MBR_ISSUE 52_JUNE-compressed (5)

COVER STORY 

MBR EXCLUSIVE 

FEATURE 

FEATURE 

VISION, LEADERSHIP 

AND COURAGE 

Exclusive interview with Deputy 

Prime Minister Dr Chris Fearne p.06 

MEET THE HERO WHO KEEPS 

YOUR MEALS SAFE 

We meet with Prof. Charmaine Gauci, 

the Maltese food safety expert p.12 

QUALITY MATTERS 

Dr Nadine Delicata, COO, 

Steward Health Care Malta 

on why quality matters most p.33 

ANALYSIS: BREXIT 

Brexit Britain’s three Lost Years 

won’t end on Halloween p.36 

MALTA BUSINESS REVIEW 

ISSUE 52 | 2019 

Newspaper Post

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Malta Business Review 

CONTENTS 

Issue 52 

ONE-ON-ONE 

16 INTERVIEW WITH DANNY ALEXANDER 

Vice President of the Asian Infrastructure Investment Bank 

FEATURES 

22 CHINA: NOWHERE TO HIDE... 

Changes to the Chinese tax system have created work for 

wealth advisers in the region 

26 GOZO EXPO 2019 

Special double page spread paparazzi. 

06 

30 GOZO BUSINESS CHAMBER 

20 years of service for the Gozitan Business Community. 

COVER STORY 

06 VISION, LEADERSHIP AND COURAGE 

Exclusive interview with Deputy Prime Minister, 

Dr Chris Fearne. 

ANALYSIS: BITCOIN 

08 THE NEXT BITCOIN RUN IS IMMINENT 

Nigel Green, deVere CEO predicts that Bitcoin could be on 

the verge of the next bull run. 

10 12 

FINANCIAL STORY 

10 AVOIDING THE OSTRICH EFFECT 

IN FINANCES 

Jessica Higgins is a serial entrepreneur, venture capitalist 

and advisor, discusses finance management. 


12 MEET THE HERO WHO KEEPS YOUR 

MEALS SAFE 

We meet with Prof. Charmaine Gauci, the Maltese food 

safety expert who explains how EU-wide collaboration 

keeps threats off our plates. 

33 QUALITY MATTERS 

16 33 

Dr Nadine Delicata, Chief Operating Officer, Steward Health 

Care Malta on why quality matters most 

OUR GOLDEN PARTNERS 

34 D-DAY ANNIVERSARY – FORGING THE SPECIAL 

RELATIONSHIP: 

How the D-Day landings brought America and Britain 

together. 

SIMON 

ESTATES 

36 ANALYSIS: BREXIT 

Brexit Britain’s three Lost Years won’t end on Halloween 

42 DOGS, ZUMBA & MEDITATION 

How to guarantee work-from-home well-being 

4

MALTA 

BUSINESS REVIEW 


A 2018 eurobarometer survey found that Malta has the highest rate of 

online hate speech across the EU. Hate speech and fake news are the 

most visible elements of the online information disorder. Misleading 

stories have always existed and have impacted public opinion, 

generated emotional reactions and played a role in shaping the public 

sphere, as have incitement to violence or hatred. However, there is 

growing awareness that the unprecedented reach of digital platforms 

has amplified their detrimental effect. 

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 

George Carol; Claire Coe Smith; Nadine Delicata; 

Nigel Green;Jessica Higgins; James Holland; 

Laura Morales Rodriguez 

SPECIAL THANKS 

DOI; Edwards Lowell & Co; European Parliament 

Information Office in Malta; European Parliament, 

Directorate- General for Communication/Press 

Office; European Research Council; EU VoteWatch; 

Gozo Business Chamber; GOPAcom/ESP/EC; HSBC; 

LinkedIn; MORGEN EUROPA; POLITICO SPRL; 

Politico Playbook; PTV Group; Taylor & Francis 

Group; Virgin 

PRINT PRODUCTION 

Gutenberg Press Ltd 

QUOTE OF THE MONTH 

“You can’t build a reputation on what you are 

going to do.” – Henry Ford 

Disclaimer 

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

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

prohibited without written permission of the publisher. All content 

material available on this publication is duly protected by Maltese 

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

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

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

is sourced from the website, magazine or related product without 

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

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

are not necessarily those of the editor or publisher. 

Talk to us: 

E-mail: martin@mbrpublications.net 

Twitter: @MBRPublications 

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At national and EU level regulatory, civil society and media initiatives 

exist or are being developed to tackle hate speech and fake news. Do 

these initiatives work and how can freedom of expression be safeguarded? Do we need a 

more effective regulatory initiatives and is it enough to only address two elements of the 

information disorder? 

Using a definition of “fake news” from Jonathan Zittrain, co-founder of Harvard University’s 

Berkman Klein Center on Internet & Society, who describes the term based on intent. Fake 

news, by this definition, is that which is “wilfully false,” meaning a story “that the person saying 

or repeating knows to be untrue or is indifferent to whether it is true or false.” Fake news has 

also figured in propaganda campaigns organized by governments or political parties, as well as 

a variety of other online communities organizing on platforms 

“Fake news is the canary in the digital coal mine,” says London School of Economics professor 

Charlie Beckett. “It is a symptom of a much wider systemic challenge around the value and 

credibility of information and the way that we—socially, politically, economically—are going to 

handle the threats and opportunities of new communication technologies.” Researchers cite 

growing evidence of highly sophisticated, persistent, long-term campaigns of disinformation— 

intentionally false or misleading information— organized by both government and non-state 

actors. Meanwhile, hate speech has become part of the fabric of the burgeoning internet 

advertising business. In response, many advertisers, leery of the risk to brand reputations, 

have halted hundreds of millions of euros in digital ad purchases. Ultimately, many companies 

profit from the rapid spread of information, no matter the content. 

“Hate speech” is generally defined as news and “information that offends, threatens, or insults 

groups, based on race, colour, religion, national origin, sexual orientation, disability, or other 

traits.” Hate speech can also refer to information or news stories that are intentionally framed 

to incite hate or anger against a certain group. Such content may or may not include elements 

of “fake news.” 

The deeper issue driving the spread of disinformation and hate speech online is an entrenched 

environment of social and cultural division. Technology platforms have an obligation to help 

bridge that divide, not ignore or exacerbate it. The design imperative is clear: Develop social, 

technical, economic, and political structures that allow people to understand, appreciate, and 

bridge different viewpoints. 

To prevent and counter the spread of illegal hate speech online, in May 2016, the European 

Commission agreed with Facebook, Microsoft, Twitter and YouTube a “Code of conduct 

on countering illegal hate speech online” to help users notifying illegal hate speech in this 

social platforms, improve the support to civil society as well as the coordination with national 

authorities. Malta must begin the debate that the U.K. and Australia have had on regulating 

harmful online content. When it comes to “redoubling” their efforts to deal with these issues, 

our government should take the lead, not Facebook. 

There should be just as little tolerance for criminal rabble rousing on social networks as on 

the street. Whatever course technology takes, it’s clear that the internet and technology 

companies that drive the 21 st century’s social media platforms and search engines need to 

demonstrate leadership that is substantive and long-term. At the outset of this report, we 

noted that at birth, the leading internet companies were simply technology platforms; over 

the years, they have grown into brokers of content and truth on a global scale. It is time they 

acknowledged and accepted that role and responsibility. 

Wishing you a good read. 

Martin Vella 

Editor-in-Chief 

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

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

analysis of local and international news. 

Agents for: 

www.maltabusinessreview.net 

5


COVER STORY INTERVIEW 

It should therefore not be surprising that 

The Lancet now rates our health service 

in the top ten in the world. Despite these 

successes, we continue to look forward 

with determination and enthusiasm. The 

implementation of the Patient Charter 

will ensure free, efficient top-quality 

and sustainable health services that are 

accessible to all. We shall continue to invest 

in community care and better technologies, 

particularly digital and artificial intelligence. 

MBR: Which innovations might have the 

most significant public health impacts 

and how is the government addressing 

these issues? 

Vision 

Leadership 

and Courage 

By Martin Vella 

Touted as the main front-runner to take the baton from Prime Minister 

Joseph Muscat, MBR sat down for a frank interview with the Hon. Dr. 

Christopher Fearne, Deputy Prime Minister and Minister for Healthcare. 

In this interview the DPM attaches great importance of health initiatives, 

Digital Ledger Technologies, internationalisation and considers Malta as 

a priority partner in the Med region and the wider EU domain. 

MBR: Can you highlight the most 

significant policy measures and health 

initiatives strategies which directly 

affected people’s lives? 

CF: Six years ago, the health sector was 

strangled by massive problems: out of 

stock medicines, interminable waiting 

lists and unacceptably long waits at the 

Emergency department. 

Cognizant of this dire state of affairs 

we mapped out a strategy with a 

sturdy, patient-centred spine: improve 

patients’ lives in every possible way, 

with every possible method and in every 

possible sector. The results speak for 

themselves. We launched a national 

diabetes strategy which widened the 

range of free medicines, the distribution 

of free diabetes sticks and the creation 

of a new ward for those with attendant 

problems in their legs and feet. We also 

launched a national cancer plan, opened 

a new oncology hospital, and added more 

specialised medicines for different types 

of cancer. In addition, using NDSF funds, 

we are invested €10 million in capital 

funds in community health centres. 

A special mention goes to the legal 

amendments we passed to enhance pro-life 

IVF treatment, as well as making it available 

for free at Mater Dei. We also widened the 

eligibility criteria. The result? We have given 

new chances to couples to realise their 

dream to become parents. 

CF: Continuous innovation in healthcare is 

at the very heart of everything we do. An 

interesting initiative being introduced is 

remote patient monitoring. We are kicking 

off with diabetes patients on insulin, 

monitoring their glucose levels. This new 

service gives the patient an instant blood 

sugar level reading and the software then 

supplies potentially life-saving information. 

Brilliantly, the system can also instantly 

inform the doctor, family members and 

even the hospital if necessary. This year 

we plan to implement this technology 

nationwide, extending it to patients 

suffering from other conditions, thereby 

substantially improving prevention. 

Recently we introduced ‘Mario’, the first 

robot distributing medicines at Mater Dei. 

This system will be delivering medicines 

faster and will drastically reduce human 

error, as well as free up more pharmacists’ 

time which could be dedicated to the 

patient. We are also very proud that 

Maltese doctors are currently being 

trained in anticipation of the introduction 

of the first robots assisting operations at 

Mater Dei. Prostate operations will be the 

first in roll out programme. 

We now need to prioritize prevention and 

look at the social and environmental determinants 

of health. We are now aware that 

health is not just a one-ministry responsibility, 

but cuts across all of government. 

MBR: What changes, at policy level, is 

government prioritising? 

CF: Success gives birth to new challenges. 

We therefore need to continue to ensure 

that affluence and economic growth are 

accompanied by more wealth redistribution 

as well as harder efforts to eliminate poverty. 

Our path-breaking rent reforms and our 

commitment to distribute social housing 

fairly and according to real need will also 

have a deep positive social impact. With 

this vision, and using IIP funds, we have 

committed €50 million to create a new 

wave of social housing units. 

6

COVER STORY INTERVIEW 


MBR: Malta is expected to top EU 

economic growth charts in 2019. What is 

the reason behind Malta’s success? 

CF: From the start we made economic 

growth our focus and priority. As Prime 

Minister Joseph Muscat repeatedly 

says – without economic growth, social 

challenges and social justice are destined 

to hit a brick wall. How are we hitting these 

historically high economic growth targets? 

Quite simply, instead of increasing taxes as 

previous administrations have done, the 

secret of our success lies in our vision and 

relentless work to modernise and diversify 

the economy, and attract investment. 

On the investment front we have become 

home to some global big hitters, and 

those already here are expanding - Crane 

Currency, Barts Medical School, Steward 

Healthcare, Eurobindo (pharmaceuticals), 

Toly (manufacturing), and many others. 

Until June last year foreign direct 

investment hit €176.5 billion, 84% of 

which are from the financial and assurance 

sectors. 

This unprecedented rate of economic 

growth has been the key to sort out the 

out-of-stock medicines problem, bring 

down unemployment to an all-time low 

and currently one of the lowest in Europe, 

reduce the number of those on social 

assistance, to increase the minimum wage 

for the first time in decades, and to offer 

free childcare. Malta is also becoming a 

centre of excellence in various sectors. 

MBR: How much does good leadership 

influence the economic growth of a 

country? 

CF: Politics is about vision, leadership and 

courage. This is what makes us optimists, 

open to reforms and sending positive 

signals to investors in pro-business key. 

At the same time, we never forget that 

we are the government, elected to be the 

guardians of the common good – as we did 

recently in the case of the accidents in the 

construction industry. 

Joseph Muscat’s leadership and excellent 

statesmanship have turned Malta into a 

leading European jurisdiction for foreign 

investment, particularly in financial 

services, gaming, IT and Digital Ledger 

Technologies and associated disruptive 

technologies. Even when it comes to one 

of Europe’s key challenges – immigration – 

we have become thought leaders. 

MBR: How is Malta gearing up to reach 

its climate change targets? Where do 

you see the country heading in the near 

future? 

CF: As stated by the Prime Minister 

during the Valletta Summit, Malta is fully 

committed to move towards climate 

neutrality and to effectively implement the 

Paris Agreement, obviously in the context 

of our geo-physical and socio-economic 

parameters. Within this framework, we 

are in the process of drawing up a Low 

Carbon Development Strategy spanning to 

2050 and, in parallel, a Sustainable Vision 

which sets out aspirations and priorities for 

having a low-carbon economy. 

We are a first-onthe-market 

country, 

providing companies 

with the necessary 

tools and opportunities 

to operate. 

Other initiatives include legal provisions 

to introduce the notion of a circular 

economy in Maltese legislation, the launch 

of a strategy on Single –Use Plastics which 

aims at promoting more sustainable 

consumption patterns and various other 

sectoral policy frameworks such as the 

regulation of commercial waste and the 

separate collection of pharmaceutical 

waste. 

