Malta’s Best
Tech/Web Developer Entrepreneur
of the Year, Best Start-up
Entrepreneur of the Year and Best
CSR Entrepreneur of the Year 2018.
MBR: Can you tell us a little bit about your
company, Karmafy and define your role?
JE: Karmafy builds a platform for B2B
empowerment where we help drive
customer value through providing a means
for them to do good. This results in better
metrics, improving retention, social sharing
and engagement. For gamers, websites and
even internal business tools, this type of
gamification can greatly improve bottom line
value.
My role as CEO really focuses on strategy and
ensuring we execute on our vision and have
the tools and means at our disposal to fuel
ourselves as a team.
MBR: How did you find out what you
wanted to do in your life and why Karmafy?
JE: While my background and family are
on the Investment Banking side, my main
hobby from about 10 years old has been
programming. While at Georgetown
University I worked on a number of side
projects involving programming, design and
content creation. After graduation, I moved
back to London and started working for BNP
Paribas as part of their Fixed Income team.
At the same time, Bungie Software, of Halo
fame, offered me a role in Chicago. Luckily,
I could take the plunge and take a year to
fulfill my boyhood dream of working with
games. 25 years later, I am still at it.
Karmafy is the perfect way to combine a
startup with my personal goal of doing
good in the world around me. Our platform
approach is unique and our metrics are
strong, which in turn has enabled us to
prove that our approach works and really
helps our customers. Here in Malta, you can
play Dancing with the Stars on your mobile
and for free, turn some of the time spent
playing into real support for a number of
good causes.
MBR: What is your biggest failure and what
did you learn from it?
JE: It is easy to underestimate the time it
takes to get a startup off of the ground. As an
entrepreneur, we are used to challenges. But
a startup is doing something brand new and
while exciting, resilience is key.
MBR: What are your most important
leadership attributes?
JE: I have been lucky to be able to combine
education and experience and use them
to become quite multifaceted in my role.
This ability has been useful in being able to
contribute in many areas while also knowing
"As an entrepreneur, we
are used to challenges.
But a startup is doing
something brand new
and while exciting,
resilience is key.
when to step aside and let the experts get
on with it. Coupled with patience, this has
helped us build and maintain a very special
team.
MBR: How did your story with Karmafy
get started and where do you wish your
company stand in two/three years time?
JE: I was working on a video game concept in
Zimbabwe, a Farmville type game based on
Africa, both as a fun and an educational title.
Two of the other founders were working
on similar concepts but from different
perspectives. Dave Mariner was taking a
more technology based approach with a
strong brand element while John Klepper,
focused more on a platform approach.
The core shared vision, was using a game
to do good, as a driver for players and the
developer making the game. After a year
of working virtually and with assistance
from Malta Enterprise, we secured our
first investment round and the entire team
relocated to Malta to set up our office.
We are in the midst of onboarding several
new games and other B2B verticals, such
as banking and rewards. The size of those
projects will put us significantly ahead of
current projections and lets us grow the
platform significantly. Our mission is to
create a billion philanthropists and at this
rate in three years time, we stand ready to
achieve that.
MBR: What were the most important
lessons you learned growing and
developing the company?
JE: Patience, resilience and having an ability
28

SPECIAL FEATURE: MBEOTYA 18
Malta Business Review
to take on many roles has been extremely
valuable. We have been fortunate to work
locally with key stakeholders, from Gaming
Malta, to Trade Malta, Malta Enterprise and
many others. It has grounded us and led to
many significant opportunities. While we
have a 99.9% export focus, we all live and
work in Malta and this has had a big impact
on us.
MBR: What is your favourite part about
what you do?
"Our mission is to create
a billion philanthropists
and at this rate in three
years time, we stand
ready to achieve that.
JE: Knowing that what we do as a company
has real impact on the world around us is
an incredible reward in and of itself. We are
bringing together really cool technology,
gamification and a brand new business model
and we can see it working at each step. That
is so rewarding and makes the long hours we
spend in the office worthwhile.
MBR: Can you tell us how you felt when
your name was announced as not once, not
twice, but three times winners in Malta’s
Best Entrepreneur of the Year Awards
2018?
JE: It was amazing not just to be nominated
but also to win three prizes in very
competitive categories. Best of all was to win
prizes in each of our core pillars - Startup,
CSR and Technology. This really translates
into underlining our business approach,
model and the strength of our team.
MBR: You have been adjudged as outright
winner in Best Tech/Web Developer
Entrepreneur of the Year, Best Start-up
Entrepreneur of the Year and Best CSR
Entrepreneur of the Year – how significant
are these prestigious awards bestowed on
you/Karmafy?
JE: The awards have really given the whole
team a significant boost and being in the
middle of a round of raising funding, it has
really had a positive impact on our investors.
To win them in each of our core pillars really
gives us a sense of being on the right track.
MBR: Can you describe your experience
about the organisation and also importance
of these high profile awards.
JE: From being told we have been nominated
to the event itself, the journey from there
to here has been fun and pleasurable. That
my mother could watch the livestream was
really a big and positive surprise.
These awards help the Karmafy team feel a
real sense of achievement, especially winning
in three high profile categories. The result
has been an even stronger commitment and
sense of achievement, and will be valuable
for a long time to come for the entire team.
MBR
All rights reserved - Copyright 2018
Jonas Eneroth with the Karmafy team at Malta's Best Entrepreneur of the Year Awards 2018
www.maltabusinessreview.net
29

Malta Business Review
ANALYSIS & DEBATE
MALTA’S BEST ENTREPRENEUR
OF THE YEAR AWARDS 2018 ®
Leading the way, going the way and showing the way
The Marsa Sports Club
Thursday 20 th September, 2018
MALTA BUSINESS REVIEW
SIMON
ESTATES
George Curmi a.k.a il-Pusé
HE Marie-Louise Coleiro Preca, President of Malta
Yada Dance Co
Award on Display
Arrival of Guests
Guests with Backdrop
Performance by Yada Dance Company
Guest Table
Magician Brian Role’ together with his partner Lourdes C. Palmer
30
Guests During Dinner
Performance by Yada Dance Company
Singer Andreana Debattista with Event Organiser Martin Vella

BRANDING
Malta Business Review
Elena & Oleg Roslavitskiy - Multimaxx Ltd
Oliver Scicluna - Chic Med Aesthetic Clinic
Paul Magro - Risk Cap International Ltd
Alison White - Alison White Dance Studio
Damian Galea & Jeffrey Sciberras - Northern Properties
Vasilije Lekovic - Trustly
Jonas Eneroth - Karmafy Holdings Ltd
Joseph Portelli - J Portelli Projects
Kristina Hambardzumyan - Betconstruct
Mark Farrugia - Lidl Malta ltd
Edwin Mintoff - EM Architects & Civil Engineers
Christina & Stephan Ellul Vincenti - CS Projects
Philip Farrugia - Dpro Ltd & Domos
www.maltabusinessreview.net 31
Ramona & Roberta Preca - Tal- Familja Restaurant Daniel Grech - Shoreditch Bar & Restaurant

Malta Business Review
SSPECIAL FEATURE: MBEOTYA 18
Performance & Success
By George Carol
Interview with Oliver Scicluna, Director, CHIC Med-Aesthetic Clinics – Winner of Malta’s Best Healthcare
Entrepreneur of the Year and also Best Male Entrepreneur of the Year Award during Malta’s Best
Entrepreneur of the Year Awards 2018
2018
Interview with Oliver Scicluna, Director, CHIC
Med-Aesthetic Clinics – Winner of Malta’s Best
Healthcare Entrepreneur of the Year and also
Best Male Entrepreneur of the Year Award
during Malta’s Best Entrepreneur of the Year
Awards 2018
MBR: What do you think you have contributed
to the Med-Aesthetic Services and Primary
Medical Care industry?
OS: CHIC has been able to offer med-aesthetic
treatments using the most innovative
equipment and techniques available on the
market worldwide, by internationally-trained
medical doctors, within a state-of-the-art
medical centre, and at great value for money.
Thus, not only were we able to innovate, but
we were also able to give access to the finest
treatments at very competitive rates.
Moreover, we worked hard to educate the
public further on the exceptional efficacy and
safety profiles of rejuvenation treatments, when
carried out by properly trained and experienced
professionals. Within primary care we offer
prompt medical care and assistance to patients
within the foreign and local community of the
MIA, SkyParks and surrounding villages.
MBR: What’s your three top success tips for
young entrepreneurs?
OS: 1. Learn: Be it a business degree, your past
work experiences, speaking to the elderly - try
to absorb as much information as possible. The
more data housed in your brain, the healthier
your decisions will be.
2. Have a clear strategy: Start by building
a detailed business plan. This will help you
communicate your strategy with any concerned
parties as well as stay focused on what is
required to achieve your goals.
3. Success is only measured in happiness:
Performance and success are not the same
thing. Whatever you do, see that it never leads
to a lesser amount of happiness. Most of the
time the journey to better performance will be
the most successful part of your life.
MBR: Can you tell us about your feelings when
your name was read out as the winner of
Malta’s Best Healthcare Entrepreneur of the
Year and also Best Male Entrepreneur of the
Year Award during Malta’s Best Entrepreneur
of the Year Awards 2018?
OS: Overwhelmed, proud and honoured. I felt
particularly proud of my team as both awards
are a certification of our collective efforts.
Healthcare has been my passion from the very
beginning of my career, and to top that, to be
recognized as Malta’s Best Male Entrepreneur
of the Year is surely overpowering.
MBR: How significant are such awards, what is
your feedback on the event and what’s next?
OS: Whilst the biggest certification normally
comes from our patients and clients who
consistently maintain their trust in our work,
receiving a tangible award further confirms
achievements and helps you celebrate a
milestone in your life.
The MBEOTYA event in itself presents an aura of
prestige and refinement, bringing together the
top entrepreneurs in the country, to celebrate
achievements made, in the presence of their
team members, loved ones, and distinguished
guests. It’s a wonderful experience.
MBR: As a die-hard entrepreneur at heart,
how do you help people define what true
entrepreneurship is and what it takes to be a
leader, and helps people dispel the myths of
businesses?
OS: Business is the activity of trading and
honest business is the process by which each
party benefits from such activity.
Customers, employees and all stakeholders
are very sensitive to honest business and
are automatically attracted to it. Keep your
intentions pure and never play with their trust.
It will take suspicion, not proof, to lose it. MBR
All rights reserved - Copyright 2018
Oliver Scicluna, Director, CHIC Med-Aesthetic Clinics, receiving Best Male Entrepreneur of the Year Award by
Jonas Eneroth, Karmafy
32

