Women Leaders February 2014
Mr Lubomar Kaneti, COO of FXDD, p.04
InSIdE ›› VIP Interview of the Month: From the Strand to the Senate
An Interview with master Architect Renzo Piano on being transformed into a senior Italian political figure p.20
›› Exclusive Interview: Serving Justice
The Economic Update interviews Commissioner of Police Peter Paul Zammit, the first in a three-part absorbing series of interviews p.22
››Women Leaders: Passion, Exclusivity and Competence
Special feature featuring Women Leaders: Sara Grech takes our podium to talk about her company’s objectives, Engel & Völkers Sara Grech,and politics p.25
›› Oil & Gas: Encouraging Innovation & Growth
We are proud and privileged to bring you an exclusive interview with Dr Goh Jin Hian, Executive Director of IAG-PACIFIC PETROCHEMICAL PTE LTD. p.28
Built on a foundation of trust, honesty and unity we are a stable, dynamic and accomplished service provider to the oil and gas industry. We pride ourselves on delivering sustainable quality and enduring support to our clients, offering affordable, safe and environmentally friendly solutions. With a long and distinguished history in the Libyan market, we seek to adapt seamlessly to change whilst striving to become the trusted service provider of choice.
WWW. VAOS .COM
30 YEARS EXPERIENCE
V A L U E
A D D E D
O I L F I E L D
S E R V I C E S
VAOS is proud to offer its clients high quality services in the fields of: • • • • • • •
Recovery of hydrocarbons through automated cleaning of storage tanks and sludge pits Maintenance Steel and civil construction Installation and repair works on pipe lines and storage tanks Electrical and instrumentation works Pipe line inspection representing NDT systems & Services AG (former Tuboscope) Drilling for water wells and cathodic protection
VAOS Limited, 99 Mill Street, Qormi, QRM 3100 | Tel: 23165000 | Fax: 23165600 | Email: firstname.lastname@example.org
Women Leaders February 2014
Mr Lubomar Kaneti, COO of FXDD, p.04
CONTENTS Feature stories 04 cover story: staying ahead
InSIdE ›› VIP Interview of the Month: From the Strand to the Senate
An Interview with master Architect Renzo Piano on being transformed into a senior Italian political figure p.20
›› Exclusive Interview: Serving Justice
The Economic Update interviews Commissioner of Police Peter Paul Zammit, the first in a three-part absorbing series of interviews p.22
››Women Leaders: Passion, Exclusivity and Competence
Special feature featuring Women Leaders: Sara Grech takes our podium to talk about her company’s objectives, Engel & Völkers Sara Grech,and politics p.25
›› Oil & Gas: Encouraging Innovation & Growth
We are proud and privileged to bring you an exclusive interview with Dr Goh Jin Hian, Executive Director of IAG-PACIFIC PETROCHEMICAL PTE LTD. p.28
Publisher John Formosa editor Martin Vella Journalist Viktoriya Kyurcheva sales & Publication Manager Margaret Brincat graPhic designer Jessica Camilleri cover PhotograPhy FXDD Printing PRINT IT Quote of the month: “Innovation means continually breaking the old pattern.” - Wang Jianlin, China’s richest man
This month we interview Mr Lubomar Kaneti, COO of FXDD, who explains why FSDD is a leader in online Forex trading 08 libya Feature
A business fixture of our publication focusing on Libya, with latest news feeds and trading opportunities 20 viP interview oF the Month: FroM the strand to the senate
An Interview with master Architect Renzo Piano on being transformed into a senior Italian political figure 22 exclusive interview: serving Justice
The Economic Update interviews Commissioner of Police Peter Paul Zammit, the first in a three-part absorbing series of interviews commemorating the 200th Anniversary of the Police Force in Malta
24 MeP elections: Meet ray bugeJa
We present to you a unique feature on the life and times of Ray Bugeja, and his vision as a MEP candidate with innovative winning ideas
Women Leaders February 2014
For magazine and website advertising enquiries please contact: email@example.com or call on (+356) 9940 6743 For editorial enquiries please contact: firstname.lastname@example.org The Economic Update is published by: Network Publications Ltd., Angelica Court, Giuseppi Cali Str., Ta’ Xbiex, XBX1425, Malta Tel: +356 2131 6326/7/8 Fax: +356 2132 3432
01(S) sPecial Feature: woMen leaders
02(S) Passion, exclusivity and coMPetence
As part of our four-month long special feature featuring Women Leaders, Sara Grech takes our podium to talk about her company’s objectives, Engel & Völkers Sara Grech,and politics
Contributors: Liana Cachia; George Carol; Lara DeGiorgio; Lizzie Davies; Jessica Gerrow; Martin Gregory; Tonio Fenech; Tonio Portughese; Diane Bugeja.
06(S) an entrePreneurial and innovative edge
Special Thanks: Commissioner of Police; FXDD; Max Mara; The Economist Events; The Interview People; PBS; Vascas.
We sit down with the illustrious and industrious Ann Fenech’s to get a close-up view with the articulate and charismatic managing partner of Fenech and Fenech Advocates.
Please feel free to email us with your viewpoint, whether you agree or disagree with the standpoint of the personalities we interview or the topics we focus on. Your opinion, contribution, concern and feedback on our articles and interviews are welcome. Please include full name, contact details
10(S) always aiMing high An insight into one of the world’s 100 most powerful women: Sheika Lubna Bint Khalid Al Qasimi
www.maltaeconomicupdate.com All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in The Economic Update are not necessarily those of the editor or publishers. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. The Economic Update is printed by Print IT and distributed free with The Business Weekly.
Editor’s NotE For well over three months, the editorial board of THE ECONOMIC UPDATE has made a determined and consistent effort to recognise women leaders, with three monthly special pull-and-keep supplements. Recently, we have witnessed significant upward stepping up of women into top positions in business, government, and practically all aspects of society. Our recognition of leading women ends this month after a triumphant journey where we have paid tribute to the strengths that has come from this huge, yet still largely untapped, female talent pool, profiling and interviewing women who, among their many accomplishments, stress the value of diversity and inclusion in creating a successful workplace. With women comes change and change is a constant occurrence but now, with most businesses operating globally and dealing with new markets, the need for change has become vital. The explosive ingenuity of technologists has made past operating methods of lesser use and future actions more challenging and uncertain. In other words, as Sara Grech rightfully points out in her interview, “what works well tomorrow may no longer come from my experiences of yesterday”. In such a rapidly changing environment, strong and decisive leadership becomes all the more critical in order to take on the strategic, tactical and structural issues required to win in tomorrow’s struggles. We believe that the Commissioner of Police Peter Paul Zammit is precisely on target when he talks of, “the right leadership talent at the top that is committed to constant reinvigoration at the workplace.” The financial services industry has led in technology innovation and FXDD’s CEO Mr Lubomar Kaneti duly points out that his company required a “structural change” and “resetting the mindset of everyone in the company”. Even the iconic architect behind the City Gate project emphasises that, “you always have to invest in developing the technologies that are important to the future”.
MEP hopeful Ray Bugeja has successfully driven growth and financial development to record highs. In reviewing his past achievements, he is rightfully proud in saying, “We have worked hard to create the things that people value most – safe ethics, quality, exciting opportunities – because the best way to attract investment is to attract people.” When we view how politics and legislators often stymies getting things done, we appreciate the clear and decisive words and actions of David J Dingli who believes that, “leaders are expected to deliver results, not engage in endless debates; and we are expected to be pragmatic problem solvers, not partisan by standard”. Our February issue is packed with top quality interviews with towering public and business personalities, including also Dr Ann Fenech, Managing Partner with Fenech & Fenech Advocates, Dr Goh Jin Hian, Executive Director of IAG-PACIFIC PETROCHEMICAL PTE LTD and Patrick Teng, Founder and Chief Dealer of Six Capital Group, who all maintain that change management has always been at the forefront of their business. Enjoy the read. Martin Vella
46 28 oil & Gas: ENcouraGiNG iNNovatioN & Growth We are proud and privileged to bring you an exclusive interview with Dr Goh Jin Hian, Executive Director of IAGPACIFIC PETROCHEMICAL PTE LTD, on emerging oil trading opportunities 32 iNtErviEw of thE MoNth: succEss aNd stayiNG PowEr A spellbinding interview with David J Dingli, Managing Consultant of Resource Productivity Consulting Services 36 iGaMiNG: thE Bit8 douBlE-EffEct Angelo Dalli, CEO of Bit8, tells us that whoever joins the company ‘fits’ with their culture 46 forEx tradiNG: a cENtrE for ExcEllENcE for forEiGN ExchaNGE Interview with Mr Patrick Teng, Founder and Chief Dealer of Six Capital Group, Singapore, who has established itself as a major financial force in the financial services sector
Cover Story - Forex trading
ahead By Martin Vella
Interview with Mr Lubomir Kaneti, COO of FXDD Malta, who explains why FXDD is a leader in online Forex trading dedicated to providing innovative trading technology, superior customer service, and reliable streaming liquidity by providing services to individual and institutional traders, hedge funds, commercial entities, brokerage firms, and money managers around the world.
TEU: Why is FXDD a leading provider of foreign exchange trading for retail and institutional clients? LK: FXDD is the premier online Forex brokerage for individual investors and traders because of its long-standing reputation, outstanding services, educational resources and powerful trading technology. Our services are utilised by individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. TEU: How does your position with FXDD have a significant impact on the future growth of the company? 4|
LK: I work with the FXDD team to stay focused on our long-term objectives, which means providing a state-of-the-art trading environment, first class customer support and by staying ahead through constant innovation. This drives us to develop new products and services that not only deliver a competitive edge, but create real value and results for our traders. TEU: What are the core values endorsed by FXDD? LK: FXDD is a company that prides itself on being a transparent leader with a client-centric approach. We set ourselves apart through our customer service and educational resources. The success of
the trader has always been our ultimate goal, which is why we are always pushing ourselves to offer more resources and tools to help traders become informed about all aspects of global market activities. TEU: How does your overall corporate strategy broaden FXDD investmentsâ€™ reach on the international level? LK: We grow where we see demand â€“ and that demand has made us into a truly global business. Our trading solutions are currently available in fourteen languages and we are continually expanding to new regions. Last month we launched FX trading to the Italian market and are currently evaluating new regions.
COvEr STOry - FOrEx TrADINg
LK: FXDD Malta Ltd serves customers from all over the world, and we currently have active traders in more than 130 countries. We’ve successfully diversified because we are committed to offering tailored solutions in different languages that meet different cultural preferences. We have also diversified by serving a range of customers – from individuals to institutional traders – by providing technology for fast, secure and efficient Forex Trading. TEU: What has allowed FXDD to have such consistent performance and results, and why are FXDD’s Forex enterprise software solutions considered as innovative? LK: FXDD offers cutting-edge technology that makes for faster and more efficient trades and strategy. Our proprietary MetaTrader 4 bridge was the first of its kind. The innovative spirit that created this technology is present in our everyday operations. This thinking made us a leader and creates consistent performance and results for FXDD and the trading community. TEU: Why is FXDD Malta at the forefront of the retail Forex industry? LK: FXDD Malta is at the forefront of the retail Forex industry because we provide an exceptional trading experience. We offer outstanding services, educational resources and powerful trading technology to accommodate all strategies. We also offer world-class customer service regardless of account size. All of our customers can speak with a live account manager to take full advantage of our best-in-class trading environment. The success of the trader has always been our ultimate goal, which is why we are always pushing ourselves to offer more resources and tools to help traders become informed about all aspects of global market activities
TEU: Diversification is one of the riskiest activities in business. How do you evaluate and assess the potential of prospective interesting markets or products? And how/why have you diversified through the years?
TEU: Is it important that your CSR efforts align with the business? LK: Yes, charitable efforts are very important to FXDD. We proudly support buildOn, an organisation that works to break the cycle of poverty, illiteracy and low expectations through service and education. One of the most important aspects of our business is educating our clients. For us, the only thing more gratifying than teaching people how to take control of their finances is giving underdeveloped areas the means to teach their youth. We have partnered with buildOn to build a school in Nicaragua and have also completed service projects in the
New York area working with high school students and community volunteers. In this way, we are taking a step toward ending global illiteracy and paving the way to a smarter, more promising future.
