MBR_ISSUE 48_FEB_LR

COVER STORY 

FROM SHIPS TO SOLAR 

ONE-ON-ONE 

NICK CLEGG, HEAD OF GLOBAL 

AFFAIRS AT FACEBOOK 

EXCLUSIVE INTERVIEW 

ADVANCING THE CIRCULAR ECONOMY 

VIA PRODUCT-SERVICE SYSTEMS 

SPECIAL FEATURE 

CHANGING INTERFACE OF 

CORPORATE BANK CHANNELS 

Edward Hili discusses renewable 

energy in the 21st Century p.06 

Former UK senior Minister in his first 

public interview since joining Facebook p.10 

Profs. Mark Anthony Camilleri provides 

an in-depth examination of the Circular 

Economy p.20 

Alenka Grealish tells us what’s on the 

Horizon in Corporate Bank Channels p.24 

MALTA BUSINESS REVIEW 

ISSUE 48 | 2019 

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Together we thrive

your perfect atmosphere 

Malta Business Review 

CONTENTS 

Issue 45 

26 CHANGING INTERFACE OF CORPORATE BANK 

CHANNELS 

Alenka Grealish tells us what’s on the Horizon in 

Corporate Bank Channels 

EVENTS 

6 

30 KURT CALLEJA LIVE CONCERT 

Tribute & Promo of Kurt Calleja’s forthcoming concert 

06 

COVER STORY 

FROM SHIPS TO SOLAR 

Edward Hili, Executive Director, Hili Company discusses 

renewable energy in the 21st Century 

ANALYSIS & DEBATE 

SPECIAL STORIES/REPORTS 

34 BLOCKCHAIN GOVERNANCE WORLD SUMMIT 

PS Silvio Schembri opens the Blockchain Governance 

World Summit – South Korea’s biggest blockchainthemed 

event 

08 WHY A LEADER’S POSITION BECOMES 

UNTENABLE 

Our political analyst scrutinises and evaluates Adrian 

Delia’s tenure and why it has become unsustainable 

ONE-ON-ONE 

10 NICK CLEGG, HEAD OF GLOBAL AFFAIRS AT 

FACEBOOK 

Former UK senior Minister sits down with EU Confidential 

for his first public interview since joining Facebook 

08 

10 

FEATURES & REPORTS 

16 AX GROUP 

Consolidated Financial Results of 2018 

20 

26 

20 ADVANCING THE CIRCULAR ECONOMY VIA 

PRODUCT-SERVICE SYSTEMS 

Profs. Mark Anthony Camilleri provides an in-depth 

examination of the Circular Economy 

36 TURKEY-MALTA BUSINESS COUNCIL 

Translating excellent diplomatic and political 

relations to tangible business collaborations 

22 SPECIAL REPORT NO 03/2019: 

European Fund for Strategic Investments: Action 

needed to make EFSI a full success by Leo Brincat 

40 MGA AT ICE 2019 

PS Silvio Schembri & MGA in talks with new Gaming 

companies in London 

SIMON 

ESTATES 

OUR GOLDEN PARTNERS 

44 CONVERGENCE: 

James Vella Clark’s First All-Abstract Solo Exhibition 

“Indecision” (2018) 

4

MALTA 

BUSINESS REVIEW 

EDITORIAL 


What is your sightedness? "The single greatest factor impeding 

healthy relationships is myopia. Myopia can best described 

simply as shortsightedness. 

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 

Contributors: Leo Brincat; Antoine Bonello; 

Mark Anthony Camilleri; George Carol; David 

Farrugia; Alenka Grealish; Ryan Heath; Edward 

Hili; Anna Isaac; Arin Ray; James Vella Clark; 

Charlie Williams; 

SPECIAL THANKS 

DOI; European Parliament Information Office in 

Malta; European Parliament, Directorate- General 

for Communication/Press Office; European 

Research Council; FIMBank; HSBC; LinkedIn; 

Edwards Lowell & Co.; MORGEN EUROPA; OPR; 

POLITICO SPRL; Politico Playbook; PTV Group; 

Taylor & Francis Group; The Malta Experience 

PRINT PRODUCTION 

Gutenberg Press Ltd 

QUOTE OF THE MONTH 

"There is no security in this life. There is only 

opportunity." 

-- Douglas MacArthur 

In culture, myopia is often referred to as an inability to see 

into the future. It may be described as a lack of foresight or 

discernment. It could also be narrow-mindedness or the inability 

to see the wake that one leaves in the world. In this case, it refers 

to making choices today for reasons of personal comfort and 

convenience that may have long-lasting negative consequences 

on generations to come. This cultural myopia exchanges longterm 

value for short-term gain, saddling the next generation 

with the negative baggage of our bad decisions. This myopia can manifest itself in a variety of 

ways from lack of environmental conscientiousness to the poor politics of partisanship, which 

sacrifices collaboration on the altar of petrified ideology (beliefs that have long been proven 

lifeless but have, nevertheless, hardened into stone)." 

During my time working as a freelance and then full time journalist, I interviewed people 

from all walks of life and told their stories. It was one of my favourite functions of the job— 

sitting down and chatting with individuals I otherwise would never have known. Most of the 

time, these encounters were positive and professional. But I can recall a few instances in ten 

years where my interviewees overstepped their bounds with comments or behavior that 

made me uncomfortable. Thankfully, once the interview was finished, I didn’t have to see 

those people again and moved on. But unfortunately for some workers, they can’t move on. 

The inappropriate or harassing behaviour comes from inside the workplace—a place many 

people spend more of their waking hours than they do at home. 

As I assembled content for this month’s edition of MBR, harassment in the workplace was 

definitely on the top of my mind, especially in light of the #MeToo movement and the way 

it made those who have been harassed (or worse, assaulted) feel more confident about 

coming forward. Some of our articles in past have given important advice on how businesses 

can prevent and respond to harrassment at the office. This month, our special political 

correspondent tackles the hot issue of when a leader’s position becomes untenable. 

Also inside this issue, you will learn more about The acquisition by Hili Company of a 

30,000sqm distribution centre in Latvia, Riga for 20 million Euros. It will be used to distribute 

pharmaceutical and medical products, beverages, airport supplies to the Baltics, Central 

Asia and Russia. HC already a number of other such distribution centres across Europe in its 

portfolio. 

The Hili Company is one of a handful of Maltese firms with a genuinely global footprint. It 

has a long and distinguished history in various fields, particularly shipping and one may also 

delve into the mission and vision on how the business stayed within the family, currently with 

Marin Hili as Chairperson, his son Edward Hili as CEO and daughter Michela Borg as Executive 

Director working together. 

From all of us at MBR, as 2019 rolls ahead, we hope that this will be your best and most 

productive year yet. 

Enjoy the read! 

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. 

Martin Vella 

Editor-in-Chief 

Talk to us: 

E-mail: martin@mbrpublications.net 

Twitter: @MBRPublications 

Facebook: www.facebook.com/MaltaBusinessReview 

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

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

analysis of local and international news. 

Agents for: 

www.maltabusinessreview.net 

5


COVER STORY: RENEWABLE ENERGY 

From ships to solar 

By Edward Hili, Executive Director, Hili Company 

The transition from a society dependent on fossil fuels to a world of sustainable and clean 

energy is necessary if we hope to preserve the delicate balance of our planet’s ecology 

and indeed to ensure the continuity of our species. Change is not going to happen 

overnight. It took 50 years for coal to grow to 40% of global supply. In the same time 

frame, crude oil and natural gas grew to 30% and 20% of the world’s supply, respectively. 

The adoption of renewable energy is still 

very much in a nascent state which is 

even more reason to step up our efforts. 

Given the acceleration in technological 

capabilities, impetus from climate change 

and the necessary political will, we may 

yet hope that renewables will be the 

primary supply of global energy in less 

than 50 years. 

We at Hili Company are committed to 

becoming a major player in this transition 

and have thus initiated our move into 

the renewable energy sector. Essentially, 

our strategic move in this direction was 

rooted in the recognition of several key 

circumstances. 

Firstly, the demand for energy has been 

growing year on year; a trend observed all 

around the world. The surge in demand 

has been, and will continue to be in the 

foreseeable future, driven by population 

growth, industrialization of third-world 

countries and the increasing use of 

electrical devices. 

Secondly, fossil fuels are neither 

environmentally friendly nor sustainable. 

"Equally important is 

the fact that fossil 

fuels cannot be easily 

replenished in the short 

term. 

Today’s energy requirements are primarily 

being met by the burning of fossil fuels. 

Justifiably, heavy criticism has been 

levelled at the latter due to their impact 

on the environment. For starters, the 

burning of fossil fuels results in harmful 

emissions which have a direct and 

immediate negative impact. Further, 

the extraction methods used for such 

fuels - from mining to fracking to drilling - 

exacerbate the problem by harming, often 

permanently, the surrounding landscape. 

Equally important is the fact that fossil 

fuels cannot be easily replenished in the 

short term and accordingly, our current 

wanton pillaging of such resources means 

that they are not sustainable as an energy 

source for the future. 

Thirdly, renewables are a socially and 

economically attractive proposition. If 

growth is to be sustainable, and it must 

be, we should in no way compromise the 

welfare of future generations by exploiting 

our resources today as if there is no 

tomorrow. Renewables fit the bill since 

they are by definition, renewable, produce 

little or no harmful emissions and can be 

harnessed with minimal disruption to the 

environment. Nature has provided us with 

Image of Biomass gasification cogeneration plant 

6

COVER STORY: RENEWABLE ENERGY 


Solar farm image 

"This project is on track 

to becoming one of 

the country’s first 

solar farms approved 

under Malta’s National 

Renewable Energy Plan. 

an abundance of energy sources which 

are constantly being replenished - wind, 

sunlight, waves. And since our use does 

not deplete them (unlike fossil fuels), 

with the right tools, we may tap these 

resources in perpetuity. 

The adoption of renewables as a primary 

source of energy is, however, not quite 

straightforward. Electricity generated by 

renewables tends to be intermittent – 

solar energy is only produced when the 

sun shines; wind energy is only produced 

when the wind blows. This means that it 

will be more difficult to match electricity 

supply and demand. We cannot simply 

turn the sun or the wind on and off at will. 

In addition, electrical grids were not 

originally designed to cope with irregular 

flows of electricity. As a result, we now 

have aging infrastructures which are 

desperately straining under today’s 

realities. Furthermore, there is a lack 

of efficient and cost-effective energy 

storage options with the consequence 

that renewable power producers may be 

discouraged from connecting to the grid 

until it is adequately upgraded. 

Eventually, renewables have to become 

our primary energy source rather than 

merely an alternative or a supplement 

to fossil fuels. Government incentives 

and the declining costs of technology, 

driven by ongoing scientific discoveries 

in the field, have sown the seeds for the 

mushrooming of smaller independent 

power producers. Concurrently, there 

should be greater encouragement for 

technological innovations to increase 

efficiency and create new energy storage 

solutions, as well as to revamp the 

architecture of traditional grids. 

At Hili Company, we are excited and 

optimistic about this sector. Indeed, we 

have already set in motion key projects in 

Malta and Croatia which exploit resources 

naturally abundant in each country. 

In sunny Malta, which has higher 

peak irradiance in the summer than 

even California, we have commenced 

preparations for the development of a 2.4 

MW solar farm. This project is on track to 

becoming one of the country’s first solar 

farms approved under Malta’s National 

Renewable Energy Plan. 

In Croatia, we are commencing works 

on the commissioning of the first of 

potentially a series of biomass gasification 

cogeneration plants using woodchips. 

Croatia enjoys an abundant supply of 

woodchips thanks to its involvement in 

the paper industry. Bioenergy (energy 

from biological material, that is, biomass) 

only accounts for approximately 9% of 

the world’s primary energy supply and 

more than half of this relates to the use 

of biomass in developing countries for 

cooking and heating. Although not given 

the same amount of attention as wind 

or solar, bioenergy plays a crucial role in 

a low-carbon energy system and we at 

Hili Company are proud to champion its 

cause. 

Beyond these projects, our aim is to 

develop and grow our team’s expertise 

which would thereby enable us to take 

on further renewable energy projects 

throughout Europe. We will show that we 

can be commercially viable and leave a 

positive impact on our planet. MBR 

All rights reserved - Copyright 2019 


7

Malta Business Review ANALYSIS & DEBATE 

Why a Leader’s position 

becomes untenable 

By Special Correspondent 

Dr. Joseph Muscat, PM with 

Dr. Adrian Delia, PN Leader 

I do recall when Adrian Delia called Daphne 

Caruana Galizia a biċċa blogger, which 

comment showed clearly Delia’s contempt 

and intolerance for free expression; this was 

a clear signal of what a leader should not 

have said. There has been various allegations 

and recriminations about Dr Delia, with the 

latest being domestic violence allegations 

that had surfaced around Christmas, and 

which makes Delia’s position untenable in 

the circumstances. 

Nationalist MP Jason Azzopardi has 

recently compared the situation to football, 

explaining that rival teams do not defend 

or advise their opponents’ coach. He 

adds that this only happens “if there is a 

hidden agreement to defend their common 

interests”. Azzopardi was evidently referring 

to situations when exponents of the 

Labour Party have defended the position 

of PN leader Delia who is facing calls for 

resignation after his estranged wife filed 

separation proceedings, claiming domestic 

abuse which Delia is denying. 

The PN has never been in sush a 

downtrodden, disastrious and quagmired 

situation as it currently is. The PN is in its 

lowest self-inflicted abyss, which it sank 

into out of its own intransigent, archaic 

and out-of-date political beliefs. It is a 

party which is not united and certainly has 

several factions in a chorus of disunity, 

dissent and open conflict. It is such a shame 

to see such a party with a glorious past 

demoralised and without a clear objective. 

The disorganisation seems to stem from 

some same old faces who were to blame 

for the last two catastrophic election 

defeats and who still occupy top positions, 

backing Delia body and soul. The party 

lacks a clear voice, does not have a vibrant 

structured organisation, and is clerly lacking 

a charismatic strong leader who is able to 

motivate and unite the party’s followers, and 

8 

moreso redeem the lost sheep. The PN is a 

party without a vision, without a voice and 

without a mind. In analysing the situation, 

my ex-classmate at De La Salle, Ranier Fsadni 

recently wrote in a local newspaper, “To 

identify the problem as loss of voice is not 

to minimise it. It’s to warn against the wrong 

medicine.” 