SPECIAL FEATURE: MBEOTYA 18
The Power of Purpose
Malta Business Review
Interview with Dr. Paul Magro, Founder & Managing Director - Risk Cap International Ltd, who was recently voted by independent judges
as Malta’s Best Young Entrepreneur of the Year and also Malta’s Best Consulting, Advisory, Audit & Tax Entrepreneur of the Year 2018
during the MBEOTY awards.
Dr. Paul Magro, Founder & Managing Director - Risk Cap International Ltd, receiving Malta's Best Consulting, Advisory,
Audit & Tax Entrepreneur of the Year Award by Martin Vella MD MBR Publications Ltd
MBR: What do you think you have contributed
in the risk management and compliance
services to the financial services industry?
PM: RiskCap's has contributed to the financial
services industry with risk management and
compliance services on the pediments of
independence, commitment and expertise.
Our risk management services are based on
quality risk reporting and detailed risk analytics.
Whereas our compliance services are based on
a team of professionals with compliance and
legal backgrounds with expertise in the financial
services industry offering our clients the
compliance support required to ensuring that
their businesses operate in line with regulations.
MBR: What’s your three top success tips for
young entrepreneurs?
PM: These days, almost everyone has the dream
of starting their own company. Three success tips
that I would give young entrepreneurs would be:
(i) Prepare to make sacrifices - There’s no such
thing as an overnight success. You will need to
study your market, get your finances in order
and tune up your business knowledge. Becoming
a successful entrepreneur requires an intense
level of dedication and this means sacrificing
both time and money to make it happen. In
the startup phase there will be more bad days
than good. This will test your resilience to make
sacrifices;
(ii) Be an active part of the Entrepreneurial
Community - A great way to learn and establish
yourself is to be part of different entrepreneurial
groups. Attending panel discussions,
networking events and immersing yourself in
the entrepreneurial community is extremely
important. The more you raise your visibility, the
easier it will be for people to associate you with
what you are working on.
(iii) Build a Great Team - An essential part of
establishing yourself is having a team and a set
of advisors including a mentor who can work
with you to build a great startup.
MBR: Can you tell us about your feelings
when you learnt you won the Best Young
Entrepreneur of the Year and also the Best
Consulting, Advisory, Audit & Tax Entrepreneur
of the Year during Malta’s Best Entrepreneur of
the Year Awards 2018?
PM: “Your work is going to fill a large part of your
life, and the only way to be truly satisfied is to do
what you believe is great work. And the only way
to do great work is to love what you do.”
I love what I do and believe in what RiskCap can
achieve. What my team and I have achieved over
the past 5 years has been remarkable. It was an
amazing feeling to not only be nominated but to
win these 2 awards in the presence of family and
colleagues to celebrate our success.
"Becoming a successful
entrepreneur requires
an intense level of
dedication
and this means
sacrificing both time
and money to make it
happen.
MBR: How significant are such awards, what
is your feedback on the event and where does
this lead you now?
PM: These awards are significant. The process
can be tedious and time-consuming but in the
being nominated and especially winning an
award, generally outweigh the time and effort.
The benefits of the awards including building
the company’s brand, building credibility,
expanding networks, celebrating the staff and
attract talent. The feedback I received following
the event was overall very positive within the
business space clients (new and old), partners,
were in touch to congratulate us and strengthen
relations. Family and friends were also very
proud of the achievements. These awards have
given me an injection of energy to continue
building RiskCap’s brand.
MBR: As a die-hard entrepreneur at heart,
how do you help people define what true
entrepreneurship is and what it takes to be a
leader, and helps people dispel the myths of
businesses?
PM: These awards are significant. The process
can be tedious and time-consuming but in the
end being nominated and especially winning an
award, generally outweigh the time and effort.
The benefits of the awards including building
the company’s brand, building credibility,
expanding networks, celebrating the staff and
attract talent. The feedback I received following
the event was overall very positive within the
business space clients (new and old), partners,
were in touch to congratulate us and strengthen
relations. Family and friends were also very
proud of the achievements. These awards have
given me an injection of energy to continue
building RiskCap’s brand. MBR
All rights reserved - Copyright 2018
www.maltabusinessreview.net
33

Malta Business Review
SPECIAL FEATURE: MBEOTYA 18
An Avant-Guard Approach
By George Carol
It was great to get to know Damian Galea and Jeffrey Sciberras, avante-garde Directors of Northern
Properties, trustworthy agents who understand their specific needs is paramount to making that
transaction go smoothly and successfully, and who recently have won Malta’s Best Real Estate &
Property Entrepreneur of the Year.
2018
MBR: What do you think Northern Properties
have contributed to the Real Estate and
Property industry that warrants merit?
RS: Northern Properties have been
established since 2011 with the main focus
to specialise in the Northern areas. The
agency has contributed expertise and market
intelligence along with a one stop shop service
to its existing and prospective customers. Our
success is seeing our customers satisfied and
our testimonials are a witness of this.
All merits are attributed to Northern Properties
not only because of its outstanding financial
performance, but also due to its excellent
relations and continuous developments
between the B2B and B2C segments.
MBR: Can you tell us about your feelings
when the names of Damian Galea &
Jeffrey Sciberras as Directors of Northern
Properties were announced as Best Real
Estate & Property Entrepreneur of the Year
during Malta’s Best Entrepreneur of the Year
Awards 2018?
RS: The feeling is one of paramount happiness
and satisfaction, with emotions running all
over the place. Both Damian and Jeffrey are
humble people and are not people who enjoy
making too much noise. They have always
focused their energy and synergies within
their core, investing a lot in their team and
giving their customers a feel good factor and
ensuring a healthy organic growth. Therefore,
hearing their names and seeing them
achieving such a prestigious award seals all
they have been working for along these years.
MBR: How significant are such awards, what
is your feedback on the event and what’s
next for Northern Properties?
RS: These awards have been significant since
the mission and vision of the company for
this year have been achieved and such work
has been recognised on a wider scale. This
has given the directors further motivation
to strengthen their ideals and values and
keep growing. This is not all, by end of year
Northern Properties will be making some new
adjustments and announcements which will
seal end year 2018 in style. Definitely, we have
a lot cooking up for 2019/2020 and we are all
very excited to conclude on our business and
marketing plans and looking forward to depart
full swing next year.
Our feedback regarding the event is a very
positive one from a holistic point of view.
As a matter of fact we would like to take
this opportunity to thank once again the
Jeffrey Sciberras & Damian Galea at the Malta's Best Entrepreneur Awards 2018
Jeffrey Sciberras & Damian Galea at the Malta's Best Entrepreneur Awards 2018
organisers for this event and for supporting us
with all our concerns.
MBR: Revolutionizing the way real estate
is transacted is a bold statement, how has
Northern Properties chosen to change
the real estate market and what is your
differentiating factor?
RS: Revolutionizing is a very strong word
indeed. Having said so anticipating and
analysing market trends, and gearing up for
them is key in this industry. The property
market on the Maltese Islands have been
enjoying a steady price increase fuelled by
the persisting demand both of locals and
foreigners including also developers and
investors.
Our differentiating factor will not be divulged
otherwise we will have competition feasting
and riding on our modus operandi. Jokes
apart, our differentiating factor is simply
working as a team, a team full of resources,
each and every individual has a lot to bring
on the table, therefore, combining all these
synergies, coupled with integrity and loyalty
is definitely what makes us different from
competition. MBR
All rights reserved - Copyright 2018
34

SPECIAL FEATURE: MBEOTYA 18
Malta Business Review
Elena Roslavitskiy:
"I Don't Think Gender is Relevant in the Tech Industry"
CEO Elena Roslavitskiy does not think the issue of gender in the workplace is very
relevant to the technology industry. MBR interviewed Elena following her joint success
with her partner Oleg Roslavitskiy, both Directors at Multimaxx Ltd, after winning
Malta’s Best Entertainment Entrepreneur of the Year 2018
Here is what she said to MBR’s Martin Vella
in reference to why the gender of a CEO in
entertainment did not matter: “The moment
you play into that, it's an issue... In technology
entertainment we live at a rare, fast-moving
pace. There are probably industries where
gender is more of an issue, but our industry is
not one where I think that's relevant.”
The controversy as to whether men and
women are treated equally in the tech
entertainment workspace is ongoing, which
is what makes Elena's take so interesting.
While Roslavitskiy says the sex of a CEO in
the tech industry is not "relevant," the media
has not been able to stop talking about how
sexist the tech industry can be.
The Guardian, for instance, polled tech
industry workers and learned that 73% of
male and female respondents believed
the industry to be sexist. Wired ran a story
in July that described the experiences of
female entrepreneurs that had been caught
in uncomfortable situations because of their
gender. There are dozens of stories like these.
"We need to kind of break down these myths
of a woman's approach is the wrong one, and
she should be acting more like a man," Elena
told us. "Success! How I Did It." "We should
think about how do we as business leaders
embrace the differences of all people and
advance the careers of all." That's not to say
all women in the tech industry feel this way,
but it has been a controversial topic.
At the same time, there is a noticeable
discrepancy in the number of male versus
female tech employees at major Silicon Valley
companies. Only 37% of Yahoo employees
are female, for example, and only 30% of
Google's workforce is composed of women.
“I guess I was always destined to be an
accountant. And I really loved that. But
through the years, watching their business
grow, and watching them succeed and how
they were so focused on their customer, on
their employees, and, it just taught me a lot
about business, although it wasn't like they
sat me down and said, "Here's how you do
this." It was just watching them because it
was such a part of our family practice. MBR
All rights reserved - Copyright 2018
Elena & Oleg Roslavitskiy, Directors at Multimaxx Ltd receiving Malta’s Best Entertainment Entrepreneur of the Year Award by Philip
Farrugia, Dpro Ltd & Domos
www.maltabusinessreview.net
35