MBR: What role do you foresee Malta 

playing in the eventual creation of an EU 

Framework for DLT (Distributed Ledger 

Technology) products and services? 

CF: DLT technologies have the possibility 

to be a positive force. The myriad number 

of ways in which they can be adopted 

will be greatly beneficial to governments, 

businesses and consumers alike. Malta 

and six others EU countries have signed a 

declaration for more cooperation on these 

technology - France, Greece, Italy, Portugal, 

Spain and Cyprus. Malta is slowly but surely 

earning the moniker ‘the world’s first 

blockchain island’. Why? Because we are 

a first-on-the-market country, providing 

companies with the necessary tools and 

opportunities to operate. 

With regards to Artificial Intelligence, 

Malta has set up various national working 

groups to give feedback on the creation 

of a national strategy, fiscal measures 

and a regulatory framework. Only a few 

countries have really tackled this gamechanging 

field, and yet once more Malta 

will be in the leading pack. 

MBR: Can you tell us about the importance 

of bolstering the internationalization of 

the euro, the role of Malta in enabling a 

future EU-wide framework for DLT? 

CF: Malta is regulating DLT so it can be 

utilised in various sectors, including 

cryptocurrency. In turn, by placing 

information on a platform that cannot 

be tampered with addresses concerns or 

challenges related to money laundering. 

One of the many challenges facing 

increased take up of blockchain by 

conventional institutions is the question 

of trust. Regularising, creating the legal 

framework and setting standards - as we 

are doing here in Malta - for DLT service 

providers goes a long way in building 

this trust. 

MBR: How can the EU strike a balance 

between tackling migration, upholding 

founding values such as solidarity, while 

safeguarding the interests of European 

citizens? 

CF: As Prime Minister Joseph Muscat 

stated during the South EU Summit, this 

is a multifaceted issue, encompassing 

security, human rights, climate change, 

demography and culture. All Member 

States and NGOs need to play by the 

rules and shoulder their responsibilities. 

We believe that it is important to secure 

borders and that everyone should abide 

by international law and have everyone 

as PM Muscat put it “pull the same 

rope”. Migration should still be at the 

top of the EU agenda but it has to be 

addressed together with security and 

human rights issues. 

MBR: How do you think EU policy towards 

Malta will develop in the next decade? 

CF: The European Council will be adopting 

the Strategic Agenda which maps out 

the EU’s strategic priorities for 2019 – 

2024. We are expecting climate change, 

the future of the EU’s digital economy, 

migration policy and the consolidation of 

the internal market, amongst other topics, 

to feature prominently. MBR 


7


ANALYSIS: BITCOIN 

The next Bitcoin run is 

imminent: deVere CEO 

Image by Gerd Altmann from Pixabay 

8 

Nigel Green, Chief Executive 

of deVere Group 

What we do know 

for sure is that 

cryptocurrencies are 

the future of money. 

Bitcoin could be on the verge of the 

next bull run, affirms the CEO of one 

of the world’s largest independent 

financial advisory organisations. 

The prediction from Nigel Green, founder 

and chief executive of deVere Group, 

comes as the Bitcoin price on Wednesday 

broke through the $8,000 barrier against 

the U.S. Dollar after a period of low 

volatility. Mr Green observes: “Ditching its 

trademark volatility, Bitcoin has been stuck 

in no-man’s land for over a week oscillating 

within a $600 range. But the price of the 

world’s largest cryptocurrency surged to 

the upside on Wednesday and cleared the 

key $8,000 resistance level.” 

He continues: “This could indicate that 

Bitcoin is on the verge of the next bull run. 

Crypto history teaches us that periods of 

low volatility come directly before extended 

crypto bull runs. For instance, Bitcoin went 

through a relatively stable period in February 

this year, then the price ran towards $4,200 

in March and to $9,090 before the end of 

May. Should Bitcoin experience a new run, 

we can expect it to deliver a boost to the 

wider crypto market, with other leading 

cryptocurrencies such as Ethereum, XRP 

and Litecoin, rallying too.” 

He goes on to say: “Volatility is typically 

welcomed by traders and investors as it can 

present important buying opportunities 

and bring positive rewards. However, I think 

moving forward, we are likely to see less 

extreme volatility. Lower volatility is a sign 

of the maturation of the cryptocurrency 

market. Although volatility will return again, 

as it does in all financial markets, I think 

we’re experiencing a fundamental shift 

and, overall, the crypto market will have 

less turbulent bouts in the future. This 

is essential for the cryptocurrency sector 

long-term as it will further encourage mass 

adoption and institutional investment.” 

The deVere CEO, a high-profile advocate 

of cryptocurrencies having launched the 

deVere Crypto app in 2018, concludes: “Of 

course, no-one knows for sure when the 

next crypto run will happen, but current 

relative low volatility suggests it is imminent. 

“What we do know for sure, however, is 

that cryptocurrencies are the future of 

money.” MBR 

Editor’s Note 

deVere Group is one of the world’s 

largest independent advisors of 

specialist global financial solutions 

to international, local mass affluent, 

and high-net-worth clients. It has 

a network of more than 70 offices 

across the world, over 80,000 clients 

and $12bn under advisement.

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UNITED KINGDOM - GIBRALTAR - MALTA - JERSEY - SPAIN


FINANCIAL STORY 

AVOIDING THE 

ostrich 

effect 

IN FINANCES 

by Jessica Higgins 

Getty Images 

The hard reality in the United States 

is that the majority of us do not 

manage our finances. This is not 

entirely our faults. Poor financial 

management is a cultural epidemic created 

largely by unclear information surrounding 

how to grow your wealth, and the relative 

ease of receiving lines of credit. Credit 

cards can easily turn your finances upsidedown, 

leaving you with the dark reality 

of acknowledging the financial muck you 

have created, or you can act like most 

people act, and leave your head down in 

the hole. We call this the ‘Ostrich Effect’. 

If you are already there now, I hope this 

article helps you eventually find your way 

out. If you have avoided the common 

pitfalls so far, congratulations. Here is how 

to keep avoiding them. 

Fallacy One: Spending FOMO 

The United States is the most heavily 

marketing-driven company that has arguably 

ever existed. Next to maybe the statues in 

Ancient Rome, no culture has ever been so 

daily reminded to take a certain action, and 

that action is to spend. Every social media 

platform, radio channel and television show 

is inundated with advertising campaigns 

urging you to part ways with your money. 

I even hear rumours that Netflix will soon 

begin running advertisements. Realize this. 

Ignore it. Much like meditation this takes 

practice, but pays off well over time. 

Fallacy Two: Wealth Creation Isn’t 

Possible for Most of Us 

Most Americans have limiting beliefs 

that our money can deplete, but never 

grow. Wall Street does a fine job of 

actively keeping its’ strategies behind 

philosophical walls. The rest of us are 

left with the public markets, which aren’t 

much different than horse betting. Which 

horse seems the biggest, fastest and least 

likely to pivot or be run over by another 

Facebook? You can crunch numbers all day 

and feel more insecure about decisionmaking 

than when you started. Most 

investors end up riding the average of all 

the big guys in the market, which is called 

the S&P 500 Index, or placing blind trust 

your in the hands of someone else, who 

is a more experienced horse better than 

you. There are actually other options. 

For starters, there is robo-advising, if you 

believe that computer algorithms are 

smarter than people (newsflash: this will 

be true at some point and is the topic 

of a whole other article). There are also 

alternative investment vehicles, like mine, 

that have figured out how to generate a 

proportionately higher return per unit 

of risk. These require that you are an 

accredited investor, which you can find 

out from the SEC website, or other online 

resources like Wikipedia. The SEC has also 

created the JOBS Act, which brings private 

equity investment opportunities to the 

public. You can invest very small amounts 

of money into Start-ups and growth stage 

companies. 

Fallacy Three: Money Can’t Grow On 

Trees 

Money absolutely can become more 

money, if you invest it well, and by that I 

do not mean on nice dinners or consumer 

goods. If growing your money becomes a 

goal for you (and it should), find a hedge 

fund or other investment strategy to 

start earning money from your money. 

This will show you the short-term wins 

you need to keep going. Just like a good 

diet plan, seeing results will increase 

the likelyhood of keeping you on the 

right path. Whatever you do, please 

stop ignoring the reality of your financial 

situation, and for goodness sakes, money 

doesn’t grow on trees, even if you spend 

it on a credit card. Monitor everything. 

Make a plan. Keep learning everything 

you can. MBR 

Author: Jessica Higgins, JD MBA 

Jessica is a serial entrepreneur, venture capitalist and advisor. 

She owns and manages Curated Fund of Funds, LP, with over 

$10M of equity capital under management. She formed her 

fund of funds to expand the spectrum of opportunities for 

investors seeking risk-adjusted returns that are less correlated 

to public markets, as well as to exploit inefficiencies that are 

borne from transactions requiring significant intellectual and/ 

or financial capital. 

10

BANKING REPORT 



11



MEET THE 

‘HERO’ WHO 

KEEPS YOUR 

MEALS SAFE 

By Laura Morales Rodriguez 

On World Food Safety Day, we 

met Prof. Charmaine Gauci. 

The Maltese food safety 

expert explains how EU-wide 

collaboration keeps threats off 

our plates. 

The United Nations has 

designated 7 June as 

the World Food Safety 

Day. But in a country 

like ours, where food quality 

standards are extremely high, do 

we take food safety for granted? 

We often do, but we shouldn’t. 

Food hazards are usually the 

result of unforeseen events and 

can affect even the most careful 

producers. Luckily, there are 

dedicated professionals working 

to minimise the health risks 

connected with food. We met 

Charmaine Gauci 

Prof. Charmaine Gauci, Director 

General of the Public Health 

Office at the Ministry for Health, to learn more about how experts 

like her manage to keep us safe in the kitchen and beyond. 

“Eating is the biggest point of contact between our bodies and the 

outer world. We eat every day, multiple times per day: that’s why 

food safety is a key element in protecting people’s health”, says 

Gauci. “But in a country like ours, in which a large part of foods and 

ingredients are imported, it’s very difficult for national authorities 

to have full control. That’s why international cooperation is 

crucial. For example, the European Union has set up the Rapid 

Alert System for Food and Feed (RASFF), which allows national 

authorities to quickly alert other countries of risks connected with 

foods. It’s a game-changer that helps us keep consumers safe.” 

How big an impact does her work with a team of dedicated 

professionals have on our daily lives, and how relevant is it 

to have a tool like the RASFF? Gauci responds with a recent 

example involving tomato sauce, a common ingredient found 

in Maltese pantries. The case, she recalls, was triggered by a 

customer complaint in 2018. The customer reported finding 

visible mould growth in a freshly purchased jar of tomato sauce 

imported from Italy. Gauci’s team quickly took action to verify 

the claim. They collected multiple samples, both at retailers and 

from the importer’s warehouse. The analysis of these samples 

confirmed the customer’s claim and led to the Public Health 

Office requesting the importer to withdraw the product. As a 

result, 640 bottles – over 400 kg of tomato sauce – were taken 

off the market. Using the RASFF system, Gauci contacted her 

Italian colleagues and made sure the tomato sauce producer 

installed appropriate sterilising systems. Gauci’s intervention 

didn’t just protect Maltese consumers: following the alert, 

the contaminated tomato sauce was withdrawn from all the 

European markets where it was being sold – meaning Italy, 

Poland, Slovenia and the United Kingdom. 

Gauci knows the RASFF system very well. The team she works with 

guarantees a 24/7 service and cooperates with other food safety 

authorities across europe, helping protect people well beyond the 

rock. In turn, her team receives notifications from its European 

counterparts on potential risks for Maltese consumers. Because 

of her contribution, Gauci was even featured in the #EUProtects, 

a campaign launched by the European Commission to highlight 

the collaborative work of ordinary heroes, in different countries, 

contributing to the protection of EU citizens. 

When it comes to food, any ingredient could pose a threat. 

But luckily, we have experts like Prof. Charmaine Gauci and her 

colleagues, in Malta and all around europe, working to minimise 

the risks. L-ikla t-tajba! MBR 

Creditline: ICF Next 

About the campaign 

The European Commission has launched a communication 

campaign to raise awareness of the ways in which the EU 

combats global challenges to protect its citizens. At the core of 

the campaign is the production of a series of engaging videos 

and web features that cover four critical areas: migration and 

global stability, crime and terrorism, the economic situation, 

and health and the environment. Discover more about the 

ordinary heroes working to keep us safe on a daily basis on 

the EU Protects website. 

12



13


EU MED MEANS BUSINESS 

EU MED means business 

Entrepreneurs from Southern Neighbourhood set out priorities 

for action to boost growth and jobs 

Section of attendees for the ‘EU Med means Business’ conference – 

4 th from right Cherie Blair, wife of ex-British PM Tony Blair 

Some 150 young entrepreneurs, 

economic leaders and drivers 

of socio-economic change from 

europe's Southern Neighbourhood 

have set out their most urgent priorities for 

policy makers in the region and in the EU, 

to overcome barriers to higher economic 

growth and job creation. 

The European Commission organised a 

first edition of ‘EU Med means business' 

– Shaping the future of entrepreneurship 

in the South' on 21-22 May in Brussels 

with parallel events in Tunis (Tunisia), 

Cairo (Egypt), Irdib (Jordan) and Rabat 

(Morocco). The participants developed 

recommendations to policy makers, 

and then voted in order to identify their 

twelve top priorities for action regarding 

investment, entrepreneurship and job 

creation. These will be used in preparation 

of future EU approaches, but will also be 

transmitted to decision makers in the 

region by the European Commission and 

through the Union for the Mediterranean 

(UfM), and may be updated in the future. 

Our Editor Martin Vella attended the 

event and participated in the afternoon 

workshop sessions. 