And what would be the right medicine 

for the PN to reinvigorate and revive itself 

to gear and catch up with a Labour Party 

machine, that seems to be miles ahead, 

despite what is going on? Ranier Fsadni also 

maintains that, “Without a singular collective 

voice, a party is paralysed.” 

"A political spectrum 

without a serene and 

functioning opposition 

tantamounts to a weak 

Republic. 

Mr Fsadni continues to confirm that, “By 

2013, the PN had long stopped being 

considered a history-maker.” Added on top 

of this, is that paradoxically, the PN has also 

suffered from loss of vision. Apparently, 

Delia was unable to do anything as PN leader 

to address this situation and bring to bear an 

assertive and charismatic character with a 

sense of “judgement which is authoritative, 

compelling, or even right”, since the grass 

roots don’t hear their party’s voice in Delia’s 

at the moment. 

I was left with a very negative and 

disappointing sentiment and bad impression 

following a personal brief encounter with 

Delia, who chose to avoid answering my 

questions on the sole opportunity I had with 

him. People often say that politicians never 

‘tell it like it is’. This is an important part of 

what draws people so strongly to populists 

like Trump. They take pride in the fact that 

they do not let themselves be muzzled by 

‘political correctness’, as opposed to the 

aloof, carefully weighted discourse employed 

by professional politicians. 

However, there is a way how to approach 

and act, and being hostile is certainly not 

one of the wisest choices a PEP like Delia 

can take. British communication expert 

Peter Bull has come to distinguish at various 

techniques that politicians use to evade 

questions posed by journalists, a practice 

that he has been dubbed ‘equivocation’. The 

one that came out on top was, without a 

doubt: ‘Attacking the question’. People do 

not want to lose face, says Bull, and in this 

way, politicians are no different from us: 

when faced with a situation in which every 

answer will lead to a loss of face, they prefer 

not to answer at all. 

It is relatively unusual example of a 

politician attacking a question because it 

is inappropriate. Perhaps politicians are 

ordinary people too, and display equivocal 

behaviour when faced with a difficult 

question. In scientific terms: people behave 

equivocally when they find themselves in 

a situation of ‘avoidance-avoidance’: when 

there is absolutely no pleasant way of 

answering but an answer is required. 

I am not a mainstream journalist, neither 

am I a puppet journalist. When mainstream 

reporters ask prepared (clear) questions, 

they receive heavily spun non-answers 

which they often treat as answers. 

Cont. pg.36

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ONE-ON-ONE 

Nick Clegg, head of global affairs at Facebook 

Nick Clegg, vice president of global affairs at Facebook 

Clegg sat down with EU Confidential end of January for his first public interview since taking over as vice president 

of global affairs at Facebook. The former deputy prime minister of the United Kingdom has, in effect, become a 

senior minister in the world’s largest online community. 

It’s been a rough ride for the social media 

giant, and for Clegg, to some extent, 

since he took the job. In the last week 

alone, the company has faced accusations 

that it lied to the EU competition 

authority (over data-handling practices 

between Facebook and WhatsApp), 

that it promotes images of self-harm to 

vulnerable teenagers on Instagram, that 

it is preventing transparency campaigners 

from effectively monitoring political 

ads, and that it paid teenagers to give 

Facebook full access to their phones as 

part of a research project. 

Clegg said that Facebook is implementing 

new rules and a new culture for handling 

the intersection of politics and its 

platform. For example, he’s coordinating 

a new weekly meeting that includes 

Sheryl Sandberg and engineers in which 

they discuss activity in a list of “critical 

countries” where problems like violence 

or election interference could spiral out of 

control. 

From late March, Facebook also plans 

to “launch new tools to help prevent 

interference in the upcoming [European 

parliamentary] election and make 

political advertising on Facebook more 

transparent.” 

Clegg said Facebook has a “deep 

responsibility” for what happens on the 

platform, and it accepts the need for 

sensible regulation. 

Clegg requested that governments create 

better and stronger rules around online 

political advertising, saying that it is 

Facebook’s job to follow the rules, not to 

write them. 

The EU should also get ready for Clegg to 

bring Facebook engineers to Brussels in 

the next year, so they can be face-to-face 

with politicians and officials to discuss the 

company’s products and social impacts. 

Top line: “I don’t know who that chap 

is,” Clegg said of Tommaso Valletti, 

the European Commission’s chief 

competition economist who advised on 

the Facebook-WhatsApp buyout, and 

said “what a bunch of lies,” upon learning 

that Facebook might bring Messenger, 

WhatsApp and Instagram data under one 

roof, after previously saying it couldn’t. 

Credit: Ryan Heath, POLITICO SPRL 

MBR 

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SAFETY & SECURITY 

FIRE PROTECTION, 

DETECTION AND 

SUPPRESSION 

My passion for fire safety comes from 

fifteen years as a London Fire Brigade 

officer. Based at three busy stations, I saw 

firsthand the destruction a fire can cause 

to life, property and livelihoods. I am a 

fully qualified fire risk assessor, auditor 

and a graduate member of the Institution 

of Fire Engineers. I have been in fire safety 

for a further fifteen years and I have been 

an STCW Instructor for three years. 

Many people believe we do not have fires 

in Malta, this is a myth. Fires are on the 

increase and with the growing population 

in Malta they will increase further. Not so 

long ago one family unit would occupy a 

By David Farrugia 

plot but today that same plot has up to 

ten family units. Last year unfortunately 

there were two fire related fatalities. Most 

fires are avoidable. 

We are lucky that the construction 

methods in Malta offer natural fire 

protection with the use of stone or 

bricks. We are also lucky that we have a 

competent Civil Protection department 

led by a great management team who 

are constantly improving the service they 

provide to the public. 

One such improvement is the soon to be 

enacted fire safety legislation. This will 

David Farrugia 

require all businesses to be compliant with 

all fire safety requirements under the law. 

For those businesses who already have a 

good standard of fire safety according to 

current EU requirements they will simply 

need to maintain the standards. Those 

however who see fire safety as an added 

expense and not a priority may need 

to carry out improvements in order to 

comply. 

It is not enough to simply add fire 

protection to the building. You must carry 

out an annual fire risk assessment and 

periodical audits, have an appropriate 

audible alarm system, provide a safe 

means of escape for staff and customers, 

provide extinguishing media, train staff 

and carry out frequent fire drills. 

We offer a fire safety management service 

which includes all of the above. We also 

provide a log book to record all your fire 

safety related issues. From a liability point 

of view it is important to ensure you run 

a safe business .In the event of injury or 

death, fines are running at six-figure sums. 

Along with our partner MIPPS we also 

offer STCW basic, refresher and fire 

warden training for commercial and local 

seafarers. MIPPS has an ISO certification 

and we use professional fire fighting 

facilities for realistic training in heat and 

smoke. Our qualified Instructors have 

years of experience in their related fields 

of expertise. For any fire safety assistance 

or any of our courses please feel free to 

call us. Be safe -don’t let a fire be your 

fault. MBR 

Credit: David Farrugia 

David Farrugia in full fire fighting uniform 

12


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administrative costs associated with 

distribution, merchandising, delivery, 

receiving, and payment procedures. MBR 

For more information on how Computime 

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route staff, visit www.computimesoftware. 

com/acumatica-erp or email info@ 

computimesoftware.com. 

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COMPANY FOCUS 

Consolidated financial results of 2018 

The results for financial year ending 

31st October 2018 set a number of new 

records for the Group. 

Total revenue increased by €10.6 million 

(17%) over the previous year to reach €56 

million. It is reassuring to see that the 

increases were across all divisions of the 

Group. Operating profits also registered a 

50% increase to reach €15.6 million from 

€10.1 million in 2017. 

The Group’s profit before taxation for 

the year amounted to €40.2 million. This 

was mainly derived from the ongoing 

revaluation program of the investment 

property held by the Group. 

The graph below shows that over a 5 year 

period the Group’s revenue more than 

doubled whilst EBITDA almost tripled. 

As at year end, total assets of the Group 

increased by €38.9 million, from €286.3 

million in 2017 to €325.2million in 

2018. On the other hand, total liabilities 

decreased by €2.3 million, from €112.9 

million in 2017 to €110.7 million in 2018. 

The Group’s equity at year end stood at 

€214.6 million up from €173.3 million in 

2017. 

The Group has acquired a number of 

strategic properties in 2018 for which it 

has started developing new plans. 

During 2019 we will be focusing our 

energy on three key projects: 

• The opening of Rosselli – a luxurious 

hotel in Valletta which will be 

launched under the AX Privilege 

brand; 

• The construction of 9 high end 

apartments at Falcon House in 

Sliema; 

• The development in Mosta which 

include new headquarters for AX 

offices and apartments for sale and 

rent. 

We also expect to have a number of 

important commercial and financial 

announcements in 2019. 

“We are very proud of the progress made 

so far and look forward to the projects 

that are now in the pipeline”- Michael 

Warrington CEO of AX Group concluded. 


16


CONSTRUCTION 

CARE 

GROUP 

CREATIVITY | 

DETERMINATION | INTEGRITY 

A: AX HOUSE, MOSTA ROAD, LIJA, LJA 9010, MALTA E: INFO@AXGROUP.MT T: +356 2331 2345 


17


DATA ANALYTICS 

Extracting value from your data 

by Patrick Bezzina 

We live in a world surrounded by data. 

Companies in every industry race to 

collect and process every piece of data 

they can. Big data means big business. 

The question is, what do we do with 

all this data? How can business extract 

value from data? Why does it make sense 

to analyse data? Data analytics is the 

widely used technical term that defines 

the examination of data sets in order 

to draw insights and conclusions from 

them. Consequently, big data analytics 

refers to the processing of extremely 

large data sets that may be analysed 

computationally to reveal patterns, trends 

and correlations. The world of big data is 

a growing and lucrative field in computer 

science for those with proper training and 

experience. 

While one can trace the origins of data 

analytics to the technology industry, it 

now impacts every sector from retail to 

media, to industrial goods to services. 

Every CEO today must have an answer 

to the questions: ‘What is your digital 

strategy? What new capabilities are 

you creating to compete with digital 

disruptors?’. The key lies with data 

analytics. A recent study revealed that 

75 percent of companies in the USA and 

the UK are working to increase their 

use of analytics in an effort to move to 

business models that are more predictive 

in nature. This figure is likely to increase as 

more applications are developed to assist 

business to collect, aggregate, synthesise 

and visualise data to drive efficiency, 

innovation and optimal business 

outcomes. 

Analysing big data allows analysts, 

researchers and business users to make 

better and faster decisions using data that 

was previously inaccessible or unusable. 

Nowadays, using advanced analytics 

techniques such as text recognition, 

machine learning, predictive analytics, 

statistics and natural language processing, 

businesses can analyse previously 

untapped data sources independent 

of, or in conjunction with, their existing 

enterprise data, thus gaining new insights 

resulting in better and faster decisions. 

With the emergence of big data, 

the Internet of Things (IoT), artificial 

intelligence, and machine learning, the 

role of analytics has been elevated to 

centre stage. The winners in the modern 

world are those who can give all their 

employees, partners and customers 

immediate access to the most relevant 

information. But winning requires 

more than answering tough questions, 

understanding the business at every turn, 

and seizing opportunities before your 

rivals do. It’s also about creating value and 

maximizing return on investment with 

every decision you make. 

A strategic approach to analytics will 

strategic approach to analytics will 

provide the key to unlocking the value 

provide the key to unlocking the value 

in your data – enabling you to gain 

in your data enabling you to gain 

unprecedented insights, bridge the gap 

unprecedented insights, bridge the gap 

between analysis and business outcomes, 

between analysis and business outcomes, 

and combine the power of big data 

and combine the power of big data with 

with analytics to drive business success. 

The traditional approach to delivering 

Business Intelligence is being challenged. 

BI and analytics solutions are evolving at a 

rapid pace – with many organisations 

leveraging modern, agile platforms to 

create business value. The ability to 

reason, plan, predict, and solve issues 

with deeper insights from increasingly 

diverse data sets is opening up a whole 

new world of opportunity as well as 

defining new methods and approaches. 

In this rapidly evolving scenario, 

businesses are depending more and more 

on specialists who can help them handle 

the unprecedented volume and variety 

of information caused by the modern day 

proliferation of data - something which 

traditional data warehouses cannot cope 

with anymore. These businesses also need 

someone who can deliver relevant, factual 

and timely information that is mobile, 

highly interactive and tailored to user 

needs. Someone who can help them use 

data to understand customers and their 

environment in far greater depth. MBR 

Patrick Bezzina is Chief Technology 

Officer at Ecovis Malta. Information on 

Ecovis Malta’s range of services can be 

found at https://www.ecovis.com/mt/. 

For enquiries about Ecovis Technology 

Advisory contact tech@ecovis.com.mt. 

18

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www.maltabusinessreview.net 19


CIRCULAR ECONOMY 

Advancing the Circular Economy via 

Product-Service Systems 

By Mark Anthony Camilleri 

Today, the economic models of many 

countries are mostly built on the premise 

of ‘take-make-consume-and-dispose’ 

patterns of growth. Business and industry 

have customarily followed such a linear 

model that assumes that resources are 

abundant, available and cheap to dispose 

of. Every product is usually bound to reach 

its ‘end of life’ at some stage or another. 

When products are no longer useable or 

required, they are usually discarded as 

waste. 

Several academic commentators claim 

that product-service systems (PSS) are 

moving society towards a resourceefficient, 

circular economy as the sale of 

tangible products may also include service 

systems such as repair and maintenance, 

updates and upgrades and disposalservices 

such as recycling. In a nutshell, 

PSS involves selling physical products 

as well as the provision of after-sales 

services so that businesses are capable of 

satisfying consumers’ demands. 

PSS providers are in a position to design 

"need-fulfilment" systems with lower 

impacts to the environment, by either 

replacing an alternative product-service 

mix or by influencing the customers’ 

activities to become more eco-efficient. 

For-profit organisations have an incentive 

to prolong the service life of their 

products and to make them as cost- and 

material-efficient as possible. 

Moreover, PSSs would typically extend 

beyond purchase, affecting the use and 

disposal of resources. Hence, these 

systems could lead to the minimisation of 

material flows in the economy whilst 

"Every product is 

usually bound to 

reach its ‘end of life’ 

at some stage or 

another. 

maximising the businesses’ service 

output and their users’ satisfaction. There 

are three types of PSSs that prescribe 

different product service components and 

ownership packages: 

(a) a product-PSS that adds extra services, 

but the ownership of the product(s) is 

transferred to the consumer(s); 

(b) the results-PSSs that would involve 

both parties agreeing to achieve target 

results, as they recast product(s) as 

utilised materials; 

(c) in use-PSSs, the provider(s) lease, share 

or pool their product(s); however, they 

retain the ownership of the product(s). 