Malta Business Review
MALTA BLOACKCHAIN SUMMIT
MALTA BLOCKCHAIN SUMMIT
– the natural home for blockchain and DLT
Date: 1-2 November 2018 | Venue: InterContinental | Address: St George’s Bay, St Julians
Buy tickets: https://maltablockchainsummit.com/buy-tickets
We’re only a short while away. No lesser figure
than Tim Draper has given his endorsement
to the efforts made, and the results achieved,
by Malta as a burgeoning Blockchain Island.
Indeed, the forward-thinking nature of the
new laws themselves constitutes something
of a competitive advantage for Malta as a
jurisdiction.
The importance of this development cannot
be understated. It means that blockchainoriented
enterprise can engage with legacy
banking organizations, and operate with
the peace of mind afforded by clarity. I must
give a huge tip of the hat to this Maltese
legislature, who passed the three specific
bills that provide this legal certainty with
exceptional agility.
The inaugural edition of the Malta Blockchain
Summit is obviously capitalizing on this
momentum, and has already exceeded
expectations in many regards. However,
as the landmark event for the Maltese
blockchain scene, the Malta Blockchain
Summit is also bringing its own energy to the
emerging Blockchain Island. Organised by the
same crack events team behind SiGMA, now
a globally-renowned brand in iGaming, the
Malta Blockchain Summit already comes with
a strong pedigree, even though the inaugural
edition is yet to take place.
Now that the ball is in our court, we’re
committed to making the Malta Blockchain
Summit the definitive event for this space.
We’re cognizant of our role in the process.
Our job is to shine the spotlight on others,
not ourselves. Everything about the Malta
Blockchain Summit has been designed with
that purpose. That means that initiatives
like our ICO Pitch and our Hackathon are
intended to give the whole scene a boost.
That’s where the Malta Blockchain Summit
comes in. As SiGMA has already made itself
a key part of Malta’s iGaming infrastructure,
the Malta Blockchain Summit aims to give
the Maltese blockchain and DLT scene a true
focal point. It’s not entirely altruistic. A rising
tide lifts all boats – if we’re able to project the
immense promise of blockchain, give the best
ICOs a lift, and attract the best developers to
our burgeoning Blockchain Island, everyone
will be better off, ourselves included. This
tech is still at the stage where success and
failure are neither fatal nor final, and a lot of
lessons are being learned on the fly. Our goal
is to help forge the right connections, and to
provide the right talking shop to speed up
that learning.
Equally important to us is the possible
interplay with other promising emerging
technologies. Blockchain, AI and IOT look
like they could mesh together very well,
and completely change how we conduct
our human affairs. We’ll be exploring these
exciting prospects throughout our show.
The summit is comprised of four conferences
covering the field’s regulatory, marketing,
affiliation and investments, tokenomics
and cryptocurrencies, as well as fintech
and blockchain for developers. To provide
the best value proposition for exhibitors,
blockchain developers and affiliates are
invited to the Malta Blockchain Summit free
of charge. The summit also includes a twoday
Hackathon, an ICO Pitch, a buzzing expo
floor, a Blockchain Awards Ceremony, and
ends with an unwinding Crypto Cruise.
MBR
Creditline: Malta Blockchain Summit
Creditline: Malta Blockchain Summit
36

LOREM
Malta Business Review
300
EXHIBITORS
5 K
DELEGATES
1 K
INVESTORS +356 7903 2006
SUNNY DHILLION
YIDA GAO
EVA KAILI JOHN McAFEE JOSEPH MUSCAT CRYSTAL ROSE
SILVIO SCHEMBRI
SCOTT STORNETTA
BRIAN WONG
The Malta Blockchain Summit, this November
1st and 2nd: I look forward to meeting you
then to strengthen our ongoing efforts in
making Malta the Blockchain Island.
Hon. Joseph Muscat,
Prime Minister of Malta,
Keynote Speaker
300
EXHIBITORS
5 K
DELEGATES
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INVESTORS
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37

Malta Business Review
INVEST
Supporting a Future Entrepreneurial Malta
Parliamentary Secretary for EU Funds and Social Dialogue Aaron Farrugia addressed a seminar on the EU-funded INVEST project, with
the topic of financial and forecasting models for entrepreneurs. The opening address was delivered by the Minister for Education and
Employment Evarist Bartolo.
Farrugia explained how the Government
is acting as a platform to support a future
entrepreneurial Malta, ready to drive the
country’s digital transformation in a world of
hyper-innovation.
Addressing an audience of entrepreneurs,
Farrugia spoke of the importance of
entrepreneurship as it creates new companies,
opens up new markets and nurtures new skills,
and is therefore a vital driving force for job
creation and economic growth. He recalled
that since joining the European Union in 2004,
Malta has worked hard to capitalise on the
funding opportunities provided to the member
states – particularly in regards to structural and
cohesion funds.
Enterprises are being supported through EU
funds when undertaking investment projects
aimed at securing sustainable business growth,
by becoming more competitive, innovative
and more resilient to market challenges.
The Parliamentary Secretary explained how
EU-funded projects have contributed to the
economic and financial sustainability of Malta’s
fast-growing economy. “Whether it is through
the €30 million we are investing in SMEs, the
€20 million we are investing in research and
development, the Kappara and Marsa Junction,
financial instruments in loans and guarantees
or the ESF funds for the reskilling and upskilling
of our workforce, they all contribute to Malta’s
economic growth. For the next EU budget post-
2020, we are planning for these programmes to
be simplified and flexible,” he said.
The Business Enhance Schemes, which are
part-financed by the European Regional
Development Fund 2014-2020, seek to support
enterprises, mainly SMEs and start-ups, through
the provision of a non-repayable grants. The
scheme includes the Start-Up Invest Grant
Scheme with a maximum grant of €300,000; the
SME Growth Grant Scheme with a maximum
grant of €500,000; SME Diversification and
Innovation Grant Scheme having a maximum
grant of €200,000; SME Internationalisation
Grant Scheme having a maximum grant of
€10,000; e-Commerce Grant Scheme having
a maximum grant of €5,000; and the SME
Consultancy Services Grant Scheme having a
maximum grant of €4,000.
So far, 145 SMEs have already benefitted from
funds under the 2014-2020 programme. A total
of €51 million have been allocated towards
providing financial assistance to SMEs. An
agreement was also recently signed with the
EIB group and the European Commission to
increase financing available under the SME
Initiative in Malta.
The initial SME Initiative in Malta has allowed
the Bank of Valletta and BNF Bank to deliver
approximately €60 million of new SME financing
across the country within less than three years.
“Due to the successful uptake of this initial
agreement, we, together with the EIB Group and
the EC have decided to add additional resources
to this initiative. This increase will trigger
additional SMEs financing for an amount of €28
million, resulting in more SMEs benefiting from
European resources on advantageous terms,
such as reduced interest rates and improved
collateral requirements, bringing the total SME
financing to around €90 million,” Farrugia said.
Other EU-funded opportunities include the
Erasmus for Young Entrepreneurs, a crossborder
exchange programme which enables
aspiring young entrepreneurs to learn from
entrepreneurs with experience, as well as The
Youth Employment Initiative, which supports
unemployed young people who are currently
not enrolled in education or training in regions
with a youth unemployment rate above 25%.
The Youth Guarantee is a guarantee made
to unemployed people under 25 — whether
registered with job-search services or not —
that they will get a good-quality, specific offer
of work within four months of leaving formal
education or becoming unemployed.
"A total of €51 million
have been allocated
towards providing
financial assistance to
SMEs
Aaron Farrugia, Parliamentary Secretary for EU Funds
Similarly, the Interreg projects are EU-funded
programmes for territorial cooperation through
which Maltese entities get to learn from our
European counterparts and become aware of
best practices, which are then implemented
locally. “Such projects are also excellent
platforms for building relationships with our
foreign colleagues, whilst learning in the
process and passing on some of our ideas and
experiences too. The outcome of these projects
or their pilot-actions, feed in national policy
papers or even serve as an important baseline
for larger projects financed through other EU
sources or national funds,” Farrugia said.
With Brexit leaving a €13 billion gap in the EU
budget, and issues of migration, defence and
security being given priority, Malta`s private
sector should do more and better to tap into
centralised EU funds. In this regard, Farrugia
referred to an action plan announced last
month through which Malta can make better
use of funds from direct EU funds after 2020 –
such as Horizon 2020, Life+ and creative Europe,
amongst others, through the setting up of a
new division focussed solely on this, which will
fall under the division for programme funding.
Challenges remain, as the November 2017 EU
report 'SME Performance Review' outlines
that newly founded entities ‘created by selfemployed
have survival rates typically between
30-60 % after the first five years, and Microentrepreneurs
are disadvantaged compared to
Larger Enterprises.
“Let’s face these challenges while consolidating
this present regulation and taxation system that
nurtures champions. A system that fosters capital
investment and encourages entrepreneurs and
investors to finance this current productive
economy,” Farrugia said. MBR
Creditline: Parliamentary Secretary for EU Funds
and Social Dialogue/DOI
38

BRANDING
Malta Business Review
www.maltabusinessreview.net
39

Malta Business Review
CIVIL LIBERTIES / RULE OF LAW / DELEGATIONS
Rule of law in Malta:
Speed up Murder Investigation & Halt
Corruption, MEPs Ask
By Estefania Narrillos
Civil Liberties MEPs urge the Maltese Government to solve the murder of Daphne Caruana Galizia and to
address corruption cases and gaps in the rule of law.
Sophia in 't Veld (ALDE, NL) , Head of the
committee’s delegation to Malta, said:
“Given the confidentiality, we have not been
able to verify what progress was made in
the investigation and if the authorities are
still looking into all the different hypothesis
about who ordered the killing of Daphne
Caruana Galizia. Resolving the crime is
crucial, not only for the family of the victim,
but for democracy as a whole.
We would like to see the libel cases against
Ms Caruana Galizia, which are now being
faced by her family, withdrawn. We have also
asked the minister of justice Owen Bonnici to
find a solution for the makeshift memorial for
Daphne, allowing people to mourn or make a
statement, and to unambiguously condemn
the hate campaigns against her and her
family”.
Ms In ‘t Veld noted the unavailability of
minister for tourism Konrad Mizzi to meet
with the delegation.
“We have several concerns about numerous
scandals, such as the alleged sale of
humanitarian visas to Libyan nationals,
money laundering through Maltese banks
or the alleged involvement of people in
government circles in corruption cases. The
mechanism of “citizenship for investment”
though not illegal in itself, could provide a
back door to the EU to undesired elements,
putting pressure on passport free travel
within the Schengen area. The Member
States are closely connected, so in order to
preserve credibility and trust, it is crucial to
uphold the same standards across the EU.
We find particularly worrying the passiveness
of the institutions in triggering investigations
even in the face of incriminating evidence.
Everybody is pointing at someone else, so it
is unclear who will initiate an investigation
into suspicious activities: the police, the
magistrates, or just a citizens complaint.
We therefore propose to invite the Venice
Commission to Malta to assess the systems
in place as well as the application in
practice. And more broadly, we propose
to put a rule of law mechanism in place to
analyse the situation of the rule of law in
all Member States on an ongoing basis, as
per the legislative proposal of the European
Parliament.
Finally, we call on the government and on the
political opposition to act as a unifying and
reconciling force to help the Maltese society
overcome its divisions and animosity”, she
concluded.
"We have several
concerns about
numerous scandals,
such as the alleged sale
of humanitarian visas to
Libyan nationals, money
laundering through
Maltese banks or the
alleged involvement of
people in government
circles in corruption
cases
Meetings with Government, judiciary,
police forces and NGOs
In Valletta, MEPs met the deputy Prime
Minister Christopher Fearne and the
ministers for justice, Owen Bonnici, and
finance, Edward Scicluna. They quizzed
the Attorney General, the Chief Justice,
police authorities and the heads of the
Malta Financial Services Authority and the
Financial Intelligence Analysis Unit. They
also exchanged views with journalists and
representatives of the Daphne Project and
assessed the situation with NGOs involved in
the field of rule of law and the fight against
corruption.
MEPs discussed the progress of the
investigation into the murder of Daphne
Caruana Galizia with some of her relatives,
including her widower, Peter Caruana Galizia.
Slovakia
Prior to arriving in Malta, MEPs were in
Slovakia to check on the ground the situation
of rule of law and the developments in the
inquiry into the assassination of journalist
Ján Kuciak and Martina Kušnírová. They met,
among others, Slovak President Andrej Kiska,
and Prime Minister Pellegrin.
Next steps
MEPs participating in the delegation will now
draft a report, summarising their conclusions.
The report will be presented to the Civil
Liberties Committee in a public session and
subsequently sent to the EP Conference of
Presidents for information. MEPs also plan
to draft a resolution, to be put to a vote in
plenary.
Background
The Civil Liberties Committee established
in May a new working group to monitor
the situation as regards rule of law and
fight against corruption within the EU, with
specific reference to Malta and Slovakia.
Chaired by Sophie in ‘t Veld (ALDE, NL), it has
one member per political group.
With a mandate until 31 December 2018, the
working group is tasked with recommending
specific actions such as meetings, hearings
and missions. It will also present a final
report to the committee summarising its
conclusions.
The visit to Slovakia and Malta is a follow-up
to previous missions to both countries after
the murders of Ján Kuciak and his fiancée,
and Daphne Caruana Galizia.
List of members in the delegation to
Slovakia and Malta
• Sophia in 't Veld (ALDE, NL) , Chair of the
monitoring group on the rule of law and
Head of the Delegation
• Roberta Metsola (EPP, MT)
• Josef Weidenholzer (S&D, AT)
• Monica Macovei (ECR, RO) - only in
Slovakia
• Sven Giegold (Greens/EFA, DE) - only in
Malta MBR
Creditline: Committee on Civil Liberties,
Justice and Home Affairs/EP
40