Commissioner for European Neighbourhood 

Policy and Enlargement Negotiations, 

Johannes Hahn, said: “Following vibrant 

discussions with so many creative and 

talented entrepreneurs in the presence 

of policy makers and financial institutions, 

we have received a clear list of priority 

actions. These are important messages 

for policy makers in europe, but just as 

important for decision makers in the 

region. We will use the outcome of 

this event in our interactions with the 

governments and in forthcoming meetings 

of the Union for the Mediterranean”. The 

Commissioner underlined that he hoped 

the discussion on the priorities for action 

would continue, saying: “During my time as 

Commissioner, I have worked to put socioeconomic 

development at the centre of 

the partnership between the EU and its 

neighbourhood. Improving opportunities 

for businesses and entrepreneurs is a winwin 

scenario: young people on both sides 

of the Mediterranean need economic 

opportunities to be able to build their own 

future. We must all work together and 

listen to the voice of those who are creating 

employment for the rising generation.” 

The event focused on how to: 

n Attract more foreign and domestic 

investment and improve levels of job 

creation; 

n Unleash the potential of the private 

sector, and in particular of smaller 

enterprises, which create the most 

sustainable new jobs; 

n Boost talents and skills of young people 

and promote entrepreneurship and 

innovation to reduce the high levels of 

youth unemployment 

Background 

EU cooperation, while providing a tailormade 

mix for each partner county`s 

needs, offers a wide toolbox to help create 

economic opportunities: 

n supporting legislative and administrative 

reforms and infrastructure building 

to lift barriers to investment and 

to create a more enabling business 

environment; providing capacity 

building, training and education for 

authorities and entrepreneurs, including 

on digitalisation; creating adequate 

and accessible lending channels to 

allow Micro, Small, and Medium 

Enterprises (MSME) a better access to 

finance; promoting quality and relevant 

vocational education and training to 

provide people with the competencies 

needed to meet the specific needs of the 

job market and businesses; 

The main instrument to implement these 

actions is the European Neighbourhood 

Instrument (ENI). Out of €10.8 billion 

allocated for the region via the European 

Neighbourhood Instrument (ENI) for the 

period 2014-2020, nearly €4.2 billion has 

been dedicated so far to socio-economic 

cooperation. This figure will rise before 

the end of the current budget period, 

and is expected to reach around 50% 

of the total allocation for the Southern 

Neighbourhood overall. 

This is complemented by finance made 

available under the EU External Investment 

Plan (EIP) and the Neighbourhood 

Investment Platform (NIP) e.g. to facilitate 

access to finance and modernise crucial 

infrastructure in transport and energy. 

On top if this, €356 million has being 

channelled through the ENI to the Erasmus+ 

Programme in the Southern Neighbourhood 

(2014-2020). Under the EU Research and 

Innovation programme Horizon 2020, the 

Southern Neighbourhood is benefiting from 

a total amount of €763.9 million, reaching 

over 1500 participants and nearly 1200 

projects. MBR 

Source: EC/IP/19/2652 

More info: 

Infographic – Shaping the Future of 

Entrepreneurship in the South: 

ec.europa.eu/neighbourhoodenlargement/sites/near/files/southentrepreneurship.pdf 

Dedicated website – EU Med means 

business: eu-med-business.eu/en 

Opening Remarks by Commissioner 

Hahn at the ‘EU Med means 

business’ – Shaping the future of 

entrepreneurship in the South: 

ec.europa.eu/commission/ 

commissioners/2014-2019/hahn/ 

announcements/opening-remarkscommissioner-hahn-eu-medmeans-business-shaping-futureentrepreneurship-south_en 

Social Media Campaign: 

vimeo.com/336823892 

including videos of the participants: 

Sima Najjar: vimeo.com/336773591 

Yahya Bouhlel: vimeo.com/336774428 

Amina Mourid: vimeo.com/336774134 

Website – European Neighbourhood 

Policy and Enlargement Negotiations: 

ec.europa.eu/neighbourhoodenlargement/node_en 

14

BUSINESS NEWS 


MAKING THE 

GLOBAL 

SUSTAINABLE 

DEVELOPMENT 

GOALS LOCAL 

BUSINESS 

Minister for the Environment, Sustainable Development 

and Climate Change José Herrera and Minister for 

Energy and Water Management Joe Mizzi addressed 

the business breakfast ‘Making the Global Sustainable 

Development Goals Local Business’. 

Minister Herrera stated that businesses should embrace 

sustainability in their operations and management by being 

ecologically and socially responsible. He said that the adoption of 

environmental management systems can go a long way towards 

greening operations and making them more sustainable. “Whilst 

acknowledging that a transition towards sustainability practices 

also brings with it a number of challenges, the government will 

be creating a climate to foster this shift including small matters 

that make a difference such as the amendment of the Companies 

Act to eliminate the obligation to print the financial accounts for 

all shareholders. This will not only save trees, but it also saves on 

costs,” stated Minister Herrera. 

Dr Herrera stated that some of the initiatives being undertaken by 

the government include the development of a new Sustainable 

Development Strategy with a horizon of up to 2050; legal provisions 

to introduce the notion of circular economy in the Maltese legislation; 

the launch of a Strategy on Single-use Plastics which aims at promoting 

better sustainable consumption patterns and various other sectoral 

policy frameworks such as the regulation of commercial waste and 

the separate collection of pharmaceutical waste. 

Minister for Energy and Water Management Joe Mizzi said that 

the effective use of energy and water resources can be seen from 

the environmental perspective as contributing towards improving 

our environment, but it can also be seen from the commercial 

perspective as lowering operational costs and hence increasing the 

economic viability of our commercial sectors. “The initiative ties in 

well with the Energy and Water Agency’s strategy of promoting 

the importance which each one of us has in the promotion of 

effective energy and water usage. Together we can work towards 

a more resource efficient future, and everyone’s contribution in 

this direction is important and counts,” he said. 

The ‘Together for Sustainability’ programme was delivered at 

the Energy and Water Agency’s GHAJN Centre in Rabat. Minister 

Mizzi said that the approach which GĦAJN, Malta’s National Water 

Conservation Awareness Centre is taking, in broadening its reach 

and educational programmes presents a case of best practice of 

how public projects can be effectively maintained and continually 

developed. This was also duly acknowledged by the European 

Commission which earlier this year awarded this Centre with the 

European Sustainability Award for its educational activities in the 

field of Sustainable Development. MBR 

Courtesy: The Ministry for Energy and Water Management; The 

Ministry for the Environment, Sustainable Development and 

Climate Change. 

The Minister for Energy and Water Management, Joe Mizzi 


15


ONE-ON-ONE 

DANNY 

ALEXANDER 

Vice President of the 

Asian Infrastructure 

Investment Bank 

It doesn’t require you to leave the EU or to be 

in the EU to take those opportunities. It does 

require you to spend time trying to understand 

how other parts of the world work. 

Europhile Liberal Democrat members of the 2010-2015 

U.K. coalition government are doing well for themselves. 

Nick Clegg became Facebook’s chief lobbyist, and his 

lieutenant Danny Alexander is now vice president of the 

Asian Infrastructure Investment Bank — a development bank that 

has 97 countries signed up, including the eight biggest EU states. 

While the bank’s goal is “the sustainable economic development 

of Asia,” Alexander has a firmly European sales pitch, including 

bringing the bank’s annual meeting to Luxembourg on July 12 and 

13 (a meeting he pitched as a kind of Davos for infrastructure). 

Alexander had flown to Brussels from Beijing and was speaking on 

the anniversary of the Tiananmen Square massacre, and he was 

on a strictly “no politics” diet. 

But the story of the AIIB can’t be separated from politics. It 

was born out of China’s unhappiness at how the World Bank 

and International Monetary Fund were governed, and started 

operating a month after the Paris climate agreement was signed. 

The bank, Alexander said, started with $100 billion in capital and 

has so far financed 40 projects in 16 different countries to the 

tune of $8 billion. 

Are concerns about China’s role in the world, and calls for more 

foreign investment screening, knocking the bank sideways? 

Alexander said the “climate for private sector investment in 

infrastructure” has tightened but is not discouraged, because it 

enhances the case for multilateral banks. 

He added that the bank is a good insurance policy for any 

country worried about dependence on China. “It makes a lot 

of sense for countries to borrow from multiple multilateral 

institutions,” he said. 

On the British politics front, Alexander said he is depressed by Brexit 

but a side-effect is that the U.K. is spending more time looking 

toward Asia. “It doesn’t require you to leave the EU or to be in the 

EU to take those opportunities. It does require you to spend time 

trying to understand how other parts of the world work.” 

What does he miss about being an MP? “Things that I was able to 

do for local businesses, for people who are, you know, down on 

their luck in different ways, where the actual intervention of an 

MP can really help. I still look back on that kind of activity most 

proudly.” MBR 

Credit: POLITICO SPRL 

16

Karlu Galea Street, Victoria, Gozo 21556600 compass@barongroupmalta.com 

Compass Group Ltd is an enrolled Tied Insurance Intermediary under the Insurance Distribution Act. 

Cap 487 of the Laws of Malta for MAPFRE Middlesea p.l.c. 

MAPFRE Middlesea p.l.c. (C-5553) is authorised under the Insurance Business Act, Cap 403 of the Laws of Malta. 

Both entities are regulated by MFSA


COMMUNICATIONS 

MaltaPost Launches 

eSeller 

MaltaPost offers a variety of services that help overcome your 

logistical challenges particularly if you are an online merchant. 

MaltaPost’s ecommerce proposition is being 

strengthened by its comprehensive service – eSeller 

which caters for the storage, packing and dispatching 

services to both local and international destinations. 

Whether you are a merchant with a high street presence or you 

are just starting off in the market with an innovative offering, 

MaltaPost is your ideal logistics partner. Delivery options abound 

from lower cost untracked services to express courier solutions. 

Make the most of global market opportunities 

MaltaPost’s eSeller provides an easy-to-use platform to increase 

sales, streamline your business and expand to new local and 

international markets. 

Book online 

Save time and effort with our collection and delivery service. We 

will pick up your parcels and deliver them to consumers in Malta 

or abroad. We can handle any type of ecommerce shipment from 

small to large parcels. 

Easy and transparent cost structure 

MaltaPost’s eSeller rates are tailored to your needs and 

preferences. All payments can be settled through an easy to use 

online payment gateway, allowing the items to quickly start their 

voyage to your customers. 

A complete solution 

We can take over all the storage, handling packing, labelling and 

delivery needs of your product. This will ensure a streamlined 

and hassle-free selling process for your business and an efficient 

delivery experience for your customers. 

You can send items purchased through your website by 

following these easy steps: 

1. Contact us on business@maltapost.com in order to register for 

the service and get your log on credentials. 

2. Log onto the eSeller portal and provide the delivery address and 

weight of each item. Print the MaltaPost label generated on the 

portal with its unique tracking number for each item and affix 

it on the item. 

3. Book a courier pick up through the eSeller online system or drop 

items at your nearest Post Office. 

You can track your items online on www.maltapost.com/tracking 

until they reach their destination. MBR 

For more information visit www.maltapost.com/eseller 

18

EXTEND 

YOUR 

ONLINE 

SELLING 

POTENTIAL 

business@maltapost.com 

www.maltapost.com/eseller


DIGITAL SIGNAGE 

INTRODUCING 

LED signage 

TO YOUR ESTABLISHMENT 

Whether it’s directional signage or highlighting a company’s logo on top of your 

establishment, signage has always been an important method of communication. 

Digital signage uses technologies 

such as LCD, LED and Projection 

to display content such as digital 

images, video, streaming media 

and information. The can be found in public 

space, transportation systems, museums, 

stadiums, retail stores, hotels, restaurants 

and corporate buildings, amongst others, 

to provide directional, exhibition, marketing 

and outdoor advertising. There are plenty of 

ways of how digital signage could be something 

worth exploring and introducing to 

your business. 

Why digital signage? 

The concept of out-of-home messages is 

not new. Billboards, window treatment 

and point-of-purchase displays are widely 

used for out-of-home advertising, while 

bulletin boards (both traditional and 

electronic), flyer, memos and emails 

have been used to send corporate 

communications and educate employees 

for decades. However, true dynamic 

signs first came into popular use with 

the advent of in-store closed circuit 

television networks in the 1970s. With 

Large, eye-catching LED Display placed 

in a common shopping mall area to attract 

clients to different stores 

the widespread availability of affordable 

VCRs, retail outlets and corporate 

headquarters were able to play back prerecorded 

content to their patrons and 

employees, providing timely information 

and entertaining content. Soon after, 

closed circuit networks would improve 

their affordable TV/VCR combination 

units for smaller displays, with projection 

screens and video walls for eye catching, 

large format presentations. 

In recent years, several factors have been 

combined to make digital signage a more 

powerful, eye-catching, and affordable 

display medium than ever before 

contributing to its widespread adoption. 

Key factors include the nearly ubiquitous 

availability of high-speed Internet access, 

new large format displays like LED screens 

and LCD panels, and new compression 

formats that can compress large amounts 

of content into small file sizes. 

20

DIGITAL SIGNAGE 


How digital signage works 

Spinetix Digital Signage Player 

Fixed LED Screens 

ideal for supermarkets, 

hospitals, banks, etc. 

Multimedia Publishing 

System Server 


LED Wall ideal for 

shopping malls / 

retail outlets 

Internet / LAN 

LED Posters ideal 

for signage at retail 

outlets, hotels, 

banks, etc. 


Small and compact LED Posters ideal for retail outlets or businesses 

looking to improve their point-of-purchase advertising 

What kind of digital signage should you use? 

Choosing the right digital signage technology depends on the 

intended application. For example, a digital signage application for 

internal corporate communications would probably benefit from 

large, eye catching display placed in common areas such as cafeterias 

and break rooms. Depending on the size of the deployment, the 

network owner might opt for either local or remote management. 

On the other end of the spectrum, a manufacturer looking to 

improve their point-of-purchase advertising displays might choose 

to employ small, lightweight LCD panels in conjunction with 

traditional product displays in an aisle or endcap fixture, managing 

the content centrally via a web-based interface. 

Besides the display screens mentioned above it is vital to mention 

that an imperative key element is the content displayed on the 

screen of your choice. This would need to reflect the target 

audience. In other words, its important that the right message is 

displayed at the right place at the right time. 