For instance, Philips, a diversified 

technology company utilises the use- 

PSS approach, as it provides a lighting 

service to customers and is responsible 

for its technology risk. The Dutch 

company installs its lighting equipment 

(including street lighting), maintains it, 

and ensures that it runs for a very long 

time. Eventually, it reclaims back its 

equipment when it is the right time to 

recycle materials. This property rights are 

distributed amongst Philips and its clients, 

over the lifetime of the products. 

Philips has recognised an untapped 

opportunity to retain ownership of its 

products, as it has committed itself to 

dispose of the infrastructure and its 

constituent parts at their end of life. At 

the same time, customers (including 

the government) do not have to pay 

high upfront costs for their lighting 

equipment. Interestingly, Philips is also 

adopting a similar PSS within health care 

20

CIRCULAR ECONOMY 


"Everyone has a 

responsibility to bear 

for the products’ 

disposal at their end 

of the life. 

environments where it has established 

leasing relationships with clients for 

its medical infrastructure. Again, the 

company will eventually reclaim back 

its equipment and upgrades it when 

necessary. When the medical equipment 

is refurbished with the state-of-the art 

technology, the multinational firm will 

reuse it for another customer; it provides 

a warranty and guarantees its products as 

new. 

The idea of shared ownership is 

conspicuous with the results- and use- 

PSSs. These systems have led to upstream 

effects (through sustainable design) 

and increased throughput. PSSs are 

sustainable in the long run, as they reduce 

the use of finite resources, and result in 

less externalities, in terms of waste and 

emissions. PSSs are intended to reduce 

the use of finite resources. 

Everyone has a responsibility to bear 

for the products’ disposal at their end 

of the life. There are opportunities as 

well as threats facing our organisations’ 

and environmental sustainability in the 

foreseeable future. The main challenge 

is creating the right environment where 

businesses collaborate together to 

benefit from resource efficiency and 

increased throughput. Indeed, PSSs 

can be facilitated through stakeholder 

engagement and the formation of clusters 

at supply chain level. The development 

of Eco Industrial Parks (EIPs) would 

help businesses turn their unwanted 

externalities into useable materials for 

others. Therefore, local institutions and 

governments are encouraged to support 

PSSs as they maximise the functioning of 

global ecosystems. 

Parts of this contribution appeared in an 

academic paper that was recently accepted 

by Sustainable Development (Wiley). MBR 

Editor's Note 

Mark Anthony Camilleri, Ph.D. (Edinburgh), is 

a Senior Lecturer, Department of Corporate 

Communication, Faculty of Media & 

Knowledge Sciences, University of Malta 

Author of 'Travel Marketing, Tourism 

Economics and the Airline Product: An 

Introduction to Theory and Practice'. Cham, 

Switzerland: Springer Nature. 

Author of 'Corporate Sustainability, 

Social Responsibility and Environmental 

Management: An Introduction to Theory 

and Practice with Case Studies'. Cham, 

Switzerland: Springer Nature. 

Editor of ‘The Branding of Tourist Destinations: 

Theoretical and Empirical Insights’. Bingley, UK: 

Emerald Publishing. 

Editor of ‘Tourism Planning and Destination 

Marketing’. Bingley, UK: Emerald Publishing. 

Editor of ‘Strategic Perspectives in Destination 

Marketing’. Hershey, USA: IGI Global. 

Editor of 'CSR2.0 and the New Era of 

Corporate Citizenship'. Hershey, USA: IGI 

Global. (Indexed in SCOPUS) 


21


CULTURE 

The Malta Experience 

The Malta Experience, the islands’ 

foremost audio-visual attraction has 

enthralled audiences since its launch in 

the early 1980s, the brainchild of the 

M.Demajo Group, of which The Malta 

Experience is a subsidiary. The show has 

undergone numerous updates to keep 

pace with emerging technologies. 

Its style and content, too have been 

regularly reviewed to ensure it stays fresh 

and impactful to the visitor. 

The story unfolds on a large panoramic 

screen with an outstanding music track 

and an informative commentary available 

in a choice of fifteen languages, selected 

via the viewer’s headset. 

The show starts intriguingly, with the 

mysterious legacy of the prehistoric 

inhabitants of Malta and Gozo… 

…and charts the stories of wave after 

wave of invaders and colonisers, each 

contributing to the unique character of 

the islands. 

A highlight of the show is St Paul’s 

dramatic arrival on Malta and the 

subsequent spread of Christianity. 

The Knights of St John ruled the islands 

for some 250 years. Their rise and fall are 

brilliantly chronicled, along with the 

horrors of the Great Siege of 1565, and 

the building of Valletta. 

The story of the islands’ chequered 

history continues through the French 

occupation, the imposition of British rule, 

and the dark days of the Second Great 

Siege, of World War 2, which tested the 

population’s bravery and endurance to the 

limit. 

“Unlike any other attraction on the 

islands, The Malta Experience covers 7000 

years of history, giving visitors a great 

opportunity to orientate themselves and 

learn more about the many different 

aspects of the Islands’ culture and 

history”, says David Pace Lupi, the show’s 

general manager. 

“No wonder over 4 million visitors have 

enjoyed the show to date. That’s clear 

proof that in the face of ever-increasing 

competition, The Malta Experience 

remains the islands’ must-see audio-visual 

attraction.” 

The show is situated in a comfortable 

purpose-built auditorium housed in 

part of what was once the historic Holy 

Infirmary of the Knights and is now known 

as the Mediterranean Conference Centre. 

Mr Pace Lupi is keen to further build on 

the success of the show, with expansion 

plans to the gift shop and the cafeteria, 

that offers the visitor a varied menu, 

while taking in the spectacular views 

from the bastion terrace overlooking the 

magnificent Grand Harbour. MBR 

Credit: The Malta Experience 

La Sacra Infermeria Tour 

St. Elmo's Bistro 

Souvenir Shop 

22



15% Discount 


23


AI 

Intelligent Automation in Capital Markets 

New Tools for a Smarter Middle and Back Office 

KEY RESEARCH QUESTIONS 

1. What factors are driving the need for smarter automation in capital markets? 

By Arin Ray 

2. What are the use cases of intelligent automation in middle and back office? 

ABSTRACT 

3. Who are the leading providers of intelligent automation solutions? 

Intelligent automation-enabled tools promise to offer significant operational and efficiency improvements in the 

middle and back office in capital markets. Their scope and level of adoption are rapidly expanding as new and 

domain-specific use cases emerge by the day. 

Recently Celent's Arin Ray published a report 

titled Intelligent Automation in Capital 

Markets. In his research, Arin Ray, found 

legacy technology, siloed operations, and 

a spaghetti of in-house and outsourced 

solutions have resulted in a complex web of 

technology architecture that cannot address 

growing volumes, increasing digitalization, 

and evolving regulatory requirements, and 

is becoming inefficient and expensive to 

maintain. 

This report analyzes the potential of AI, 

ML, RPA to solve inefficiencies in mid-back 

office operations in capital markets by 

discussing use cases and vendor solutions. 

Coverage includes trade and client life-cycle 

management processes in capital markets 

value chain. 

"Almost every large capital markets firms 

and many mid-tier institutions are already 

using or running pilot projects involving 

intelligent automation. The benefits can be 

enormous and come in several ways, such 

as reduction of manual efforts, freeing up 

capital and human resources, productivity 

improvements, better performance 

monitoring and capacity utilization, and 

superior compliance," says Arin Ray, a Senior 

Analyst, Celent. 

"Sourcing and partner selection will be 

important considerations in this journey 

because the landscape of intelligent 

automation solution providers in capital 

markets is diverse and rapidly evolving," he 

added. MBR 

Credit: Michele Pace; Celent Analyst Arin Ray 

Celent, a division of Oliver Wyman 

24

LOOKING AHEAD 

CORPORATE BANK CHANNELS 


Based on progress over the past five years and current tech initiatives, Celent expects 

that there will be two horizons in the evolution of bank channels (Figure 2). Between 2019 

and 2024, the momentum behind open banking, API development and standards, and 

omnichannel will continue to build. Banks will increasingly experiment with AI in the front 

office. They will make inroads in connecting the financial supply chain with the physical 

supply chain by leveraging IoT and blockchain along with smart contracts and digital 

assets. Between 2025 and 2029, banks the vanguard will begin delivering real-time 

treasury and supply Changing chain-related services. (Inter)face 

Touchpoints will exponentially multiply as 

banks tap the IoT and blockchain networks that have scaled. They will differentiate 

themselves based on leveraging advanced AI to improve customer as well as employee 

engagement 

of 

and 

Corporate 

deliver actionable data analytics. 

Bank Channels 

Figure 2: Bank Channel Horizons 

By Alenka Grealish 

Source: Celent interviews and analysis 

Over the next decade, “machines,” including “intelligent machines” (e.g., virtual 

What’s assistants, on the machine horizon learning analytics) in will corporate increasingly dominate. bank The irony channels? 

is that as 

A proliferation of “channels” and intelligent machines. 

Flash Insight 

5 

The future of bank channels is being 

driven by megatrends and industry forces. 

Two megatrends are driving step changes: 

advancements in artificial intelligence 

and developments in the fourth industrial 

revolution. These trends are triggering a 

proliferation of customer and machine 

touchpoints and will gradually lead to 

real-time treasury and supply chain. Two 

industry trends are transforming banks’ 

channel strategy and infrastructure: the 

rise of open banking and the adoption of 

a new customer engagement paradigm. 

Open banking is driving progress in 

API development and new partnership 

models. The new customer engagement 

paradigm is based on design thinking. 

Based on progress over the past five 

years and current tech initiatives, Celent 

expects that there will be two horizons 

in the evolution of bank channels. 

Between 2019 and 2024, the momentum 

behind open banking, API development 

and standards, and omnichannel will 

continue to build. Banks will increasingly 

experiment with AI in the front office. 

They will make inroads in connecting the 

financial supply chain with the physical 

supply chain by leveraging IoT and 

blockchain along with smart contracts 

and digital assets. Between 2025 and 

2029, banks in the vanguard will begin 

delivering real-time treasury and supply 

chain-related services. Touchpoints will 

exponentially multiply as banks tap the 

IoT and blockchain networks that have 

scaled. They will differentiate themselves 

based on leveraging advanced AI to 

improve customer as well as employee 

engagement and deliver actionable data 

analytics. 

“Over the next decade, ‘intelligent 

machines’ like virtual assistants will 

increasingly dominate. The irony is that 

as engagement involves less human 

interaction, the more personalized and 

high touch banks can become,” says 

Alenka Grealish, author of the report. 

“Eventually, screenless UIs will be 

commonplace,” she adds. MBR 

Credit: Michele Pace, Celent PR & Digital 

Celent, a division of Oliver Wyman 


25


EU/INVESTMENTS 

Special report no 03/2019: 

European Fund for Strategic Investments: 

Action needed to make EFSI a full success 

EFSI’s effectiveness must be better 

substantiated, say EU Auditors The 

European Fund for Strategic Investments 

(EFSI) has been effective in raising 

finance for investments in the EU, but 

the amounts of investment mobilised 

may be overstated, according to a 

new report by the European Court of 

Auditors. The auditors also found that 

some EFSI support just replaced other 

financing from the EU and the European 

Investment Bank. Part of the money went 

to projects that could have used other 

sources of public or private finance, 

although on different terms, and most 

investments went to few larger EU-15 

Member States with well-established 

national promotional banks. EFSI is a joint 

initiative of the European Commission 

and the European Investment Bank (EIB). 

It underlies the EU’s Investment Plan, 

also known as the “Juncker Plan”, which 

initially aimed to generate €315 billion in 

public and private financing for strategic 

investments. 

The auditors concluded that EFSI was 

effective in raising finance to support 

although on different terms. Project 

promoters preferred EFSI financing 

because it was either cheaper or offered 

a longer payback period. The auditors 

also question the reported estimate of 

additional investment mobilised of €335 

billion. In some cases, the methodology 

used overstated the extent to which 

EFSI support actually induced additional 

investment in the real economy. 

In addition, the reported amounts do not 

take account of the fact that some EFSI 

operations replaced other EIB operations 

and EU financial instruments. The lack of 

comparable performance and monitoring 

indicators for all EU financial instruments 

and budgetary guarantees diminishes 

transparency and the ability to assess 

results, say the auditors. EN 2 “EFSI has a 

high profile as a flagship EU programme. 

This makes it all the more important that 

any claims for its effectiveness are built 

on solid foundations,” said Leo Brincat, 

the Member of the European Court of 

Auditors responsible for the report. The 

funding EFSI partly replaced related 

the geographic concentration was not 

sufficiently balanced, mostly ending up in 

a few larger EU-15 Member States with 

well-established national promotional 

banks. The auditors make a number of 

recommendations for: 

• promoting the justified use of higher-risk 

EIB products under EFSI; 

• encouraging complementarity between 

EU financial instruments and EU 

budgetary guarantees; 

• improving the assessment of whether 

potential EFSI projects could have been 

financed from other sources; 

• better estimating the investment 

mobilised; 

• improving the geographical spread of 

EFSI supported investment. MBR 

Editor’s Note 

additional investment within the EU 

from its launch in 2015 until July 2018. 

The auditors found that by mid-July 

2018, the EIB had approved €65.5 billion 

of financing, more than the indicative 

volume of finance to be raised of €61 

billion. EFSI support enabled the EIB to 

achieve a four-fold increase in its higherrisk 

financing operations compared 

to 2014. However, some EFSI projects 

could have been financed by private and 

other public sources or by the EIB itself, 

mostly to centrally managed EU financial 

instruments, in particular in the fields of 

transport and energy, according to the 

auditors. They also see a need for the 

Commission and the EIB to avoid overlaps 

between EFSI and the European Structural 

and Investment Funds (ESIF) managed by 

the Member States. 

The EFSI portfolio at the end of 2017 

was within the limits set for investing 

in specific policy sectors. However, 

EFSI was set up in 2015 as part of the “Investment 

Plan for Europe”, which was designed to tackle 

the investment gap that emerged following the 

financial and economic crisis that began in 2008. 