EU ENVIRONMENT
Malta Business Review
Parliament pushes for cleaner cars on EU roads by 2030
By Baptiste Chatain
Measures to accelerate the roll-out of E-cars
• Towards real conditions testing of CO2
emissions
• Call for support for European battery
manufacturing
Real-driving emissions test by 2023
Parliament calls on the EU Commission to
table, within two years, plans for a realworld
CO2 emissions test using a portable
device, like that recently introduced for
CO2 emissions from new cars should be cut
by 40% by 2030 and market uptake of electric
and low- emission cars should accelerate,
said MEPs on Wednesday.
In the draft law voted on today, MEPs
proposed setting a higher target for reducing
EU fleet-wide emissions for new cars by 2030
of 40% (compared to the EU Commission’s
30%; year of reference 2021) with an
intermediate target of 20% by 2025. Similar
targets are set for new vans.
Manufacturers whose average CO2
emissions exceed these targets will pay a
fine to the EU budget, to be used for upskilling
workers affected by changes in the
automotive sector, MEPs agreed.
Carmakers will also have to ensure that zeroand
low- emission vehicles - ZLEVs - (electric
cars or vehicles which emit less than 50g
CO2/km) have a 35% market share of sales
of new cars and vans by 2030, and 20% by
2025.
Miriam Dalli, MEP
NOx. Until then, CO2 emissions must be
measured based on data from the cars’
fuel consumption meters. The real-driving
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 development
and reallocation of workers in the sector,
particularly in regions and communities most
affected by the transition. MEPs also call for
support for European battery manufacturing.
Labelling & Lifecycle emissions
By the end of 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. And
from 2025, carmakers will have to report the
lifecycle of CO2 emissions of new cars put on
the market, using a common methodology.
Quote
Miriam Dalli (S&D, MT), rapporteur, said:
“Achieving the European Parliament’s
support for a 40% CO2 emissions target by
2030 was no mean feat and I am proud of the
successful result achieved. Equally important
is the 20% emissions target for 2025. This
legislation goes beyond reducing harmful
emissions and protecting the environment.
It looks at setting the right incentives for
manufacturers; it encourages investment
in the infrastructure; it proposes a just
transition for workers. Now, I look forward to
representing the European Parliament and
negotiating on its behalf for strong legislation
with the European Council and the European
Commission".
Next steps
The report was adopted with 389 votes to
239 and 41 abstentions. EU ministers will
adopt their common position on 9 October.
Negotiations with MEPs for a first reading
agreement would then start on 10 October.
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 accelerate, on the path
towards zero-emission 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
Creditline: EP/Valletta
www.maltabusinessreview.net
41

Malta Business Review
BRANDING
The Brand Manager is dead…
One of my first memories is sitting on my father’s shoulders at a 1973
Vietnam protest in Holland. As my Mom tells the story, my angelic
blonde three-year-old self made quite the impact as I shouted ‘Nixon,
Nixon - get your hands off Vietnam!’.
Hanneke Faber - President Europe & Member of the
Unilever Executive team at Unilever
My Dad left his comfortable associate math
professor position at a university in his late
twenties to head the ‘Interchurch Peace
Council’, a church-funded Dutch NGO. In
the 1980s, he led the massive European
anti-nuclear movement, galvanizing
almost 500,000 citizens to demonstrate in
Amsterdam and in The Hague. Later on, he
fought for human rights in Eastern Europe,
built close ties with leaders like Lech Walesa
in Poland and Vaclav Havel in Czechoslovakia,
and en route, became a ‘persona-non-grata’
in East Germany with a large Stasi-file.
I took a different route. My first job after
college was in marketing, with consumer
goods behemoth Procter & Gamble. My
"Consumers, citizens,
indeed people are
looking for more.
Today, brands need
performance and
genuine purpose to
thrive.
father would jokingly refer to it as ‘The Firm’,
after the John Grisham thriller. And while
he was proud of my burgeoning career,
I’m sure his pride at times was mixed with
a sense of bewilderment about how his
daughter ended up selling Vicks VapoRub
(yes, my very first assignment) at this icon of
American capitalism.
Enter the era of
disruption
P&G was, in fact, a fabulous brand-building
school. On our way to much-revered ‘Brand
Manager’ status, P&G’s advertising gurus
42

BRANDING
Malta Business Review
long live the Brand Activist
by Hanneke Faber
instilled in my peers and I the importance
of ‘distinctive benefits’, product superiority,
leading share of voice, and standing out at
‘the first moment of truth’. We’d better make
sure consumers knew Olay moisturized
more effectively than the next brand over;
and that Head & Shoulders removed 100%
of dandruff. We moved from brand to brand,
irrespective of personal conviction or usage.
In fact, many of my male peers worked
on Always, which always made for fun
conversations at the bar (‘so, tell me a bit
about what you do?’). Brand management
was a science that could be mastered. For
many years, it all worked like a charm.
Consumers, citizens, indeed people are
looking for more. Today, brands need
performance and genuine purpose to thrive.
But then, of course, technology started
spelling change, even disruption, for brands.
Between e-Commerce and social media, it
became easier for passionate entrepreneurs
and start-ups to claim spaces that big brands
had long left untouched. While it had been
virtually impossible for newcomers to land
on Walmart’s shelves before, suddenly
Amazon and Alibaba’s marketplaces offered
instant mass distribution to anyone who
wanted it.
Combined with savvy social media and
digital marketing, new brands popped up to
deliver on every new need big companies
had long considered ‘niche’. Organic? Check.
Vegan? Check. Ethnic? Local? High protein?
Check, check, and check…and those were
just the big ones. In turn, the big traditional
retailers took note, listing many more new
brands on their shelves.
Why purpose comes
first today
So, what are the big, established brand
companies to do? Today, I’m Unilever’s
President for Europe; and I believe that the
days of ‘managing’ brands are well behind
us. Washing shirts a little whiter or making
hair a bit shinier than the next brand is
still important, but performance by itself
is no longer enough. Consumers, citizens,
indeed people are looking for more. Today,
brands need both performance and genuine
purpose to thrive.
A great brand’s purpose is unlikely to be
vanilla (‘we help people be happy’); but
more likely to be a point of view that not
everyone will agree with (‘we should all be
vegans’). And that means change for the
people behind brands, too. To be competitive
with all those committed entrepreneurs
out there, brand builders at Unilever need
to take a stance, to create movements, to
evangelize and even sacrifice. In short, we
need brand activists.
"Today, Unilever's
fastest growing brands
are those with a clear
purpose. They grew
47% faster than the
rest of the portfolio
and delivered 70% of
company growth in
2017.
Today, Unilever's fastest growing brands
are those with a clear purpose. They grew
47% faster than the rest of the portfolio and
delivered 70% of company growth in 2017.
‘Peace, love and ice
cream’ magic
Take Ben & Jerry’s, acquired by Unilever in
2000. Of course, the brand makes fantastic
ice cream. Just try a pint of Chunky Monkey
or Cherry Garcia (or if you’re feeling
particularly peckish, the ‘Vermonster’, a
20-scoop bucket. Really). But the brand’s
true magic is in its purpose of ‘peace,
love and ice cream’. Peace and love are as
alive today as when Ben Cohen and Jerry
Greenfield opened their first parlour in a
garage in Burlington in 1978.
The brand team champions inclusion
for refugees and LGBTs, and fights
climate change. It sponsors Pride. It runs
programmes to help refugees integrate back
into work. You simply can’t work on Ben &
Jerry’s if you don’t believe in its purpose
100% and are ready to go to bat for it. The
Ben & Jerry’s brand has grown sales by
double digits for many consecutive years.
Keeping it real
Or take Dove, another big, global Unilever
brand with long track record of strong
growth. Dove makes terrific deodorants,
shower and skin care products. But what
truly differentiates Dove and the people
who work on the brand is their purpose:
raising women’s self-esteem. The Dove team
champions real beauty, doesn’t use digitally
distorted images, and has quietly spent
much time educating more than 20 million
girls around the world via programmes that
help them develop a positive relationship
with the way they look.
So have we got it all figured out at Unilever
in Europe? Of course not. Some of our
brands are still too ‘vanilla’. We need to
work harder on reducing the amount of
plastic we use. We still have brand portfolio
opportunities, despite exciting, purpose-led
acquisitions like Pukka herbs and Grom ice
cream. And sometimes, we run into heated
public debates when others don’t agree
with our points of view, or feel we don’t live
up to our own high standards. We welcome
those discussions.
But most importantly, we know that brand
activism is working for us. Today, Unilever’s
fastest growing brands are those with a clear
purpose. They grew 47% faster than the
rest of the portfolio and delivered 70% of
company growth in 2017. My father would
be proud. MBR
Credit: LinkedIn
www.maltabusinessreview.net
43