Our proprietary MetaTrader 4 bridge was the first of its kind. The innovative spirit that created this technology is present in our everyday operations
TEU: How critical is it to your continued success to have continuity in your workforce? LK: Our people are our greatest asset. We believe FXDD employees are the best in the business and they work every day to provide the best trading experience for our customers. We are a recognised leader and have a lot of continuity in our workforce. FXDD’s core team of financial specialists average about 10 years of experience in the industry. TEU: How do you engineer pricing models whether you’re a big-ticket trader who wants to pay tight spreads with a modest commission, or a casual trader who wants to take advantage of new, competitive standard spreads? LK: FXDD offers a comprehensive array of trading tools, platforms and customer support because we want to accommodate all strategies, regardless of account size. TEU
LICENSING STATEMENT: FXDD Malta Limited is licensed to provide investment services by the Malta Financial Services Authority. Registered Office; K2, First Floor, Forni Complex, Valletta Waterfront, Floriana FRN 1913, Malta. HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. All rights reserved | Copyrighted
Editor’s Note Mr. Kaneti has been with FXDD since 2004, initially as VP of Operations and then as COO. He was instrumental to the set up of FXDD Malta in 2010. Mr. Kaneti is a tech savvy executive with extensive experience in trading technology, operations, risk, compliance e-commerce and marketing. He has more than 20 years of overall experience in the financial services industry and has previously held positions as Treasurer, CFO and CEO in brokerages in Eastern Europe.
February 2014 | THE ECONOMIC UPDATE
Integrated knowledge-based solutions for 21st Century enterprises and initiatives
A collaborative platform for Integrated multi-disciplinary professional services
Knowledge development and thought leadership, integrating science, the arts and commerce
Pro-active application of knowledge to societal issues, with active incubation management of concept-to-project processes
TAP Knowledge Network is a collaborative platform for independent professional services providers to: - Offer more integrated and comprehensive solutions through multi-disciplinary collaboration - Support each other in a non-exclusive manner, by making available their own expertise - Develop collaborative knowledge-based initiatives that assist in the development of a knowledge society on an EU-wide basis and beyond - Share management support resources as well as facilities
A Tower Business Centre, Level 1/Suite 5, Tower Street, Swatar, BKR 4013, MALTA
T +356 2549 6000 E email@example.com
The TAP Knowledge neTworK: ProfessionAls commiTTed To Knowledge develoPmenT & mulTi-disciPlinAry collAborATion By Dr. Tonio Fenech, Chairman, The TAP Knowledge Network
In a world where the requirements of and for professional services are becoming simultaneously more complex, borderless and specialised, there is an increasing need to provide solutions that are responsive, highly tailored and yet tightly integrated across domain expertise, industry and geography.
The TAP Knowledge Network (www.tapknowledge.net) is a developing peer network of independent service providers offering integrated professional services solutions on an EU-wide basis and beyond through an open-architecture collaborative working system. The Network members are committed to nurturing knowledge-based initiatives that assist in the development of a knowledge society as whole. The business model they have developed is built around structured collaboration among independent centres of expertise with a common infrastructural platform, favouring integrated solution capabilities, while minimising cost-driven pressures on fees which are typically a necessary corollary to maintaining independent support infrastructures. The system has been designed to ensure flexibility, but without losing the economies of scale brought by concerted action. Each centre of expertise thus inter-acts with the market as an independent professional services organisation, but enriched by a multi-layered and multi-disciplinary support infrastructure.
Network objectives ceNtres of expertise TAP-K Network members believe that they share a responsibility to contribute to the development of a smarter, more sustainable and inclusive global society through the integrated application of specialist knowledge. They have designed three broad Objectives for the Network: 1. To develop fora for regular knowledge sharing and development, as well as life-long education, targeted both within and outside the network; 2. To encourage more integrated approaches to professional services, by creating a platform for members to share their own knowledge, as well as tap into the knowledge potential of other professional disciplines, in a structured and collaborative manner;
3. To seek out, develop and implement projects and initiatives that further the pursuit of these objectives, and encourage its members to form sub-groupings for the development of project-driven integrated knowledge solutions under the banner of the network as a whole. Membership is by invitation and presently includes centres of expertise in three broad areas of professional discipline, being: Corporate: comprising legal, accounting, fiduciary and corporate services, management consulting, corporate and project finance, including specific expertise in the area of EU funding programs, as well as project organisation, handling and management support. Also included are specialist outsourcing services for office infrastructure and management resources; Technology & Communication: comprising expertise in ICT integration, including business intelligence and CRM systems, social media integration as well as marketing and communication strategies; Modern Living: comprising expertise in property procurement, relocation and yachting services;
coNclusioN The business model adopted by the TAP-Knowledge Network is becoming a centre of attraction, both for professionals who prefer an independent pursuit for agility and adaptability, as well as for organisations who are determined to thrive in a globalized economy and who require integrated approaches from their advisors. What is common between them is a recognition of the advantages to be gained from leveraging off a collaborative multi-disciplinary platform for seamless integrated solutions....where the whole can truly be greater than the sum of its parts. TEU
February 2014 | THE ECONOMIC UPDATE
Libya sees RetaiL bo om The Financial Times reports that an explosion of small shops and businesses in Libya has been accompanied by a jump in construction across the country, even in some of its poorest and most neglected areas — “It is fuelled by increased public sector salaries and 40 years of pent-up demand for western brands and accoutrements.”
Libyan consumers are savouring a flood of new products, services and brands and are buying, building and travelling like rarely before. New restaurants, especially those set up by Turkish or Syrian entrepreneurs, have flourished even in remote cities, where going out for “Turkish” food has become a staple of nightlife. Nevertheless, a western diplomat in Tripoli commented, “There’s an awful lot of Gaddafi laws on the books … We’re still getting a flood of businesspeople and governments having a hard time getting paid for their work.” And a Canadian-Libyan restaurant owner said, “There’s no punishment for not showing up to work here … They’re used to getting salaries for doing nothing. When you need technical or design work you need foreigners to execute it. If I need cooks or labourers, I bring them from certain countries.” TEU
Motherwell Bridge to represent hoffMann group Motherwell Bridge has been appointed official Malta and Libya representative for German tool supplier Hoffmann Group.
The Hoffmann proposition brings superior German quality to the Maltese and Libyan supply chain markets. As a system partner, Hoffmann lends its trading, manufacturing and service competences to business clients in all industries. Hoffmann Group combines 55,000 quality tools of the world’s best suppliers in one catalogue and also develops its own premium brand Garant and its quality brand Holex. The printed and digital catalogue features everything from hand and assembly tools to workstations, storage and workshop accessories. Products are dispatched from Europe’s largest logistic centre in Nuremberg which boasts 36,000 square metres of warehousing, operating under a zero error strategy. Orders from the European Union are handled within 48 hours. Hoffmann Group also offers a comprehensive service including professional regrinding, coating and calibration. Motherwell Bridge managing director Tony Mallia said, “This representation agreement with Hoffmann, a leader in the supply chain industry, is in line with Motherwell Bridge’s strategy to pursue diversification in engineering … In all areas of our business we strive to provide clients with premium quality solutions. Hoffmann fits this mission.” TEU
CORINTHIA HOTEL TRIPOLI Where a good company meets a good business Conveniently located just 25 minutes from Tripoli International Airport and right in the heart of the business districtE Corinthia Hotel Tripoli is perfectly situated for the global traveller. Other hotel services include: Spacious Rooms and Suites with 42STVVsE Media Hub and miniFbars Business centre Meeting and Events facilities Free WiFFi Airport transfers Car park facilities
Private Sector invited to create BuS SyStem The Ministry of Transport has invited the private sector to participate in establishing a public bus system in Libya. Abdulrizag Al-Houd, Deputy Transport Minister for Roads and Land Transport, told the Tripoli Chamber of Commerce that it was very important that there is “an introduction of a public transport culture” that has been missing in Libya for decades. He added that in many other countries the private sector invested in public transport, and there was no reason why this could not be replicated in Libya.His Ministry is proposing a pilot project of a public bus system in one of Libya’s cities. The Minister noted that if Libya was to host the 2017 African Cup, a public bus system would be required. TEU
Source: Libya Herald
Tender: Judicial Training and curriculum developmenT UNDP Libya is working with the High Judicial Council and the High Judicial Institute in Libya to conduct training for a total of 900 judges in Tripoli, Al Zawiya, Misrata, and Al Khoms. This initiative will also support the High Judicial Institute in its updating the induction course curriculum; the development of a comprehensive continuing legal education program for judicial and clerical staff. In support of this objective, we are currently looking for a commercial or nonprofit entity to provide judicial training, as well as to strengthen the capacity of the High Judicial Council to design, deliver and maintain staff development curricula.
For the judicial training component, the project will mobilize Arabic speaking trainers to deliver a number of training sessions on different topics to the Libyan judiciary. This will include induction training for 300 newly appointed judges, and CLE training for 600 sitting judges. For the capacity building components, the project will support the High Judicial Institute in developing the skills and expertise needed to assess staff training needs and to use that information to design and deliver appropriate continuing education opportunities for both judicial and clerical staff. There are five activities involved in this scope of work: 1. Induction training for 300 newly appointed judges in Tripoli; 2. Continuing Legal Education (CLE) training 600 sitting judges in Tripoli, Zawiya, Misrata, and Al-Khoms; 3. Developing a Continuing Legal Education (CLE) curriculum for sitting judges; 4. Revising and updating the induction course curriculum for newly appointed judges; 5. Developing a training curriculum for clerical and other support staff. TEU
Tax Break for MalTa’s liByan Ceos Malta Today reports that the bosses of Libyan companies operating in Malta will not be paying any income tax in 2013. According to the report, the then Maltese Finance Minister, Tonio Fenech, decreed in February 2013 that various Libyan directors and managers employed in Maltese-owned companies are to be exempted from income tax. The exemption applies to officials of the Libyan Foreign Investment Authority (LAFICO) who were seconded to companies in which LAFICO has a shareholding, such as Corinthia Hotels International, Golden Tulip Vivaldi Hotel, LAMHCO, Medavia, Mediterranean Power Electric (a joint venture between Libya, Malta and Britain’s Hawker Siddeley), Medelec Switchgear (a joint venture between LAFICO, Malta, Alstom Grid and Schneider Electric), and Universal Inspectorate and Services. TEU
Source: Malta Today
A whole horizon of opportunity in libyA By Liana Cachia, Marketing Manager
GOODS Offshore Libya has always provided opportunities for the Oil and Gas industries within the Libya basin for Malta based logistics services. Thomas Smith has been active as logistics provider and also as port agent in Libyan ports, and continues to be, supporting Malta’s role as a logistics hub in the Mediterranean.
Similarly, the world’s largest container shipping line, Maersk Line, sees Malta as a Mediterranean hub for transhipment with Libya as a priority destination. With direct links in major ports worldwide, Maersk Line has opened the door to a world of opportunities – and direct routes to Libya are made possible at fast transit times through Seago Line, its regional shipping company for Europe and the Mediterranean. Two services depart from Malta weekly to Benghazi, Misuratah, Al Khoms and Sfax ports, strengthening Malta’s business relationship with the Libyan market. Malta became a key player given its geographical position following the move of all central Mediterranean transhipments from the port of Gioia Tauro (Italy), to the Malta Freeport. This was further strengthened, amid upheaval in Port Said as a result of the civil unrest in Egypt. Post revolution, Thomas Smith took the initiative to engage a Maltese permanent representative in Libya from its own work force, whose scope is primarily to coordinate all sub-agents’ and clients’ logistical operations, as well as seek new opportunities. Services include, but are not limited to, courier, air freight movements, sea freight and road freight, haulage, customs clearance, processing of documentation, and a European approach coordinating full destination services. TEU
HINA? C LIBYA?
Contact Thomas Smith on
2205 8888 firstname.lastname@example.org
If you would like to find out how Thomas Smith can assist you in Libya, email email@example.com or contact us on 2205 8134. Thomas Smith is a group of companies offering a diversified portfolio of services in international shipping and logistics - with operations in Malta, Libya, Algeria and Tunisia - and insurance.