It was established at the EIB and is governed by a 

Steering Board composed of representatives of the 

Commission and the EIB. EFSI was initially set up to 

use a €16 billion EU budget guarantee and €5 billion 

of EIB own resources to enable the EIB Group to 

provide around €61 billion of finance with the goal 

of generating an additional €315 billion of strategic 

investments, by July 2018, in infrastructure and SMEs, 

covering most EU policy areas and all Member States. 

The EU Auditors published an opinion on EFSI in 

November 2016. They also published a special report 

on EU financial instruments in July of the same year. 

The ECA presents its special reports to the European 

Parliament and Council of the EU, as well as to other 

interested parties such as national parliaments, 

industry stakeholders and representatives of civil 

society. The vast majority of the recommendations 

we make in our reports are put into practice. This high 

level of take-up underlines the benefit of our work to 

EU citizens. Special report 3/2019: “European Fund 

for Strategic Investments: Action needed to make EFSI 

a full success” is available on the ECA website (eca. 

europa.eu) in 23 EU languages. 

Credit: Leo Brincat, European Court of Auditors 

26


PROVIDING PLEASANT LIFESTYLES SINCE 1982 

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EU: CONSUMER RIGHTS 

Consumers’ rights against defective digital 

content agreed by EU lawmakers 

• First ever EU rules to protect 

consumers faced with faulty digital 

content or services 

• If a problem cannot be fixed: price 

reduced or contract ended and 

consumer refunded 

• Digital content includes social media, 

music, movies, apps, games and 

computer programmes 

People who buy or download music, 

apps, games or use cloud services will 

be better protected if a trader fails to 

supply the content or service or provides 

a defective one. 

The first EU-wide “digital contracts” 

rules to protect consumers better were 

provisionally agreed by Parliament and 

Council negotiators on Tuesday evening. 

These consumer protection rights will 

apply in an equal manner to consumers 

who provide data in exchange for such 

content or service and to “paying” 

consumers alike. 

What to do if something goes wrong 

The agreed text lays down that: 

• in case of defective digital content or 

service: if it is not possible to fix it in 

a reasonable time, the consumer is 

entitled to a price reduction or a full 

reimbursement within 14 days, 

• if a defect becomes apparent within 

one year of the date of supply, it is 

presumed that it existed already at 

that time, without the need for the 

consumer to prove it (reversal of 

the burden of proof); for continuous 

supplies, the burden of proof remains 

with the trader throughout the 

contract, 

• the guarantee period for one-off 

supplies cannot be shorter than 

two years; for continuous supplies it 

should apply throughout the duration 

of the contract, 

• for subscriptions to digital content 

for a period of time, the trader may 

modify the content only if it’s allowed 

by the contract, the consumer is 

notified reasonably in advance and 

is allowed to terminate the contract 

within at least 30 days of notice. MBR 

Credits: Isabel Teixeira NADKARNI, IMCO 

Press Service , 

Yasmina YAKIMOVA, Press Service, Legal/ 

EU 

Quotes 

Evelyne Gebhardt (S&D, DE), Internal Market and Consumer Protection Committee rapporteur, said: “With the sinking cost of 

electronic gadgets and the growing market for Big Data and targeted marketing, companies have an increased incentive to distribute 

consumer electronics without charge. Some consumer electronics are sold at the manufacturing price or less. The main purpose of 

such "giveaways" is to monetise through collection of user-generated content. This provisional deal bolsters consumer rights and 

increases legal certainty. It addresses the most pressing issues that consumer contracts in the digital sphere face today, such as 

software updates, changes to digital content/service, and terminating long-term contracts”. 

Axel Voss (EPP, DE), Legal Affairs Committee rapporteur, added: “The directive for digital contract law provides an essential legal 

framework for digital content within the EU. Most notably in the digital world, which is characterised by a boundless data transfer 

between countries, it is indispensable for a functioning European Single Market to adopt uniform rules". 

Next steps 

MEPs have provisionally closed the negotiations on the digital content directive today. The agreement should be officially confirmed 

when a deal is reached on its “twin” proposal, the sales of goods directive, since the co-legislators decided to treat them as a 

package. 

The provisional agreement will need to be confirmed by member states’ ambassadors (Coreper) and the Internal Market and 

Consumer Protection and Legal Affairs committees. It will then be put to a vote by the full House and submitted for approval to the 

EU Council of Ministers. 

Background 

Contracts for the supply of digital content and services are concluded every day by millions of people. Digital content covers a 

wide range of items, such as music, movies, apps, games and computer programmes. Digital services include, for instance, cloud 

computing services and social media platforms. EU data protection rules will be fully applicable in the context of these “digital 

contracts”. 

Goods with digital elements (e.g. “smart” fridges or connected watches) are to be regulated under the directive on sales of goods, on 

which negotiations are ongoing. 

This proposal, together with the one on the sales of tangible goods, is among the initiatives of the Digital Single Market Strategy. 

28

EDITOR’S CHOICE 


LADY GAGA 

THE DARING ICON AND TUDOR’S 

#BORNTODARE 

CAMPAIGN AMBASSADOR 

Notorious for being provocative both on- and off-stage and leading a foundation committed to empowering young 

people, Lady Gaga personifies the very #BornToDare spirit that TUDOR has lived by since its creation. Her latest 

mega-project is a two-year residency in Las Vegas with back-to-back different shows in 24 hours. 

Reinventing Pop Culture 

An astounding voice, style icon, awardwinning 

actress, political activist and 

philanthropist – Lady Gaga is all of these 

and much more. With her unique style 

and charisma, Gaga keeps millions of fans 

and the fashion community enthralled by 

her theatrical approach to her art. 

An Academy Award nominee, as well as 

the holder of six Grammy Awards, two 

Golden Globes and two MTV awards, 

Lady Gaga has achieved a level of fame 

and respect few entertainers ever have. 

She has sold 150 million singles and 

over 30 million albums and is the only 

female artist to have had five US number 

one albums in the second decade of the 

2000s. This incredible achievement is a 

result of her unique recipe for success: 

raw talent, hard work, bold choices and 

immense gratitude to her fans, her “little 

monsters” as she calls them. 

When you try and think of a daring 

individual in today’s popular culture, it 

is difficult to find anyone more fitting of 

the description than Lady Gaga. Behind 

the glitter and glam, her provocative 

style and political statements, she is the 

quintessential artiste. A singer, composer, 

performer and dancer, she uniquely 

projects herself, creating a revolutionary 

image as a way to reach her public. 

Writing her own lyrics, playing the 

guitar, the piano, dancing, asserting her 

unconventionality, she inspires awe, raises 

awareness and demands attention. 

Daring in Vegas 

The latest audacious project from Lady 

Gaga is a two-year residency in Las Vegas 

at the Park Theater. Not content with 

a regular show, Gaga has devised two 

contrasting events that will co-exist across 

two nights. The first is a unique staging 

of her pop hits, performed through a 

multi-art form extravaganza featuring live 

music, theatre and epic visuals entitled 

Lady Gaga Enigma. The second show is a 

more intimate affair featuring strippedback 

versions of her songs. These simpler 

shows are called Jazz and Piano and will 

give the spectators a chance to see her 

hits performed in two completely different 

contexts and interpretations; all within the 

space of 24 hours! 

Tudor Black Bay 32 

TUDOR is #BornToDare 

The TUDOR signature is #BornToDare. 

It reflects both the history of the brand 

and what it stands for today. It tells 

the adventures of individuals, usually 

anonymous, who have achieved the 

extraordinary on land, on ice, in the air 

or underwater, with a TUDOR watch 

on their wrists. It also refers to the 

vision of Hans Wilsdorf, the founder 

of TUDOR, who manufactured TUDOR 

watches to withstand the most extreme 

conditions, watches made for the most 

daring lifestyles. Finally, it is testimony 

to TUDOR's pioneering approach to 

watchmaking, which has helped to 

make it what it is today. At the cutting 

edge of the watchmaking industry, the 

brand's innovations are now essential 

benchmarks. The TUDOR #BornToDare 

spirit is supported globally by high-profile 

ambassadors, whose life achievements 

directly result from a daring approach to 

life. 

About TUDOR 

TUDOR is a Swiss-made watch brand, offering 

mechanical watches with sophisticated style, superior 

quality and unique value for money. The origins of the 

TUDOR brand date back to 1926, when ‘The TUDOR’ 

was first registered on behalf of the founder of Rolex, 

Hans Wilsdorf. He created the Montres TUDOR SA 

Company in 1946 to offer watches with the quality 

and dependability of a Rolex, at a more accessible 

price point. Over the course of history, TUDOR 

watches became the choice of daring individuals 

worldwide on land, ice, in the air and underwater. 

Today, the TUDOR collection includes flagship models 

such as Black Bay, Glamour and Clair de Rose. Since 

2015, TUDOR offers mechanical Manufacture calibres. 

Courtesy: Edwards Lowell Co. Ltd. 



29


30



31


WORLD ECONOMIC FORUM 

Davos 2019: 

Record surge in CEO pessimism signals global gloom 

The trade war was cited by top company bosses as a main worry 

By Anna Isaac 

UBS chairman Axel Weber believes that 

"the mood is a bit too gloomy" at this 

year's Davos, comparing it to the excessive 

optimism of last year's gathering. 

On Brexit, he called the situation "volatile" 

but added that it is not in "anybody's 

interest to have an unorderely Brexit 

without new rules of the game being 

defined". 

Political class must deliver on democratic decisions, banking chief says 

Politicians must deliver on the Brexit 

referendum result or risk corrupting 

democracy, the head of UK-listed banking 

giant Investec has warned. 

However, British politicians were “not 

doing a very good job” and people 

“deserve better leadership”, Mr du Toit 

said. 

He added: "In the end people have to start 

making compromises. "I haven't seen the 

compromises." 

The volcanic effects of a no-deal Brexit 

would have unthinkable consequences 

for the global financial system and must 

be avoided at all costs, the leader of the 

world banking union has warned. 

“An unmitigated, uncontrolled Brexit is the 

Speaking at the World Economic Forum in 

Davos, Switzerland, Hendrik du Toit, joint 

chief executive of Investec said that it was 

vital that the decision to leave the EU by 

the British people was delivered on. 

“If your people vote for something and 

you don’t give it to them that will corrupt 

democracy. Of course you’ve got to give it 

to them in a responsible, sustainable way,” 

Mr du Toit said. 

“A nation’s decision to vote on its own 

sovereignty is its right. If it makes that 

decision it’s up to it leaders to implement 

it. Whatever we feel about it. That’s part 

of the democratic process,” he added. 

Global bank chief fears worldwide contagion from botched no-deal Brexit 

worst outcome we could imagine. Nobody 

wants this kind of tail-risk,” said 

Axel Weber, head of UBS and chairman of 

Institute of International Finance (IFF). 

“A no-deal would create real spill-overs 

not just for the United Kingdom but 

for the European and for the global 

economy,” he said, speaking on the 

margins of World Economic Forum in 

Davos. MBR 

Mood at Davos a bit too gloomy, says UBS chairman 

Credit: WEF; Telegraph 

32

ECONOMY 

Malta records the largest surplus and 

highest decrease in debt in the EU 


The Ministry for Finance welcomes the 

latest public finance statistics published 

by Eurostat which show that in the third 

quarter of 2018, Malta recorded the 

highest fiscal surplus (3.8%), and the 

largest decrease in its debt-to-GDP ratio 

(-3.1 p.p.) amongst the 28 EU member 

states. 

Minister for Finance Edward Scicluna 

said that such records continue to “keep 

Malta at the top of the EU’s fiscal ranking, 

thanks to the number of structural 

reforms undertaken by this government 

during the last six years.” According to the 

NSO, the government recorded a surplus 

of €128 million in the third quarter of 

2018, as total revenue increased to 

€1,235 million, while total expenditure 

amounted to €1,107 million. The increase 

in revenue was boosted by significant 

growth in revenue from both direct 

and indirect taxes reflecting the record 

increases in employment and the robust 

growth in private consumption. 

On the expenditure side, the increases 

mainly reflected the expenditures on 

the income tax relief budget measure, 

on education and social benefits, as 

well as on wages and salaries reflecting 

the enhanced collective agreements 

of public sector employees. Additional 

expenditure was allocated to cover the 

Malta’s Own Resources transfers to the EU 

and EU funds transfers to entities outside 

government. 

As a result of these developments, the 

general government debt for the third 

quarter of last year decreased both in 

absolute terms and in per cent of GDP. 

Indeed, the debt-to-GDP ratio fell to 

45.9 per cent, reflecting a €326 million 

decrease in national debt. This is well 

below the 60 per cent benchmark set by 

the EU. MBR 

Credit: Ministry for Finance 

La Giara 

‘A "Giara," Jar in English, is a storage 

container, cylindrical in shape, typically 

made of earthenware very common in the 

Mediterranean area. 

It seemed to us that a "Giara" would be 

the perfect symbol of the rustic genuine 

world of the Italian peasants from which our 

cuisine takes inspiration. 

At La Giara you will discover the pleasures 

of authentic and delicious Sicilian regional 

cuisine. A tavola. 

Openinh Hours : Mon-Sat Lunch 10.00am 

to 4.00pm Dinner 6.30pm to 11.30pm 

Sunday : 10.00am to 4.00pm 

75/76 Republic Street, Valletta Malta 

T: +356 21231255 MoB:+356 99496010 + 

E: lagiaramalta@gmail.com 

www.lagiaramalta.com/ 


33


BLOCKCHAIN GOVERNANCE WORLD SUMMIT 

Parliamentary Secretary Silvio Schembri opens the Blockchain 

Governance World Summit – South Korea’s biggest 

blockchain-themed event 

Silvio Schembri opening South Korea's Blockchain Governance World Summit 

Parliamentary Secretary for Financial 

Services, Digital Economy and Innovation 

Silvio Schembri was invited to open the 

Blockchain Governance World Summit 

in Seoul in South Korea, the biggest 

blockchain-themed event in South 

Korea which gathered leaders from 

across the globe to discuss and define 

the importance of blockchain global 

regulation. 