There are many components to a digital signage solution, but these 

will be covered in a few broad categories and expanded with every 

editorial that we will be introducing in each month’s issue: 

n Hardware – the physical components: screens, media players etc 

n Software – the content and/or device management system 

n Connectivity – the ways in which digital signs connect back to the 

content management system, whether using a network line, Wi-Fi 

or Mobile technologies 

n Installation – the installation process from site surveys through 

the final installation 

n Content – the creation of fresh content to keep signage current 

and relevant 

Keep an eye out on next month’s issue for our next read about 

the Hardware components that would be beneficial to your 

business. MBR 

Powerhouse Audiovisuals and Events, specialists in Digital 

signage, would be able to provide you with either the 

screen of your choice and/or also content management 

– just get in touch with us at by sending us an email on 

info@powerhousemalta.com or by giving us a call on 

+356 7949 9432. 

LED Wall perfect for conferences or even to replace a large display 


21


SPOTLIGHT: CHINA 

China: 

NOWHERE TO HIDE... 

By Claire Coe Smith 

A raft of changes to the Chinese tax system that 

came into effect on 1 January 2019 have created 

work for wealth advisers in the region. 

As the number of billionaires in China continues to escalate, 

reaching 476 in 2018, second only to the United States 

with 585 and well ahead of India in third place with 131, 

according to Forbes, the government has moved to cut 

taxes for the masses by pursuing the assets of the wealthy. 

New rules mean owners of offshore companies will not only pay 

tax on dividends but also up to 20 per cent on corporate profits, 

and taxes on overseas earnings will now be payable by all Chinese 

nationals, where previously they could be avoided if individuals also 

held foreign passports. 

Clifford Ng, co-managing partner with the law firm Zhong Lun, says: 

“The tax changes have prompted a lot of people to restructure 

their offshore assets, including setting up trusts. Moving forward 

in 2019, we expect more clarification from the Chinese tax 

authorities on implementation, to find out how the law will be 

administered. There will also be people that were caught off guard 

and did not act before the rules took effect and will now look to 

take remedial action.” 

The impact of the Common Reporting Standard (CRS) in China is 

also now being felt, with information related to tax on financial 

accounts being exchanged between China and other countries 

as of September 2018. The Chinese tax authorities can see the 

overseas incomes of residents, including all sources of wealth, for 

the first time. Philip Marcovici, a consultant to global families on 

tax and wealth management, says: “Continuing tax compliance and 

information exchange is having an impact, with families connected 

to Mainland China being much more conscious of needing to focus 

on what the regulations actually require and what needs to be done. 

There is a lot more focus on the tax laws and the residency laws, 

and an increased use of wealth planning, including trusts strategies 

but also planning that relates to choices of where family members 

might choose to live.” 

Ng adds: “The client base is clearly becoming alert to the fact that 

the Chinese tax authorities are going to look at offshore assets, so 

I expect we will see a lot more new work for high net-worth clients 

with assets offshore.” 

Michael Olesnicky, a leading tax adviser in Hong Kong, has just 

returned to work at law firm Baker McKenzie after several years with 

KPMG. He says the private wealth industry in Hong Kong is currently 

busy working for Chinese clients for three reasons: the economic 

substance laws in offshore jurisdictions impacting clients with 

offshore companies; the recent fundamental changes to China’s 

income tax laws; and much more transparency for the Chinese 

tax authorities. He says: “As a result of CRS, in April the Chinese 

authorities received information from 75 jurisdictions about the 

bank accounts and securities of resident Chinese in those countries. 

With the new laws, they now have more powers to investigate and 

challenge those structures, so the question is what they will do and 

how long it will take them to process what they now have.” 

At the same time, the ongoing trade war between the US and China, 

which began when the US launched an investigation into Chinese 

trade policies in 2017, is also impacting clients. The US has so far 

imposed three rounds of tariffs on Chinese goods, covering a wide 

range of industrial and consumer items. 

Hubert Tse, partner with the law firm Boss Young in Shanghai, says: 

“The Renminbi has depreciated quite a lot versus the greenback, 

and that always has an effect on people looking at their long-term 

assets. The trade war itself has been going on for a while now and 

there are a lot of uncertainties there, but the consensus is that the 

worst is probably over. Still, people are delaying decisions about, 

for example, buying assets in the US, and at the same time the US 

market itself may be more hostile to Chinese activity, so people 

might look elsewhere.” 

While Chinese economic growth may have slowed, a report by 

Business Insider US estimates the country creates a new billionaire 

every three days, noting that 97 per cent of Chinese billionaires 

are self-made and, being 56 years old on average, they are about a 

decade younger than their American counterparts. 

Tse says: “Just like elsewhere, the wealthy Chinese are focused on 

guarding their wealth and preserving it, and given the different 

economic, financial and political risks they face, they often want to 

diversify their assets. Wealth creation continues, particularly in real 

estate, technology and via the stock markets, and that drives the 

purchase of assets – mostly properties – outside of China, in Hong 

Kong, Singapore, europe, the UK, America and Canada.” 

As a result of the growing wealth there is a move towards the 

greater use of family offices in the region. Tim George, a partner 

with the private client and tax team at Withers in Hong Kong, says: 

“People are talking much more about family offices. We see more 

families starting to think about setting up proper single family 

offices and I expect that to grow. Alongside that, we are getting 

more families prepared to pool resources and look at proper family 

fund structures.” 

Several bodies are lobbying the Hong Kong authorities to introduce 

similar incentives for family offices to those now in place in 

Singapore, where the Finance Minister announced in February 

that tax exemptions already in place for family offices are to be 

extended. “Singapore has undoubtedly been first to market in the 

family office space with its regime,” says George. “But there are now 

more millionaires worth more than $30 million in Hong Kong than 

there are in London or New York, so this is still a global hub for the 

world’s wealthy.” 

One big change for the wealth industry in Hong Kong has been the 

introduction of a licensing regime for trusts and corporate service 

providers last year, which has led to a flurry of enforcement action. 

Joanna Caen, partner with Herbert Smith Freehills in Hong Kong 

and head of the Greater China trusts and estates practice, says: “We 

are working with a couple of businesses affected by enforcement 

action, where they had looked at the companies within their group 

and thought that while some definitely would need licenses and 

some wouldn’t, there were some they were not sure about. The 

regulators are now coming down hard on instances where licenses 

were not sought and perhaps should have been, and we have seen 22 

prosecutions already in the first year of the regime, with potentially 

quite significant implications for the individuals involved.” 

With new tax rules and the arrival of CRS forcing a drive towards 

more sophisticated structuring in China and Hong Kong, just as the 

macro-political climate is bringing new challenges to cross-border 

asset allocations, wealth advisers find their practices busier than 

ever. MBR 

Credit: Citywealth 

22

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ARTS & CULTURE 

THE 

Malta Experience 

AN AUDIO VISUAL SPECTACULAR 

The island’s foremost audiovisual 

attraction has enthralled 

audiences since its launch in 

the 1980’s, the brainchild of the 

M.Demajo Group, of which The Malta 

Experience is a subsidiary. The show has 

undergone numerous updates keeping 

pace with emerging technologies, and its 

style and content are regularly reviewed to 

ensure it stays informative and impactful to 

the visitor wishing to gain an insight into 

Malta’s rich history. 

Situated in Malta’s capital city Valletta 

and housed in a purpose-built theatre in 

the Mediterranean Conference Centre, 

formerly the Holy Infirmary of the Order 

of St John of Jerusalem. The story unfolds 

on a large panoramic screen with an 

outstanding music soundtrack and an 

informative commentary available in a 

choice of seventeen 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 coming of 

Napoleon, 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. 

David Pace Lupi, the show’s general 

manager, says “ The Malta Experience 

covers 7,000 years of Maltese history, 

giving visitors an excellent opportunity 

to orientate themselves and learn more 

about the many different aspects of 

the Island’s culture and history. Having 

attracted millions of visitors over the years, 

the show is considered as one of the mustsee 

attractions on the Island”. 

To further engage the visitor into the 

island’s history, a fully guided tour of the 

Mediterranean Conference Centre is also 

available. This purpose-built building was 

constructed by the Knights of St John 

and was known as “La Sacra Infermeria”, 

the Holy Infirmary and is one of the most 

imposing buildings of Valletta. The tour is 

ably narrated by knowledgeable guides 

that immerse the visitor into the charted 

history of this grand building. MBR 

24

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29


GOZO BUSINESS CHAMBER 

THE GOZO 

BUSINESS CHAMBER 

20 YEARS OF SERVICE 

FOR THE GOZITAN 

BUSINESS COMMUNITY 

The Gozo Business Chamber was founded by a public deed 

on 20 December 1999, to promote the common interests 

of business operators in Gozo. Since its formation, the 

Chamber has already made several representations with 

the authorities on behalf of its members and pushed important 

issues on the country’s policy agenda. It has also been effective 

in the international sphere by making various representations on 

themes which are important for islands. This year the Chamber 

will be celebrating 20 years of service to the gozitan business 

community. 

The Chamber is administered by a Council that is elected every 

two years and is composed of a President, a Vice President, a 

Secretary, a Treasurer, a Public Relations Officer, a Membership 

Officer and other members representing the different sections, as 

well as a Chief Executive Officer. 

Presently the Council of the Gozo Business Chamber is composed 

of Joseph Borg (President), Michael Galea (Vice President), Elaine 

Camilleri (Secretary), Anthony Bezzina (Treasurer), Dr Jonathan 

Mintoff (Public Relations Officer), John Saliba (Membership officer), 

Peter Paul Hili (Membership officer), Marie Grech (Member), 

Andrew Zammit (Member), and architect Edward Scerri (Member). 

Daniel Borg is presently Chief Executive Officer of the Chamber. The 

representatives of the Council come from various sectors including 

manufacturing, services, retail and real estate. 

From its set up the GBC has had a number of presidents who 

have worked relentlessly to bring forward Gozo’s economic 

development: 

n Mr John Magro (1999 – 2003); 

n Mr Michael Caruana (2004 – 2007); 

n Mr Joe Grech (2008 – 2011); 

n Mr Michael Grech (2012 – 2015); 

n Mr Joseph G. Grech (2016 – 2018); 

n Mr Joseph Borg (2018 -) 

Along the years the Chamber has been adamant in effectively 

showing the disadvantages suffered by businesses in Gozo 

relating to its double insularity included added transportation 

costs. The Chamber has also along the years been capable 

in putting business’ entities concerns on top of the national 

policy agenda. The sub-sea tunnel between Malta and Gozo is 

a case in point. 

The main roles of the Gozo Business Chamber include the: 

n safeguarding and promotion of the common interests of the 

members of the Chamber; 

n addressing issues particularly those associated with the 

regionality and insularity of Gozo, which can hinder the smooth 

running of business concerns in Gozo; 

n the promotion and whenever possible, the provision of assistance 

in the process of improving the commercial opportunities in 

Gozo; 

n fostering and enhancing cooperation amongst members of the 

Chamber; 

n acting as a mediator; 

n Representing members during discussions with regional, 

national and international organisations and authorities; and 

n Educating its members through information seminars and training 

organised by the same Chamber and by collaborating with 

Ministries, regulatory authorities and educational institutions. 

The Chamber has put in place a plan to enhance the organisation’s 

development. This has led the Chamber to move to new premises, 

which also house the europe Direct Information Centre (EDIC), 

and also to launch a new website. The Chamber is committed to 

continue moving forward. MBR 

30



GOZO BUSINESS CHAMBER – AN ACTIVE ROLE BOTH 

LOCALLY AND INTERNATIONALLY 

Since its set up in 1999, the Gozo 

Business Chamber has always been 

a voice for Gozitan businesses 

while ensuring that what is offered 

on a national level is also offered to 

them through a local level. The Chamber 

participates in such fora as the Gozo 

Regional Committee, and the Enterprise 

Consultative Committee. Through such fora, 

the Chamber continuously tries to bring 

to the fore issues which are of concern to 

Gozitan businesses. One of the issues on 

which the Chamber has been lobbying hard 

relates to the subsea tunnel between Gozo 

and Malta. The Chamber was instrumental 

in bringing this issue on the discussion table 

and for this issue to take a centre stage on 

the national policy agenda. On an ongoing 

basis the Gozo Business Chamber organises 

a number of information seminars on an 

annual basis. These include topics such as 

new legislation coming into place. It also 

liaises with members so that training which 

is held in Malta by governmental entities, 

can be held in Gozo. 

The Gozo Business Chamber also has a 

very active role at an international level. It 

presently holds the presidency of Insuleur 

(Network of the Insuleur Chamber of 

Commerce and Industry) between 2018 

and 2020. As part of this role the Gozo 

Business Chamber had the opportunity to 

participate in the Conference of Peripheral 

Maritime Regions and to address various 

fora including public hearings being 

organised at an EU level. On the 24 th and the 

25 th October the Chamber will be organising 

the Insuleur General assembly and forum in 

Gozo. This year the forum will be focusing 

on the digitalisation of insular economies. 

Digitalisation is a very important topic 

for islands. It means that many of the 

difficulties generally associated with 

islands can be overcome. Government’s 

commitment to embark on projects such 

as the second fibre optic link for Gozo 

means that there is commitment from all 

parts to address the issue of broadband 

redundancy, while attracting further IT 

investment and enhancing the digital 

economy. In this aspect the Chamber is also 

seeking to develop projects and initiatives, 

which would act as best practices also for 

other islands in the Mediterranean. 

The Chamber’s participation in international 

fora is important as it brings forward 

initiatives which directly impact Gozo. Such 

an issue includes the issue of state aid and 

the de minimis framework which directly 

impacts small islands such as Gozo. The de 

minimis includes an amount of state aid 

which for the major part of industries is 

200,000 euro over a three year period. This 

amount provides an amount of flexibility to 

governments to assist industries and business 

entities. 