February 2014 | THE ECONOMIC UPDATE
Managing Security By Major John Schembri
TEU: In your opinion, what are the main risk issues relating to Oil & Gas? JS: This is a huge question to answer in short. First and foremost one has to narrow its scope; for our purposes we shall limit the discussion to operational risk. One has to bear in mind two factors. First, O&G operations, by their nature, carry significant risks. Second; O&G operations are frequently conducted in extremely difficult environments. Sites may be remote, or fall within troubled or even failing states. Cultural diversities and the surrounding political environments may add considerable burdens to these challenges. So it really is a broad spectrum of risks that have to be managed at the strategic and operational levels. Typically these risks can be summarised under health and safety, environmental, emergency response and crisis management, security and business continuity. TEU: Can you elaborate on the security aspect and how it impacts on the business perspective? JS: Very interesting question; there is no doubt that managing security within O&G can be a considerable burden. For a start, the industry has had to rely on a faulty model. The fit between operations and security is highly imperfect. Competent security managers suitably trained to execute the role whilst fitting into the overall business structures are uncommon. Security solutions are very costly and 12 |
proliferate on the market with a speed that makes it difficult for businesses to keep up with. The (layers of) countermeasures required to effectively securitise operations can require considerable investment, with little visible return on investment. Standardisation of security within Oil & Gas remains beyond the visible horizon and the industry as a whole lags behind its aviation, maritime and supply chain counterparts in this regard. All of these factors contribute to a generally highly expensive, ill-fitting and little in valueadding performance. This may sound as a very pessimistic scenario, but it is the reality within the industry today. TEU: How does SHIELD tackle such considerable challenges? JS: We at SHIELD approach the whole situation differently. For a start you have to keep in mind that we are risk management specialists, so we essentially view security risk from multiple angles. For instance, rather than suggesting costly solutions outright, our default mindset is to evaluate the specific situation analytically, taking into account also factors such as costbenefits, sustainability, compliance and future-proofing. In other words, SHIELD utilises a systemic approach and we are sensitive to our clientsâ€™ needs and business realities. We are very agile from a business point of view and have also created our very own security risk management model that is highly innovative, adaptable
and resilient. In a nutshell, we manage to obtain a much closer fit-in with our clientsâ€™ business needs, which breeds confidence in our clients that we deliver on our promises, very cost- effectively. TEU: What lies ahead for security in O&G? JS: Risk management is what lies ahead. Security on its own makes little sense and places too many limitations, constraints and restraints on the business overall. The O&G industry is highly attuned to risk management and is very good at continuously seeking ways of managing risk that are sustainable, cost-effective and actually add value. We only have to examine the enormous improvements in health and safety and process safety over the past thirty years or so to realise that the O&G can learn and adapt in managing risk effectively. The security challenge must now be embraced in a sustainable, business-friendly manner. SHIELD stands ready to deliver and contribute. TEU
All Rights Reserved
Editorâ€™s Note John is a founding partner and Managing Director at SHIELD CONSULTANTS Ltd. He holds a Master of Science degree in security risk management from Leicester University and specialises in creating innovative solutions and implementing security management systems.
St! e B e h t h it w S r e n t r Pa
29/5, roeBuck ManSionS Fort road, MoSta MSt 1853, MaLta teL. +356 21 331136 , +356 27 331136 LiBya oFFice: +218-91-6878312 MoB. +356 9947 7408, +356 9942 6218 Fax. +356 21 341595 eMaiL: firstname.lastname@example.org SkyPe: srservicesmalta
LIBYA IT IT LIBYA
celebrating 20 years of private education EF MALTA - CELEBRATING 20 YEARS OF TEACHING ENGLISH
outside school outside school
school facade school facade
EF Malta celebrates 20 Years of Teaching English this year. EF Malta celebrates 20 Years of Teaching English this year. EF is the world`s largest Private educational company. In a EF is the world`s largest Private educational company. In world that is increasingly complex and interdependent, a world that is increasingly complex and interdependent, cross-cultural communication and understanding are vital to cross-cultural communication and understanding are vital to long term success long term success. Welcoming participants from over 100 countries to learn a Welcoming participants from over 100 countries to learn language where it is natively spoken, EF offers sevena language where it is natively EF offers seven languages languages to choose from:spoken, English, Spanish, French, to choose from:Chinese English, and Spanish, French, Students German, Italian, German,Italian, Japanese. attend Chinese and Japanese. Students attend lessons at EF`s own lessons at EF`s own schools and campuses. Courses run from schools and campuses. Courses run from two to 52 weeks two to 52 weeks for students of any ability and are available for all students year long. of any ability and are available all year long. EF`s academic programs provide flexibility and EF`s courses coursesand and academic programs provide flexibility personalization to cater individual language learninglearning needs and personalization toto cater to individual language and goals. also EF offers and career-focuses lessons needs andEF goals. alsoacademic offers academic and career-focused for various andstudy professional fields. fields. lessons forstudy various and professional "Our teachers are at the heart of everything we do" is a “Our teachers are at the heart of everything we do” is a statement that EF around the world firmly believes in . With statement that EF around the world firmly believes in . With a highly qualified team of people that has a “can do” attitude, a highly qualified team of people that has a “can do” attitude, EF Malta`s team is the secret to their success EF Malta`s team is the secret to their success. As cross-culturalcommunication communication and understanding As cross-cultural and understanding become become more vital to long-term success, EF`s mission more vital to long-term success, EF`s mission statement is more statement is more than ever:the“to break ofdown the relevant than ever:relevant “to break down barriers language, barriers of language, culture and geography that divide us “ culture and geography that divide us.” EF`s educational EF`s educational programmes enable everyone to make the programmes enable everyone to make the world their classroom. world their classroom. Just aa short away, EF inEF Malta offercan youoffer a professional Just shortflight flight away, in can Malta you a English Language course that may change your life. Courses professional English Language course that may change your for adults arefor available Mondayevery of the year. Teenager life. Courses adults every are available Monday of the Summer coursesSummer are available from to August. year. Teenager courses areJuly available fromOnce July you to finish your course, you too can become an English Speaking August. Once you finish your course, you too can become an Ambassador for EF International English Speaking Ambassador Language for EF School. International Language School
Just a short flight at a short Just a short flight away, EF in Malta can offer you a professional English Language course that may change your life. Courses for adults are available every Monday of the year. T
دورات اﻟﻠﻐﺔ اﻹﻧﺠﻠﯿﺰﯾﺔ ﻓﻲ ﻣﺎﻟﻄﺎ وﻧﺤﻦ.ﻣﺪرﺳﺔ اي اف اﻟﺪوﻟﯿﺔ ﻟﻠﻐﺔ ﺳﺎﻧﺖ ﺟﻮﻟﯿﺎﻧﺰ ﻓﻲ ﻣﺎﻟﻄﺎ ﻣﺘﺨﺼﺼﺔ ﻓﻲ ﺗﻌﻠﯿﻢ اﻟﻠﻐﺔ اﻹﻧﺠﻠﯿﺰﯾﺔ ﺗﻌﻘﺪ اﻟﺪروس ﻟﺪﯾﻨﺎ ﻓﻲ. ﻛﻤﺪرﺳﺔ ﻧﻔﺘﺨﺮ ﺑﺘﻤﺘﻌﻨﺎ ﺑﺎﻟﺠﻮدة واﻟﺴﻤﻌﺔ اﻟﻌﺎﻟﻤﯿﺔ ﻓﻲ ﺗﻌﻠﯿﻢ اﻟﻠﻐﺔ اﻻﻧﺠﻠﯿﺰﯾﺔ ﻓﺼﻮل دراﺳﯿﺔ ﻣﻜﯿﻔﺔ وﻟﺪﯾﻨﺎ ﻓﺮﯾﻖ ﻣﻦ اﻟﻤﻌﻠﻤﯿﻦ اﻟﻤﺆھﻠﯿﻦ ﺗﺄھﯿﻼ ًﻋﺎﻟﯿﺎً ﻟﺘﺴﮭﯿﻞ ﺗﻌﻠﯿﻢ اﻟﻄﻼب ﻋﻦ ﻃﺮﯾﻖ اﻟﻤﺪرﺳﺔ ﺗﻌﺘﺒﺮ أﯾﻀﺎً ﻣﺮﻛﺰ. ™ EFEKTA ﻣﻨﮭﺞ ﺧﺎص ﺑﺈي أف وﻧﻈﺎم اﻟﺘﺪرﯾﺐ ﻋﺒﺮ اﻻﻧﺘﺮﻧﺖ . ﻻﻣﺘﺤﺎﻧﺎت ﻛﻤﺒﺮﯾﺪج ﻟﻠﻐﺔ اﻹﻧﺠﻠﯿﺰﯾﺔ واﻟﺪورات ﺗﺒﺪأ ﻛﻞ ﯾﻮم اﺛﻨﯿﻦ ﻋﻠﻰ ﻣﺪار اﻟﺴﻨﺔ :ﻟﺪﯾﻨﺎ ﻣﺠﻤﻮﻋﺔ ﻣﺘﻨﻮﻋﺔ ﻣﻦ اﻟﺪورات ﻣﻨﮭﺎ ﻓﺄﻛﺜﺮ25 « اﻟﺪورات اﻟﻤﮭﻨﯿﺔ اﻟﻔﺮدﯾﺔ ﻟﻠﺒﺎﻟﻐﯿﻦ « دورة اي اف ﻓﻲ ادارة اﻷﻋﻤﺎل « اﻟﺪورات اﻟﻔﺮدﯾﺔ واﺣﺪ ﻟﻮاﺣﺪ ﻓﺄﻛﺜﺮ50 « اﻟﺪورات ﻟﻠﺒﺎﻟﻐﯿﻦ ً ﺷﮭﺮا6/9/11 « ﺑﺮاﻣﺞ اي اف اﻷﻛﺎدﯾﻤﯿﺔ و اﻟﺘﻲ ﻣﺪﺗﮭﺎ ﻓﺄﻛﺜﺮ17 دورات ﻟﻠﺒﺎﻟﻐﯿﻦ,« اﻟﺪورات اﻟﻔﺮدﯾﺔ ﻟﻠﻜﺒﺎر
:ﻣﻤﯿﺰات اﻟﺒﺮﻧﺎﻣﺞ «اﺑﺪأ اﻟﺪراﺳﺔ أي ﯾﻮم اﺛﻨﯿﻦ ﻋﻠﻰ ﻣﺪار اﻟﺴﻨﺔ أﺳﺒﻮع52 اﻟﻰ2 « أدرس ﻓﻲ اﻟﺨﺎرج ﻟﻤﺪة ﺗﺘﺮاوح ﻣﺎ ﺑﯿﻦ اﻟﺘﻘﺪم ﻣﻀﻤﻮن, أﺳﺎﺑﯿﻊ6 «ﺗﻘﺪم ﻣﺴﺘﻮى ﻓﻲ اﻟﻠﻐﺔ ﻛﻞ دوﻟﺔ ﻣﺨﺘﻠﻔﺔ100 «ﺗﻌﻠﻢ واﺳﺘﻜﺸﻒ ﻣﻊ أﺻﺪﻗﺎء ﻣﻦ ﺧﯿﺎرات اﻟﺴﻜﻦ اﻟﻤﺘﺎﺣﺔ ﻋﻮاﺋﻞ إي أف اﻟﻤﻀﯿﻔﺔ اﻛﺘﺴﺐ ﻧﻈﺮة.اﺣﺼﻞ ﻋﻠﻰ أﻗﺼﻰ ﺗﺒﺎدل ﺛﻘﺎﻓﻲ ﻣﻦ ﺧﻼل اﻟﻌﯿﺶ ﻣﻊ اﻟﻨﺎﻃﻘﯿﻦ ﺑﮭﺎ ﻓﻲ ﻣﻨﺰل ﺧﺎص . واﻟﺘﻘﻂ ﺗﻌﺎﺑﯿﺮ ﺑﺴﮭﻮﻟﺔ و ﺑﺬﻟﻚ ﺳﺘﻌﻮد اﻟﻰ اﻟﻮﻃﻦ ﺑﻠﮭﺠﺔ أﻛﺜﺮ واﻗﻌﯿﺔ،ﺛﺎﻗﺒﺔ ﻓﻲ اﻟﺜﻘﺎﻓﺔ اﻟﻤﺤﻠﯿﺔ وﺟﻤﯿﻊ اﻟﻮﺟﺒﺎت،ﺳﺘﺤﻈﻲ ﺑﺎﻻﺳﺘﻤﺘﺎع ﺑﻮﺟﺒﺔ اﻹﻓﻄﺎر واﻟﻌﺸﺎء ﻣﻊ اﻟﻌﺎﺋﻠﺔ اﻟﻤﻀﯿﻔﺔ ﻓﻲ أﯾﺎم اﻷﺳﺒﻮع ﻓﻲ ﻋﻄﻠﺔ ﻧﮭﺎﯾﺔ اﻷﺳﺒﻮع ﺳﻜﻦ ﻃﻼب إي أف اﺳﺘﻤﺘﻊ ﺑﺴﮭﻮﻟﺔ اﻟﻮﺻﻮل إﻟﻰ. دوﻟﺔ ﻣﺨﺘﻠﻔﺔ100 ﻗﻢ ﻓﻲ ﻗﻠﺐ اﻟﻤﺪﯾﻨﺔ ﻣﻊ ﻃﻼب إي أف ﻣﻦ أﻛﺜﺮ ﻣﻦ . وﻛﺬﻟﻚ اﻟﺘﺴﻮق ﻓﻲ اﻟﻤﺪﯾﻨﺔ واﻟﻤﻄﺎﻋﻢ واﻟﻤﺮاﻓﻖ اﻟﺮﯾﺎﺿﯿﺔ- اﻟﻤﺪرﺳﺔ ﻋﻦ ﻃﺮﯾﻖ وﺳﺎﺋﻞ اﻟﻨﻘﻞ اﻟﻌﺎم TEU وﻟﻜﻦ ﻏﺎﻟﺒﺎً ﻣﺎ ﺗﻘﺪم ﺧﺪﻣﺔ اﻟﻮاي ﻓﺎي و ﺧﺪﻣﺔ ﺗﺨﻄﯿﻂ اﻟﻮﺟﺒﺎت اﻟﻐﺪاﺋﯿﺔ،ﺗﺨﺘﻠﻒ اﻟﻤﺴﺎﻛﻦ TEUTU
EF I er
16 | 16 |
ge tio ANNIVERSARY n al L angua
n al L angua
اي اف ﻣﺎﻟﻄﺎ 0035625702000 :اﻟﮭﺎﺗﻒ email@example.com :اﻟﺒﺮﯾﺪ اﻻﻟﻜﺘﺮوﻧﻲ www.ef.com/maltaschool
اي اف ﻟﯿﺒﯿﺎ 00218217118888:اﻟﮭﺎﺗﻒ EFLibya@EF.com:اﻟﺒﺮﯾﺪ اﻻﻟﻜﺘﺮوﻧﻲ www.ef.com/maltaschool
English Language Courses EF International Language School St.Julians` Malta specializes in English Language Training. We pride ourselves as a Quality school and enjoy a very high reputation as the worlds` leader in Language learning. Lessons are held in our air-conditioned classrooms and our team of highly qualified teachers bring the English language to life with EF`s own books and online training system EFEKTAâ„˘. Our school is also an Exam Centre for Cambridge English AND Courses. start every Monday all year round. We have a variety of Courses from which to choose: > Professional Individual Courses for the +25 age group > EF Business Course > One-to-One Lessons > Communicative Age +50 course > EF Academic Year program 6 / 9 / 11 months > Adult Individual courses for the + 17 age group As part of our services, we also provide EF official residences and Host Families where students may reside whilst studying here in Malta EF Malta School Email: firstname.lastname@example.org Phone : + 35625702000 www.ef.com/maltaschool
EF Libya Office Phone: + 2180217118888 Email: EFLibya@EF.com www.ef.com/maltaschool
n al L angua
History Libyan -MaLtese reLations
During the Mintoff years following the independence of Malta, Libya had loaned several million dollars to Malta to make up for the loss of rental income which followed the closure of British military bases in Malta; These closer ties with Libya meant a dramatic new (but short-lived) development in Maltese foreign policy: Western media reported that Malta appeared to be turning its back on NATO, the UK, and Europe generally.