Schembri explained Malta’s proactive 

stance in embracing new technologies 

and the process it underwent last year, 

resulting in Malta earning the epithet of 

The Blockchain Island. “As a government 

we immediately recognised its huge 

and strong potential, for which, through 

the three laws which are now in effect, 

we’re laying the foundations to allow 

this industry to grow and businesses to 

flourish in our strong ecosystem. We 

are acutely aware that we are treading 

unchartered waters, and therefore 

we made sure to set up the necessary 

guidelines and standards in the best 

interest of the investors, operators, and 

consumers while aiming to protect and 

strengthen the credibility, seriousness, 

and reputation of the Maltese 

jurisdiction”, said Schembri. 

of time is now serving as a blueprint for 

countries that are yet to explore this new 

emergent industry. Schembri referred to 

the MED7 Blockchain Declaration signed 

by the MED 7 countries, an initiative 

which was taken by Malta and taken on 

board by Spain, France, Italy, Portugal, 

Greece, and Cyprus, through which the 

seven countries will exchange information 

on this sector. Schembri explained that 

the Maltese government’s vision does 

not stop at DLT technology and is now 

looking into tapping new economic niches 

such as artificial intelligence through the 

work that is being done by the Malta.AI 

Taskforce, and esports, which strategy is 

going to be launched soon. 

Finally, Schembri extended an invitation 

to the second edition of DELTA Summit, 

the Maltese government’s official digital 

innovation event which will be held 

between the 2 and 4 October, a summit 

which will expand further to become 

Europe’s top technology event. During 

the visit in Seoul, Parliamentary Secretary 

Schembri had meetings with Vice Minister 

of Science and ICT Won Ki, the Mayor of 

Seoul Park Won Soon, who represents 

25% of the South Korean population, and 

several investors keen to invest in Malta. 

Photos/Credit: OPM_PS; PARLIAMENTARY 

SECRETARIAT FOR FINANCIAL SERVICES, 

DIGITAL ECONOMY AND INNOVATION 


Schembri explained that 2019 marks the 

dawn of an historic event. Now that the 

authorities MDIA and MFSA are receiving 

applications from operators requesting 

a license, it is being predicted that in 

the second quarter of this year the first 

license will be issued. He added that what 

Malta managed to achieve in a short span 

South Korea's Blockchain Governance World Summit 

34

ANALYSIS & DEBATE 


Cont. from pg.8 

As we all know, these heavily spun 

non-answers reported by mainstream 

reporters are not valid perspectives 

regarding important issues. Such spindoctored 

statements are actually filler– 

opportunities for politicians to claim 

that they answered questions that they 

didn’t answer at all. A true politician and 

an authentic leader faces and answers 

all questions in an interview. When a 

politician fails to answer a clear question, 

the reporter should report that the 

politician failed to answer the question. 

Empty rhetoric does not lead anywhere. 

Delia at times gets angry and loses 

his temper. Why wouldn’t politicians, 

especially a party leader, provide real 

answers to clear questions? This is a 

long-standing problem deserving a long 

discussion. For those media outlets that 

still attempt to maintain some sense of 

balance, the ghost of the advertising 

department sits prominently in the news 

department. No matter what they say 

to the contrary. If this weren’t the case, 

Dr. Adrian Delia, PN Leader 

mainstream reporters would be firing 

away with clear questions and demanding 

clear answers. And when they didn’t get 

real answers, they would report that fact. 

If you want an easy interview to spin, 

then you have plenty of choice out there 

to call from. We are different, and we are 

proud to be different from the rest. It is 

that philosophy which has propelled us 

to great heights and also has brought us 

the best interviews in past with the likes 

of Tony Blair, Sir Richard Branson, Silvio 

Berlusconi, Christine Lagarde, Donatella 

Versace, Francois Hollande, Matteo Renzi, 

Angelina Jolie, Emmanuel Macron and 

Antonio Tajani. 

Bull details why politicians evade giving 

direct answers to interviewers: “It’s 

primarily to do with face; positive face 

is concerned with making sure they 

themselves don’t look bad, and negative 

face is about keeping one’s freedom of 

action and not committing to anything.” 

Positive face is, of course, pretty ignoble, 

and politicians we perceive to be able 

to say what they really feel, regardless 

of the flak they get, are admired 

disproportionately to how honest or 

talented or effective they demonstrably 

are. 

It is understanding what is behind the 

question and showing respect that will 

count in the end. It’s a truism that a 

politician does not answer questions – 

but then it is unethical to employ hostile 

techniques in such evasion, based on a 

deliberate premise of meaninglessness. 

It is clear that people are interested in 

having an Opposition that functions and 

that people are worried about whatever 

is going on in the PN. Columnist and 

opinion writer Andrew Azzopardi has 

commented about the fact that, “A 

political spectrum without a serene and 

functioning Opposition tantamounts to a 

weak Republic and if this situation persists 

it might lead to a Constitutional crisis (vide 

Article 90 of the Constitution of Malta). 

Not having a proper counterbalance to 

Government is a dangerous precedent 

and leaves the Country incapacitated and 

this for the ambitions and aspirations of 

some, few or many. 

Like Andrew Azzopardi, I am serene in 

notwithstanding the misdemeanor of a 

couple of the Prime Minister’s henchmen, 

Joseph Muscat still inspires in me 

confidence and admiration in the way 

he has led this country these last years. 

He has managed to bring in a spirit of 

enterprise, recalibrated the civil service 

to respond and by and large made use of 

the best people on the Island. Indeed, 

he has taken bold decisions on the social 

and economic fronts. Of course, there 

remain matters that I feel Dr Muscat let 

me down, foremost being lack of freedom 

of speech, carnage to what is left of our 

environment, the lack of action with 

regards to the Panama Papers ignominy, 

and of not being assertive to ask Konrad 

Mizzi and Keith Schembri to resign in the 

wake of 17 Black revelations. However, 

at least, Dr Muscat reasserts his hold on 

power and shows leadership skills, oratory 

cleverness, knows how to smile and is 

always in self-control. 

This is in contrast with Delia, who instead 

of uniting a disintegrating party, created 

more discomfort and pushed away 

traditional party followers by his attitude, 

posture and behaviour. Delia has alienated 

party officials, members and supporters. 

Soon after his election as party leader, 

senior allies of Adrian Delia in his 

parliamentary group were considering 

him unsuitable for his position. This 

was evident from text messages sent by 

Herman Schiavone and revealed by local 

blogger. It is useless for Delia to call the 

Parliamentary Group at short notice and 

then try to impose his will. Don’t hold 

your breath for a Watergate-like ending, 

the Nationalists have no intention of 

chasing out Delia- that will not happen. 

Faced with a domestic violence case in 

court, and when a judge has established 

probable cause to search for evidence 

that Delia violated the law, it’s never good 

news. And it’s evident that this is the most 

serious scandal involving a Nationalist 

Leader ever— and may end up being 

considerably worse. That is why Delia’s 

position has become so untenable. MBR 


35


TMBCM 

“We need to translate our excellent diplomatic and 

political relations to tangible business collaborations” 

financial sector, a highly-competent and 

professional workforce in all sectors, 

excellent connectivity, and a favourable 

tax regime. 

President of Malta Marie-Louise Coleiro Preca, addressing the Turkey-Malta Business 

Council Meeting 

Currently in Turkey on a state visit, 

President of Malta Marie-Louise 

Coleiro Preca, addressed the Turkey- 

Malta Business Council Meeting, which 

was attended by Maltese and Turkish 

entrepreneurs. 

President Coleiro Preca said that even 

though Malta and Turkey come from 

the same region, “we are certainly not 

competitors,” adding that the excellent 

collaboration between both countries can 

continue to develop. 

“Malta’s geo-strategic potential is 

immense, due to my country’s position 

in the central Euro-Mediterranean 

region. This is equally paralleled by 

Turkey’s important position in the 

Euro-Asian region. One can say that we 

are two natural hubs, of our respective 

geo-strategic regions, within the 

Mediterranean Sea,” the President said. 

Stating that governments are excellent 

enablers and facilitators, the President 

said that she believes that it is the 

people in business, as entrepreneurs of 

our respective countries, that can bring 

the necessary creative and essential 

innovation to develop potential business 

partnerships and collaborations. 

mutually enjoy, in each other,” – a fact 

which is also reflected in the reduction 

of the trade deficit between Malta and 

Turkey. 

"Creating an environment 

of inclusive prosperity 

for the benefit of the 

peoples of Malta and 

Turkey. 

The President, whilst also extending 

the Maltese Government’s invitation, 

encouraged those present, to take 

advantage of the many opportunities that 

exist between both countries, adding 

that Malta offers the right environment 

for business, which includes a sound 

President Coleiro Preca stated that the 

only limit to “what we can achieve, is 

how high our aspirations go and how 

big our ambitions can be, to create an 

environment of inclusive prosperity 

for the benefit of the peoples of Malta 

and Turkey,” adding that Malta has 

already experienced the benefits of 

Turkish investment, especially in the 

banking, infrastructure, insurance and 

ship registration sectors, together with 

substantial Turkish investment in the 

Maltese Freeport Container Terminal, 

which is the third largest transfer and 

logistics centre of the Mediterranean 

Region. 

On concluding, the President once again 

encouraged those present to seize the 

opportunity to find innovative ways to 

enhance business collaboration between 

our two countries, so that “together, we 

can ensure that our nations, will continue 

to grow and prosper together, not only 

in the best interests of our economies, 

but above all, in the best interest of our 

peoples.” 

The Turkey-Malta Business Council 

Meeting was also addressed by Vice 

President of the Republic of Turkey, 

Fuat Oktay, Minister of Foreign Affairs 

and Trade Promotion, Carmelo Abela, 

Minister of the Economy, Investment and 

Small Businesses, Chris Cardona and by 

Parliamentary Secretary for Planning and 

Property Market, Chris Agius. MBR 

Credit: OPM 

President Coleiro Preca said that taking 

socio-economic ties to a higher level, will 

ensure people-to-people contact, and 

to also develop sustainable friendships 

between the peoples of Malta and 

Turkey, adding that, “the presence of 

the strong and diverse trade delegation 

from Malta, together with the presence 

of entrepreneurs and people in business 

from Turkey, is a clear indication of 

the confidence that Malta and Turkey 

Maltese and Turkish guests and entrepreneurs. 

36

INNOVATION & TECHNOLOGY 


A vision of the future: presenting EIT Manufacturing and EIT Urban Mobility 

By Caroline Vandenplas 

The European Institute of Innovation and Technology (EIT) today officially presented its two newest Innovation 

Communities: EIT Manufacturing and EIT Urban Mobility. Together with some of their leading partners TomTom, 

COMAU, Siemens, CEA, Czech Technical University Prague, Technical University of Vienna, and the City of Barcelona, 

they offered a glimpse of what society could look like in 15 years. 

A society with a sustainable, resource 

efficient, digital and above all competitive 

manufacturing industry. One that 

contributes to a circular economy and 

allows for growth, with different types 

of job opportunities for a diverse, highly 

qualified workforce. Where logistics and 

traffic are smart-managed. Where people 

use highly efficient modes of electric, 

shared or individualised and on-demand 

(public) transport. Where cities provide 

more space for living, walking and playing. 

Where no one worries about air quality, 

traffic jams or finding a parking spot. 

Is this what Europe will look like in 15 

years? One thing is for sure; impact like 

this is precisely what the EIT aims for. 

Gioia Ghezzi, Member of the EIT 

Governing Board, said: ‘I’m thrilled to 

be presenting our two new Innovation 

Communities that will find solutions to 

these crucial global challenges and will 

effectively contribute to the industrial 

revolution needed to build a sustainable 

world. They are great examples of what 

the EIT strives for: stimulating tangible 

innovations by bringing together business, 

education and research with concrete 

impact that ultimately creates better, 

sustainable lives for citizens across 

Europe.’ 

BACKGROUND 

70 % of Europeans live in urban areas, 

and urban mobility accounts for 40 % 

of all CO2 emissions of road transport. 

Congestion across the EU is often located 

in and around urban areas and costs 

nearly EUR 100 billion, or 1 % of the EU's 

GDP, annually. 

Maria Tsavachidis, CEO of EIT Urban 

Mobility, commented: ‘The current 

mobility model is simply not sustainable. 

To change it, we need solutions to a 

number of key challenges – decongestion, 

sustainable urban growth and ecoefficient 

transport. We need to do it now, 

by deploying and scaling technologies, 

by pushing change in regulations and 

infrastructure. Citizens must also be 

given a voice and an active role in the 

transformation of the urban mobility 

ecosystem to explore innovative solutions 

together. We want to reclaim the public 

space for what the ancient Greeks used to 

call the “agora” functions: living, working 

and meeting. This is exactly what we will 

achieve with EIT Urban Mobility: making 

our cities more liveable for citizens.’ 

In the EU, the manufacturing sector 

employs close to 30 million people in 2.1 

million enterprises and accounts for close 

to 20% of the GDP on average. However, 

the manufacturing industry is under 

pressure from a number of factors, varying 

from rapid technological advancements to 

the need for a more circular economy. 

‘If we want to create sustainable growth 

in the European manufacturing sector, we 

need to innovate and embrace industry 

4.0. Such a shift requires investment and 

education’, says Prof. George Chryssolouris 

from the University of Patras, EIT 

Manufacturing’s key coordinating partner. 

‘The EIT’s innovation model is perfect 

for this: by bringing together business, 

industry, research and education as well 

as the public sector, it not only acts as a 

catalyst for change, but also creates new 

investments and opportunities. There’s no 

other initiative like the EIT in the world.’ 

More information: EIT Manufacturing 


Credit: Institute of Innovation and Technology 

(EIT) 

EIT Urban Mobility - Mobility for Liveable Urban Spaces 

EIT Urban Mobility is a consortium of 48 partners from 15 countries, including the cities of Copenhagen, Eindhoven, Prague and 

Istanbul, Polytechnic University of Catalonia, Israel Institute of Technology, SEAT, École Polytechnique Fédérale de Lausanne, and 

Volkswagen Truck & Bus. 

With urbanisation happening faster than expected due to migration, demographic change and economic interest, there is a real 

need to invest in up-to-date urban transport systems. The demand for shared, clean and on-demand transport solutions for people 

and freight in urban areas is also rapidly increasing as a result of many European cities setting ambitious climate targets to fulfil 

the goals of the Paris Agreement. EIT Urban Mobility will help ensure a greener, more inclusive, safer and smarter urban mobility 

system. 

More information: EIT Urban Mobility 

EIT Manufacturing - leading manufacturing innovation is MADE BY EUROPE 

EIT Manufacturing is a consortium of 50 partners from 17 countries, including Volkswagen, Tecnalia, INESCTEC, Volvo, Aernnova, 

Arduino, LMS, Aerospace Valley and Spinea. 

Manufacturing in European countries is under considerable strain: increased global competition, low-cost production in developing 

countries, and scarcity of raw materials. New market and societal needs, rapid technological advances, environmental and 

sustainability requirements, are also driving change in this sector. EIT Manufacturing will help the sector become more competitive, 

sustainable and productive. 