The Chamber together with other Chambers 

in the Mediterranean is lobbying hard 

so that the de minimis amounts for islands 

such as Gozo would be increased. Many of 

the present schemes through which governments 

provide assistance is through 

schemes which are offered through the de 

minimis framework. This means that while 

for example governments provide assistance 

to cover transportation costs in the 

agricultural and manufacturing sector, this 

decreases the ability of companies based 

in Gozo to apply for funds being offered 

under other schemes. MBR 


31



AN OPPORTUNITY AND PLATFORM FOR 

BUSINESS IN GOZO 

The Gozo Business Chamber has 

looked forward toward the 2019 

Gozo Business Expo and Awards. 

The Chamber believes that this 

has been an interesting opportunity to see 

how business has and can develop. Apart 

from the traditional sectors Gozo was 

associated with mainly crafts, agriculture, 

manufacturing and tourism, we are now 

seeing that Gozo is developing fast into 

other sectors such as technology and IT. 

Government’s commitment for a second 

fibre optic link between the two islands, 

and the Gozo Innovation Hub shows that 

Gozo, also through Government’s policy 

direction, is moving in a new era of great 

promise as such sectors are not bound by 

geographical location, given that the right 

infrastructure is in place. Gozo’s economy 

is developing fast. The setting up of the 

Barts Medical School in Gozo shows that 

through the commitment of all parts it is 

possible to do business in Gozo. Economy 

and society go hand in hand. A healthy 

economy can foster a more equitable 

society, given that development is 

sustainable. 

The Gozo Business Expo has helped to 

show how society is developing, while 

also teasing the appetite for potential 

investors that Gozo can be an ideal place 

to do business. The two day event has 

been a window on how Gozo’s economy 

is developing, while providing an excellent 

networking opportunity for the businesses 

and entities participating. 

The Gozo Business Chamber has also 

participated in this event to support this 

initiative and also to provide further 

information about the Chamber’s role for 

all those participating and attending to 

the event. The Chamber’s role has been 

evolving and such initiatives provide the 

ideal platform to showcase our work. MBR 

The Hon. Minister for Gozo, Dr. Justyne Caruana with 

one of the exhibitors at the Gozo Expo 2019 

32

STEWARD HEALTH CARE MALTA 


QUALITY 

MATTERS 

By Dr Nadine Delicata, Chief Operating Officer, 

Steward Health Care Malta 

As part of the Steward family, we have made a 

commitment to improve the quality and safety of care 

we deliver to our patients. To achieve this goal, we are 

working on having a number of programmes, processes, 

and procedures in place to further improve our performance. 

Both Karin Grech Hospital and Gozo General Hospital now 

have a more robust quality governance structure, with quality 

and patient safety managers in each hospital and a number of 

multidisciplinary committees that address key areas such as 

infection control, pharmacy and therapeutics, environmental safety, 

peri-operative care and patient and family education. In 2018, both 

hospitals started to measure and report on quality data through 

key performance indicators and other metrics to the various 

government organizations which are responsible for monitoring the 

quality of care that hospitals in Malta provide to their patients. 

Our Quality Assurance Board includes representation from the 

government, senior leadership at Steward Health Care Malta, 

as well as from Barts and The London School of Medicine and 

Dentistry. This board provides oversight on the quality and safety 

efforts of our organisation and is actively engaged in reviewing and 

evaluating the quality and safety of the services we provide to our 

patients and their families. It focuses on key performance areas 

such as the prevention of health care associated infections, waiting 

times and other accessibility measures, patient readmissions, 

adverse events and customer experience. 

We acknowledge that we have started to change the way we 

think as an organisation, yet we know that our performance 

needs to constantly improve. Developing a culture of safety takes 

time and effort, and we should aim to focus on lessons learned, 

and not point fingers to distribute blame. We need to identify 

not only adverse events but also close calls, taking measures to 

identify the root cause of any problem and implement actions for 

improvement by using expertise found in our multidisciplinary 

committees and task forces, as well as by bringing in external 

help as and when necessary. Given what we know about patient 

incidents, it's not a matter of whether an incident will happen, 

but rather when and where it will happen. Investing in a culture 

of safety takes time and commitment, yet we all know that there 

is nothing more important than the outcomes it improves for 

patients, their families and hospital staff. 

The entrance areas in both hospitals have been redesigned into 

welcoming attractive spaces. An improved front office function 

ensures professional friendly staff who meet, greet and assist 

patients and visitors. We are also pleased to say that we have 

recently launched a new customer satisfaction survey, that will 

again help us assess and better understand our weaknesses 

to be able to change in a manner which is meaningful. This has 

been well received and feedback from this ongoing survey will 

enable us to improve patient experience in our hospitals. We are 

also looking into launching regular staff satisfaction surveys. We 

believe in our staff and would like to improve their participation in 

the workplace. Increasing empowerment means more motivated 

staff, who feel valued, with better job satisfaction and ultimately 

provide improved patient care. In our efforts to improve employee 

satisfaction, we continue to address the gaps in the skills, 

competencies and capacity of our workforce. 

One important objective that the Steward leadership has 

confirmed for our hospitals’ future is to achieve quality and 

safety accreditation. This includes adopting IT solutions that will 

support quality improvement initiatives in a sustainable manner. 

We are planning to embed quality in the design of our new or 

newly refurbished hospitals. We know that carefully designed 

spaces within a health care facility can reduce risks for patients 

and positively impact patient healing rates, helping to decrease 

the length of hospital stays. We believe that a hospital’s physical 

design is a critical element of patient and employee health, 

comfort and well-being. As we continue our master-planning 

process, we are working with stakeholders as well as key partners 

that bring extensive experience in hospital design, construction, 

and innovation. 

While this journey takes time, it is indeed worth the effort. We 

look forward to working together – senior leadership, clinical 

professionals, management and front-line staff – with passion and 

with dedication to make our quality journey successful. MBR 


33


D-DAY ANNIVERSARY 

FORGING THE SPECIAL 

RELATIONSHIP: 

How the D-Day landings brought 

America and Britain together. 

By James Holland 

T 

o fully understand just how 

remarkable the achievement of 

D-Day and the Normandy campaign 

that followed was, it is worth casting 

the net back four years to that darkest hour, 

June 1940. 

Britain and France had declared war 

against Germany, confident that they had 

the resources, wealth, and global reach 

to stop Hitler and the tide of Nazism. For 

all Germany’s grandstanding and military 

drum-beating, Hitler’s Reich lay at the heart 

of europe, with little access to the world’s 

oceans, with neither a decent navy nor 

merchant navy and therefore lacked the 

resources needed to conduct a modern war. 

Britain’s Royal Navy immediately imposed an 

economic blockade while France mobilised 

its vast army of millions. Britain and France, 

admittedly apprehensive, nonetheless 

expected to prevail. By June 1940, such 

hopes had been shattered. German shock 

and awe had delivered its Blitzkrieg, mighty 

France had crumbled and the forces of 

totalitarianism and nationalism were 

sweeping across europe and threatening to 

spread their tentacles even further. 

With it came oppression, a press that was 

no longer free, racism, secret police and, 

as the British Prime Minister, Winston 

Churchill warned, a “descent into a new 

dark age made more sinister by the 

perversions of modern science”. The Nazi 

swastika fluttered over much of europe, 

while the flags of Fascism spread even 

further. From the Arctic to the west coast of 

Africa, democracy was dead, and for many 

millions of people, this cancer would bring 

untold misery, shattered lives, repression, 

appalling violence and death. 

Britain had evacuated its, admittedly very 

small, army from across the Channel but 

had left much of its equipment behind 

and now faced the prospect of a possible 

invasion. Across the Atlantic, Franklin D 

Roosevelt, elected back in 1932 on an 

isolationist ticket, was President of a United 

States emerging as the most modern 

and progressive country in the world but 

with an armed forces that was woefully 

underdeveloped. 

With a tiny air corps of a few hundred 

aircraft and an army that had almost no 

modern equipment at all, it languished 

as the nineteenth largest in the world, 

sandwiched between Portugal and Uruguay. 

For both Roosevelt and Churchill, June 1940 

represented ground zero. Britain still had 

much in its favour, and it is entirely wrong, 

as many have suggested since, that Little 

Britain stood alone, David against Goliath. 

Rather, Britain ruled some 400 million 

people worldwide, had the world’s largest 

navy, largest merchant navy, access to 

around 85 per cent of the world’s merchant 

shipping, the world’s largest empire, vast 

extra-imperial assets and a burgeoning 

Air Force. The total shock of such a rapid 

and dramatic defeat on the continent, 

however, should not be underestimated. 

Furthermore, with the British Army so small 

it had also depended on its ally, France, for 

land forces. Now that ally and the enormous 

military strength it possessed, had gone. 

The challenge for Britain was to harness 

its global reach swiftly in a battle against 

time and build a new, much larger and 

mechanised army for which it had made no 

plans; Germany’s military USP was rapid, 

overwhelming lightning strikes of force, in 

which its enemies were swiftly defeated. In 

June 1940, Britain needed to quickly recover 

from the shock and ensure Germany was 

consigned to a long, attritional war for 

which it was not equipped. 

In America, meanwhile, Roosevelt understood 

that the US needed to equally and 

urgently rearm on a massive scale too; as he 

was aware, in this modern age the Atlantic 

was not necessarily the barrier it once had 

been. The isolationist lobby was still powerful, 

however, and to rearm on the scale he 

intended required a dramatic political volte 

face with a presidential election just months 

away – an election he intended to fight for 

an historic third term. 

That he was able to begin rearmament on 

such a big scale and win the November 

1940 election was achieved in no small part 

by telling the American people he was doing 

so on behalf of Britain and the forces of 

freedom. That in turn required British cash – 

billions of it – and the start of an increasingly 

productive relationship between the two 

nations, whose leadership recognised that 

cooperation, compromise and coordination 

were to be the watchwords if Nazism and 

Fascism were to be crushed. 

And while it was true that the US did not 

formally enter the war until December 

1941, America’s involvement had begun a 

lot earlier – with the acceptance of massive 

arms orders, with lend lease, signed in 

March 1941, with the involvement of the 

US Atlantic Fleet in escorting merchant 

ships from August 1941 onwards, and in 

the sharing of intelligence, science and 

technology. 

‘It is also worth considering just what was 

involved... coordinate an operation that 

involved land, air and naval forces working 

in tandem and across nationalities’ 

On 6 June 1944, a mere four years after the 

nadir of 1940, Britain and the United States 

together launched Operation OVERLORD, 

the D-Day landings that began the liberation 

of France. The military growth from both 

nations and the totality of their respective 

war efforts had been exponential and quite 

astonishingly rapid. Much focus has been 

made ever since on the actual fighting – the 

tactical level and the coal-face of war. 

What has been less acknowledged is the focus 

the Allies placed on technology, industry, 

manufacturing and the collaborative decision 

making that saw them show, for the 

most part, an immensely sound, pragmatic 

prioritisation of assets and resources to 

create a war-winning way of war in which, 

steel, not flesh, was expected to do much 

of the heavy lifting. Britain and America, together, 

were fighting an industrialised war 

that effectively kept the numbers of men 

34

D-DAY ANNIVERSARY 


flung into the coal-face of it to a minimum, 

and which was a dramatically different but 

far more efficient approach from any of the 

other major combatants. 

Pause and think about this: just four years 

from rock bottom to the largest seaborne 

invasion in history. It is truly remarkable and 

could only have been achieved by the very 

closest of collaborations and by the forging 

of a very special relationship between the 

two nations. The sheer scale of D-Day is 

immensely impressive. It is also worth 

considering just what was involved and how 

difficult it was, in a pre-satellite, pre-digital 

age, to not only drop 23,000 airborne troops 

and land 133,000 troops by sea, but allocate 

all those men and coordinate an operation 

that involved land, air and naval forces 

working in tandem and across nationalities. 

This was an undertaking that depended 

on an extensively planned and superbly 

executed intelligence plan, months of an 

equally coordinated air assault 

of continental europe, using a 

combination of different size 

bombers and fighter aircraft 

attacking a wide range of targets 

with increasingly impressive 

precision and, when it finally 

came to it, of harnessing 11,600 

aircraft and nigh on 7,000 

naval vessels, including 1,213 

warships and 4,127 landing craft 

of various shapes, sizes and 

roles. 

The logistics are truly mindboggling 

and do not take into 

account an array of other 

special projects that were undertaken 

for the invasion, whether it be a specially 

constructed fuel pipeline laid at the bottom 

of the English Channel, or the conception, 

design and construction of two mobile 

harbours, each the size of Dover. Nor do 

these statistics say much about the team 

that conceived, devised, planned and 

executed what was the largest amphibious 

invasion ever mounted. 

This team was not only tri-service, but 

multi-national too, led by Britain and 

the United States, known simply as the 

“Allies” but actually, not official allies at all. 

Rather, Britain and America were coalition 

partners – friends, certainly, and working 

to a common goal, but never tied together 

by the formal bonds of a political alliance. 

Hollywood has done its best to write the 

British – and Canadians for that matter – out 

of the D-Day story. Today, Britain is much 

diminished from the powerhouse it was 

and it’s hard for many to appreciate that 

even on D-Day it was still, if anything, the 

dominant partner. 

The intelligence operation was led by the 

British. D-Day was launched from Britain. 

All three service chiefs were British. Some 

892 of those warships were British, as 

were two-thirds of the air forces and twothirds 

of the men landed. More than threequarters 

of the landing craft were also 

British, while 31 per cent of all supplies of 

the US Army based in Britain and heading 

to Normandy were provided by the British; 

lend lease was not entirely one-way traffic. 

An unprecedented level of cooperation 

and even comradeship had been fostered 

among the senior commanders and staffs. 

Just because British and Americans shared a 

language did not mean they were culturally 

united. Far from it. 

The British and Americans were different 

in many ways, with different experiences, 

customs, political systems, and heritages. 

Nonetheless, Anglo-American rivalries at 

command level have been repeatedly and 

grossly over-egged by historians who have 

A descent into a 

new dark age made 

more sinister by 

the perversions of 

modern science. 