History books were published that began to spread the idea of a disconnection between the Italian and Catholic populations, and instead tried to promote the theory of closer cultural and ethnic ties with North Africa. This new development was noted by Boissevain in 1991: “...the Labour government broke off relations with NATO and sought links with the Arab world. After 900 years of being linked to Europe, Malta began to look southward. Muslims, still remembered in folklore for savage pirate attacks, were redefined as blood brothers.” The Saipem incidenT (1980) In 1980 an oil rig of the Italian company Saipem commissioned by Texaco to drill on behalf of the Maltese government 68 nautical miles south-east of Malta had to stop operations after being threatened by a Libyan gunboat. Both Malta and Libya claimed economic rights to the area and this incident raised tensions. The matter was referred to the International Court of Justice in 1982 but the court’s ruling in 1985 dealt only with the delineation of a small part of the contested territory. improving relaTionS (1982-87) Malta and Libya had entered into a Friendship and Cooperation Treaty, in response to repeated overtures by Gaddafi for a closer, more formal union between the two countries; and, for a brief
period, Arabic had become a compulsory subject in Maltese secondary schools. Following the termination of the Mintoff and Mifsud-Bonnici governments, Malta retained its excellent relations with Libya. Relations cooled in 2005 following the assassination in Malta of Fathi Shaqaqi, presumably by the Mossad, but relations were later normalised. During the Libya civil war in 2011, Malta coordinated the evacuation of tens of thousands of foreign workers who got caught up in the conflict; Malta played a lesser role in the later international intervention in the conflict. relaTionS conTinue afTer gaddafi’S era Following the overthrow of Libya’s Muammar Gaddafi, relations have continued to strengthen from both parts. The Maltese Government in collaboration with MCAST has offered scholarships to Libyan students. Discussions on Illegal Migrations also have been undergoing. On September 2013, a deal was struck for Malta to procure crude oil, refined oil, jet fuel and LPG at a fixed price. Malta will also help Libya in transport and civil aviation. The Libyan government was keen on improving links between the two countries including oil and gas, education, including a rehabilitation of the Ta’ Giorni Institute, and other aspects. TEU
OUT EVERY QUARTER 2014 CALENDAR DATES: FEBRUARY/ MAY/ JULY/ OCTOBER For magazine advertising and booking enquiries please contact: email@example.com or call on (+356) 9940 6743
Realtime Track any objects in realtime
Bulk Detection Scan multiple items in one click of a button
Secure Unique identification is guaranteed
Robust Tags can withstand a harsh environment
Call us now for more information on:
VIP InterVIew of the Month
From the strand to the senate By Lizzie Davies
The creator of the Pompidou and the Shard is used to being ‘attacked by builders’. But will he be able to hold his own in the bearpit of Italian politics? Lizzy Davies meets senatore Renzo Piano.
Renzo Piano has a new honorific and the very sound of it makes him guffaw incredulously, his laugh echoing around the lofty ceilings of his grand office in Rome’s 16th-century Palazzo Giustiniani. In his native Italy, the man who designed London’s Shard, co-created Paris’s Pompidou, brought the New York Times skyscraper to Manhattan and Kansai airport to Japan is no longer addressed simply as architetto. He is senatore, too – and, for that matter, a senator for life. “I still prefer architect,” he admits, chuckling. “Not because I don’t like senatore. It’s a great honour. I’m just surprised.” Appointed by the president for their “outstanding patriotic merits,” Italian life senators of the past have included such towering figures as seven-time Prime Minister Giulio Andreotti and Fiat boss Giovanni Agnelli. Many have been former presidents. When Piano, who is a debonair 76, got the call late last summer in the back of a New York cab, his immediate reaction was an endearing, almost indignant, disbelief. “I said, ‘But I’m too young for this!’ And he [President Giorgio Napolitano] said, ‘No, you’re not.” Several months on, Piano appears still to be grappling with the idea that he – the son of a builder from Genoa, the architectural rebel who came of age in restive 1960s Milan – is now a fully paid-up member of the establishment. Gallingly, the elevation has also exposed him to the mirth of his old friend Richard Rogers, whose own life peerage he had previously enjoyed teasing. “Now he is making the same joke with me,” he smiles. “We were young ‘bad boys’ only some years ago. Now we are finding ourselves like wise old men.” What does a wise old man do, then, when he finds himself transformed into a senior political figure and recipient of an additional net salary of €170,000 per year? In Piano’s case, the answer is clear, and he has 20 |
wasted no time in setting it in motion. He is using all the money to employ a different group of young people every year – and, with their help, is leading a project that will prove his long-standing belief that “architecture is by definition a political job.” Piano, who is conscious of having grown up in a generation that fought to preserve Italy’s exquisite historical town centres from the bulldozing zeal of modernisers, is grateful that crucial battle was waged and – to a certain extent – won. Now, though, he wants to turn his attention to the less lovely parts of Il Bel Paese, far from the Colosseum and the Rialto Bridge: the suburbs. For a man who is already working on a new Palais de Justice on the northern edge of Paris and a campus for Columbia University in Harlem, it feels a natural progression. Piano has always believed that architecture is a kind of “civic poetry”. What I want to do with these young people is to build the beauty of tomorrow, to say, ‘Can we transform the peripheries?
“I’m very happy about the beauty that was given to us by our ancestors,” he says. “But that’s by them. What I want to do with these young people is to build the beauty of tomorrow, to say, ‘Can we transform the peripheries?’” He already has his six employees for 2014: three men and three women, all Italians under 40, who responded to an ad Piano’s team placed anonymously to avoid publicity. It feels, he says, as if he is embarking on a marathon. But he has the rest of his days to get it done. “I don’t know how long my life will be, but this is what I have in mind,” he says. “Thank you for giving us such a beautiful country – but let’s try now to transform what is not beautiful.” Born in 1937 in Pegli, on the western outskirts of Genoa, Piano lives a firmly international existence. He graduated from Milan’s
VIP INTErVIEw Of THE MONTH
The Valletta Rehabilitation Project
Politecnico university in 1964 but left the country soon after to wreak havoc on the unsuspecting citizens of Paris, London and beyond. Now, his legacy is writ large in structures across the globe – from the California Academy of Sciences in San Francisco to the Parco della Musica complex in Rome, and the Potsdamer Platz development in Berlin. His base is in Paris, with his wife, Milly, and their teenage son, but he travels widely and his firm, the Renzo Piano Building Workshop, has around 150 employees and offices in the French capital, Genoa and New York. (He also has three grown-up children from his previous marriage.) The gravity of his new role in Rome, however, appears to have struck Piano forcefully and, inevitably, has redirected a lot of his attention back home. When he was taken to see his senate seat for the first time last year (and reminded that, while others were occupied on a transitory basis, his was for life), he “got that sense of pride. It’s not personal pride, it’s not national pride – it’s more like institutional pride.” And just in case he hadn’t intimidated himself enough, he took a trip to the Roman Forum to inspect the senate building where votes were won and lost in Julius Caesar’s day. “It’s a long story,” he says thoughtfully. “You feel part of that.” Some might say the senate that sits in Rome today suffers by comparison with its ancient equivalent: Italy’s contemporary political debate is often drowned in invective and inglorious spats, a fact Piano experienced firsthand when he arrived to vote for the first time – on the day of Silvio Berlusconi’s dramatic expulsion from the senate in November. The billionaire former prime minister’s henchmen launched an attack on him for choosing that day for his debut. “I am used to being attacked by builders who don’t like my work,” Piano reportedly quipped, adding that he found being targeted by Sandro Bondi and Maurizio Gasparri, two of Berlusconi’s allies, “sublime, pure bliss.” Piano is far more interested in examining how to “refertilise” the suburbs than attending every vote or immersing himself in Italy’s fraught and frequently farcical party political scene. Moreover, he says, eyes glinting through spectacles, “It’s the only thing I’m quite good at.” One idea would be to give the suburbs more public buildings – structures that, in Italy’s fragile terrain, are seismically safe as well as green and civic-spirited.
Although many want him to declare his political colours, Piano claims to be “independent but not indifferent.” When news of his appointment first spread, he was hailed by some as a Grillino – a supporter of ex-comedian Beppe Grillo’s rambunctious Five Star Movement. Incidentally, it was Grillo, Piano’s old friend, who started the rumour that the Pritzker prize winner had dreamed up the idea of the Shard from a wedge of parmesan the pair had once eaten at dinner. “He went to sell the English a piece of cheese!” he said. “He’s a real genius.” Piano’s periferie project goes beyond party divides – and is, many would argue, rather nobler in its own quiet way than much of the fudged policy-making and furious rhetoric that passes for politics in 21st-century Italy. “This is not left or right or Grillo,” says Piano. “This is reality. The reality of a beautiful country that must be defended.” TEU
All Rights Reserved/Copyrighted Courtesy of The Guardian / TIP
Editor’s Note Renzo Piano was born in Genoa in 1937 into a family of builders. He developed strong attachments with this historic city and port and with his father’s profession. While studying at Politecnico of Milan University, he worked in the office of Franco Albini. After graduating in 1964, he started experimenting with light, mobile, temporary structures. Between 1965 and 1970, he went on a number of trips to discover Great Britain and the United States. In 1971, he set up the “Piano & Rogers” office in London together with Richard Rogers, with whom he won the competition for the Centre Pompidou. He subsequently moved to Paris. From the early 1970s to the 1990s, he worked with the engineer Peter Rice, sharing the Atelier Piano & Rice from 1977 to 1981. In 1981, the“Renzo Piano Building Workshop” was established, with 150 staff and offices in Paris, Genoa, and New York. He has received numerous awards and recognitions among which: the Golden Compass Award in Milan (1981), the Royal Gold Medal at the RIBA in London (1989), the Kyoto Prize in Kyoto, Japan (1990), the Neutral Prize in Pomona, California (1991), the Goodwill Ambassador of UNESCO (1994), the Praemium Imperiale in Tokyo, Japan (1995), the Erasmus Prize in Amsterdam (1995), the Pritzker Architecture Prize at the White House in Washington (1998), the Leone d’oro alla carriera in Venice (2000), the Gold Medal of Italian architecture in Milan (2003), the Gold Medal AIA in Washington,(2008) and the Sonning Prize in Copenhagen (2009). Since 2004 he has also been working for the Renzo Piano Foundation, a non-profit organization dedicated to the promotion of the architectural profession through educational programs and educational activities. The new headquarters was established in Punta Nave (Genoa), in June 2008.