37


SOUTHERN EU COUNTRIES’ SUMMIT 

Malta to host the sixth Southern EU Countries Summit in June 

Prime Minister Joseph Muscat at Southen EU Countries Summit 

Malta will host the next Summit of the 

Southern European Countries next June. 

This was agreed in a declaration signed 

by Prime Minister Joseph Muscat and 

leaders from Cyprus, France, Greece, 

Italy, Portugal, and Spain in Nicosia, when 

issues of mutual concern for the region, 

including migration, were discussed. 

The Prime Minister said the summit gave 

an excellence and timely opportunity for 

the leaders present to not just debate 

but find long-term solutions. Despite the 

differences around the table, there was 

both a clear understanding and unified 

approach to all the issues discussed. “On 

the issue of migration, frontline countries 

have always found solidarity, but everyone 

must follow the rules – member states, 

NGOs, everyone – if EU borders are to be 

effectively controlled and lives saved.” He 

said the next summit in Malta will give an 

opportunity to continue the work started. 

All agreed that shared responsibility 

with those most affected by the current 

migration crisis, must underpin the EU’s 

migration policy, combined with effective 

reform of the Common European Asylum 

System. It was noted that some progress 

had been made due to the decrease in 

detected illegal border crossings but 

addressing the root causes of irregular 

migration by using all tools available at EU 

level is key. 

Collaboration must also be intensified 

with partners outside of the EU, especially 

Africa, with an emphasis on economic 

development and stopping human 

trafficking networks. The importance of 

implementing the Joint Valletta Action 

Plan was also stressed, by replenishing 

the EU Emergency Trust Fund for Africa, 

and coordinating support with the UNHCR 

and IOM. Particular importance was 

attached to strengthening relations and 

cooperation between the EU and Arab 

world, which will be carried forward at 

the EU-League of Arab States Summit 

next month, which Prime Minister 

Joseph Muscat will attend. The summit 

aims to coordinate efforts in security, 

migration, fighting terrorism, sustainable 

development, and climate change. 

It was agreed that the Mediterranean 

region needed to be one of peace, 

stability, and prosperity, in the interest 

of Europe as a whole. Above all, the 

leaders present stated their countries’ 

commitment to the European project, 

and its common values, including the rule 

of law, freedom, democracy, and human 

rights. It was also agreed a strong, united, 

and modern EU is the way forward to 

deliver on issues that really matter to all 

the EU’s citizens. It was noted the UK’s 

exiting of the EU was regrettable, but 

respected, and an orderly withdrawal was 

essential to give certainty to both citizens 

and businesses. Although leaving the EU, 

the UK would remain a valuable partner, 

with a close future political relationship in 

accordance to the EU’s own principles and 

internal order. 

Other agreements in the declaration 

include support towards Cyprus’s 

reunification; the deepening of the Single 

Market and Economic and Monetary 

Union, bolstering the international role 

of the euro; the importance of trade for 

growth and job creation; and a climate 

change action plan, with all economies 

aiming to become low carbon, increasing 

renewable energy sources. 

Read the full declaration here: https:// 

presidency.gov.cy/internationalpresence/2019/01/29/summit-of-thesouthern-european-union-countries- 

%E2%80%93-nicosia-declaration/?fbclid= 

IwAR1dV4d7BsAf34eZJ5ZeldZ1AVt18YTx 

ZkRbP-OGVe24gndt_-_xWjR857k 

Credit: OPM/DOI 


38

BOATS & YACHTING 


18 Tips to have your boat ready and prepared for Winter Sailing! 

By Pam Scerri 

The sea is where not only the body but also 

the soul relaxes. It is a place where one can 

totally decompress and re-energize. 

In Malta, we are very fortunate to be 

surrounded by the Mediterranean Sea, plus 

our geographical position makes us more so 

since we have good weather for the 300 out 

of the 365 days of the year. 

Even though most of the population regard 

the sea as off-limits during the winter 

season, sea lovers are attracted to it with 

nostalgia, especially when their boat is on 

land for maintenance! It is very difficult 

when it is a nice sunny Sunday morning, 

the sea is crystal clear, you are seeing other 

boats getting ready to go for a sail and your 

boat is in the yacht yard, 

This is why we have decided to help make 

your life easier and organise a list of tips 

which help you make sailing in the winter 

easier or in some cases even possible! 

18 Tips to have your boat ready and prepared for Winter Sailing! 

10.Gas 

1. Make sure your tanks are full 

It is important to full up your tanks during the winter as often as you can. Firstly fuel at the Marinas is 

not as readily available as in winter - the hours are greatly reduced. Also, the water supplies might be 

turned off on some days whether it's for maintenance or to protect the pipes 

2. Fuel Tank 

Keeping your fuel tank topped up also reduces condensation. This, in turn, results in less surface area 

and less chance of diesel bug forming. Using anti-diesel-bug additive is also helpful 

3. Engine 

It is very unlikely that the temperature in Malta will go so low that any water left in the engine will 

freeze, however, it is worth seeing to especially if there is a cold spell. Make sure that the coolant is 

topped up with the correct mixture of anti-freeze. 

4. Batteries 

To start a diesel engine you will require more power in the Winter than in the Summer due to the 

colder weather. Therefore always make sure that your batteries are always topped up either by using 

small solar panels or by recharging them. 

5. Bedding 

If you keep your bedding on board so as to be available if you decide to just go out, make sure that 

you keep it in a vacuum bag. This will keep linen, towels and duvets dry and mould free. 

6. Pontoon Mooring 

Make sure that you also perform maintenance on your pontoon. Moss and algae can make the 

pontoon very slippery and need to be scrubbed clean with a decking cleaner, and maybe also a 

fi nal scrub with salt water. 

7. Plan shorter routes 

This is not a big issue in Malta since nowhere is far away. However, keep in mind that the daylight 

hours during winter are shorter and you have to plan accordingly. This is important for your safety. 

8. Drinks 

Stock up on hot drinks. Having a fl ask handy with hot chocolate is not a bad idea. 

Make sure that your gas cylinder is full. There is nothing more disappointing than starting to prepare a 

hot pot of tea in the cold weather and then realizing that your gas cylinder is empty! 

11. Suitable clothing 

Of course being out at sea in the winter require suitable clothing. Lots of layers make you bulky and it 

is diffi cult to move in them. Invest in fl eece wear and waterproof clothing, plus make sure that you are 

prepared for the cold wind. 

Also, remember to take your sunglasses with you, Winter weather does not mean no sun! 

12. Keep lines dry 

Trying to keep your lines dry will make sailing much easier and more pleasant during winter. 

13. Take wet sails home 

If a spinnaker or headsail which you normally store inside gets wet, you should take it home to dry, 

otherwise, it will wet your interior and everything will get mouldy. 

14. Life Jackets 

Make sure that your life jackets are completely dried before storing them. Not doing so, can cause 

the life jackets to corrode and then you risk that they do not work when you most need them. 

15. Cushions 

Make sure that you keep your cushioned well aired during the whole winter not to become mouldy. 

16. Insurance 

Check out whether your insurance covers your boat for use during the winter period. You might need 

to have to pay for any upgrades. 

17. Windows 

Boat windows are a huge source of condensation. Covering the windows will act as insulation, 

keeping the heat inside while reducing condensation. 

18. Dehumidifi er 

If your boat is docked in a Marina and you are hooked up to electricity, keeping a dehumidifi er 

switched on board will keep the inside of the boat dry. 

9. Food Supply 

A good food supply will keep you warm and if you have something which you can warm up in the 

oven is even better! 

With all the above tips in place, you will 

always have your boat ready whenever you 

want to go sailing, and you will never miss 

the opportunity on a perfect Winter's Day. 


FOR FURTHER INFORMATION 

Call (+356) 21388050/ (+356) 7930 0680 

Email info@boatcarelimited.com 

Portomaso Marina, St. Julians STJ 4011 

Website: www.boatcareltdmalta.com 


39


ICE GAMING SHOW 

Parliamentary Secretary Silvio Schembri in talks with new gaming companies in London 

“More than 20 gaming companies have started the licensing process to start operating from Malta” 

Parliamentary Secretary for Financial Services, Silvio Schembri at this year’s ICE London exhibiton 

Parliamentary Secretary for Financial 

Services, Digital Economy and Innovation 

Silvio Schembri announced that the Malta 

Gaming Authority received more than 20 

applications from new gaming companies 

to start the licensing process in order to 

operate from Malta. 

During the 2019 edition of ICE London, 

the B2B gaming event, which brings 

together the international online 

and offline gaming sectors, Schembri 

personally met with prospective investors 

and encouraged investment in Malta for 

the strengthening of this sector. 

Schembri explained that operators and 

investors were highly interested in Malta’s 

proactive stance on embracing new 

technologies, with particular reference 

to the guidelines that the Malta Gaming 

Authority issued on the use of Distributed 

Ledger Technologies and acceptance 

of Virtual Currencies in a Sandbox 

Environment. 

Gaming Malta, explained the new gaming 

overhaul which came into effect as from 

last summer. The interest in the new law 

was overwhelming since it lessens by far 

unnecessary bureaucratic procedures as 

well as strengthens the regulator’s role to 

be in a better position to tackle challenges 

while keeping in mind consumers’ 

protection”, said Schembri. 

“Such forward-looking initiatives which 

were taken in the past months generated 

a lot of interest amongst operators who 

already operate in Malta, and others 

who expressed interest in establishing 

a presence”, stated the parliamentary 

secretary. He continued by adding that 

great interest was particularly shown by 

operators and investors from the esports 

sector who expressed their enthusiasm 

for Malta’s esports strategy which will be 

launched in the coming weeks. 

During his visit, Schembri visited the 

Malta Gaming Authority’s stand, which 

is participating for the 5th time in this 

year’s ICE London exhibition. Schembri 

was accompanied by the Permanent 

Secretary Vincent Muscat, Chairman 

of the Authority Marlene Seychell, the 

Chief Executive Office of the Authority 

Heathcliff Farrugia, and Ivan Filletti from 

Gaming Malta. MBR 

Link to footage:- https://wetransfer.com/ 

Parliamentary Secretary Silvio Schembri 

expressed his satisfaction at Malta’s huge 

presence in ICE London, a perfect platform 

for Malta to showcase itself as the ‘home 

of gaming excellence’. In fact, the 2019 

edition of ICE London exhibitors featured 

from 66 nations including Malta. Around 

11% of the exhibitors are Malta-based 

which means that aside from exhibitors 

from the hosting country (UK), Malta has 

the highest number of exhibitors followed 

then by the United States. 

“For this year’s ICE London edition, Malta, 

through the Malta Gaming Authority and 

Silvio Schembri walking around the ICE exhibition London 

Photos – OPM_PS 

40

HOLOCAUST ANNIVERSARY 


President of Malta at the Yad Vashem World Holocaust Center in Jerusalem 

President of Malta Marie-Louise Coleiro Preca visiting the Yad Vashem World Holocaust 

Center in Jerusalem. 

President of Malta Marie-Louise Coleiro 

Preca visited the Yad Vashem World 

Holocaust Center in Jerusalem. During 

her visit, the President also laid a wreath 

at the Hall of Remembrance. The wreath 

was laid on a stone slab under which the 

ashes of the Holocaust victims from the six 

extermination camps are buried. Addressing 

the media following the signing of the 

Visitor’s Book, President Coleiro Preca spoke 

about the importance of peace education 

stating that, “by educating new generations 

of children, young people, and educators, 

we can better the chances for our future 

generations to work for peace, and to live in 

a peaceful and respectful world, where each 

and every one of us is treated as a valuable 

collaborator”. 

President Coleiro Preca said that our 

acknowledgement of the suffering which 

the Holocaust represents must be translated 

into a firm commitment to promote and to 

prioritise the dignity and the wellbeing of 

all people who are experiencing precarity, 

vulnerability, discrimination and abuse. 

At Present, Yad Vashem has two 

Memoranda of Understanding in place with 

the Ministry for Education and Employment 

and with the President’s Foundation for the 

Wellbeing of Society. Through the MoU with 

the President’s Foundation, Yad Vashem 

representatives visit Malta every January 

to participate actively in the activities 

organised by the Foundation on the 

occasion of World Holocaust Remembrance 

Day, which also include school visits. MBR 



41


BUILDING & CONSTRUCTION 

Quality never goes out of style 

By Antoine Bonello 

During adolescence fashion plays an 

important role in our life. Everyone wants 

to look handsome and cool, with the aim 

to impress the opposite sex. When I was 

young I was very selective in what clothes 

to wear, not to mention my hairstyle 

which included tons of creams, perfumes 

and gels, filling almost all the bathroom 

shelves. We didn’t bother about the 

price as long as it made us feel we look 

better with it. All this preparation had one 

purpose to shine at that particular place 

on Saturday night. Luckily for me I was 

always surrounded by great friends who 

always gave me the right advice on the 

matter. One of them who happens to be 

a vivid reader of my articles and to whom 

I send my regards was very prone to 

fashion. I remember his saying as if it was 

just yesterday, quality never goes out of 

style. Today I realise evermore that he was 

quite right, whether it’s a car, a membrane 

or a garment quality will last and perform 

always. We live in an era with a constant 

change in building methods and materials. 

In Malta we are predominantly using 

concrete and metal to build almost 

anything. But what about quality and 

standards. There is an established 

tradition of testing and inspection to 

verify both the material installation and 

construction meet the specified design 

criteria. Unfortunately, this tradition of 

inspection and verification is not followed 

especially in small waterproofing projects 

where the tendency has been to place 

the responsibility on the contractor’s 

shoulders. This may be the reason why 

many in the construction industry has a 

horror story regarding leaks and damages 

in their below-grade projects. 

Waterproofing is critical in keeping 

the roof watertight and the building 

environment healthy for its occupants. 

There are many waterproofing systems in 

the marketplace and the key to success 

is to learn about their limitations before 

opting for a particular solution. In most 

cases when there is lack of knowledge 

and decisions are based solely on the 

price. The cheaper the better… for my 

pocket one might say. This is a very bad 

conclusion when we consider the high 

cost involved in replacing a failed system. 

Many past dated solutions like carpet 

membrane are just not suitable anymore. 