– Winston Churchill 

been too quick to draw on pithy one-liners 

found in diaries and letters. It also has 

to be remembered that these men had 

gargantuan amounts of responsibility and 

it was only natural that, if they believed 

strongly about something, they should 

argue their corner. 

It was also the case that some people simply 

didn’t get on, but usually this had little to 

do with national differences. Rather, it 

was a combination of personality clashes 

and looking at a situation from different 

perspectives and requirements. High 

command was a lonely job. Many chose to 

keep cathartic diaries that acted as a means 

of letting off steam – like the email of today 

written in the heat of the moment but 

which, after a night’s sleep, is wisely then 

not sent. Such diaries need to be read fully; 

do so and it becomes clear that all too often 

the person criticised on Monday is being 

praised by Wednesday. 

General Dwight D Eisenhower, the Supreme 

Allied Commander, played a monumental 

role in ensuring Allied harmony was 

maintained, but so too did Churchill, 

the Combined Chiefs of Staff, and most 

of the senior commanders. There were 

exceptions, of course. General Montgomery 

could be impossibly gauche at times, but 

he certainly did not single out Americans; 

anyone could be subject to his, sometimes 

breathtaking, rudeness and arrogance. The 

airmen, especially, got on. Most had worked 

together in the Mediterranean and forged 

lasting friendships that had been developed 

in tandem with new tactics and evolutions 

in the use of air power. The exception was 

Air Chief Marshal Leigh-Mallory, the overall 

Allied air commander, who had not served in 

the Mediterranean and who was universally 

disliked by his peers. Again, however, it was 

not because of his nationality but because 

of his personality and his shortcomings as 

a senior commander. 

Despite Germany’s waning fortunes on the 

Eastern Front, the challenges of a cross- 

Channel invasion were many and the risk 

of failure considerable. Yet, 

Britain and America were 

partners in a great and vitally 

important undertaking: the 

liberation of europe from 

tyranny. D-Day was a great 

triumph and achieved by a 

plan that was agreed upon, 

unanimously, by all the senior 

Allied commanders, and was 

the best that could have been 

launched with the assets 

available. 

From the moment OVERLORD 

began, the race was on to 

secure a bridgehead and build 

up a decisive materiel advantage before the 

Germans were able to effectively counterattack. 

This was achieved and while the 

individual courage of those at the sharp end 

must never be downplayed, that D-Day and 

the subsequent campaign was so successful 

was largely down to the coordination of 

air, land and sea forces, clean chains of 

command, superb planning and the united 

leadership of the Allies. 

Anniversaries are important because they 

give us a chance to pause and reflect. In 

2019, one can only marvel at what was 

achieved back in 1944 and hope that 

today’s western world does not forget the 

importance of shared values, cooperation 

and dogged focus and determination – 

all of which were demonstrated by the 

wartime Allies in helping to rid the west 

of the appalling horror of an oppressive 

regime like that of Nazi Germany. MBR 

Normandy 44 by James Holland is published 

by Transworld and is available to buy as an 

e-book at £12.99. 

Credit: The Telegraph 


35


ANALYSIS: BREXIT 

Brexit Britain’s three Lost Years 

won’t end on Halloween 

Brexit Britain has already lost three 

years – and the nightmare could last 

well beyond the new Halloween 

deadline, warns the boss of one 

of the world’s largest independent financial 

advisory organizations. 

The warning from Nigel Green, the chief 

executive and founder of deVere Group, 

comes as news breaks on Thursday that 

factory shut-downs designed to cope with 

disruption from a March 29 Brexit that 

never came, slashed UK car production in 

April by almost 45 per cent. It also follows 

Jeremy Corbyn confirming that Labour will 

back a referendum on any Brexit deal. Mr 

Green says: “Brexit has thrown Britain into 

a profound existential crisis. 

“It has cost Britain three lost years of 

opportunity. Brexit has almost entirely 

overtaken the public sphere in Britain. 

All of Parliament’s time and energy is 

vested in Brexit. It appears nothing else 

is getting done. And so much needs to 

be done. “Imagine what amazing social 

and economic progress could have been 

achieved if the media, political life and 

the civil service had been dominated by 

‘best in class’ individuals and organisations 

building an inclusive, long-term, sustainable 

economic growth strategy for the last 

three years? 

“Imagine if these three years had been 

about retaining existing and welcoming 

new investment into the UK? 

“Imagine if the industries of the future, such 

as fintech, blockchain and clean energy, had 

been developed to secure jobs and wealth 

creators of the next generation? 

“Imagine if Britain hadn’t spent three years 

inflicting reputational damage upon itself 

on the world stage? 

“But instead, the UK has lost three years 

going around in circles trying to construct a 

deal that gives us some of what it’s got now.” 

He continues: “Brexit Britain has cost 

billions upon billions of pounds. 

“Indeed, it has cost the UK economy a 

staggering £66bn in just under three years, 

according to S&P Global Ratings. 

“Speaking from experience, the lack 

of confidence in the UK’s vital financial 

services sector – which contributes 6.5 

per cent to Britain’s GDP – is at an alltime 

low. “Following years of uncertainty 

and a lack of leadership from all parties, 

many companies across the sector have 

relocated parts of their business or key staff 

to places like Paris, Luxembourg, Dublin, 

Frankfurt and Amsterdam, or setting up 

legal entities in the EU. Once they’ve gone, 

they are unlikely to return. And this is just 

one sector. 

“There’s also been the significant drop in 

the value of the pound. This has contributed 

to reducing people’s purchasing power. 

Weaker sterling means imports are more 

expensive, with rising prices typically 

being passed on to consumers. “For the 

government’s part, the Treasury has 

allocated £4.2 billion towards government 

departments for Brexit preparations since 

2016; the 2017 general election which 

was held due to Brexit ramifications cost 

£269m; and let’s not forget, the £39bn 

“divorce bill” agreed with the EU.” 

Mr Green goes on to add: “The ongoing 

Brexit nightmare is unlikely to end 

on Halloween. “After three years, the 

uncertainty grows rather than recedes. 

Who will be the Prime Minister that will 

take the UK out of the EU? Will there be 

a second referendum and what would be 

on the ballot paper? How does the rise and 

rise of the Brexit Party fragment politics 

further? Will Britain leave with no deal? 

What impact would operating on WTO 

rules mean for the world’s fifth largest 

economy and its trading partners?” 

The deVere CEO concludes: “With so many 

serious and far-reaching questions hanging 

ominously unanswered - and more growing 

each week – Brexit Britain’s Lost Years 

are not even close to being over. “The 

haemorrhaging of opportunity and money 

will continue far beyond the deadline. 

“It is perhaps therefore unsurprising that 

UK and international investors in UK assets 

are responding to the uncertainties posed 

by Brexit by considering removing their 

wealth from the UK.” MBR 

Credit: PriorConsults 

deVere Group is one of the world’s 

largest independent advisors of 

specialist global financial solutions 

to international, local mass affluent, 

and high-net-worth clients. It has 

a network of more than 70 offices 

across the world, over 80,000 clients 

and $12bn under advisement. 

36

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HEALTHCARE 

Dementia: 

IT’S ON THE TIP OF MY TONGUE 

By April French Furnell 

training our staff, we want to maintain the independence of our 

clients and offer advice on how best to manage their affairs”. Sean 

Pontin, Chief Executive Officer of Jersey Alzheimer’s Association 

agrees and added: “In simple terms, the more people who know 

just a few simple things about what dementia is, and isn’t, the 

better understanding and acceptance will be. We can’t forget that 

dementia affects people of all ages. That could be your customers 

or clients, your staff team themselves or staff members who are 

having to care for parents with dementia.” 

Getting legal ducks in a row 

As well as training, there are legal steps one can take, to prevent 

financial abuse, such as choosing a lasting power of attorney (LPA). 

There are two different types of LPA. Greig advises “They perform 

different roles so it is wise to have both.” She adds, “In the event 

that you do not agree an LPA, then it falls to the government. 

Those involved will have to make an application to be a Deputy 

to the Court of Protection. This means that an individual loses out 

on the opportunity to pick their own representative. It is also very 

difficult to get a health and welfare deputy appointed with the 

court preferring to deal with each specific welfare issue and so 

the opportunity for someone to deal with all of your health and 

welfare issues is sometimes lost”, explains Greig. 

Dementia is the most feared health condition in the UK, 

according to a study carried out by the Alzheimer’s 

Society. Memory loss and difficulties with thinking, 

problem-solving or language are just some of the 

symptoms of dementia which have an impact on a person’s ability 

to look after themselves and their finances. April French Furnell 

asks for advice from professional experts on the financial black 

hole that can be dementia. 

Inside of every problem lies an opportunity 

Kelly Greig, a partner and later life planning expert at Irwin Mitchell 

Private Wealth describes a recent case in which a lady with 

dementia who had no family found that she became surrounded 

by “friends” from her past who presented themselves to the Local 

Authority as willing and able to care for her following a fall. Greig 

explains “In brief, they were able to take her into their care, which 

led to a new Will and they were granted Lasting Power of Attorney 

for property, financial affairs, health and welfare. It became 

obvious later, that she didn’t have the capacity, at this time, to 

give instructions of this nature. Legal proceedings ensued, but not 

before much of her money had been used up in what we suspect 

is financial abuse. Our investigation is ongoing”. Unfortunately, 

these types of tales are far too common and those with wealth 

are particularly at risk of being a target. 

An investment in knowledge pays the best interest 

The banking and investment management industry has made 

a concerted effort in recent years to better support those with 

dementia so that they can maintain their independence on 

financial decisions. Quilter Cheviot, a UK based investment 

manager, launched a Dementia Initiative in 2018 to raise 

awareness of the topic and to train staff in how to support people 

living with the condition. It has also given £150,000 in funding 

over the last three years to The Brain Charity, who offer practical 

help for people with neurological conditions. Quilter Cheviot is 

also collaborating with the Jersey Alzheimer’s Association and 

their Dementia Friends awareness programme which aims to 

change the way people think, act and talk about dementia by 

training Dementia Champions to deliver awareness sessions. 

Jason Stolte, investment manager at Quilter Cheviot explains, “By 

In simple terms, the more people who 

know just a few simple things about what 

dementia is, and isn’t, the better 

understanding and acceptance will be. 

Think outside the box 

A further option for those living with dementia is to set up trust 

structures so that “financial assets can be set aside to provide 

funding for specialist care or tailored living arrangements”, explains 

Sarajane Kempster, who is a director in the fiduciary specialist team 

at RBC Wealth Management in Jersey, Channel Islands. “A residential 

property owned within a trust structure could be adapted for 

occupation by a beneficiary suffering from dementia allowing them 

to remain with their family for as long as possible. The US domestic 

trust industry has long recognized the concept of the “Special Needs 

Trusts” to cater for vulnerable individuals and whilst the offshore 

trust industry does not have such a definition, structures in Jersey 

and Guernsey can provide the protection needed for a vulnerable 

person such as a dementia sufferer”, she says. 

What is good here may not be elsewhere 

For international UHNW individuals, there is an additional 

requirement. “It is important to check the relevant laws in each 

location in which a client holds assets. Greig explains, “Our advice 

to clients, is always to check the legal position wherever there 

are assets and to put the necessary power of attorney in place 

because some countries will accept UK LPA’s or Deputy orders but 

some will not.” 

Although a dementia diagnosis can set off worry and as the 

Alzheimer’s Society say, does invoke fear, the advice is, that ‘doing 

something every day that scares you’, like engagement with lawyers 

or asking questions from the wealth management industry, means 

even dementia sufferers can collaborate with carers, advisors and 

managers in a positive outcome for everyone. MBR 

Credit: Citywealth 

38

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EDITOR’S CHOICE 

HUBLOT SHOWCASES SPECTACULAR TIMEPIECES 

IN 2019 NOVELTIES EXHIBITION 

Manifesting the “Art of Fusion”, 

Swiss watchmaker HUBLOT 

shined in BASELWORLD 2019 

with novelties created in 

collaboration with elites from different areas 

including legendary car manufacturer Ferrari, 

tattoo artist Maxime Plescia-Büchi and artist 

Richard Orlinski. To present first-hand these 

novelties to the friends of the media and 

watch enthusiasts, HUBLOT held the 2019 

Novelties Exhibition in Hong Kong, inviting 

guests to enter the brand’s fascinating world 

of watch-making. 

The exhibition takes place at KONG ART 

SPACE, a contemporary art museum in Hong 

Kong, in which an exclusive event was held 

for VIPs and the media on 26 th April 2019. 

Uniquely designed, the three- storey museum 

was transformed into HUBLOT watch-making 

world featuring different themes – the past, 

the present and the future of Ferrari on 

the ground floor, the latest manifestation 

of Hublot Loves Art on the first floor and a 

comfortable lounge on the second floor. 

Once entering the venue, the guests were 

immediately caught by the brand’s largest 

celebration this year – the 90 th anniversary 

of Scuderia Ferrari. Proudly sitting in the 

centre of the stage, a Ferrari 488 GTB took 

the limelight of the show. The theme and 

decoration of the show floor were set with 

Ferrari’s signature red to echo with the 

legendary sports car. Besides information 

about Ferrari and elements from which the 

Ferrari timepieces were inspired, HUBLOT 

also showcased the three limited-edition 

Big Bang Scuderia Ferrari 90 th Anniversary, 

which were created in celebration of the 

manufacturer’s 90 th anniversary, Classic 

Fusion Ferrari GT and Ferrari timepieces 

that HUBLOT has created in collaboration 

with the long-standing partner over the 

years. By scanning their QR code with the 

special device installed at the experience 

zone, guests were invited to appreciate a 

specially-designed light show to introduce 

the past, the present and the future of 

Ferrari to the guests, leading them into 

Ferrari’s fast-tracking world. 

Via the escalator decorated with the theme 

of “Art of Fusion”, the guests ascended 

from the mechanical world of Ferrari to the 

art world of Hublot Loves Art. HUBLOT has 

collaborated with a number of artists this 

year to create many eye-catching novelties. 