February 2014 | THE ECONOMIC UPDATE
Part 1 By Martin Vella
TEU: When you see lack of respect vis-a-vis law abiding citizens, rampant law-breaking and chaos around us, can you mention an example of the human dimension in the Police Force? PPZ: When you are young you experience the most beautiful moments whereby later on in life they prove to be a stamp, a seal on your future. Our annual Christmas party, forming part of our various activities bringing together the children and wives of the members of our Police Force, is one such event showcasing the human element. Today, with over 2,000 active members we organise it at the University, as it has to cater for around 3,000 children, and it is a unique event as it demonstrates the camaraderie and cohesion which exists within the Police Force. In a way this is an extended family, a big family, and you cannot possibly meet them all, but you encounter them in different circumstances, in joyful and in sad moments, at work, and beyond. At least my philosophy is simple - the person is the sum total of his past experience – you are who you are from what you have been through and what you are living at present – you cannot leave part of the equation out. A person is not a computer which you can switch on/off- it’s like a Maltese minsetra with a lot of emotions and situations, making us who we are today. And this is always a vibrant situation. TEU: Does this allow you time with your family?
July 12th 2014 will mark the 200th anniversary since the Police Force was set up in Malta. The Economic Update has earned an across-the-board interview with the Commissioner of Police Peter Paul Zammit that is sure to rile his critics. The police chief of Malta, has proved to be one of the most competent legal procurators to take over the reins of the Malta Police. Regarded as a no-nonsense officer, the Commissioner’s controversial appointment has been one of Joseph Muscat’s criticised decisions. He is probably the first police commissioner who does not wear his arrogance on his sleeve. So let’s see how the new Police Chief perseveres and how he fares when running into rough weather in our first cut of a three-part special interview. 22 |
PPZ: During the past nine months, my average working time revolved approximately sixteen hours a day and there were days that literally took a full circle of 24 hours. There is no provision of what can or will happen. Obviously, the criminal will not be warning you when he strikes, incidents happen haphazardly, and problems arise when least expected. Therefore, you have to work by improvisation. TEU: Do you have to be cautious and alert on what you do or say, since you are in the public domain and under the spotlight? PPZ: I believe in being myself. I was criticized because I went to Lidl (Supermarket)- it’s a joke; because I was on the Gozo ferry – it’s a joke! I am a normal person like anybody else and I go everywhere, and I do everything. I was also criticized because I was at Law Court attending and treating my own
cases- excuse me, I want to be very clear about this: the only thing I miss from my work since I shouldered this responsibility as Commissioner of Police is going to the law courts. The law courts are the crowning glory of the police work and that sums up all the context of being a good police officer. To go before it knowing your profession and aware that you know the law and respect it, is the epitome of what I do.
following graduation, the police would give a minimum work rate-return and in this context we would be building the Force, improving its modus operandi and moving ahead. After graduation you have a full three years employment wherein the officer provides his knowledge, expertise and service to the Police Force. If effectively, in the long run, the officer wishes to leave, we would have given a better lawyer to society.
TEU: Doesn’t it worry you that a lot of high ranking officers are not qualified and inexpert?
The end product is not lost and education ends only with death. But what you have learnt, taught and realised will regenerate itself. We are producing skilled officers, as after all has been done in past with government, producing the best doctors, who then went to work abroad. This is nothing extraordinary, but an ongoing situation. The brain drain is enormous.
PPZ: Unfortunately, way back till 1997 I initiated a war following a bad turning in ’91, ‘92 and ’93, building up pressure to 1997 to break through all the barriers of PSC so that police officers could finally begin studying at University. I made it and with me there was a further thirteen lawyers. When in 2003 I had effectively the prosecution under my wing, I had more police officers who graduated as lawyers than the Attorney General did; I had thirteen lawyers. They all were bred in-house. The powers that be decided not to go along with the prosecution, even though there was a request from the EU and the United Nations. A lot of them today are in private practice, five of them in particular took over the clients I had after I rejoined the Force. There was a strong impetus. What happened? Regrettably it died down, however, the flame of enthusiasm of the police to yearn for more knowledge did not burn out. Today, we have police who in one way or another find spare time to go to study at the University, and soon they are gaining their graduation. So that flame I propagated way back in ’97 still burned within the hearts of some police and today we have three who are graduating next year and this will recur every year. In the coming six or seven years we will have about twenty policemen who will graduate as lawyers, plus another 30 graduates who will hold BAs in economy, art, sociology, psychology, etc. TEU: However, if the leave for greener pastures then Force is depleted of such resources? PPZ: That is what I am now working on now both with those individuals taking up courses, as well as those employed in the government sector. In most cases, we have drafted an agreement whereby the government allows time-off- Flexitime, that was inexistent in the police force, although ongoing in the civil service. In return,
The law courts are the crowning glory of the police work and that sums up all the context of being a good police officer
TEU: So you have to do it with a passion then; is that why you rejoined the Police Force? PPZ: Yes, I have a dying passion for the police work and this is what I enjoy doing. This is my field, my business and it’s intense and remorseless. Here I do not earn as much as in private practice and financially you regress, however, there is that particular pride and seal which one finds in his calling. I spent four years doing defence ‘tra virgolette’; why? As much as I had defence cases, I had civil ones. Today the victim has a right to a lawyer and so I mended both fences of the divide. My fundamental right is that I am here to serve justice, and justice does not have defence or prosecution. Justice is a median line, where you walk the talk and things are done correctly. There is equality and legality. If my client was found guilty, I have to ensure that he gets a fair deal in the process. Not that he walks free- that is not the end of a defence; the defence must ensure to safeguard the client’s rights at all times, even if client is found guilt. And this is something that was taught to me by the late Profs Guido DeMarco. Long time ago, I think over 28 years ago, following the first two cases we had together (against each other), I had asked him why- how and why did a lawyer deal with a person when he knew he was guilty? And these type of philosophical questions are the key questions to life. Why does a mother fight for her child
even though she knows he did wrong? This is why and where you see how love equates to ensure that a guilty person is not punished and does not suffer more than he should. And this is something that everyone tries to do, even with an egoistic sense. And Dr De Marco was right. There is an interesting philosophical question that finally verbalises that man is neither white nor black, yet is a mixture of various things that vary according to circumstances. Recently my ex-Assitant Comissioner Joe Cachia officially terminated his work to commence as Chief Commander of the Police Academy. That is the job I most love to do all my life- teaching. You are simply creating the police of tomorrow. Literally, it’s the next thing to being God. You meet a gathering of 600 new recruits, who are all staring you in the face, who yearn from you that special something and who are all rearing to go. That is something beautiful and an ego-boost. Then there comes a time when the same officers come and remind you, ’Sir, do you remember you showed me how to climb the ladder in thick fog?’ That is the moment which hits you and you realise how many things you have achieved in life, and that life has been worthwhile. TEU
Part 2 of the interview continued in the March issue All rights reserved | Copyrighted
Editor’s Note Peter Paul Zammit joined the Malta Police Force as Police Inspector in 1984 and was promoted to Police Superintendent 19 years later. Between the years 1997 and 2000 he read for a Bachelor of Arts in Legal and Humanistic Studies followed by a Diploma for Legal Procurator, both with the University of Malta. He also obtained the warrant to the Bar. Mr Zammit retired from the Malta Police Force in 2009, completing 25 years of service. During these years he served in a number of police stations around the island as well as the Criminal Investigations Department, Forensic Laboratory and the Force’s Legal Office. During his years in the Police Force he was nominated as expert for Commonwealth meetings in the fields of counter terrorism, money laundering and police co-operation across the Commonwealth. He was also nominated as expert in United Nations meetings regarding hate crimes and human rights as well as an expert in E.U. meetings concerning data protection, European arrest warrants and criminal law. In April 2013 he was appointed Commissioner of Police by the Prime Minister of Malta. Reading and travelling are two of his many interests. Mr Zammit is married with two children.
February 2014 | THE ECONOMIC UPDATE
meet RAY BUGeJA
EntrEprEnEur with a ConsCiEnCE
Ray with PN Leader Dr Simon Busuttil and Sara Grech
The Economic Update’s Editor-in-Chief, Martin Vella spoke to MEP candidate Ray Bugeja about the success he has had, particularly over the last 15 years. After 11 years as a co-founder in an international financial services organisation, Ray brought to Malta in 2010 innovative ideas and this is evident in the products and services with superior features and at affordable prices, positioning his businesses as ‘value for money’ brands. His contemporary approach to management seems to have paid off. Ray had acquired international success through hard-earned reputation and credibility with major international organisations. He started in 1972 in a junior role with Midland Bank (now HSBC) and managed to successfully develop a career in very competitive and crowded ‘away’ playing fields, whilst also qualifying as a Chartered Certified Accountant and adding other academic achievements. Today Ray is running as an MEP candidate. Not bad for a self-made entrepreneur, who still has a start-up spirit, as he embarks on a new journey in the world of politics.
Ray and his son Paul
Background After thirteen years with Reuters, Ray joined TNT (the transportation group) in London and then Milan. In 1992, after six years with TNT, Ray was headhunted for the position of COO with Giubergia Warburg in Milan (equity brokerage). In 1999, while working as Deputy COO European Equities in the London Head Office of Warburg (now UBS), he and three colleagues from Giubergia Warburg decided to set up their own investment management company (Kairos). This started in London and extended to Milan, Turin, Rome, Lugano, Luxembourg, New York and Hong Kong. At its peak, before the last recession, the group managed some €7 billion of client monies. For Ray, success came with hard work and determination and this is an example of what a start-up success story is all about.
TEu: How challenging was it for ray to access London, Buenos aires, rio de Janiero, Paris and Hong kong as Finance Manager for reuters? rB: My career with Reuters, which evolved from a news agency to a financial information provider, developed rapidly and extensively. I was chosen for various assignments in various countries worldwide, whilst earning a reputation for willingness to travel and contribute to start-ups and also completing my accountancy studies during this phase. TEU: Why did you decide to enter politics and what was the strategy in this case? rB: There is a mission rather than strategy. I had two ‘social’ ambitions when I was young – to become a medical doctor and to one day enter the world of politics. I was unable to continue with my medical studies having married at the age of 19, and left Malta for the UK at age 21 where I started accountancy studies. I returned after 38 years, having also obtained an American MBA. I am currently at the final dissertation stage of a Swiss DBA. Since my return to Malta in 2010, I have been involved with the Nationalist Party, first contesting the leadership race, then being elected to the executive committee, and then heading the finance commission. In January this year, I was nominated as an MEP candidate. I am ready to put my expertise to the service of my country. Politics is giving me the social dimension I had yearned for at a young age. TEu: What is the future for ray if elected to serve as a MEP?
Ray Bugeja Dr Chris Said Dr Ann Fenech Sara Grech
rB: Hard work and a life split between Brussels and Malta, but an exciting opportunity to work within the massive economic and socio-cultural arena that is the EU in the best interests of my country and its people.
MEET RAY BUGEJA
Left - right: Brothers Vincent and Frank, father Joseph, brother Albert, and Ray
As an MEP Ray would look to ensure that EU policies and initiatives:
Left-right: Brother Vincent, sister Doreen, Aunt Emanuela, sister Rosette, Ray, mother Mary Anne and father Joseph
TEU: How do you aim at voicing and promoting the interests and concerns of the thousands of Maltese aged 50+ and senior citizens in the EU? RB: Malta, with an ageing population, has a number of social problems, key among which are pensions and healthcare, which are a strain on the economy. People aged 50+ and senior citizens are still contributing, or have contributed to the progress of the EU and its member states. We therefore owe them the dignity and reward for their contribution. That is where the young come in. We need to educate and provide employment or business opportunity for the upcoming generations. That will drive the economy forward and enable us to address the social needs of senior citizens and other dependent members of our communities. As with any other sector, it is a question of being a proactive ambassador for Malta in the EU and of bringing back to Malta all of the knowledge gained there for the benefit of our country’s development. This is achieved by listening, voicing, engaging, and networking. TEU: Ray’s views on sovereignty, illegal immigration and homophobia are concerned? RB: The EU is very conscious of national sovereignty and identity. However, a union has to have common policies on certain matters, especially for members of the Eurozone. That is where the supranational parliament comes in. And, we should remember, its 751 members are elected by member states. The concept of fairness does exist within the EU. For example,
1. Promote equal opportunities and human rights for all 2. Guarantee the adequacy, fairness and sustainability of Europe’s social and healthcare systems 3. Ensure universal access to goods, services, education and employment 4. Support the right to grow and age in good mental and physical health 5. Create age-friendly labour markets and economic environments 6. Involve both young and older persons in all policy and research processes that concern them 7. Safeguard the right for all to live and die in dignity 8. Promote a proper business-to-consumer (B2C) internal market, striking the right balance between consumer protection and entrepreneurial competitiveness 9. Incentivise enterprises, especially SME’s, to start up and/or grow and create employment, through lower taxation and access to finance at lower interest rates 10. Contribute to the strengthening of the European Union, for the benefit of all its Member States, and bring to Malta the largest possible share of the ensuing benefits.
on the basis of proportional representation, Malta would be entitled to half a seat in parliament. It has six. Membership brings many benefits but also the duties of contributing and of complying. One cannot go to a school wanting the education but rejecting the discipline. And one cannot expect a large plate if one does not first work in the kitchen. As to irregular immigration, most EU member states have this problem. Fair burden sharing is not achieved by being belligerent. It should be sought by reasoned and informed debate. Malta has problems with immigration which cannot be resolved by increased budget allocations alone. Malta has the smallest geographic size in the EU but more importantly it has almost twelve times the average population density in the EU. This is not an issue which will be resolved quickly. But we need to incessantly work on it. However, we must also accept that the EU brings obligations alongside the benefits. As to homophobia, we need to come to terms with the fact that homosexuality is a natural state for homosexuals just as heterosexuality is a natural state for traditional couples. I believe therefore that homosexuals have a right to have their desire to live as a couple to be recognised officially by government as a civil union. As to gay adoption, no one, gay or otherwise, has a right to adopt. It is the child that has a right to be adopted and it is therefore the child’s best interests that must be studied and determined first.