Unfortunately bad materials or bad 

workmanship or both are always a 

detriment to the customer. In most cases 

the bad installers blame the materials 

stating they are defective, while the 

importers blame the wrong use of 

the product. Installation also plays an 

important role, always make sure that 

the installer is an approved applicator of 

the chosen waterproofing system. Make 

sure they submit to your attention the 

company certifications and identification 

cards, this to make sure they comply with 

the warranty guidelines. Thus avoiding the 

above mentioned nasty situation. 

A warranty is simply a written guarantee, 

issued to the owner, promising to repair 

or replace the waterproofing proven to 

be defective within a specified period 

of time. Unfortunately, warranties are 

misunderstood in many cases, or worse, 

sometimes misrepresented. Some owners, 

architects, and contractors choose a 

waterproofing system primarily for its 

warranty duration. Warranty should not 

be confused with an actual proactive 

quality assurance program monitoring 

the waterproofing work throughout the 

construction phase. The warranties for any 

particular system are based on materials 

selected and details used. They typically 

range from five to 20 years. 

The Malta Waterproofing and Resin 

Flooring Association provides technical 

knowledge and professional formation to 

all Maltese installers who wish to improve 

their workmanship or start a carrier in the 

waterproofing business. 

Quality materials and works are the only answer 

to modern day building exigencies 

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 in question is qualified 

to do the requested job at its best. All 

this is being made possible thanks to 

the Resin and Membrane Centre and 

NAICI International Academy. For further 

information with regards the Malta 

Professional Waterproofing and Resin 

Flooring Association visit our website on 

www.maltawaterproofing.com or call on 

27477647. MBR 

Creditline: The Resin & Membrane Centre 

Waterproofing of 17th century palazzo. 

BEFORE 

Waterproofing with thermal insulation membrane of 17th century palazzo. 

AFTER 

42




43


ART 

CONVERGENCE: James Vella Clark’s 

First All-Abstract Solo Exhibition 

“Indecision” (2018) 

After 11 years since his last major exhibition, expressionist artist James Vella Clark is hosting CONVERGENCE, 

a collection of 39 abstract works at Palazzo de La Salle in Valletta. The exhibition, which was inaugurated on 1st 

February and will remain open till the 28th of February, is the artist’s first all-abstract solo exhibition. 

The artist describes this exhibition as a 

sort of homecoming for him. Ironically, 

Palazzo de la Salle is where he started his 

first art lessons at six years of age and 

today, the artist resides next door to this 

venue. 

“I am delighted that I am finally exhibiting 

at Palazzo de la Salle and very excited 

that this exhibition is going to showcase 

a collection of abstract works that best 

represent how my abstract style has 

evolved over the past 11 years. The 

exhibition will effectively portray a 

retrospective account of my exploration 

and gradual move towards abstraction. To 

me, this is a very special project,” said the 

artist. 

James Vella Clark is mostly known for 

his landscapes which over the past few 

years have been increasingly gaining a 

more abstract dimension. In fact his last 

exhibition of landscapes held in March 

of 2017 and themed “Divergence”, was 

already exploring the artist’s shift towards 

a more abstract rendition of the local 

landscape. “Convergence” is therefore 

a natural progression on the theme of 

change where this abstract dimension is 

now coming to the fore in this abstract 

collection. Whereas the earlier works 

show the spontaneity often associated 

with action painting, James Vella Clark’s 

later abstract work assumes a more 

serene and languid approach with layers 

upon layers of colour built gradually into 

a hazy assortment of forms that merge 

together whilst remaining distinct. 

“To me, these paintings, made of layers 

of different shades and intensities have 

come to represent my view of life – a 

composition of different experiences, 

lessons, achievements, losses, regrets 

and aspirations. Together, they make up 

who we are. Therefore, I am never totally 

comfortable with the term ‘abstraction’. 

In fact, I have concluded that abstract is 

only that which we refuse to understand. 

For all the rest, there is always a point of 

departure to which one may always try to 

relate.” 

The exhibition is being supported by ARQ 

Group, FINO, Greenaway Framers and DV 

Trading. A catalogue featuring a selection 

of works and a critical introduction by 

Teodor Reljic accompanies this exhibition. 

About the artist 

Born in1975, James Vella Clark started art classes 

at the age of 6. His artistic debut took place in 2001 

with his first solo exhibition “Beyond Perspectives” 

followed by several solo exhibitions in Malta, and 

abroad namely in Germany, the Netherlands, Belgium, 

Australia and New York. Over the years he was also 

invited to participate in collective exhibitions in 

Barcelona, Florence, Brussels, Duisburg, Vienna, 

and London. It is difficult to pinpoint James Vella 

Clark’s style or preferred theme. His works have been 

described as expressionist, and although he is mostly 

known for his bold ‘abstracted’ interpretations of the 

Maltese urban and rural landscape, his works have 

been gradually gaining a more abstract dimension. In 

fact, as his landscapes became increasingly abstract, 

these eventually, became part of a natural process 

that led to the artist’s current abstract work. 

“Blue Light” (2017) 

Today, the artist's main idiom is abstraction which 

lends mostly to the abstract expressionist movement 

of the fifties and sixties. Indeed, if we could speak 

of a movement or school of expressionism in Malta, 

Vella Clark would definitely belong to it. This, together 

with his chromatically charged landscapes dotted with 

symbolic details, are amongst the traits that make 

his work distinctive. Besides being present in many 

private collections in Malta and abroad, his work is 

also present in numerous hotels, banks and corporate 

collections. MBR 

Credit: Corporate Identities 

44

FOREIGN TRADE 


Malta calls for strengthened EU-LAS dialogue 

Minister Carmelo Abela with Minister of State Foreign Affairs of Saudi Arabia Adel All-Jubeir 

Minister for Foreign Affairs and Trade 

Promotion Carmelo Abela participated in 

the Fifth Foreign Ministers’ Meeting of 

the European Union (EU) and the League 

of Arab States (LAS) in Brussels. 

Minister Abela emphasised that this 

timely meeting is an opportune moment 

to put forward and discuss issues of 

mutual interest, while stressing the need 

to further strengthen the Euro-Arab 

dialogue. The minister underscored that 

Malta attaches particular importance 

towards the ongoing dialogue between 

the EU and the LAS, while recalling the 

2007 Malta initiative which resulted in 

the first EU-LAS ministerial meeting, 

organised in Malta in 2008, which paved 

IN SEARCH FOR YOUR 

Wellbeing 

During the last 12 years helping thousands 

of people I noticed that if we want to 

create a lasting impact on unwanted 

weight, then we have to step into the 

realm of practical psychology of weight 

loss for 3 primary reasons: 1. STRESS 

-This has a direct impact on our ability to 

lose weight. When we experience stress, 

whether it’s the external stressors of our 

busy life or our internal stressors of being 

unhappy with unwanted weight or eating 

behaviors our cortisol (stress hormone) 

levels go up. When cortisol is high on 

a daily basis, fat storage metabolism 

increases. This is due to the fact that 

our body is in a survival response. Our 

body will not release weight when in 

survival mode, it’s going to slow down 

our metabolism so that we have extra 

energy stores in case they are needed. 

If we are indeed faced with a stressful 

life but still want to lose weight we need 

to learn how to shift our body out of 

our chronic stress response & into a 

relaxation response. Breathing, slowing 

down and bringing mindfulness into 

our eating and life are all powerful tools 

when it comes to shifting from stress to 

relaxation. 2. PLEASURE -This is another 

foundational key in the psychology of 

weight loss because it has a direct link to 

reducing stress. And reducing stress, as we 

the way for regular exchanges between 

the two blocs. 

In this regard, Minister Abela underscored 

the unique role of the European 

Commission – League of Arab States 

Liaison Office (ECLASLO), which has been 

hosted by Malta since 2009. The minister 

explained that this office is regarded 

as one of the most tangible aspects of 

cooperation between the two blocs 

since it is the only representative body 

that exemplifies the relationship and 

encourages the promulgation of interregional 

outreach of the EU and the LAS. 

In his intervention, Minister Abela also 

addressed the challenges being faced 

in the Mediterranean, in particular the 

mentioned above, is crucial to creating an 

internal environment that supports weight 

loss. Pleasure is essentially a shortcut 

to shifting our body from sympathetic 

nervous system activation (fight or flight 

response) to parasympathetic nervous 

system activation (relaxation response). 

When we access the things in life that 

make us go, “aaahhhhh” in relaxation 

and contentment, we are turning on our 

supportive biological systems. 

When we take a moment to enjoy the 

aroma of our meal, we are engaging 

the cephalic phase digestive response, 

which is the very beginning of our 

digestive process. The cephalic phase 

response alerts our digestive enzymes 

and digestive tract that food is on its 

way: “be prepared for digestion and 

assimilation.” When we take a moment 

developments in Libya and the Middle 

East Peace Process. The ministerial 

meeting was held as a preliminary 

meeting before the EU-LAS Summit, 

which is scheduled to be held between 

24-25 February 2019 in Sharm El-Sheikh, 

Egypt. 

On the margins of the ministerial 

meeting, Minister Abela also held bilateral 

talks with the Foreign Minister of the 

Kingdom of Saudi Arabia. Discussions 

focused upon regional as well as bilateral 

issues. Minister Abela was accompanied 

by the Permanent Representative of 

Malta to the European Union Daniel 

Azzopardi. MBR 

and soften into the touch of a supportive 

friend or enjoy a moment to chat or walk 

in nature, again we are engaging healthy 

physiologic responses such as the release 

of endorphins – which help us feel happy. 

Pleasure brings us into the moment of 

enjoyment of our food. When we are 

truly in the moment of eating and tuning 

in to our body, we are much more likely 

to make food choices that support our 

health and listen to the cues that tell us 

when we’ve eaten enough. 3. BEHAVIOUR 

-Weight loss tips often focus on changing 

our behaviour. “Drink more water, eat 

more greens, cook at home, don’t eat 

out, reduce processed foods,” and more. 

These are behaviours that change what 

actually gets consumed. And it’s true that 

behaviours are fundamental to creating 

healthy habits, however, underneath 

our behaviours are values, feelings, and 

beliefs. The foundation of our behaviour 

is our psychology. If we don’t believe that 

we can actually impact our health in a 

positive way, it’s unlikely that our healthy 

behaviour will become a habit. If we don’t 

feel that we deserve to be happy, we are 

less likely to take action that supports and 

champions our health and well being. 

Think. 

MARIANO FARRUGIA 

Visit www.mariano.club or send an email on 

info@mariano.club to book a free 

consultation 


45


EU 20TH ANNIVERSARY OF THE EURO 

EU leaders past and present pay 

homage to the Euro 

During a ceremony in the plenary to commemorate 20 years of the Euro, the currency’s popularity and its role in 

strengthening the EU’s stance in the world were regularly highlighted. 

Opening the ceremony, European Parliament 

President Antonio Tajani pointed 

out that 75% of citizens approve of the 

Euro, the highest popularity rating ever. 

He underlined that it has made life easier 

in many ways and provided protection 

during the financial crisis. 

Jean-Claude Trichet, former President of 

the European Central Bank, praised the 

Euro for the credibility and stability it has 

delivered and also for its resilience during 

the financial crisis. The Euro, Mr Trichet 

pointed out, allowed growth rates to be 

comparable to those in the United States 

over the last two decades. 

Current European Central Bank President 

Mario Draghi underlined that the Euro 

was an important tool in “being stronger 

together”. It was because numerous 

EU member states founded a common 

currency that they kept their voice on 

the global financial stage. Mr Draghi also 

praised the price stability brought about 

by the Euro, “even in countries where this 

was a long-lost memory”. 

European Commission President Jean- 

Claude Juncker reminded the plenary that 

“two decades ago we were considered 

mad by many. We hear these critics little 

today”. Mr Juncker also told the audience 

that the hardship experienced in recent 

years was caused by long-overdue structural 

reforms, and not the Euro currency. 

The President of the Eurogroup, Mário 

Centeno, said that the last few years had 

not been easy, but the Euro emerged 

from the crisis a stronger currency. He 

pointed out that the Euro is not an end 

in itself, but rather a tool with which to 

achieve a more inclusive society. 

Roberto Gualtieri, the Chair of the European 

Parliament’s economic and monetary 

affairs committee, praised the Euro 

for making the deepening of the single 

market possible, allowing member states 

to recover sovereignty in the global order, 

and underpinning the peace project that 

is at the heart of the EU’s origin. 

All speakers also recognised that the Euro 

was not perfect. Notably, the progress 

towards economic union needed to pick 

up pace. In the words of President Tajani, 

“We need to conclude the economic 

and monetary union. We cannot remain 

exposed in the middle of the road”. MBR 

Credit: John Schranz, PO, EP_Economics 

46

EU 20TH ANNIVERSARY OF THE EURO 


Address by President Tajani at 

the ceremony for the twentieth 

anniversary of the euro 

Strasbourg, 15 January 2019 

Address by European Parliament 

President, Antonio Tajani, at the twentieth 

anniversary ceremony for the single 

currency (check against delivery): 

“Today we are celebrating the twentieth 

anniversary of the introduction of our 

single currency. 

The euro is used by 340 million EU citizens 

and is the world’s second most important 

currency. 

According to the latest Eurobarometer 

survey, three Europeans in four are in 

favour of the euro. 

The euro has made our internal market 

more transparent and competitive, 

facilitated transactions, movement, trade 

and tourism. During the economic crisis, 

thanks in part to the ECB’s quantitative 

easing, the common currency acted as a 

shield, preventing the collapse of Europe’s 

weakest economies. 

At the same time, the crisis highlighted 

the euro’s shortcomings and the errors 

made in addressing sovereign debt issues. 

One must recognise that not everyone 

is convinced that the single currency is a 

success. Here in this chamber there are 

also those who are critical of the euro, 

regarding monetary union and aggressive 

austerity as brakes on growth and job 

creation. 

Personally, though, I remain convinced 

that the euro “project” is the right 

approach. 

However, the euro is not an end in itself. 

It must bolster the social market economy 

to bring prosperity and create jobs for 

everyone. 

It is essential, therefore, that we build 

upon and finish what we have started. The 

Banking Union and the Capital Markets 

Union must be completed as quickly as 

possible, as should Fiscal and Economic 

Union. If we stop halfway, what we have 

achieved so far could be swept away in a 

new crisis. 

The most recent statistics point to 

a marked slow-down in growth and 

industrial output, and to the danger 

of a new recession in some European 

countries. Economic and social divides 

between different parts of the eurozone 

are widening, and in some places, one 

young person in two is jobless. 