The first floor presented the latest creations 

jointly created by the Swiss watchmaker and 

renowned artists including Marc Ferrero, 

Richard Orlinski and Maxime Plescia-Büchi. 

The two versions of Big Bang One Click Marc 

Ferrero, which were unveiled earlier this 

year, created by HUBLOT and Marc Ferrero, 

the artist behind Storytelling Art, were 

showcased in the exhibition in conjunction 

with the artists’ masterpiece and the 

inspiration of the timepiece – Lipstick. On the 

other hand, sculpture artist Richard Orlinski 

sculpted the latest Classic Fusion Orlinski 

series in his aesthetic signature boosting the 

collection’s first faceted dial. Also displayed 

on the first floor was the new Big Bang 

Sang Bleu II, which passionately channels 

the design skills of world-famous tattoo 

artist Maxime Plescia-Büchi, allowing guests 

to experience the charisma of Sang Bleu. 

With a quick scan of the QR code provided, 

a temporary tattoo designed by the brand 

ambassador was projected onto the wall for 

guests’ appreciation. In addition, Spirit of Big 

Bang Tourbillon 42 mm, featuring a carbonfibre 

case with black or blue occlusions and 

the “One Click” fastening system for the first 

time, was also showcased. 

On the second floor is a comfortable 

and cosy lounge where the guests can 

appreciate the novelties close-up and enjoy 

themselves in a pleasant environment. The 

guests can choose their preferred collection 

on the tablet provided, and the application 

will then give suggestion of matching 

refreshment for the guest’s enjoyment. 

The guests enjoyed a moment of pleasure 

combining intriguing Haute Horlogerie and 

delicately prepared food and wine in the 

lounge after the tour ended. 

HUBLOT 

Founded in Switzerland in 1980, HUBLOT is 

defined by its innovation, which began with 

the highly original combination of gold and 

rubber. This “Art of Fusion” stems from the 

imagination of its visionary Chairman, Jean- 

Claude Biver, and has been driven forward by 

CEO Ricardo Guadalupe since 2012. 

The release of the iconic, multi-awardwinning 

Big Bang in 2005 paved the way for 

new flagship collections (Classic Fusion, Spirit 

of Big Bang), with complications ranging 

from the simple to the highly sophisticated, 

establishing the extraordinary DNA of the 

Swiss watch-making brand and ensuring its 

impressive growth. 

Keen to preserve its traditional and cuttingedge 

expertise, and guided by its philosophy 

to “Be First, Different and Unique”, the Swiss 

watch company is consistently ahead of the 

curve, through its innovations in materials 

(scratch-resistant Magic Gold, ceramics in 

vibrant colours, sapphire), and the creation 

of Manufacture movements (Unico, Meca 

10, Tourbillon). 

HUBLOT is fully committed to creating an 

Haute Horlogerie brand with a visionary 

future: a future which is fused with the key 

events of our times (FIFA World Cup, UEFA 

Champions League, UEFA Euro and Ferrari) 

and the finest ambassadors our era has to 

offer (Kylian Mbappé, Usain Bolt, Pelé). MBR 

valletta - T. +356 21 24 7447 

st. julian’s - T. +356 21 38 4503 

info@elcol.com - www.elcol.com 

40

You, your family 

& your business 

LIFE INSURANCE 

At Calamatta Cuschieri we now offer a full range of life insurance products 

specifically designed to protect you, your family and your business. 

Contact us today for more information. 

B’KARA | VALLETTA | SLIEMA | QORMI | FGURA | MOSTA 

CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD (CCIS) IS AN ENROLLED TIED INSURANCE INTERMEDIARY UNDER THE INSURANCE DISTRIBUTION ACT, CAP 487 OF THE 

LAWS OF MALTA FOR MAPFRE MSV LIFE P.L.C.. MAPFRE MSV LIFE P.L.C. IS AUTHORISED BY THE MALTA FINANCIAL SERVICES AUTHORITY (MFSA) TO CARRY ON LONG TERM 

BUSINESS UNDER THE INSURANCE BUSINESS ACT, CAP 403 OF THE LAWS OF MALTA. BOTH ENTITIES ARE REGULATED BY THE MFSA. TERMS AND CONDITIONS APPLY. ISSUED 

BY CCIS. THE PROTECTION PLANS DISTRIBUTED BY CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD (CCIS) ARE PRODUCTS OF MAPFRE MSV LIFE PLC.


EMPLOYEE WELLBEING MONTH 

& Dogs, zumba 

meditation: 

How to guarantee 

work-from-home wellbeing 

Image: Fotolia 

When you’re working in an 

office, it’s easy to know 

when to get up and stretch 

your legs. There’s (often) 

an enforced lunch-hour, there tends to 

be some sort of commute, and meetings 

mean you get face-to-face interaction. 

Working from home is slightly different. 

June 1 marked the start of Employee 

Wellbeing Month, in conjunction with 

Virgin Pulse. The purpose of the month is 

to highlight how workplaces can support 

employees 

This is crucial if you’re in an office, but it’s 

also relevant if you work from home even 

for just a day or two a week. However, as 

the number of freelancers rise – there are 

about two million people who work for 

themselves in the UK – it’s vital everyone 

learns how to take care of their own 

wellbeing too. 

And, in fact, when you work pensionfree, 

sick-pay free, and holiday-pay free, 

it can be even harder to take good care of 

yourself when there’s no-one in the ‘office’ 

to call it a day 

So how do freelancers and those who work 

from home ensure their wellbeing is up to 

scratch? 

Meet up with other people 

whenever you can 

Humans were not made to be isolated 

creatures. We were created to talk 

and brainstorm together. Angharad 

Salazar Llewellyn, a freelance social 

media expert, says: “I found going to 

networking groups and connecting with 

other/small business owners really 

helped overcome crippling self-doubt 

and imposter syndrome and gave me a 

real hit of motivation to keep going and 

focus on my goals! So much so, I founded 

The Flex Network to make sure I had 

regular networking events in the diary 

filled with other brilliant people.” 

Marisa Wikramanayake is based in 

Melbourne, Australia, and she leans on 

friends and family to support her when 

she works from home. “I am a member of 

several online groups on and off facebook 

where we keep in touch and chat. I also 

have personal group chats on WhatsApp 

so I can keep in touch with my friends and 

we can vent and rant to each other. Plus, 

my best friend and I are across the country 

from each other and we Skype each other, 

drink and eat and work while we are 

Skyping.” 

Leave your desk as often as you can 

Suzy Bashford Haworth is freelance and 

lives in the Scottish Highlands. “Whenever 

my mood is waning or I’m feeling 

unproductive then I jump into a cold 

loch. In winter I take a sledgehammer to 

the ice.” She adds that it works wonders. 

“That’s without a wetsuit, mind you - hardy 

Highlanders do not wear them.” 

Jai Breitnauer, a journalist who lives in New 

Zealand, also gets out and about as much 

as her busy schedule allows. “I live by the 

beach and take advantage of coastal walks. 

We have an open fire as our own source 

of heating so a good wood chopping 

session gets the endorphins flowing. Social 

media is a lifesaver - there are quite a lot of 

freelancers where I live so we often chat on 

social platforms about the weather, what 

we ate for lunch, and also the mad things 

that happen in truly rural environments 

like escaped cows trashing your garden or 

blocking the road.” 

And sometimes it’s just about having a 

really good meal. Freelance journalist 

Adelia Hallet goes out for lunch with her 

husband, a journalist who also works from 

home, on a Friday. She said: “We talk about 

the stuff we’re too busy to talk about on 

the other days. Usually the dog comes.” 

42

EMPLOYEE WELLBEING MONTH 


Image by Jenna Farmer 

Image by Adelia Hallet 

Jenna Farmer, a freelance journalist 

agrees. She takes her dogs out for walks to 

improve her freelance wellbeing. She says: 

‘We are lucky enough to live in countryside 

so getting out to the fields helps.” 

“It’s definitely all about the animals for me, 

especially walking my dog Tara and playing 

with my cats who luckily are very obliging 

and often forcibly extract cuddles from 

me,” says freelancer Sharon Grey. 

Meditation is my lifesaver. 

It puts everything in 

perspective. I sit and ask 

myself who I am without 

my story – and there’s 

always a story. 

Dogs boost wellbeing and productivity in 

the office, so it makes sense that they’re a 

lifeline for homeworkers too. 

“I used to spend days on end on my own 

if I was on a tight book deadline. Getting 

these two changed everything because I 

have to take them out every morning or 

they circle me like sharks. By the time I get 

back after a long walk and a nice coffee and 

I have said hello to several other dogs (and 

people) I am good to go (thankfully Jeremy 

is very relaxed about being trodden on by 

his sister),” says freelance writer Jordan 

Paramour. 

Image by Jodan Paramor 

Take some time out 

The world is big, and unless you are 

freelancing as a head of state, we don’t tend 

to play a massive part in it however busy 

we are. Taking time out and considering 

your place in the world as a freelancer 

is extremely helpful when it comes to 

managing your workload. Jai Braitnaeur 

says: “I take at least thirty minutes every 

afternoon to either meditate, practice a 

mindfulness exercise or have a cheeky nap.” 

Jane Alexander also swears by meditation. 

“Meditation is my lifesaver. It puts 

everything in perspective. I sit and ask 

myself who I am without my story - and 

there’s always a story - about not being 

good enough, not being successful enough, 

productive enough.” She says that some 

days are going to be difficult no matter 

what. “Then, I battle every bone in my 

body that says stay shackled to the desktop 

and, instead, just curl up with a book or go 

out for a coffee or an afternoon film.” 

Adellia Hallet also boosts her well-being by 

taking time out in the day for a cup tea in 

one of her best cups and curling up with a 

book. ”It just feels so decadent and stolen, 

like playing hooky from school and makes 

me appreciate just how good working from 

home is.” 

Image credit: Julian Goldswain 

Workout 

Just because you do not have to cram your 

fitness regime into a sweaty hour before 

the office, it does not mean you should 

turn your back on the gym altogether. 

Gymming boosts endorphins and can help 

you to refocus your mind. Journalist Lynne 

Wallis says: “I swim in the sea. Which I can 

see from my home. Freelancing meant I 

could leave London so I picked a place that 

would compliment freelance life.” 

For Sarah Drabble it’s all about Zumba. She 

said: “It gives structure to my week, gets 

me out of the house and the music and the 

people are great.” Rae Radford swears by 

spin. It’s spin classes all the way for me, I’ve 

met some great people and weirdly love 

being ‘shouted at’.” 

Share your Employee Wellbeing Month 

stories and tips across social, using 

the hashtag #mewellbeingmonth in 

conjunction with Virgin Pulse. MBR 

Creditline: Virgin 


43


44


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PLACE AT THE RIGHT TIME 

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INFO@POWERHOUSEMALTA.COM 


45


EXCLUSIVE INTERVIEW 

We operate in a 

dynamic and fastpaced 

environment 

where adapting 

quickly to a changing 

environment can 

make or break 

the business. 

interview with 

ALAN CUSCHIERI 

co-CEO of Calamatta Cuschieri 

MBR: How has the mission of Calamatta 

Cuschieri evolved since the founding of 

the company? 

AC: I believe Calamatta Cuschieri’s core 

mission has stood the test of time. Our 

aim was and remains till this day to be 

market leaders in all that we do by offering 

our clients a personalised, high value and 

comprehensive service. The well being 

of our dedicated staff and the building of 

teams around high caliber individuals is 

something that we have also been very 

consistent about along the years. 

During this time we have of course 

developed our business proposition and 

evolved our product range to an extent that 

we now offer a full range of financial services 

that goes beyond investments. Recently for 

example we announced our entry into the 

pensions and life insurance space. We feel 

these services enable us to remain at the 

forefront of our industry at all times. 

MBR: Calamatta Cuschieri’s culture, even 

at its size and scale, remains entrepreneurial 

and nimble. How critical is it to 

maintain that culture in order to move 

into new areas and adapt quickly to a 

changing environment? 

AC: Certainly maintaining an agile culture is 

crucial. When companies grow it becomes 

increasingly challenging to maintain the 

same rhythm and level of execution speed 

across the various business lines. The 

solution for us has been to focus on what 

we think we are best at, namely financial 

services as well as on-board the very best 

talent and empower our people to make 

the right decisions to allow us to achieve 

our objectives accordingly. We operate in a 

dynamic and fast-paced environment where 

adapting quickly to a changing environment 

can make or break the business. 

MBR: Is it difficult to make long-term 

investments with the short-term, quarterto-quarter 

pressure for results? 

AC: Striking a balance is always key. Whilst 

it is not always easy to do so, especially 

at a time when the Group is on a growth 

path, with strict discipline, clear business 

objectives and robust execution this 

becomes possible. At CC, the Board of 

Directors set the long-term objectives of 

the Group and entrust the implementation 

of these to the Executive Management 

team. Naturally, we ensure that the 

appropriate checks and balances are in 

place to achieve both the short and longer 

term plans of the Group. 

MBR: What is your outlook for growth 

for CC in Malta and where do you see the 

greatest opportunities for growth? 

AC: We are satisfied with what we have 

achieved so far but of course, sitting on 

our laurels is not an option for us as we 

believe that we can continue to achieve 

great things. This year the company 

has continued to strengthen its core 

infrastructure, especially in terms of 

Human Resources and systems, and we feel 

that we are now even better positioned to 

scale the business further. We continue 

to add new products and services to our 

offering to make us the financial provider 

of choice locally and look forward to scaling 

the business further by internationalizing 

our offering in the very near future. MBR 

46

We’re 

committed 

to deliver! 

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• FTL and LTL Consolidations 

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• Imports / Exports on Door to 

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• In House Customs Clearance 

for both Imports and Exports 

• Freight Forwarding 

• Project Cargo 

• Special Cargo 

• Conference Logistics Handling 

• Personal Effects 

• Courier Service to/from Malta 

GFS Building (mrA009) industrial estate, marsa, mrS 3000 - malta 

tel: +356 2122 1229 F: +356 2122 3076 e: info@gfs.com.mt 

www.gfs.com.mt

Malta Business Review FINANCE PARTNERSHIPS 

EQUIOM ENTERS 

NEW PHASE OF 

FUNDING WITH 

VÄRDE PARTNERS 

AND LDC 

Equiom’s Global CEO, Sheila Dean 

Elena Lieskovska, partner and head of European Financial Services at Värde 

We are excited to partner with Equiom and 

support the growth of the business. 