Malta Business Review DENTAL HEALTHCARE
Replacing Old Bridges with Implants
By Jean Paul Demajo
The most popular way to replace a missing
tooth used to be with a fixed bridge. This
would involve trimming one of more teeth
on either side of the missing tooth and fixing
a conventional metal-ceramic bridge to each
of these supporting teeth. The bridge literally
bridges the gap with a suspended tooth in the
middle of the supporting teeth.
Advantages:
1. Quick
2. Aesthetic
3. Very good track record
4. Strong and reliable
5. Cheaper than implants
Dis-advantages
1. Lifetime of bridge is dependent on the
supporting teeth; if supporting teeth fail,
bridge fails and would need replacing.
2. Trimming of the teeth causes irreversible
loss of healthy tooth tissue.
3. Supporting teeth may require root canal
treatment.
4. Area of missing tooth below bridge will
continue to lose bone.
5. Bridge may need changing after 10
years.
6. Maintaining good hygiene below the
bridge may be difficult.
Intra-Oral before treatment
Intra-Oral after treatment
Today the most widely recognized way to
replace missing teeth is with dental implants.
This involves the insertion of a fixture or
screw in the jaw. Once healed a tooth is
attached onto it. This method may be utilized
to replace single or multiple missing teeth.
Advantages
1. Independent from other teeth
2. Very good track record
3. Maintains bone and therefore reduces
bone loss
4. Very good aesthtics
Extra-oral before treatment
Dis-advantages
1. Expensive
2. Not suitable for every patient
3. Oral hygiene must be well kept
4. Involves surgery
5. Long duration of treatment
6. Sensitive procedure
Not every patient is a good candidate for
bridges. The same applies for implants. It is
important to know your options and hear
your physician’s advice on what is best for
you! MBR
Extra-oral after treatment
Case Study
A middle-aged lady decides to remove a bridge done many years ago to replace two missing teeth. The sixtooth
bridge spanned across the patient’s front teeth fixing them altogether. The bridge was supported by
four of the patient’s natural teeth having another two teeth suspended on it to replace the missing teeth.
Two implants were inserted in the jaw to eventually replace the two missing teeth. Once healed the once
6-tooth fixed bridge was replaced with six individual full ceramic crowns; four on the natural teeth and two
on the implants. This solution allows for better aesthetics and hygiene maintenance.
Ask your dentist!
DR JEAN PAUL DEMAJO
Dental and Implant Surgeon
44

LOTTERIES & GAMING
Malta Business Review
Maltco Agents Excited With
SUPERSTAR New Game
The launch of the new Maltco Lotteries’
SUPERSTAR game has been followed by an
extensive training of all Agents and staff on
the new game so that all Maltco personnel
are now familiarised with the new software
platform and the different elements of the
new game, ready to offer it to their players
every day.
The survey run following the agents
training revealed that all Agents found this
training to be engaging, informative and
highly motivating, while expressing their
appreciation for the game and the expected
enthusiasm of their players.
Results from the same survey, show that
Maltco Lotteries Agents are confident
towards the future success of the new lottery
game; SUPERSTAR. When asked about the
player’s perception; they also expressed that
they are extremely positive that this game
will be most entertaining, while is expected
to fit players’ dreams and expectations.
This comes as no surprise as it is a fact that
SUPERSTAR is designed specifically to meet
the needs of all local players, drive them to
present their inner SUPERSTAR and shine the
way for all!
Incorporated also in the SUPERSTAR
training was Maltco’s drive to ensure that
everyone offering Maltco Lotteries’ games
is fully conversant with Responsible Gaming
principles and the Anti-Money Laundering
principles and practices, advocated by the
legislation and the company.
The first inaugural draw of SUPERSTAR takes
place on Friday, October 5, while tickets
are available as from Friday, 28 September.
The initial SUPERSTAR jackpot is €660,000.
Superstar will be drawn and broadcast live on
TVM, every Friday at 7.45pm.
Get Your Ticket & Shine Your Way!
For further information email info@maltco.
net, visit the Maltco website www.maltco.
com or call
2388 3000.
About Maltco Lotteries
Maltco Lotteries, a modern and dynamic
company established in 2003, holds the
latest Licence and Concession to operate
the National Lottery of Malta awarded in
2012. Maltco Lotteries provides high-quality,
innovative and entertaining games (including
lotteries, sports-betting, fast games and
instant games) under the auspices of the
Malta Gaming Authority (MGA). Players can
enjoy a friendly, secure and fun environment
in the Maltco Points of Sale, participating in
their favourite games, assisted by the welltrained
in high client service Maltco Lotteries
Agents.
Maltco Lotteries has invested in the stateof-the-art
gaming technology and services
of INTRALOT; guaranteeing security,
trustworthiness, transparency and a superior
gaming experience. Certified in Responsible
Gaming, ISO/IEC 27001:2013 and Security
Control Standard (WLA SCS) by the European
Lotteries and the World Lottery Association,
Maltco Lotteries ensures the safest gaming
environment through its Agents’ retail
network, the largest one in Malta and
Gozo, maintaining the leading position
in the market. Maltco Lotteries, has and
exceptional track record in Corporate Social
Responsibility, with continuous support
to the Governmental Good Causes Fund
and numerous Maltese charitable causes
alongside the sponsoring of the local sports
and athletes, sustaining the Maltese Society,
Culture and Well-being. MBR
Creditline: MALTCO LOTTERIES Limited
Maltco Lotteries has been training its agents ahead of the first draw of the new lottery; Superstar.
www.maltabusinessreview.net
45

Malta Business Review
EUROPEAN PARLIAMENT
Online Platforms:
New rules to increase transparency and
fairness
In a well-attended public information
discussion co-organised by the European
Parliament Liaison Office and the Malta
Business Bureau, on the proposed EU
regulation on Fairness and transparency for
business users of online services, MEP Francis
Zammit Dimech emphasised the need for fair
rules and transparency for business users of
the online platforms particularly vis-a-vis the
industry giants.
Business and ministry speakers noted
that platforms are here to stay and it is in
everyone’s best interest to ensure these work
fairly for everyone. Support was generally
expressed for the draft regulation on the
perception that it will protect smaller and
independent businesses.
MEP Zammit Dimech outlined some
interesting concrete examples of the
balancing act required in his role as
Parliamentary rapporteur for the Legal Affairs
Committee to represent the concerns of
business users while protecting the freedom
of platforms. Issues of data, protection of
consumers, ranking, whether search engines
should be considered intermediaries - the
Parliament is moving towards considering
them to be so - and what form of online use
should be considered a transaction all feature
high as in his role as Rapporteur on this file,
wherein he is meeting both the big platforms
and the small businesses.
Mr Simon de Cesare, President of the Malta
Business Bureau, while noting that the hotel
industry was the most represented sector
present in the audience, emphasised the
importance of the proposed Regulation for
the sector, observing that over 50% of guest
nights in Europe are booked through Booking.
com. This, he said, gave the latter enormous
leverage over accommodation providers
when setting the contractual terms of the
business relationship.
Ms Anna Zammit Vella, acting Head of the
EP Office in Malta, emphasised Parliament’s
role as co-legislator on this file together
with Council, underlining the opportunity
for citizens’ to put forward their thoughts on
this draft law whilst it is still being discussed
in Brussels and in this way, to be part of
the European law-making process as their
thoughts would be reflected in Parliament's
position and possibly in the final text.
Ms Glorianne Borg and Mr Philip Vella
from the Ministry of Economy, Investment
and Small Business, set the scene with a
technical presentation on the main points
of the proposed regulation, in particular the
three pillars of transparency, redress and
monitoring that the proposed text is built on.
Amongst the observations that emerged from
the ensuing debate, Mr Nigel Mifsud, from the
Malta Chamber of Commerce, Enterprise and
Industry, stated that terms such as “indirect
remuneration” needed a definition and that
agreement was needed on what “terms and
conditions” should include.
Mr Marcel Mizzi, representing GRTU, noted,
on the other hand, that the challenges for
business users brought about by ranking is
very real but that the proposed regulation
should not stifle platforms.
Mr Andy Tanti, representative of the
Malta Hotels and Restaurants Association,
highlighted the increased dominance of
online travel agencies, leading to businesses
losing control over the conditions of their
own sale or distribution
In response, MEP Zammit Dimech stated
that some of these concerns were being
addressed in the 44 amendments currently
being tabled by himself, which also extended
to other issues notably:
• what should be the specific point of the
initiation of a commercial transaction
• how criteria used by platforms could be
shared while respecting their right to
not disclose algorithms
• ensuring protection of personal data, for
example, from affiliates that platforms
may have that consumers/business
users may not know about.
The public also raised concerns such as being
"punished" by online platforms when selling
online without knowing why. This is one of
the main grievances that this new law will set
right when it is adopted.
Parliament is aiming to establish its position in
the coming weeks, and the Austrian Council
Presidency for a framework agreement among
Member States by November. Realistically the
MEP and MEIB agreed, it will take two years
to have this legislation in place. MBR
Creditline: EPO
MEP Zammit Dimech
46

Malta Business Review
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47

Malta Business Review
CASEWARE CLOUD EVENT
AUDITING IN THE DIGITAL AGE
CASEWARE CLOUD & B2B
NETWORKING EVENT
Organised by MBR Publications Ltd
Mr Jaap de Waard - CaseWare Head of Business Development, Europe & Middle East
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During Coffee Break at Caseware Cloud
Caseware Cloud & B2B Networking Event
Ms Angele Sammut - Director CaseWare Malta
48

Online platforms:
New Rules to Increase
Transparency & Fairness
EU: ONLINE PLATFORMS
Malta Business Review
The European Parliament’s Legal Affairs
Rapporteur MEP Francis Zammit Dimech
will be presenting a new draft EU law that
will impact online businesses together with
representatives from the MEIB and other
stakeholders.
Through this new proposal, providers of
online intermediation services (e.g. Amazon
and eBay) and online search engines (e.g.
Google search) will be required to implement
a set of measures in the contractual relations
they have with online businesses. These
proposed new measures aim to ensure
transparency and fairness with online
retailers, hotels and restaurants businesses
and app stores, among others, which use
such online platforms to sell and provide
their services to customers in the EU.
The proposal is still at an early stage in
consideration in the European Parliament,
which is why Friday’s event will also provide
those affected with an opportunity to make
their position known in time before the vote.
So if you sell goods or services on online
platforms such as Google Play, Amazon,
Facebook or Booking.com or if your online
business has trouble meeting the terms
and conditions set up by online platforms,
join the European Parliament Office and the
Malta Business Bureau on Friday 5 October
at the Life Sciences Park at 9 a.m.
If interested, please register at epvalletta@
ep.europa.eu. MBR
Creditline: EPO
European Parliament’s Legal Affairs Rapporteur
MEP Francis Zammit Dimech
www.maltabusinessreview.net
49