It is clear that effective instruments 

to boost investment, support the real 

economy and foster social and regional 

convergence are lacking. It is a matter of 

urgency, therefore, that Parliament’s call 

for a budget commensurate with those 

challenges be answered. 

My call is for today to not only be a day 

of celebration in which we rest on our 

laurels. Instead, we should acknowledge 

that there are still problems that must 

be addressed. I ask Europe’s leaders to 

take responsibility for launching, without 

further delay, the process of change that is 

needed to strengthen the euro, boosting 

growth and employment.” MBR 

Credit: Carlo Corazza; Europarl President 

Press 


47


SRB/MREL POLICY 

SRB Publishes Second 

Part of 2018 MREL Policy 

The Single Resolution Board (SRB) has today published the second part of its 2018 policy on the minimum requirement 

for own funds and eligible liabilities (MREL) pertaining to the second wave of resolution plans; i.e. the plans for the 

most complex banking groups. 

MREL represents one of the key tools in 

enhancing banks’ resolvability. The SRB 

continues to develop its MREL policy, 

step-by-step. This gives banks the clarity 

needed on the SRB’s requirements for 

them to build up MREL. 

Concretely, in order to increase the 

quantity and quality of MREL, this second 

part of the 2018 MREL policy introduces 

a series of new features to strengthen 

banks’ resolvability within the Banking 

Union. Among them, the main new 

ones are: a refined approach for eligible 

instruments for consolidated MRELtargets, 

increased binding subordination 

requirements and, last but not least, the 

introduction of binding MREL targets at 

individual level. 

The SRB will continue to develop its MREL 

policy going forward. After the adoption 

of the Banking Package, the SRB policy 

will need to be adapted to address in 

particular the TLAC implementation and 

the new internal MREL requirements. 

Further Information on the main new 

features: 

• A Point-of-Entry approach will 

now apply to liabilities other than 

own funds instruments to meet 

consolidated MREL targets. Only 

liabilities issued directly by the 

resolution entity will be considered 

eligible to meet consolidated targets 

on the ground that resolution tools 

will be applied only to this entity in 

resolution. 

• Subordination levels will now be 

set based on a combination of a 

general level and take into account 

of the bank-specific nature of 

the assessment of No-Creditor- 

Worse-Off risk in the senior layer. A 

general level of 16% risk weighted 

assets (RWA) plus the combined 

buffer requirement (CBR) will apply 

for global systemically important 

institutions (G-SIIs), and of 14% 

RWA plus CBR for other systemically 

important institutions (O-SIIs) and 

other resolution entities. 

• The SRB will determine binding 

targets at the individual level for 

subsidiaries of banking groups, 

prioritising the most relevant entities 

for this wave of decisions, with a view 

to ensuring a sufficient quantum of 

loss absorbing capacity in all parts of 

the resolution group. MBR 

Credit: Sean De-Burca, SRB, EC 

About the Single Resolution Board 

The Single Resolution Board (SRB) 

is the central resolution authority 

within the Banking Union (BU). 

Together with the national resolution 

authorities of participating 

Member States it forms the Single 

Resolution Mechanism (SRM). 

The SRB works closely with the 

European Commission (EC), the 

European Central Bank (ECB), the 

European Banking Authority (EBA) 

and national competent authorities 

(NCAs). Its mission is to ensure an 

orderly resolution of failing banks 

with minimum impact on the real 

economy and public finances of the 

participating Member States and 

beyond. 

48

STATE VISIT BY THE PRESIDENT OF TUNISIA 


ADDRESS BY HE THE PRESIDENT OF MALTA 

President Essebsi of Tunisia with President of Malta Marie-Louise Coleiro Preca 

Your Excellency, my dear friend President 

Essebsi, this historic state visit has given 

us the opportunity to reaffirm the longstanding 

friendship between the peoples 

of Malta and Tunisia. 

The ongoing high-level exchanges 

between Malta and Tunisia give me 

confidence, that we are creating a 

model of respectful dialogue, between 

Mediterranean countries that share the 

same values and aspirations. It was my 

pleasure to be in Tunisia on an official visit 

in 2017, when our countries celebrated 

fifty years since the establishment of 

diplomatic relations between Malta and 

Tunisia. 

However, the links between both of 

our nations go back a long way. We 

share a strong Mediterranean identity 

and history, and over the centuries the 

peoples of Malta and Tunisia have enjoyed 

a peaceful and prosperous friendship. 

Moreover, alongside the consolidation of 

the excellent political relations between 

our countries, my visit in 2017 provided 

an opportunity to intensify the socioeconomic 

connections among our 

respective peoples. 

The visit of His Excellency, the President 

of the Republic of Tunisia, to Malta, has 

created even more opportunities, to 

take these connections to another level 

of effectiveness. The meetings held this 

month, between my friend President 

Essebsi and myself, and our delegations, 

have provided another platform for 

constructive and insightful discussions. 

I am pleased to note that cooperation 

between private entities and nongovernmental 

organisations, from Malta 

and Tunisia, has also intensified. During 

our meetings, His Excellency President 

Essebsi and myself discussed various 

sectors of mutual interest, including 

trade; training and education; maritime 

cooperation; transshipment and logistics; 

ICT; tourism; the film industry; alternative 

energy; blockchain technology, amongst 

others. 

In particular, let me mention our 

commitment to further collaborate, 

through the Mediterranean Tourism 

Foundation, to ensure that our respective 

tourism industry, will be catalyst for peace 

and prosperity between our countries and 

our region. From our discussions, one can 

also conclude that there is strong political 

will, to enable our respective private 

sectors to explore other opportunities, 

from which both of our countries can 

benefit. 

I must emphasise the enthusiasm, being 

shown by both our countries, to continue 

to find opportunities to form new 

partnerships, between our authorities, 

our respective business communities, 

cultural sectors, and civil society. In fact, 

these partnerships are being reflected, by 

the signing of: 

1. The Agreed Minutes of the 11th Session 

of the Malta-Tunisia Joint Commission; 

2. The Memorandum of Understanding 

responding to the Development of Early 

Childhood; 

3. The Protocol of Cooperation in the area 

of Seniors; 

4. The Programme of Cultural Cooperation 

for the years 2019 to 2021; and 

5. The Agreement on Temporary 

Employment of Nationals of the Republic 

of Tunisia in the Republic of Malta and the 

Nationals of the Republic of Malta in the 

Republic of Tunisia. 

These agreements constitute an 

important step forward in our bilateral 

relations. I am confident that further 

opportunities for cooperation in other 

areas of mutual interest will persist in 

the future. I am also pleased to note 

that the Malta-Tunisia Joint Commission 

met yesterday and is renewing its efforts 

to create opportunities in a number of 

diverse areas, of mutual interest. I must 

note that the work done by the Malta- 

Tunisia Joint Commission is a positive step, 

towards reaching the goals of sustainable 

development and inclusive prosperity. 

President Essebsi and I also discussed 

the political situation of our region, and 

the active roles of both of our countries 

in the Union for the Mediterranean, and 

Western Mediterranean Forum, known 

as the 5+5, which met recently, in Malta, 

among other fora. The Conference on 

Gender Equality, which will be held 

tomorrow, will be co-facilitated by the 

Mediterranean Academy of Diplomatic 

Studies, at the University of Malta, the 

Embassy of the Republic of Tunisia, and 

my Office, is another example of how 

our shared vision of collaboration, to 

address regional issues such as women 

empowerment, is being put into practical 

action. I must also mention the exhibition, 

which has been set up to commemorate 

our 51st Anniversary of excellent 

diplomatic and political relations between 

our two countries. 

I believe that strengthening our social 

and economic ties is not only a pathway 

to shared prosperity, but also a means 

of continuing to build and develop 

sustainable contacts between our 

peoples. In particular, I augur that we shall 

continue to emphasise the importance of 

including our children and young people, 

as essential contributors, to achieve 

sustainable peace and stability, alongside 

inclusive prosperity and holistic wellbeing, 

for the benefit of the peoples of Malta 

and Tunisia. MBR 



49


NEWSMAKERS 

HE the President of Malt Madame Marie-Louise Coleiro Preca during her visit Israel accompanied by Prsident of Israel Reuven Rivlin 

State Visit To Israel 

As part of her official visit to Israel, 

President of Malta Marie-Louise Coleiro 

Preca held bilateral talks with President 

of Israel Reuven Rivlin at the Presidential 

Palace in Jerusalem. 

Both presidents spoke of the potential 

that there is to transform Malta and 

Israel’s excellent bilateral relations into 

tangible collaborations, where both 

our countries can collaborate in various 

sectors including the commercial, the 

cultural and the tourism sectors. “We 

need to engage on as many levels as 

possible, even through our institutions, 

and even at civil society level”, President 

Moody’s affirms Malta’s rating at A3 

with a positive outlook 

The Ministry for Finance welcomes 

the latest update to Moody’s credit 

opinion report which affirmed Malta’s 

sovereign rating at A3 with a positive 

outlook. Moody’s attributes the A3 

rating to the Maltese economy’s robust 

growth dynamics, relatively elevated 

wealth levels that support the country's 

shock-absorption capacity, and a stable 

and conservative domestically oriented 

banking sector. 

Moody’s notes that the positive outlook 

reflects Malta’s sustained progress in 

reducing national debt as well as its robust 

medium-term growth prospects that 

are supportive of further improvements 

in public finances. Moody’s adds that 

if the improvement in public finances 

is sustained, then this would support 

a credit rating upgrade. In this regard, 

Malta’s fiscal strength is rated as High (+). 

Moody’s rates Malta’s economic strength 

as High (-) reflecting a recent track record 

of strong economic growth, elevated 

per-capita income levels and very high 

Coleiro Preca said, whilst adding that 

following a meeting which was held with 

the Malki Foundation, which empowers 

people with disability, it was agreed that 

a collaboration with Malta will be looked 

into in the near future. 

The President said that such connections 

will definitely lead to sustainable 

friendships between our peoples, “and 

when one establishes friendship, then 

the issue of respect comes second to 

nature”. The President said that if there is 

respect, then there is much more room 

for positive peace. President Coleiro Preca 

also said that the relationship between 

the peoples of Malta and Israel is built 

upon our shared Mediterranean identity, 

scores on global competitiveness rankings. 

The report notes that the high level 

of competitiveness means that Malta 

is relatively well equipped to adapt to 

changing circumstances. Indeed, the score 

for Malta’s susceptibility to event risk is 

assessed as Low (+). 

Moody’s expects growth to remain strong 

in 2019 driven by growth in investment 

and private consumption. It also expects 

the Government to record a surplus of 1.2 

per cent of GDP in 2018. It further notes 

that the Government is targeting a surplus 

net of revenues from the Individual 

Investor Programme (IIP) in 2019. The 

report acknowledges the IMF fiscal 

transparency evaluation report published 

in September 2018 in which the IMF 

concluded that Malta meets the standard 

for good or advanced practice for 21 out 

of the 35 principles of the IMF’s Fiscal 

Transparency Code. 

On anti-money laundering and countering 

the financing of terrorism (AML/CFT) 

regulations, Moody’s acknowledges that 

the FIAU have presented an action plan in 

response to the original recommendations 

by the EBA, with the Maltese authorities 

further stating that “as nations from this 

important region of the world, we must 

be the guardians of hope and promoters 

of human rights, for the benefit of both 

present and future generations”. 

The President was accompanied by 

Deputy Prime Minister and Minister for 

Health Chris Fearne, Minister for the 

Environment, Sustainable Development 

and Climate Change José Herrera, 

Parliamentary Secretary for Local 

Government and Communities Silvio 

Parnis, and Ambassador of Malta to Israel 

Cecilia Attard-Pirotta. MBR 

Credit: OPM 

having also launched an AML/CFT strategy 

in April 2018. The strategy, it notes, seeks 

to increase the resources of the relevant 

supervisory and investigative authorities 

and strengthen and clarify the supervisory 

framework, among other things. 

Moody’s rates Malta’s institutional 

strength as High reflecting Malta’s robust 

policy framework and the important 

enhancement to the country’s institutions 

and to the policymaking framework 

of public-sector entities. Minister for 

Finance Edward Scicluna comments: 

“I am pleased to note that Moody’s is 

acknowledging our efforts to strengthen 

the regulatory institutions while sustaining 

macroeconomic and fiscal stability.” 

Source: Ministry for Finance 

Moody’s attributes the A3 rating to the Maltese economy 


GYMNICH: Malta calls for continued 

EU-China engagement 

Minister for Foreign Affairs and Trade 

Promotion Carmelo Abela addressed 

colleagues at the GYMNICH meeting in 

Bucharest, Romania, and highlighted the 

importance of continued engagement 

between the EU and China especially 

on connectivity. China is not simply an 

economic partner but also a strategic 

partner in global affairs. The EU-China 

Summit in April will be a good opportunity 

to enhance our cooperation further with 

this country, also in the multilateral fora. 

Venezuela is cause for serious concern. 

The protracted crisis in the country has 

had a grave impact on the population, 

with growing humanitarian needs and 

serious human rights concerns. Fresh, 

free, and fair elections should be held 

at the earliest so that the situation 

can be restored. The EU will continue 

following events closely and stands ready 

to take further actions in line with the 

constitution of the country. 

Foreign ministers at the meeting also 

discussed the state of reforms in the 

Eastern Partner countries. The ministers 

also encouraged these countries to 

further implement reforms particularly 

ahead of the 10th anniversary of the 

establishment of the Eastern Partnership 

in May. Malta expressed its support for 

a more structured relationship with this 

region and commending the progress 

achieved under the 20 Deliverables for 

2020 and looked forward to their full 

implementation. MBR 

Photos (MFTP) 

Minister for Foreign Affairs and Trade Promotion Carmelo Abela 

at the GYMNICH meeting in Bucharest, Romania 

50

Goz oexpo 

Gozoexpo 2019 

2019 

Opportunity, 

Mobility, 

Sustainability 

A 2-day B2B/B2C Trade Show, 

Conference, Exhibition and 

The Gozo Business Awards 2019 

Under the auspices & patronage of 

The Hon. Minister for Gozo 

Dr. Justyne Caruana 

Friday 31st May and Saturday 1st June 2019 

0930 – 2000hrs & 0730pm onwards 

The Royal Lady Suite & The Grand Ballroom 

Grand Hotel Gozo, Mgarr Harbour 

2019 

Further Information: Margaret Brincat - margaret@mbrpublications.net 

M: 9940 6743

HAPPY DIAMONDS COLLECTION

MBR_ISSUE 48_FEB_LR

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