Ray and Dr Kristy Debono
My aim is to bring to Malta, through the budget committee, the largest possible share of the income and wealth that is generated
Ray Bugeja February 2014 | THE ECONOMIC UPDATE
MEETING POPE FRANCIS – A UNIQUE EXPERIENCE by Cav. Dott Tonio Portughese, Chairman, PBS
Saturday 18 January 2014 will remain engrained and embedded in my life with its extraordinary impact on my heart, mind and spirit. I had the special honour to be invited by RAI’s President Mrs Anna Maria Tarantola to form part of the restricted RAI delegation and special foreign guests to meet His Holiness Pope Francis at the Vatican.
RAI is celebrating the 90 years of the Italian radio and the 60 years of RAI Television. For this occasion Pope Francis accepted to meet and address RAI’s employees and their relatives in the Auditorium Pope Paul VI at the Vatican. The climax of this memorable event was reached when the main foreign guests from public media organisations (besides myself on behalf of PBS, the Presidents of the radiotelevision stations of France, Spain, San Marino and of the European Broadcasting Union) were introduced to His Holiness and had occasion to exchange greetings. On my personal behalf and of our PBS employees, I thanked Pope Francis for his unwavering support and appreciation of the national media providers and our challenging mission. 26 |
Pope Francis spoke very clearly with simple words on our duties, obligations and responsibilities to promote and deploy appropriate Formation and Information emphasizing the public media’s communication impact on the appreciation of truth, beauty and goodness. Getting closer to him was and will remain an unforgettable experience, an exceptional but simple person,his face transmitting holiness, happiness and a deep sense of humility.From our media perspective, a guru of communication. I can never succeed in conveying my feelings, sentiments and emotions. I will cherish forever the rosary beads blessed by His Holiness and the special silver medal marking the 500 years of St Peter’s Basilica.
Women Leaders February 2014
Passion, Exclusivity and comPEtEncE By Martin Vella
Sara Grech is practical, has a great sense of urgency and is displaying her trademark cheerful smile when she greets me, as I walk through the white and glossy window façade of EVSG’s Lounge. “I am an innovation specialist. I keep abreast of the trends. I try to anticipate the market and look ahead,” she told me when as we sat down in her office. She has a gentle, confident and amiable manner as she started to answer my questions with a careful, precise tempo. I begin by asking her why persuasion is so difficult, and what does she do to inspire people. “Every day we are challenged by persuasion,” she remarks. And I agree. “Advertisers try to persuade us to use their products and the list goes on. Because persuasion is such a pervasive component of our lives, it is often all too easy to overlook how we are influenced by external sources,” she comments. Indeed, Sara Grech’s goal is not to convince the person but to make that person adopt an attitude as a part of their core belief system. “The technique I use is to show value, and the quality of what you do. This induces others to own the goal and motivates them to achieve what they want. We are all different
You are never as good as your best review, and never as bad as your worst, and I remind myself this each and every day
and we all have different goals that must be respected. I move with those that have higher expectations and this automatically moves others. This is not difficult, this is fun. We are all born with an equal chance to be unequal,” she says with a strong conviction. Through the co-branding with the global network Engel & Völkers, Sara Grech has embarked on a venture to move her brand into the premium end of the market. In June 2012 when she concluded her franchise agreement, Sara Grech took a step back to work on reorganizing the company’s systems, procedures and objectives. In February 2013 she launched the brand Engel & Völkers Sara Grech, offering the best value properties on the market. Today Sara Grech’s standards have increased and the quality offering is far better. In many ways it is a new beginning, but in others it is a natural continuation of the Sara Grech journey. So let’s see how Sara herself cuts through all the noise and position Engel & Völkers Sara Grech ahead of other brands.
Jewellery courtesy of Vascas Ltd Naxxar | Tel.: 2258 9233 2|
Dress/Atelier courtesy of Max Mara Sliema | Tel: 21341961
Sara believes that ability is what you are capable of doing, motivation determines what you choose to do, and attitude determines how well you do it. “Motivation is like food for the brain, you can’t get enough of it in one sitting. It needs continual and regular top-ups. What motivates me most is my strong desire to help people. I like to give all my energy, time and support and encourage people not to lose determination and focus. I work hard to lift their attitude and become a driving force
for them to ensure they achieve their goals,” she says smiling.
at the time and after a few seconds’ thought not replied “Sara Grech”.
Sara Grech has a great story behind her. So she is not surprised when I ask her why is a good story critical to business success, as she answers steadfastly, “no rules for success will work if you don’t! It’s that simple. Business success stories create emotion for others to relate to, and this motivates and encourages them. Stories help young entrepreneurs understand the why and the how just happens! You are never as good as your best review, and never as bad as your worst, and I remind myself this each and every day. Looking back on my career and all the places I have been to, there have been incredible highs and lows at each point along the way. What I have come to learn is that life is cyclical and the best way to stay focused is to ignore the swings and instead focus on the long run.”
So what does Engel & Völkers represent to Sara Grech and what is the driving force behind her operations? “Engel & Völkers represents, passion, exclusivity and competence. Engel & Völkers is one of the world’s leading service companies in the provision of high quality residential and commercial Real estate and Yachts in the premium segment,” she explains. With its licensing system and employees in 38 countries Engel & Völkers is the only German Company among the top 100 franchise companies in the world. “Our Lounges specialize in high Residential Real estate and our Commercial offices provide office, retail and industrial space, investment properties, residential and commercial buildings and property portfolios offer private and institutional clients a professional range of services.
At the age of thirteen Sara’s parents sent her to the UK to study for her O Levels, which she did and then she wanted to experience different cultures, so she attended college preparation in New Orleans for her A levels. “After my graduation I moved to San Francisco and went to USF where I studied Hospitality Management,” she explains. “I wanted to be in the business of boutique hotels, they fascinated me and I loved the idea of dealing with different people each day,” she comments. One summer Sara returned to Malta and took a part time job selling property. “I immediately became addicted to the concept and really enjoyed my time doing so and realized, this is it; this is what I want to do,” she asserts. “I liked the job description because you have the opportunity to meet and greet and have a mix of in and out of the office whilst viewing numerous different types of property. So this made me decide to remain in Malta for another year to see if I could achieve the results I wanted for myself. I did, and I was happy to stay.” In 1989 she formed Sara Grech purely by chance. She went to an accountant back then, who is still her accountant today, and asked him what it entails to open a business. He gave her all the information and asked Sara loads of questions. The last question he asked her was, “What do you want to name the Company?” Sara was really not prepared for this question
In Malta we represent the three licenses, residential, commercial and yachting.
My belief for working on people’s life skills as well as their well-being, has proven to be an important ingredient for our corporate success
We have a large competitive advantage of a global brand locally, without the necessity to sub-franchise. Our brand is represented by one owner which brings about unity and exceptional service with a built-in culture of respect,” she explains. Sara has created a culture through her corporate values and has ingrained these in her staff. “Keeping things simple in a complex world helps you achieve multiple tasks well and as importantly on time, she states, continuing, “My belief for working on people’s life skills as well as their wellbeing, has proven to be an important ingredient for our corporate success.” And with a good attitude towards quality of life, Sara Grech has created an atmosphere of happiness and through happiness she has created strong motivated performers. “With this culture we have fitted in nicely into the Engel & Völkers culture,” she adds. Sara is unhesitant when she replies to my next question on what sets EVSG
apart from other real estate agents. “Our business model is unique on these islands and our new HR concept differentiates us from the rest. Engel & Völkers was chosen as one of Germany’s best employers. We are convinced that the satisfaction of our employees makes a major contribution to the long-term commercial success of our company. We are therefore delighted that they rate the company as such a positive working environment, she says. “The ranking also highlights the appeal of Engel & Völkers as an employer.” Engel & Völkers Sara Grech now can offer customers an internationally unique service – from the property evaluation and marketing right up to the successful handover. This is made possible by the synergy effects within the Group, the marketing and advertising strategies that they develop especially for the high-end market segment and the requirements of how they discern clientele, and through their collaboration with GG GRUND GENUG. Regarding the progress which has been made in terms of providing opportunities for women at senior levels, Sara ups the tempo, “we are continuously endeavoring for perpetual improvement and with the escalation in demand within the property market we have been receiving an increasing amount of enquiries from new and existing customers. Due to this rapid increase in demand we are on a continuous need to search for competent persons therefore opportunities are open for anyone looking to find an enjoyable and rewarding career. We have systems in place to enable employees to work from home or on the move with access to all systems anywhere they wish to be. This is an advantage to women and men alike.” And I cannot but agree, as time and time again, Sara has already proven that when she gives her best she is outstanding and shines above the rest. Turning a leaf, her partner Ray Bugeja has embarked on a committed and dedicated political trail and is currently contesting the MEP elections. It is inevitable for me to ask her how Ray entered her life, how inspirational he has been to her and how demanding a political campaign can be for Sara. “I met Ray in October 2011. Ray is a great inspiration to me, not only because he is a natural leader but because he is also a February 2014 | THE ECONOMIC UPDATE
family man with the right values. In terms of being a couple, I have my drivers and Ray has his,” she affirms. “There are times when Ray is the mind and I the heart, and there are times when it’s the other way around. We are very much two individuals, but it is no longer an individual ambition and dream, it is now a joint venture in life. I am the field person for our businesses, and Ray watches over all the finances, that way, it is of benefit to both.” She explains. “We communicate all day and in the evenings we discuss business over a glass of wine. We can have evenings when we don’t talk business at all, and others when we talk business exclusively. We enjoy being busy together.” Sara admits that the campaign is exciting and really inspiring. “You meet lots of different people and have the opportunity to listen to what they have to say which is very interesting to me. We attend plenty of events and Ray has an extremely busy schedule with events and TV/Radio interviews.” What made Sara determine it was the right time to support Ray’s run for the MEP
elections and was it what she anticipated? “I support him in any and every way I can because I believe he will make a difference to our islands. I find that to enjoy a healthy and compatible relationship a couple have to have much in common, and Ray and I have just that!” she exclaims. “We are both the type to keep ourselves busy, that way you are focused on what you both want and where you are both going. I recommend that whatever you consider your passion, don’t give up because there’s no better time than right now. Achieving success (whatever that is) is having the courage to begin in the first place.
yes I can see, yes I can hear, yes I can talk, yes I can walk,” she declares joyfully. This is what inspired Sara Grech to help people gain independence through a guide dog. We have far to go to achieve the aims we have for this foundation but I am sure that we will achieve this in the next few years because the more people realize how important it is to help these people the more funds come in to enable us fulfil our vision. Importantly enough this NGO has no employees and only volunteers that way all funds are only spent on the wellbeing of the foundation’s beneficiaries.
Sara Grech formed a foundation last year to help the visually impaired achieve independence. She explains, “I formed this with my family and Joseph Stafrace, who is visually impaired,” she says. The Service Dogs Malta Foundation is a fully registered NGO with the Voluntary Organizations Commission. “Our objective is to source trained guide dogs for the Maltese visually impaired and also for the disabled. I always think how lucky we are when we can say,
Sara thanked me for our interest in her new Real Estate brand, and her NGO and we parted with words that will stay with me. She said “Martin, we disarm the materiality and arm the real power of money by sharing it with those in need. A life in which you are generous and doing good, is better than doing well.” TEU
All rights reserved | Copyrighted
Born in the air, deďŹ ned in the cockpit, assembled in England. Bremont mechanical chronometers are made by professionals to exacting standards... for the rest of us.
21st September Avenue, Naxxar, NXR 1017, Malta Tel: +356 2258 9233 | vascas.com.mt
An EntrEprEnEuriAl And innovAtivE EdgE
By Martin Vella
Very probably one of the greatest highlights of Dr Ann Fenech’s professional career in recent years was when in 2012 she was awarded the Best in Shipping and Maritime at the European Women in Business Law Awards in 2012 organised by Euromoney. We get a close-up view with the articulate and charismatic managing partner of Fenech and Fenech Advocates, who heads its marine litigation department, is the president of the Malta Maritime Law Association and also president of the Nationalist Party’s executive council.