With a rich history and ambitious plans for 

expansion, we believe Equiom is positioned 

for continued success. 

Equiom, the global professional services provider, has 

announced its partnership with leading global alternative 

investment firm, Värde Partners. Värde has invested in 

Equiom as a long-term equity partner to help fund future 

expansion in line with the company’s growth strategy. Värde joins 

Equiom’s long-standing equity partner LDC, which has supported 

Equiom’s growth since investing in the business in 2013. 

Värde manages $14bn in assets and invests across a broad array 

of geographies and strategies, including more than 20 years of 

experience investing in the financial services sector. 

Equiom’s Global CEO, Sheila Dean, says the addition of Värde 

will help support the company’s future goal of diversification 

and expansion into new markets: “We are excited to begin a 

relationship with our new equity partner, Värde. Equiom has 

grown considerably since securing its first equity partner in 2006, 

completing 24 acquisitions and now with an established presence 

in europe, the Middle East, Asia and the Americas. With plans 

for further expansion and diversification of our service lines, we 

require additional backing to achieve our goals. I’m personally 

very grateful for the strategic input and support we get from our 

equity partners, banking partners, corporate advisors Deloitte 

and legal advisors Gowling WLG, as it is crucial to strengthening 

the business with our ultimate aim of providing the highest level 

of professional service to new and existing clients worldwide. I’d 

particularly like to thank our banking partners RBS, Santander, 

Lloyds, M&G, Hermes and Investec for their support to date and 

I’m delighted to welcome KKR and Alcentra to that group. I’m also 

naturally very happy that LDC is staying on as an equity partner 

- it’s a strong endorsement of their belief in our business and 

confidence in Equiom’s future success.” 

Elena Lieskovska, partner and head of European Financial Services 

at Värde, added: “We are excited to partner with Equiom and 

support the growth of the business. With a rich history and 

ambitious plans for expansion, we believe Equiom is positioned 

for continued success. This transaction supports our objective to 

create value by building long-term partnerships in the financial 

services industry. Värde was represented by international law firm 

Proskauer Rose LLP, who Värde engaged on M&A, Funding and 

Structuring workstreams.” 

Yann Souillard, head of London at LDC said: “It has been very 

rewarding to see the success and growth of Equiom since we 

started our relationship with Sheila and the team in 2013 and 

we’re very much looking forward to continuing our relationship 

and that success alongside our colleagues at Värde.” MBR 

48

PET BOARDING 


THE 

holiday home 

FOR YOUR PETS 

When travel, work or family emergencies disrupt normal 

pet care, you can entrust your dogs and cats to Tat-Tarġa 

Boarding Kennels – a professional boarding facility in the 

centre of the island. 

Wondering what to do with 

your beloved pets when 

you go away? At Tat- 

Tarġa Boarding Kennels, 

you are assured that your dogs and cats 

get professional, knowledgeable and 

experienced care in a dependable, secure 

and safe environment. The team also 

offers day boarding, as well professional 

grooming services. 

Tat-Tarġa Kennels complex is situated 

on the outskirts of Naxxar. The complex 

consists of boarding kennels and catteries, 

and is fully licensed and family-owned. 

Pampered pets 

The facility’s experienced and dedicated 

staff are passionate about giving pets all 

the pampering, exercise and attention they 

need to feel special and loved while you 

care on vacation. Each doggy guest enjoys 

a spacious area with a private covered 

outdoor run and is taken out to play twiceto-three 

times a day. Each cat guest enjoys 

a spacious cattery with a private outdoor 

covered run. 

They also understand your pet’s need for 

activity, interaction and stimulation to 

keep them happy and healthy while you 

are on vacation. They strive to fulfil these 

needs for each guest, while ensuring the 

highest levels of health and safety, and 

they offer the administration of medication 

if required. 

Your pet’s diet is important to them, too. 

They provide Arden Grange premium 

dog and cat food as standard. But, if your 

pet prefers or requires a special diet or a 

different brand of kibble, they will happily 

serve a cuisine packed from your home at 

no additional charge. 

They also have their own fantastic grooming 

parlour, where they offer professional 

grooming, bathing and nail-clipping for dogs 

and cats. So, whether your pet is there for 

TRIQ WIED FILEP, NAXXAR 

TEL: 2157 3081 

WWW.TATTARGAKENNELS.COM 

Exceptionally clean 

and very helpful owners. Safe 

environment away from home. 

So glad I’ve brought Marley there. 

– Denise Dingli 

the day, or with them for a few days, he or 

she can leave happy, clean and manicured. 

And they can even accommodate walk-in 

grooming services sometimes (although 

booking is recommended). 

Most importantly, they know how difficult 

the decision about leaving your furry friend 

behind while you’re away can be! So they 

are on hand to help. 

Why not give them a call or get in touch on 

Facebook to discuss any concerns you may 

have? Or even pay them a visit to take a 

look around! MBR 


49


NEWSMAKERS 

Robust Growth Sustained in the First Quarter of 2019 

During the first quarter of this year the Maltese economy continued 

to be amongst the top performing economies in the EU, growing 

by 4.9 per cent. In nominal terms, GDP increased by 7.4 per cent. 

The year-on-year quarterly economic growth rate compared 

remarkably well with the average growth rate of 1.2 and 1.5 per 

cent recorded in the Euro Area and the EU28 respectively. “I am 

pleased to note that the robust growth momentum recorded in 

the last five years has continued during the first quarter of this 

year confirming that the higher level of generated wealth for 

our families can and will be sustained”, said Minister for Finance 

Edward Scicluna. 

Economic growth continued to be broad-based as the increase in 

the gross value added for all sectors reached €187 million. This 

was reflected in double-digit growth rates by the professional, 

scientific and technical and administrative and support sector and 

the construction and real estate activities sectors. Other notable 

private sector increases were registered in the arts, entertainment 

and recreation sector which includes iGaming, the information and 

communication sector, and the financial and insurance sector. 

Worth noting is the growth in the wholesale and retail trade sector 

which grew by 5.0 per cent and the manufacturing sector, where 

gross value added increased by 3.5 per cent. 

The €214 million increase in nominal GDP during the first quarter of 

this year was distributed in a €72 million increase in compensation 

of employees, a €125 million increase in business profits, and a €17 

million increase in revenue from production and imports taxes. 

Domestic demand continued to be the main driver of growth during 

the first quarter. This continued to reflect the performance of the 

labour market which continued to be dynamic during this year. 

Remarkable growth was also recorded in investment reflecting the 

various projects currently being undertaken including the record 

€100 million a year road infrastructure project. MBR 

Courtesy: DOI; Ministry of Finance. 

Cisk Lager Turns 90 

Cisk Lager, award-winning, iconic Maltese beer and flagship brand 

of the Farsons Brewery is celebrating its 90 th birthday this year with 

a number of planned public events around Malta and Gozo and 

limited-edition packaging marking this milestone. 

Cisk was launched in 1929 after Scicluna’s Bank took over the 

operations of one of its clients who was granted a temporary 

exclusive licence to manufacture Pilsner and Munchener type 

beers. The company became known as The Malta Export Brewery. 

The story of Cisk however, started much earlier than that, when 

Malta’s first privately-owned bank was established by Giuseppe 

Scicluna in 1840. In those days the average businessman, as well 

as the ordinary man in the street, hoarded their hard-earned cash 

either in a brass-bound box under the bed or concealed in various 

leather pouches hidden in their clothes. At most, it would be handed 

over to the bank to be placed in a vault and to be withdrawn as the 

need arose. Mistrusting bank notes and demanding bags of coins, 

the bank’s customers started to realise that they too could pay 

creditors with notes and they agreed to operate current accounts 

with Scicluna’s Bank against which they could draw cheques. 

Very soon, semi-literate depositors coming in from various country 

districts, who found difficulty in pronouncing the word “cheques”, 

corrupted the word into “cisk”. Giuseppe Scicluna himself soon 

became known as Ic-Cisk (The Cisk). The Malta Export Brewery 

merged with Simonds Farsons Limited 20 years later to become 

Simonds Farsons Cisk. Cisk Lager has since become a key brand in 

the portfolio of the company. 

Louis A. Farrugia, Farsons Group chairman, commented: “We are 

extremely proud to be celebrating this historic milestone. Cisk is a 

much-loved Maltese brand and has always been throughout these 

years. Cisk Lager is also very well-liked by visitors to our islands and 

it also has a following beyond our shores.” 

Cisk Lager is a golden-coloured, bottom-fermented lager with a 

distinctive and well-balanced character, with its recipe remaining 

unchanged since 1929. It is brewed to the highest standards using 

only the choicest raw materials. “Reaching a milestone such as 

this is no small feat. The brand has successfully withstood intense 

competition over the years, winning several international awards 

in the process. We have not rested on our laurels however, having 

introduced several innovative and award-winning brand variants 

that have expanded the Cisk family,” said Susan Weenink Camilleri, 

head of Sales & Marketing at Simonds Farsons Cisk plc. 

The Cisk family now includes Cisk Excel Lager, a low carbohydrate 

beer; Cisk Pilsner; Cisk Export Premium Lager; Cisk Strong Premium 

Lager and Cisk Chill, a range of flavoured beers, including Lemon, 

Berry and Ginger and Lime. The portfolio has won several major 

international awards over the years, with the latest coveted recognition 

being awarded to Cisk Strong Premium Lager just last month 

by this year’s edition of the International Brewing awards. 

The 90 th birthday limited-edition packaging is currently on sale at all 

outlets in Malta and Gozo. MBR 

Follow the Facebook page www.facebook.com/cisk/ for more information 

HSBC, UNESCO Introduce Environmental Book on Mosta’s Wied il-Għasel 

To celebrate World Environment Day (June 5), HSBC Malta and 

UNESCO Maltese National Commission are releasing engaging new 

content to highlight the important roles Malta’s valleys play in the 

country’s ecology. 

Entitled Mixja F’Wied Il-Għasel (A walk in the Valley of Honey) and 

authored and designed by Jason Aloisio, the booklet documents the 

rich array of flora and fauna in the valley which is located in Mosta. 

The publication was funded through the HSBC Water Programme – 

Catch the Drop campaign. 

World Environment Day is marked worldwide each year on 5 th 

June. This year’s theme is ‘Air Pollution’. At a group level, HSBC has 

encouraged its suppliers to recycle waste into energy. 

Mixja f’Wied il-Għasel is the second publication in the collaboration 

between HSBC Malta and the UNESCO Maltese National 

Commission and also a second one by Jason Aloisio. Mr Aloisio is 

also a field teacher within BirdLife Malta. His previous publication 

was entitled Mixja f’Wied il-Lunzjata. 

“It is hoped that these publications encourage teachers to engage 

their students in more outdoor activities which will help them to 

appreciate our natural heritage and all forms of wildlife,” said HSBC 

Malta CEO Andrew Beane. 

Sarah Brady, Education Manager at BirdLife Malta, said: “Spending 

time in nature is invaluable for our health and well-being and 

for encouraging us to be more environmentally friendly. This 

publication provides the opportunity to learn about the amazing 

wildlife we have living on our doorstep and to inspire teachers 

and children to enjoy being outdoors and learning with a different 

perspective. We would like to thank Mr Jason Aloisio and HSBC for 

their work in making this happen.” MBR 

More information on the publication can be had by calling 2155 

3503 or 2134 7645. 

Argus Acquires FirstUnited Insurance Brokers in Malta 

The Argus Group has just announced its intention to acquire 

FirstUnited Insurance Brokers Limited (“FirstUnited”), an insurance 

brokerage firm that provides professional insurance broking 

services to individuals and businesses in Malta. The transaction is 

subject to receipt of all regulatory approvals. 

For many years The Argus Group has successfully operated 

independent brokerage and insurance companies in Bermuda, 

Gibraltar and most recently in Malta, inclusive of Argus Insurance 

Agencies Limited and Island Insurance Brokers Limited. This 

latest acquisition is very much part of Argus’ strategic intent to 

diversify and expand its global business operations outside of 

Bermuda. Adding FirstUnited to the Argus Group strengthens its 

international presence and expands its existing broking capabilities 

in the Maltese market. 

Ms. Alison Hill, Chief Executive Officer, The Argus Group, says: “I’m 

delighted to announce that Argus is acquiring FirstUnited to help 

broaden our global footprint. The market leading reputation of 

FirstUnited’s client centric culture, technical and employee benefits 

expertise and service excellence align very strongly to the Argus 

brand, making FirstUnited a very natural fit with the Argus Group.” 

Ms. Hill also noted, “The Argus Group Management and Board 

recognise that Malta has a proven track record of strong economic 

development, has exciting market growth potential and many 

commonalities with the other jurisdictions in which we operate. We 

are excited and committed to growing our presence in Malta, where 

we have operated since 2010 and the acquisition of FirstUnited is a 

significant step in that direction.” 

Mr. Salvino Mifsud Bonnici, Chairman of FirstUnited, says: “Joining 

the Argus Group is a positive step for our company. The size of Argus 

means that FirstUnited will benefit from access to global financial 

services professionals, technology and resources, including a strong 

regulatory, governance and compliance regime, enhanced internal 

business processes and best practice procedures that will improve 

our client offerings.” 

Under the terms of the acquisition, FirstUnited will retain its name 

and continue to operate independently from other Malta-based 

businesses within the Argus Group. FirstUnited senior management 

will continue to lead the company, operate from their existing office 

location and retain the FirstUnited brand. FirstUnited employs 25 

people and there are no planned redundancies as a result of the 

acquisition. MBR 

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J2 GROUP MALTA, OSCAR ZAMMIT STR MSIDA, MALTA 

+356 21360038 

info@j2groupmalta.com 

j2groupmalta.com 


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