Malta Business Review
PLENARY SESSION - CIVIL LIBERTIES
EU’s judicial cooperation arm,
Eurojust, to become more effective with new rules
• Reform in Eurojust’s functioning and structure to improve operational effectiveness
• Data protection framework updated
• Increased transparency and democratic oversight
MEPs adopted on Thursday updated rules to clarify the role of Eurojust and improve its effectiveness.
Eurojust, the EU’s judicial cooperation unit,
facilitates cross-border investigations and
prosecutions of serious crimes in the EU.
The changes in the Agency’s functioning
and structure, including a new governance
model, will make Eurojust more efficient in
tackling cross-border crime.
The updated rules also take into account
the establishment of the European public
prosecutor's office (EPPO), expected to be
operational between 2020 and 2021, as
well as the new rules on data protection for
EU institutions and agencies. Furthermore,
with the revision of the rules, the European
Parliament and national parliaments will
in future be more involved in evaluating
Eurojust’s activities.
Quote
European Parliament rapporteur Axel
Voss (EPP, DE) said: “With this reform, we
are adapting the legal framework of this
crucial agency to the new challenges in our
common fight against crime and terrorism.
By doing this, we are making sure that
Eurojust can continue its excellent work of
supporting national authorities, facilitating
cross-border investigations and coordinating
prosecutions.”
Next steps
The new rules were approved by 515 votes
to 64, with 26 abstentions. They have already
been agreed upon by the Parliament and
Council negotiators in June, but still require
the formal approval of the Council.
The regulation will take effect one year after
its publication.
Background
The European Union Agency for Criminal
Justice Cooperation (Eurojust) was set
up in 2002 to improve the coordination
and cooperation in investigations and
prosecutions between the competent
authorities in the Member States. It deals
with serious cross-border and organised
crime such as terrorism, human trafficking,
drugs and arms, sexual exploitation of
women and children, cybercrime and online
child abuse.
In 2017, EU countries requested Eurojust’s
assistance in 2550 cases representing a 10.6
% increase from 2016. 849 of these cases
were closed during the same year.
MBR
Creditline: EPO
50

ipation in this and similar activities highlights
he community.
oster Clark’s
Date:
LifeCycle
Thursday,
Challenge
20 September
2018 by
2018
hRLU.
Ref: 090- 2018 EN
Air Malta is proud to support the LifeCycle
Challenge 2018. This annual event is a gruelling
mountain bike challenge of 2,000km, normally
completed over 10-12 days in different countries
every year. This challenge, considered to be one
of the ten most arduous cycling challenges in
the world, is organised by LifeCycle (Malta)
Foundation, an NGO founded 20 years ago to
create awareness and generate support for
patients suffering from renal disease.
To support this noble initiative, Air Malta’s
Chairman Dr Charles Mangion presented a
donation to Founder of LifeCycle, Alan Curry
and Chairperson Dr Shirley Cefai, in the
presence of all cyclists participating in this
year’s Arabian Nights challenge.
A total of 25 cyclists signed up to attempt
this year's challenge which will see the team
cycling all the way from Dubai (UAE) to Salalah
(Oman) this October. They will be supported
by a team of drivers, helpers, a physiotherapist
and a camera person. The Airline wishes all
participants success in this challenge and would
like to thank them for their dedication, support
and commitment towards this noble cause.
The Airline is proud to be associated with
LifeCycle
and its endeavours to collect funds to assist
renal patients and their families. The Airline’s
airmalta Supports
CSR
Malta Business Review
LifeCycle Challenge 2018
participation in this and similar activities
highlights
Air Malta Supports LifeCycle Challenge 2018
hairman Dr Charles Mangion presenting the
nder of LifeCycle, Alan Curry.
Air Malta is proud to support the LifeCycle
Air Malta’s commitment
Challenge
to the
2018.
community.
This annual
event is a gruelling mountain bike You too challenge can support the of Foster 2,000km, Clark’s LifeCycle normally
Challenge 2018 by donating at MBR
completed over 10-12 days in different countries every year. This
https://goo.gl/7bhRLU.
challenge, considered to be one of the ten most arduous cycling
challenges in the world, is organised Air Malta’s by first LifeCycle flight took off (Malta) on 1 st April Foundation,
1974. The
airline has been instrumental in opening up and
an NGO founded 20 years ago connecting to create Malta awareness to the rest of and the generate
world,
diversifying and presenting new tourism market
support for patients suffering from opportunities renal disease. to and from the islands.
To support this noble initiative, Air Malta’s Chairman Dr Charles
Mangion presented a donation to Founder of LifeCycle, Alan Curry and
Chairperson Dr Shirley Cefai, in the presence of all cyclists participating
in this year’s Arabian Nights challenge.
A total of 25 cyclists signed up to attempt this year's challenge which will
see the team cycling all the way from Dubai (UAE) to Salalah (Oman)
this October. They will be supported by a team of drivers, helpers, a
physiotherapist and a camera person.
The Airline wishes all participants success in this challenge and would
like to thank them for their dedication, support and commitment towards
this noble cause. The Airline is proud to be associated with LifeCycle
and its endeavours to collect funds to assist renal patients and their
families. The Airline’s participation in this and similar activities highlights
Air Malta’s commitment to the community.
You too can support the Foster Clark’s LifeCycle Challenge 2018 by
donating at https://goo.gl/7bhRLU.
Picture shows Air Malta’s Chairman Dr Charles Mangion presenting the
airline’s donation to the Founder of LifeCycle, Alan Curry.
-ends-
Air Malta plc
Corporate Communications
Commercial Division
Sky Parks Business Centre
Level 2
Malta International Airport
Luqa LQA4000
E stephen.gauci@airmalta.com
T +356 2299 9228
M +356 7970 9928
Dr. Charles Mangion presenting the airline’s donation to the Founder of LifeCycle, Alan Curry
“I AM ACTIVE” 5KM Walk/Run by
Simblija Care Home
Simblija Care Home Walk
Runners and walkers came together to celebrate the
International Day of Older Persons. Ms Charmaine
Attard, General Manager at AX Care, Mr Angelo Xuereb
and Naxxar Mayor, Ms Anne Marie Muscat Fenech
Adami thanked all the participants who came together
and signalled the start. Donations collected from the
event went to K9 Urban Search and Rescue Malta (K9
USAR) who’s well trained dogs were just a pleasure
to watch. K9 members attend on a weekly basis to
Simblija Care Home and aid residents including those
suffering from dementia through what they refer to as
‘pet therapy’.
Air Malta’s first flight took off on 1 st April 1974. The
The smile of the airline residents has been and instrumental sessions with in opening the K9 up and
connecting Malta to the rest of the world,
dogs and members is something they really look
diversifying and presenting new tourism market
forward to in opportunities their extensive to and activity from the schedule. islands. Ms
Attard said that as we grow older an active lifestyle
becomes paramount to our health but no matter the
age or current physical condition, participants came
together to improve their general outlook on health.
She reiterated the importance of maintaining an active
lifestyle even in elderly life as a routine instead of a
short-lived resolution. MBR
www.simblijacarehome.com | 22351000
Simblija Care Home Walk
Creditline: Hilltop Gardens
www.maltabusinessreview.net
51

Malta Business Review
SUSTAINABLE ENERGY
Maltese companies can still apply to the
EIT InnoEnergy Investment Round
4 October marks Maltese cleantech innovators’ last chance to
apply for 2018 funding
EIT InnoEnergy, Europe’s sustainable energy
engine supported by the EIT, today announces
the cut-off date for applications to its 2018
Investment Round for supporting revolutionary,
cleantech and sustainable energy innovations.
Maltese innovators looking for investment
before the end of the year must apply by 4
October to receive their support in time.
The Investment Round – what is it for and for
whom?
The Investment Round targets SMEs with
proven technology concepts that will transform
the future of energy in Europe. Since launching
the Round in 2011, EIT InnoEnergy has invested
€190 million in projects spanning eight
technology areas across Europe – resulting in
€3 billion of forecasted sales. Companies from
France, Scandinavia and Benelux have already
been successful in securing funds – and this
could be Malta’s year for success.
On top of funding, EIT InnoEnergy offers
applicants a trusted and proven, collaborative
innovation platform and access to an energy
innovation ecosystem of more than 385 industry
partners from across the mix of sustainable
energy solutions.
Where are the needs to support SMEs in the
energy innovation sector?
“InnoEnergy considers commercialization
as a priority business need of small and
medium enterprises when carrying out an
innovation project. Besides, it is extremely
important to shorten time to market, products
internationalization, to scale business activity
up and to get an access to de-risked, predictable
financing. That is how the current needs of
SMEs in the energy innovation sector look like,”
says Marcin Lewenstein, Innovation Officer in
InnoEnergy Central Europe.
• Product commercialisation
EIT InnoEnergy task is to identify and enable
access to partners who help them define and
provide them with access to their target group
when launching a new solution. Using the
support, it is possible to accelerate a moment of
the products start.
• Scaling up and industralisation
Starting with a large-scale production is one
of the phases that requires more investment.
EIT InnoEnergy provides knowledge and help
avoid common mistakes that might hinder the
industrialization process.
• De-risked, predictable financing
In general, projects financed by EIT InnoEnergy
require a development in technology or
prototypes, so the economic investment is
high. Cooperation with EIT InnoEnergy enables
quick funding activation and efficient process of
innovative product implementation.
Apply Now
Jakub Miler, CEO of EIT InnoEnergy Central
Europe says: “It is our mission to accelerate
the clean energy transition in Europe. So, we
are identifying, investing in and partnering with
the very best and brightest innovators in the
sector to help them scale-up, reduce their time
to market and ultimately commercialise their
technology.
“And I mean true partnership. We go beyond
the mere contribution of cash to help our
partners grow. Not only do we provide access
to Europe’s leading network of cleantech and
sustainable energy expertise, but we provide
sustained support through marketing and other
value-building services.”
Businesses can find out more about the
Investment Round, including how to apply, via
this link.
* * *
More about InnoEnergy
InnoEnergy is a fund investing in solutions in the
area of energy, cleantech, mobility and broadly
understood smart technologies. Through
knowledge, financing and network of contacts,
we support the commercialization of products
and their introduction to international markets.
InnoEnergy is present in forty countries, where
we cooperate with more than three hundred
partners - the largest industrial concerns,
leading research and academic centers and
innovative entrepreneurs, investing about €
100 million annually in solutions that increase
the competitiveness of our economy thanks to
cleaner, better and more efficient technologies.
During seven years of operation, InnoEnergy
has invested in innovative projects with a total
value of € 2 billion. Thanks to our support,
eighty products have hit the market so far.
MBR
Creditline: InnoEnergy
Creditline: WebiMax
52