TEU: What is the nature of your work with Fenech & Fenech Advocates? AF: I have two areas of responsibility at Fenech and Fenech Advocates. I am the head of the Marine Litigation department which I created in the firm in 1992 and which deals with the entire spectrum of marine litigious scenarios or alternatively advises on contractual marine scenarios with a view to avoiding litigation. We see absolutely everything from disputes arising from maritime casualties, collisions, explosions, salvage, towage and pilotage, to disputes arising out of ship repair and ship building contracts, 6|
piracy, cargo disputes, assisting banks in the face of bankrupt owners. It is a hugely interesting area of work and I love it. In addition to this I am also the managing partner of the firm. That means that that I need to ensure that all sectors of the firm and our associated companies move smoothly, continue to develop, that we constantly give our clients top quality, value for money services and solutions and most importantly ensure that our personnel remain focused, motivated and passionate about what they do. This is not an easy task because managing people and persons with diverse characters and
ambitions and above all personalities is not for the faint hearted. One needs to lead by example constantly, one needs to be firm and at the same time one needs to be compassionate and understanding. It’s like being the mother of a much larger family whilst at the same time needing to maintain the firm’s financial and commercial objectives firmly in sight. TEU: You have achieved great success. Would you provide an overview of your career and many accomplishments? AF: I started in Maritime Law in 1986 when my husband and I got married, and I joined
him immediately in London. I had applied for a job with a shipping law firm, Holman Fenwick and Willan and got the post. I spent five years at Holman Fenwick and Willan dealing exclusively with maritime law issues. In 1991 my husband went to New Orleans to specialise in vitreoretinal surgery and I got seconded from Holman Fenwick and Willan to another shipping law firm in New Orleans called Chaffe McCall Phillips, Toler and Sarpy. In 1992 I returned to Malta and accepted a position at Fenech and Fenech Advocates purely because they had agreed that I should go ahead and create a Marine Litigation Department. I have continued to work in marine litigation since then and have been involved in the vast majority all the casualties arising around Malta or out of Malta requiring advice on Maltese Law. I also find it particularly rewarding academically when I need to assist with the drafting of legislation and position papers because that is when you really get the opportunity to assist in moulding the law and keeping it abreast with the international maritime demands. In addition I have always enjoyed my lecturing at University because it again keeps me in touch with the academic world and I enjoy bringing my personal experiences into the class room. I am also enjoying my presidency of the Malta Maritime Law Association. It is a unique group of Maritime practitioners where we share our experiences and that is also very gratifying. When I need to assist with the drafting of legislation and position papers because that is when you really get the opportunity to assist in moulding the law and keeping it abreast with the international maritime demands
TEU: You are known as a leading lawyer, entrepreneur, businesswoman, and philanthropist. How do you blend these areas together within your life? AF: I have always tried to live my life by giving my very best to whatever area of activity I chose to involve myself in. I have therefore dedicated myself fully to my work and to my family. However, I also firmly believe that one can derive a tremendous sense of satisfaction by giving and sharing with others who may need our assistance by way of time as well as in monetary terms and thus both on a personal level and on the level of a
firm these persons are very frequently not very far away from us. I am very proud of the fact that at Fenech and Fenech we have developed a very strong sense of Social Corporate Responsibility and there are a number of philanthropic causes which we assist in. We assist in these not only by being contributors but by encouraging others to join our cause. To me “success” means being content with one’s level of achievement, reached through hard work, professionalism, integrity and respect for others
TEU: Given the size and scale of your organisation, is it possible to lose that entrepreneurial feel or innovation edge being a woman leader? AF: In my opinion, the entrepreneurial spirit and sense of innovation, comes with ensuring that you are constantly surrounded by persons who have the long standing experience of time, life and work as well as persons who are new, who are young and who are rearing to go. A hall mark of my style of management is to ensure that each and every individual within the firm is encouraged to find a niche and to grow within that niche. This is what I tell every service provider in our organisation. People need to be motivated and to find themselves a niche and to grow within that niche. As they publish, as they become known, they grow and the firm grows with them. So the answer has to be that our growth and development is in fact proof of the fact that we have maintained that entrepreneurial and innovative edge. TEU: Have you seen women progress at senior levels in government and business? AF: I have seen hundreds of women progress at senior levels in business. This is of course a direct result of the fact that more and more women are seeking tertiary education and women in business are hugely successful. We just do not hear about them enough. As far as progress with government departments is concerned, to be frank I do not know enough about the various roles within government departments however my understanding is that the amount of women going up in the ranks is increasing.
TEU: Is it important that the areas you support politically align with the business objectives? AF: I firmly believe that each and every individual has got a fundamental right to believe in whatever politics he chooses to believe in. My political views have never been a secret probably because I was born into a political family. That said, politics has never come into the equation when it comes to work and it should not come into the equation. I work in a highly professional sector, the international maritime sector is made up of highly professional service providers and their political views are neither here nor there. I have throughout my career been instructed by persons from all sorts of political backgrounds who have come to me for my professional opinion. By the same token I have sourced and will continue to source related maritime assistance from persons who are first and foremost competent and professional. Their politics does not come into the equation at all. TEU: How do you define success? AF: The definition of success is subjective. Each one of us has different expectations and what is “success” for one is not necessarily “success” for the other. To me “success” means being content with one’s level of achievement, reached through hard work, professionalism, integrity and respect for others and with having no regrets at having taken the decisions necessary to reach that level of achievement. TEU
All rights reserved | Copyrighted
Editor’s Note Dr Ann Fenech has been working in the legal maritime sector for the past 26 years. Dr Fenech received the Best in Shipping and Maritime Award at the Euromoney Legal Media Group “European Women in Business Law Awards 2012”. Ann Fenech is the Managing Partner of Fenech and Fenech Advocates, and the Head of the Marine Litigation Department. After qualifying in 1986 she joined the shipping and commercial firm of Holman Fenwick and Willan in London where she stayed until 1991 prior to joining New Orleans firm of Chaffe, McCall, Phillips Toler and Sarpy. She is the President of the Malta Maritime Law Association and Council Member of the European Maritime Law Organisation.
February 2014 | THE ECONOMIC UPDATE
The perfecT ValenTine’s Day gifT of loVe from globalcapiTal life insurance, real loVe for real life.
GlobalCapital plc. are running a social media campaign to educate Maltese households about life insurance called “Insure Your Love”.
Are you trying to dream up the perfect Valentine’s Day gift for the love of your life? GlobalCapital have a suggestion that may at first glance not seem to be over-the-top romantic: a GlobalCapital Life Insurance policy.
“The holiday that celebrates love should serve as a reminder to do everything you can for those you care for, including providing financial security by making sure you’re adequately insured”, says GlobalCapital’s Marketing Executive Lara Degiorgio. To encourage Maltese people to think of showing their love beyond cards and roses on Friday, February 14, GlobalCapital are running a social media education and awareness programme entitled “Insure Your Love”, to get local households thinking about whether they have enough life insurance, if they have any at all. Loving someone means you want the best for them, Ms. Degiorgio says, “But if you die without being adequately insured, if insured at all, it could force your loved ones to have to change the lifestyle you have planned and built together. The love of your life might have to go out and find work or get a second job, or move to a less expensive home – especially if you have children; all while grieving, just to be able to keep the standard of living you’ve maintained together. When you lose someone tragically, the emotional burden is enough to deal with,” she says. “It’s a given that spouses who depend on each other financially need life insurance. If you recently got engaged, and you’re flipping through wedding magazines and dreaming of 8|
honeymoon destinations then now’s the time to get life insurance, while you’re younger, and maybe healthier, than if you wait a few years”, Lara says. Ms. Degiorgio adds, “This gift of love is not restricted to just spouses, perhaps you are divorced and your children are grown, but you adore your grandchildren and would like to leave them some money. GlobalCapital help to fit the right type of life insurance to your needs.” So, should you invest in a GlobalCapital Life Insurance policy this Valentine’s Lara Degiorgio suggests, “Wrap the policy in a nice red bow and give it to your loved one on Valentine’s Day instead of the usual materialistic items that are short lived! That’s probably the most romantic thing you can do to show your partner that you truly love and care for them with all your heart. Every Maltese who does this is showing real love.” TEU
For further information visit GlobalCapital plc’s office in Testaferrata Street, Ta’ Xbiex or GlobalCapital’s website www. globalcapital.com.mt GlobalCapital Life Insurance Limited is authorised to transact Long Term Insurance Business and is authorised by the Malta Financial Services Authority. Registered address: GlobalCapital Life Insurance Ltd, Testaferrata Street, Ta’ Xbiex XBX 1403, Malta.
AlwAys Aiming HigH – A look At HE sHeikHA lubnA bint kHAlid Al QAsimi HE Sheikha Lubna bint Khalid bin Sultan Al Qasimi is the Minister for Foreign Trade and was previously Minister of Economic and Planning of the United Arab Emirates (UAE). She was appointed on 1 November 2004. Sheikha Lubna holds the distinction of being the first woman to hold a ministerial post in the United Arab Emirates. She is a member of the ruling family of Sharjah and the niece to His Highness Dr. Sheikh Sultan bin Mohamed Al-Qasimi. Lubna graduated from the California State University, Chico with a Bachelor’s Degree in Computer Science, and has an Executive MBA from the American University of Sharjah. Lubna received an honorary doctorate of science from California State University, Chico.
Sheikha Lubna bint Khalid bin Sultan al Qasimi, returned to the UAE to work as a programmer for software company Datamation in 1981. Lubna acted as the Dubai branch manager for the General Information Authority, the organiSation responsible for automating the federal government of the United Arab Emirates. After this posting, she took up the position of senior manager of the Information Systems department at the Dubai Ports Authority (DPA), the largest port in the Middle East, and worked in this role for seven years. Lubna Khalid Sultan al Qasimi’s work at the DPA led His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Chairman of Dubai Ports and Customs, to award her the “Distinguished Government Employee Award” in 1999 and appoint her as Chief Executive of Tejari, the first Middle Eastern Business-to-Business Marketplace. Lubna established the governmental organiSation in Dubai in June 2000 to promote e-business between organizations. Under Lubna’s leadership, Tejari has won the awards for the World Summit for Information Society’s “Best e-Content Provider in e-business” (Geneva) and the UAE Super Brands Council “Super Brand of 2003”.
• Board of Trustees for Dubai University College • Board of Trustees for Electronic-Total Quality Management College, Dubai • Board of Trustees for Thunderbird School of Global Management, Glendale, Arizona, USA • Board of Trustees for Zayed University • Board of Directors for the Dubai Autism Center • Board of Directors for Simsari.com • Board of Directors (Honorary) for National U.S.-Arab Chamber of Commerce
awards • Dubai Quality Group — for Support to Leadership, Quality, and Change, 2000 • ITP Best Personal Achievement Award, 2000 • Datamatix IT Woman of the Year 2001 • Business. Com Personal Contribution Award, 2001
• Datamatix Outstanding Contribution, 2002
Lubna Khalid Sultan al Qasimi sits on various boards at organisations aside from responsibilities as UAE Economy and Planning Minister and Tejari CEO.
• World Summit Award for Tejari.com, 2003
• Board of Directors for Dubai Chamber of Commerce & Industry
• Commonwealth of Kentucky Honorary title — Kentucky Colonel, 2003 TEU
new CITROëN C4 pICAssO Michael Attard Ltd. – Citroën showroom, Mdina Road, Attard T: 2144 2005 / 2248 2602 - E: firstname.lastname@example.org
Voltage optimisation a star energy saVing solution Voltage optimisation technology can help businesses reduce their energy consumption, carbon emissions and save money. As the technology is easy to install in new or old commercial buildings, most businesses can reap the benefits of this ingenious technology, as Paul North, international business development manager for Powerstar, explains...