WORK STRESS
Malta Business Review
With Job Stress Skyrocketing, James Arthur Ray Helps
Workers Turn Swelling Workloads into Opportunity
By Greg Adomatis
There once was a time when the operative word
in “day job” meant that it was just something
we did to earn a paycheck while the sun was
out. Slowly, work-related tasks started creeping
into our lives outside of office hours. Now it’s
the norm to take calls, respond to emails and
generally lend a hand long after you’ve left
work for the day. Blame technology as well as
employers all too happy to see their workers
knock out work-related tasks from home.
It’s no wonder then that we’re all so stressed,
says leadership and performance advisor James
Arthur Ray. According to a July 2018 article
from the New Zealand Herald, 30 percent of
workers employed by firms with more than
50 employees reported heightened stress
and anxiety. “A growing number of smaller
businesses were also recording longer hours –
rising from 8.1 percent in 2014 to 22 percent
in 2016,” the newspaper adds. The United
Kingdom-based Business Matters magazine
states in a July 2018 article that “48 percent
of British workers do little or nothing at all to
relieve work stress.”
Gallup tells us that 72% of workers surveyed in
a variety of countries around the world report
to be disenchanted, stressed and unfulfilled in
their daily work. And those number might be
conservative given that not all people surveyed
are completely honest with themselves or the
interviewer.
Add it all up and you’ve got discouraged,
disenchanted -- and maybe even disgruntled --
employees. It’s natural to be a bit overwhelmed
with work from time to time. However, James
Arthur Ray is giving individuals, both business
owners and leaders as well as employees, the
tools they need to hone their grit via a growth
mindset.
James Arthur Ray says overwhelmed workers
can thrive in stressful circumstances. Here’s
how…
• By adopting a “growth mindset” and
realizing that your natural talents are
merely a starting point, you’ll begin to view
the future as a place for movement and
improvement. “The person with a growth
mindset sees everything, even when
uncomfortable, unflattering, undesirable,
painful and frightening, as input for
further development, advancement and
growth,” says Ray.
• See a better future for yourself. From this
starting point, the optimist who believes
that they can develop the grit required
to push forward in daily life is going to
take small setbacks in stride. With the
willingness to sacrifice for a cause and
calling far beyond your own personal
needs, the day-to-day stressors are tests
for something greater.
Afterhours work is here to stay. It’s up to you to
update your perception of such tasks and turn
them into an opportunity for personal growth.
When you find your purpose and cause versus
just a career, your world shifts.
"A growing number of
smaller businesses were
also recording longer
hours – rising from 8.1
percent in 2014 to 22
percent in 2016
James Arthur Ray is a New York Times bestselling
author and has reached more than 1
million people via keynote speeches, events
and retreats. He has been featured on national
media outlets such as Fortune magazine,
People magazine, Huffington Post, Larry King
Live, Piers Morgan, the Today Show, CNN and
Oprah. MBR
Creditline: WebiMax
Creditline: WebiMax
www.maltabusinessreview.net
53

Malta Business Review
BUILDING & CONSTRUCTION
The Storm is over or is it not?
By Antoine Bonello
The heavy rainstorm has finally stopped but
we still have a long winter to go,
Not long ago I have received a phone call from
a dear friend and vivid reader of my articles,
which unfortunately I haven’t seen for years.
I did not recognise his voice at first and I was
a bit confused until my brain registered this
lovely and unexpected surprise. Surprises
can be good and bad but when it comes
to water entry inside our houses it is never
a nice surprise. Water entry is the result of
many things like poor DIY works, bad roofers
or materials or both. Structural movements
and carelessness is another factor, many
of us think that the roof should protect us
unconditionally without the need to do any
form of maintenance to it.
While good weather may seem like a relief,
the potential for water damage may just
be the beginning. Storm water runoff can
quickly overwhelm natural and manmade
systems, leading to flooding and property
damage. The most common damage from a
storm is to roofing and retaining walls, which
often results in water leakage that leads to
interior water damage and possible mould.
For homes that are connected, or semidetached,
damages on the roof or within the
walls can also cross property lines. In a natural
environment, storm water runoff is absorbed
Thermal waterproofing can easily be applied on congested roofs
Sealing of carpet membrane joints with resin and fibreglass
by soil and vegetation,
evaporates into the
atmosphere or flows
into bodies of water.
Urban development has
dramatically changed
this natural system.
Rainfall is nowadays
directed rapidly by roofs
and roads into pipes and channels leading
into wells or other water storage facilities.
The help of qualified experts in these
situations is of utmost importance. Only a
qualified roofer can provide you with a tailor
made waterproofing system that suits your
needs. The steps you take today to prepare
your home with proper waterproofing and
appropriate drainage system can help you
avoid time-consuming and costly repairs
when the bad weather does blow through.
The good news is that there are products
and techniques that can withstand UV rays,
high winds, sea salt corrosion and water
stagnation and can save you the ordeal or
constant maintenance and vigilance.
How Can You Protect Your Home from Storm
Water?
Most of the water intake from retaining
walls are simply related to the use of nonelastic
and non UV resistant paint that
becomes rigid and starts to flake and peels
off when subjected to Sun rays and building
movements. An easy way to avoid these
types of problems is by using a certified
UV Resistant and Elastic waterproof paint.
These certifications must be clearly visible
on the cans and are usually found only on
CE certified products. If in doubt consult the
product data sheet that nowadays are easily
available on the internet. The application
is important as the product itself, we tend
to believe that two coats of product is
sufficient to withstand our Mediterranean
climate and in many cases the primer is
left out. For optimal results the application
of a consolidating primer is required to
strengthen the sand and cement plastering,
together with a minimum of three coats
of product for an average consumption of
500g-1kg per square metre.
Roofs are no exception and before we apply
any form of protection we have to put into
the equation many factors such as its size,
the location (by the sea or inland) and its use
(BBQ and leisure).
Salt, wind and hail can easily damage plastic/
acrylic based membranes, while traditional
carpet bitumen membranes and cement
based membranes are too rigid and fail very
easily when subject to structural movements.
Resins membranes on the other hand are
proving to be the future; they are designed
54

BUILDING & CONSTRUCTION
Malta Business Review
to meet our harsh hot summer and sudden
climate change. Their application is simply by
roller, brush or sprayed and can be applied
easily in corners and obstructed areas. The
final result is completely seamless, elastic,
resistant to heavy traffic, can withstand direct
bonding of tiles if desired and guaranteed
to last for years due to their resistance to
UV rays. They are light in weight compared
to other materials and can become stronger
when they are reinforced with fibreglass net
type matt 225. Resin membranes also help
to reduce heat intake inside buildings due
to their thermal ability to reflect natural
radiation.
We all know that delicate works that involve
waterproofing must be carried out by
professionals who are able to identify the
problems and address them with the best
possible materials and solutions possible. The
problem is how to identify the good installers
from bad ones. The answer is simple, always
make sure that the roofers are members of
the Malta Professional Waterproofing and
Resin Flooring Association. This guarantees
good work, traceability and trustworthiness.
Serious roofers are in possession of the
Association’s Installers Card for the peace of
mind of their customers. Always ask the roofer
if he is a member of the said association and
to show you the Installers card prior to any
works.
The Malta Waterproofing and Resin Flooring
Association provide technical knowledge and
professional formation to all Maltese installers
who wish to improve their workmanship or
start a carrier in the waterproofing business.
The Association also assists its members by
providing the services of a profession advisor
when facing challenging situations or other
difficulties during their works. The Association
also provides its qualified members the
Certified Installers Card. This is done to
reassure the general public that the person is
able to carry out the requested job at its best.
All this is being made possible thanks to Resin
and Membrane Centre and NAICI International
Academy. For further information with
regards the Malta Professional Waterproofing
and Resin Flooring Association visit our
website on www.maltawaterproofing.com or
call on 2747764 MBR
Creditline: The Resin & Membrane Centre
Damages releated with poor workmanship and materials
www.maltabusinessreview.net
55

Malta Business Review
EDITOR’S CHOICE
EDWARDS LOWELL OPENS MALTA’S FIRST
ROLEX BOUTIQUE
Valletta, 8 October 2018 – The much-awaited
opening of the first Rolex Boutique in Valletta
took place on 27 September 2018. Two years
in the making, the new boutique gives visitors
a true taste of luxury thanks to its carefully
designed interior, which incorporates a striking
emerald aqua floor in reference to the iconic
Oyster, the world’s first waterproof wristwatch.
The newly inaugurated boutique is finished to
the highest standards. Soft lighting, polished
brass frames, leather chairs and custom-made
furniture are complemented by handcrafted
stucco panels that depict the skyline of Valletta
with a sailing yacht in the foreground. This
marriage between Malta’s cultural heritage and
the Rolex Middle Sea Race highlights the iconic
Rolex Middle Sea Race start, a spectacle that
graces our beautiful Grand Harbour every year.
A highlight of the opening ceremony was
Chairman Malcolm A. Lowell’s speech
reminiscing about when his father gave his
mother a Rolex watch as a wedding gift. He also
commented on how the business had gone
from strength to strength, by saying: “It was
a rather small business in the beginning but
we progressed slowly but surely until this very
special achievement today, which we are very
proud of.” His son Malcolm R. Lowell, Managing
Director of Edwards Lowell, added to his father’s
sentiments by stating: “Over the last two years
Valletta has changed dramatically and we are
proud to be part of that change.” It is moments
such as these that underline the family values at
the heart of Edwards Lowell.
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 fine 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 finest products
alongside unique customer service. The Edwards
Lowell Rolex Boutique is the first 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 fine 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 certified 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
Rolex Boutique, Valletta
watchmaking innovations, such as the Oyster, the
first 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
All rights reserved - Copyright 2018
56

Equiom, the international professional services
provider, is proud to announce it has been
shortlisted for Trust Company of the Year at the
prestigious STEP Private Client Awards.
Speaking of the nomination, Global CEO Sheila
Dean said: ‘It’s fantastic to be recognised by
such an important industry body and even
more significant to be up for Trust Company of
the Year. We’ve had a transformational journey
in recent years, expanding our jurisdictional
CORPORATE & FINANCE
Equiom Steps Up For
Top Nomination
Sheila Dean
footprint and evolving our offering in line with
industry changes and the shifting needs of our
clients. Our trust service remains at the heart
of the business and we’re proud to deliver an
exceptional service to our global clients.’
Hosted in London later this year, the ceremony
will attract more than 700 practitioners from the
wealth management industry and Equiom will
send a team of ten to represent the business.
Sheila continued: ‘Being shortlisted for Trust
Company of the Year demonstrates Equiom’s
market-leading position and we are proud to be
named among other big names in the industry.
Good luck to all the nominees.’
The STEP Private Client Awards are held annually
and recognise excellence among trust managers,
financial advisers and other leaders in the private
client sector. Equiom was shortlisted after being
assessed by a panel of judges that represent
internationally renowned solicitors, lawyers,
accountants, financial advisers, barristers and
trust companies.
Malta Business Review
EDITOR’S NOTE
Equiom has been shortlisted for Trust Company of
the Year in the STEP Private Client Awards. The STEP
Private Client Awards is held once a year to recognise
excellence among trust managers, financial advisers
and other leaders in the private client sector. The
winners will be announced at a ceremony in London
on 7 November.
About Equiom
Equiom is fast becoming the stand-out business
in the professional services sector, with a strong
presence in Europe, Asia, the Middle East and
The Americas. It provides a range of innovative
and effective business partnering solutions.
Equiom’s experienced and highly qualified
teams support corporations and high-net-worth
individuals around the world with their fiduciary
and related support-service needs.
MBR
Creditline: Equiom
Betsoft Gaming
Signs Content Agreement with Iconic Operator Casino GrandBay
Betsoft Gaming has secured its leading
position in the Curacao regulated market,
entering into a content partnership with
online institution Casino GrandBay.
The agreement - the second signed with
a Curacao operator in August 2018 – is
extensive, covering many marquee Betsoft
titles from the sought-after Slots3TM series.
These initial games will be launched as part
of a ‘blockbuster’ promotion, highlighting
the importance of the content to Casino
GrandBay’s player acquisition and retention
strategies. Work has also already begun to
add a further 40 Betsoft titles to the GrandBay
library.
Launched in 2001, Casino GrandBay is one
of the online gaming industry’s longestestablished
institutions. For 17 years,
the operator has worked to pioneer new
experiences, including the signature Wheel of
Fortune, and today Casino GrandBay carries a
guarantee of offering ‘something different for
everyone’.
“Casino GrandBay is an iconic part of the
iGaming landscape, helping to steer the
development of the online casino industry
since almost the turn of the millennium” says
Annamaria Anastasi, Marketing Director for
Betsoft. “Seventeen years later, GrandBay’s
mission is still to provide players with a choice
of the world’s finest slot games, and Betsoft
is delighted to be joining what is still an
extremely selective pool of content suppliers.”
Key to Casino GrandBay’s choice of content
partner was a level of audio-visual excellence
that would appeal to its discerning players,
as Adrienne Banks, Brand Liaison Officer
explains. “Casino GrandBay is focused on
bringing the best online entertainment to
our players, so we chose to work with Betsoft
because of the quality and variety of their
games,” Banks says. “Every game selected
showcases gorgeous graphics and cinematic
gameplay, across a variety of different genres,
which fulfilled our requirements beautifully.”
MBR
Creditline: Betsoft Gaming
www.maltabusinessreview.net
57

Malta Business Review
NEWSMAKERS
Minister Scicluna reaffirms the Ministry’s
commitments to combat money laundering
An awareness seminar for voluntary
organisations was held at the Aula Magna,
University of Malta. The seminar was organised
by the National Coordinating Committee for
Anti-Money Laundering and Financing of
Terrorism with the full support of the Ministry of
Finance and the Office of the Commissioner of
Voluntary Organisations.
When addressing officials of voluntary
organisations, Minister Edward Scicluna
emphasised that the government is determined
in its fight against money laundering and the
financing of terrorism. In his speech, Minister
Scicluna referred to the newly established antimoney
laundering and anti-terrorism financing
mechanism, which has been set up and has
been operating since April 2018. The setting
up of the National Coordinating Committee
is just one of the initiatives being taken by the
Government to ensure the security of the local
economy. The Minister referred to the National
Risk Assessment which was completed first in
2015 and was updated in 2017. This National
Risk Assessment identified and assessed the
threats and vulnerabilities related to issues of
money laundering and terrorism financing. This
assessment formed the basis of Malta’s Anti-
Money-Laundering and Combating of Terrorism
Strategy which embraces a comprehensive
list of actions to enhance the national antimoney
laundering and the combat of terrorism
framework which the government is taking
to address risks. In this national strategy the
National Coordinating Committee is identified
as being the mechanism responsible for
defining the overall strategy and overseeing
the implementation of the actions listed in the
strategy.
Minister Scicluna stressed that the aim of the
National Coordinating Committee is to not only
define an overall anti-money laundering and
combat of financing of terrorism plan of action
and for overseeing the implementation of this
same strategy but to reach out to the various
stakeholders for an effective coordinated setup
in the national combat against money laundering
and terrorism financing. This newly established
mechanism is also an invaluable tool in helping
prepare for and coordinate for international
evaluations such as FSAP which have just finished
their evaluation and MONEYVAL which will be
making their next evaluation in November.
MBR
Creditline: Ministry of Finance and the Office of
the Commissioner of Voluntary Organisations.
Parliamentary Secretary Silvio Schembri
launches a Diploma in Cryptocurrency by
Centrecom
“Centrecom efforts and financial investments
amounting to €5m in order to support DLT
technology will serve as a model for other
companies” – Silvio Schembri
Parliamentary Secretary for Financial Services,
Digital Economy and Innovation Silvio Schembri
visited Centrecom, a private company focusing
on customer services which during the past few
months invested heavily in the latest technology
in order to proceed with its operations effectively
for the benefit of customers. “Centrecom
efforts in adapting to DLT technology will serve
58
Minister Scicluna during seminar
for voluntary organisations
Photoo: DOI - Clodagh Farrugia O'Neill
as a model for other companies still yet to
discover the opportunities this industry holds
and the benefits for day to day operations.
Besides, what is remarkable is the investment
in human resources and the strengthening
of its workforce’s skills”, said Schembri. He
commended Centrecom’s initiative with regard
to the sponsorship programme being offered
for its Training Department to fulfil a Diploma
in Cryptocurrencies. “In view of having world
leading companies in blockchain and the crypto
sphere that are choosing Malta as their home,
it is crucial to train our human resources and
familiarise them with this sector” stated the
Parliamentary Secretary.
Robert Spiteri, General Manager for Centrecom,
explained how the company is working to grow
its business and embrace the changes that
are coming along with the emergence of the
new blockchain and cryptocurrency industries.
In fact, in a short span of time since the
inauguration of the new premises in June 2018,
Centrecom invested around €5 million in an
effort to embrace new technology. Centrecom
announced its investment of €3 million for new
offices which can cater for 450+ desks in order
to offer a variety of services such as customer
support, amongst others. It was explained
that embracing the changes that are coming
along with the emergence of blockchain and
cryptocurriencies meant an investment of €1.4
million to have a robust technology in place as
well as investment in training the employees.
“I thank the administration of the company for
their efforts and for being part of the DELTA
Summit between the 3rd and 5th of October,
the Maltese Government’s official blockchain
and innovation event”, said Silvio Schembri. MBR
Scource: THE PARLIAMENTARY SECRETARIAT
FOR Financial Services, Digital Economy and
Innovation
The Malta Gaming Authority will be
launching its sandbox for Distributed
Ledger Technology during Delta Summit
During the Delta Summit, the Malta Gaming
Authority will be launching its sandbox for
Distributed Ledger Technology (DLT). This
was announced by Parliamentary Secretary
for Financial Services, Digital Economy and
Innovation Silvio Schembri while addressing
the third edition of iGaming idol—an event
which has become a staple in the calendar of
iGaming events rewarding excellence within the
Creditline: The Malta Gaming Authority
different iGaming spheres. Silvio Schembri said
that the MGA’s launch of the sandbox comes
after the publishing of a consultation document
in March which started discussions amongst
stakeholders for the introduction of DLT and
virtual currencies. “The Authority is keen to
embrace the technology and is not shying away
from understanding the rise of DLT Technology
with an aim to boost economic innovation, all
this within a regulated environment”, said Silvio
Schembri.
Sandbox is a space in which this technology can
operate securely in a restricted environment.
During the ceremony, Silvio Schembri presented
the Hall of Fame award for the first time, which
this year was awarded to George DeBrincat for
his proactivity in the industry since its inception.
This means that the third edition of iGaming idol
awarded 22 individuals for their outstanding
contribution towards the iGaming industry in the
home of gaming excellence. MBR
Creditline: The Malta Gaming Authority
Standard and Poor’s affirms Malta’s A-/A-2'
ratings with a positive outlook
The Ministry for Finance welcomes the latest
credit rating report by Standard and Poor’s
which affirms Malta’s A-/A-2' ratings with a
positive outlook.
Standard and Poor’s acknowledges that
in recent years, the Government has
consolidated government finances, reduced
general government debt relative to GDP, and
undertaken several structural reforms, notably
those that have increased female participation
in the labour market and reduced the country’s
energy bill. Indeed, the report states that the
positive rating reflects Malta’s strong growth
performance, the recurring current account
surpluses driven by Malta’s large services
exports, and the improving general government
budgetary position and fiscal management.
Standard and Poor’s notes that significant
investments in energy and logistics were
important contributors to growth in 2014 to
2016, while growth in the exports of services such
as tourism, logistics, and e-gaming are expected
to continue fuel growth in the coming years.
In 2019, it expects growth to moderate but to
exceed that of peers at similar income levels and
stages of development. The report notes that
the implementation of recommendations from
spending reviews, the fast pace of growth of new
economic sectors, and increases in government
revenues have allowed the consolidation of
public finances. It further projects that, with
recurrent fiscal surpluses, the debt-to-GDP ratio
will decline to under 40 per cent in 2021 from a
projected 47 per cent in 2018. On the banking
sector, the report notes that the domestic banks
are highly liquid and possess a low loan-todeposit
ratio.
Standard and Poor’s acknowledges that
macroeconomic policymaking will remain geared
toward further fiscal consolidation. Indeed,
it notes that efforts to further reform stateowned
enterprises, reduce skill mismatches,
and improve the long-term sustainability of
public finances will be implemented gradually,
alongside increased public investment to plug
infrastructure gaps. Minister for Finance Edward
Scicluna comments: “I am pleased to note that
Standard is attributing Malta’s exceptional
economic performance to the Government’s
economic, fiscal, and social policies and the
undertaking of reforms. The Government
intends to continue along this successful path as
promised in its electoral programme”. MBR
Credit: Ministry for Finance
Photo Credit: MFIN

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