How does voltage optimisation work? in malta, like most of europe, voltage levels have been harmonised at 230v, with electricity suppliers able to deliver voltage at +6%/10% of this figure. as a result, many sites are being provided with higher levels of voltage than is actually required â€“ a very expensive anomaly. installed in series with the mains electricity supply, voltage optimisation matches the specific needs of a site, thereby reducing energy costs and Co2 emissions. wHat are tHe benefits of voltage optimisation for maltese businesses? malta relies on the consumption of fossil fuels for its energy requirements, with the commercial sector accounting for 29% and the industrial sector 22% of all electricity consumed. with the drive to cut carbon emissions and energy costs, technology that can deliver quantifiable reductions in energy consumption, without impacting on normal business operations, offers a clear way forward for maltese businesses. in addition to stabilising the incoming voltage, a powerstar system also enables managers to monitor real-time energy consumption allowing companies to constantly review their energy efficiency strategies. are tHere different types of voltage optimisation produCts? most voltage optimisation devices work by systematically managing the peaks and troughs in the power generated in the building, to reduce and stabilise the voltage on the low voltage
Paul North with Powerstar MAX
(lv) side, at the distribution point. There are two main types of low voltage (lv) voltage optimisation systems on the market, fixed (powerstar) and electronic-dynamic (powerstar maX), also referred to as variable. more recently however, powerstar Hv maX was launched, which optimises the supply of electricity on the high voltage (Hv) side â€“ before it even enters a site. powerstar Hv maX can replace a buildingâ€™s existing transformer, or be installed in new building developments. it is currently the only system on the market that takes 11,000v input and provides a fully electronically regulated 380 (or user defined) voltage. as the sole product combining super-low loss transformers and electronic voltage optimisation technology, it is currently also the only system of its kind in the world. wHat are tHe benefits of installing powerstar produCts? savings of between 12% and 15% can be readily achieved through the installation of powerstar voltage optimisation products. in some instances the market leading solution has been proven to deliver savings of up to 26%. in addition to reducing carbon emissions, powerstar also extends the life of electrical devices by levelling out potentially damaging spikes and dips in power delivery and lowers the operating temperatures of motors to further reduce expenditure on maintenance. TEU
For further information on Powerstar in Malta and details of local distributors, visit www.powerstar.com or contact email@example.com.
February 2014 | THE ECONOMIC UPDATE
Oil & Gas
Encouraging innovation and growth By Martin Vella
IAG-PACIFIC PETROCHEMICAL PTE LTD is an established leader in the retail trading and physical delivery of fuel, with fourteen vessels in Singapore and Hong Kong. IAG-PACIFIC PETROCHEMICAL PTE LTD is 35th within the Singapore Bunker Market, which is the largest in the world. We are proud to interview Dr Goh Jin Hian, Executive Director, who on a recent visit in Malta as a guest of Attard & Co, told The Economic Update that he hoped the two companies will be able to form a warm and lasting partnership in order to contribute to Maltaâ€™s growth as an oil and gas hub in the Mediterranean.
TEU: How broad the areas of speciality are and what are you known for in Singapore apart from the fact that you are a leading Financer, investor with IAG Pacific Group? GJH: Our team essentially focuses on four verticals; we aspire to build four verticals to business, one will be in oil and gas/ energy, another will be in the financial services, the third in infrastructure/ real estate and the fourth in health care. I am a Doctor by profession, but essentially at a group level, we look at investments in these four verticals, and then of course, we have a team with the necessary expertise to execute the projects and the programmes, including operations of the businesses. Today, our core business is in the oil and gas sector and also in financial services in the help of the Patrick Teng, Chief Dealer at SIXCAPITAL PTE LTD. This is the reason why we chose these verticals and we are identifying Malta as the next point of expansion. Taking Singapore and Hong Kong models, we look at Malta in the hope of creating products for these verticals 28 |
The group had its roots in Hong Kong, when in 2006, it established Chuang Xin (China) Pte Ltd, to supply bunker fuel to ships calling at Hong Kongâ€™s ports. Within short span of five years, we had become the fifth largest retail trader of bunker fuel in Hong Kong, in terms of volumes supplies. TEU: Why are you considered as a dominant Market leader in Asia in terms of market share in the oil and gas sector? GJH: Today, our Singapore and Hong Kong divisions physically deliver close to 150,000 metric tons of fuel oil every month, which is equivalent to 1.8 million metric tons in a year, a figure that exceeds the total amount of fuel oil traded in Malta in 2012, which is around 800,000 metric tons annually. Having said that I understand why this is so; in Singapore oil is being bought for domestic use and we trade the oil internationally, and as a result of these volumes, Singapore becomes a price setter in terms of the oil prices. It is
an international benchmark and we are considered leaders for the retail physical deliveries for oil. Besides our long-standing partnerships with Chinese companies, such as Sinopec and PetroChina, we also work with oil trading companies in Belgium and Azerbaijan, and we are registered with PTT - the Thai national oil company. We believe we are able to value-add to the oil trading majors because of our ability to better manage stock. My opinion is that we have a new government which is very keen to do something different; it sees the need to develop new routes and opportunities
We also recently signed an MOU with China Merchants, which has shipyards China, to build oil rigs and support vessels for the upstream industry. Finally, of course, we have the ship management division- which oversees the operations of our fleet. The long term goal is to tap in Malta, where we realised it has a very strategic and geo-political location, acting as an important gateway.
OIl & GAs
So we could look at potential acquisitions of health care companies, or in the financial sector, but specific to oil and gas, we are looking at the development of petroleum products for trading and multiple currencies- this is our vision. We believe that today the world is changing, everything is changing and trading is done in US Dollars. Oil is always quoted in US dollars, but we have China now asking the world to internationalise its national currency, the Chinese Yuan or the Renmingbi (RMB). There are over 57 billion US Dollars worth of RMB, in the European Central Bank, and Singapore has the equivalent of about 48 billion US dollars worth of RMB. We should be able to create products in order to be able to trade in this currency and then RMB which provide the liquidity. Petroleum is a big ticket item and we can use Malta as a gateway for trading that. TEU: What is the most significant aspect of your visit here in Malta? GJH: The partnership started with the introduction to Attard & Co Group and its Asian arm, Sino European Commercial Centre through the kind assistance of Miss Vivien Chou, Honorary Consul for Malta in Hong Kong. My fellow colleagues and I weren’t sure at first whether to work on developing this partnership, but as we started doing our research, we noticed reports and articles on Malta and its ambitions of developing itself into an oil and gas hub, as well as a financial services hub. As the Prime Minister of Malta mentioned to us, he had recently met our Prime Minister and exchanged ideas of developing partnerships in these two sectors between the two countries. Currently, the EU-Singapore FTA, which offers greater access for goods and services, bilateral investments, and collaboration in areas such as trade, facilitation and technical regulations between the EU, and Singapore, is going through a legal scrubbing process and will be signed after all domestic processes, including translations and verifications, are completed. Malta is ideal as a gateway to the EU to kick-start this. The reason we have a foot in the door is due to our diligent stock management by helping to digest the surplus inventory in the market via our regional delivery platforms in Asia.
If we look into a crystal ball down the years and nothing has changed, then at least we can continue encouraging young people toward more innovation and growth. Malta has got to create wealth, jobs and opportunities, and both countries don’t have natural resources like gold and steel, but we have to consolidate financial services, to use the brain power, infrastructure and technology. There are over 57 billion US Dollars worth in the European Central Bank, and Singapore has the equivalent of about 48 billion US dollars
My opinion is that we have a new government which is very keen to do something different; it sees the need to develop new routes and opportunities. If a country is poised for change and is pro-active, people will be also very keen to look at other types of industries, prepared to look at new sectors. We might get a push back when it comes to changing legislation. We have met the relevant government agencies to explore the creation of bilateral trade and investment opportunities. We really hope this becomes reality; we are looking for the right partners in this initiative. If you only buy and you never sell, then you are always at the mercy of the sellers, so you cannot influence the price, therefore it is important to be involved in both. In fact we are partners with SIXCAPITAL and have established a joint venture financial services company to invest in Malta. We are working to establish a multi-currency commodity trading platform which will boost the flow of liquidity through this country. To achieve this, we will need to better understand the infrastructure and support available in the country. For example, I believe we will need to attract large banking institutions here to finance the trades. TEU: My last question is to whether you can draw your vision to this visit, the vision towards the oil and gas hub activity as well as the partnership with Attard & Co? GJH: We are a new country, in new territory. We cannot pretend that we understand the culture completely. Fortunately we share the common
language of English, however we need the help of Attard & Co to help us with the government relationships, with legislative consultations; acting as a local voice to push for more change. We look at our representatives as a very important pillar in all of this and maybe one day we can have our Singapore office stationed here. Our vision is that together with Attard & Co, we will be the catalyst for change in terms of development in this oil and gas hub. I love to prove sceptics wrong; I think if we can tell them that they are mistaken, that there is enough political will from the private sector, then the private and public sector may come together and not only that, but also different countries come together . With a common vision we can move mountains. From Singapore’s perspective we are already a major large oil and gas hub, and Singapore is able to set pricing benchmarks in international market. Moreover, Singapore has a network of most major oil companies and we have the eyes and ears of the global refineries. If you look at Singapore there is a whole island-culture dedicated to refining petroleum products, And the multi-national oil companies have made significant investments in the country. I am very confident that Malta can replicate this with the right infrastructure and leadership. TEU
All rights reserved | Copyrighted
Editor’s Note Dr. Goh Jin Hian was appointed as a Director of the Company in June 2011. He is concurrently the Executive Director of IAG Healthsciences Pte Ltd and IAG-Pacific Group Pte Ltd, where he is responsible for overseeing the business and strategic directions of the companies. The former company manages, finances and owns complementary Chinese medicine facilities and sets up healthcare management information systems (HMIS) in Singapore and China, whilst the latter company is in the oil and gas industry, focusing on oil trading and ship management. Dr. Goh obtained his Bachelor of Medicine and Bachelor of Surgery from the National University of Singapore in 1992. He also holds a Master of Business Administration from The University of Hull. In addition, Dr. Goh completed The Wharton Advanced Management Program in 2005.
February 2014 | THE ECONOMIC UPDATE
Meet the equioM Malta teaM Equiom is an independent, management-owned trust and corporate service provider with offices in three of the world’s premier International Finance Centres, the Isle of Man, Jersey, and Malta. Equiom are regarded as a specialist provider of services in the yachting, aviation, property and e-Gaming sectors. Following the recent acquisitions of Andium Trust Company in Jersey, City Trust Isle of Man and West Corporation in the Isle of Man, the business has ambitious plans to continue their global growth strategy to improve services to clients. It established its Malta office in June 2013 and since then Equiom (Malta) Limited has continued to go from strength to strength. The Maltese Operation is made up of a team of dedicated professionals with the knowledge and skills to ensure the best possible service to new and existing clients at all times. annie sanChez-talavera, DireCtor Leading the team is Annie Sanchez-Talavera, Director. Annie has over 21 years’ experience within the financial services sector and is responsible for the running of the Maltese office in addition to developing business opportunities in Malta. Having been responsible for managing a wide range of structures for a variety of clients including corporate, private and high net worth individuals over the years, Annie has a broad range of knowledge and experience which she brings to the business. Annie heads up the Malta office on a day to day basis. She has previously managed teams across multiple jurisdictions and understands the importance of having a great team around her, all of whom take great pride in their unwavering commitment to provide tailored solutions to meet the unique set of requirements of every client. With the addition of a background in regulatory, licensing and compliance controls, Annie brings a broad scope of skills to the Malta business. Dr Charles Mangion, non-exeCutive DireCtor Dr Charles Mangion serves as a Non-Executive Director on the Equiom Malta Board. A Notary by profession, Dr Mangion has over 32 years of experience in development policies, focussing on the public sector and macroeconomic policy. He is a well known public figure within the Malta community having held various high profile positions including Minister of Justice and Local Government and Shadow Minister for the Economy and Finance. BenJaMin MusCat, non-exeCutive DireCtor Ben Muscat serves as a Non-Executive Director on the Equiom Malta Board alongside Dr Mangion. A certified Public Accountant by profession, Ben is a Management and Financial Consultant with a long career in finance and management having held various senior executive roles. Having played key roles in developing the Tigne Point Project in Malta as well as the re-generation of Malta’s Grand Harbour, Ben’s extensive management experience and business acumen is a great asset to the Malta business.
Alex Beetham, Supervisor Yachting and Aviation provides new and existing clients with access to Equiom’s in-house expertise on the yachting and aviation side. Alex has over nine years’ experience within the yachting and aviation industry and is involved in the implementation of the ownership structures, financing arrangements, registration of the asset, importation, VAT registration and continuing services. He works alongside some of the industry’s most recognised Yacht Managers, Lawyers, Insurance Brokers and VAT and Tax consultants. The Equiom Malta team are based in Tower Business Centre, Tower Street, Swatar, Birkirkara. teu
ian Cilia, Money launDering reporting offiCer anD CoMplianCe Manager Setting high standards is at the heart of everything that Equiom does and key to this is ensuring adherence to all relevant licensing and regulatory requirements in Malta. Ian Cilia acts as Equiom Malta’s Money Laundering Reporting Officer and Compliance Manager and as well as acting as primary contact with relevant authorities, Ian helps co-ordinate the management and day to day running of local operations together with Annie. Ian has over six years experience in the compliance sector across varied industries. alex BeethaM, supervisor, yaChting anD aviation Equiom provides services to over 100 superyachts and business jets. With the emphasis on client service, innovation and professionalism, 30 |
Left to right: Ian Cilia, Money Laundering and Compliance Officer; Ben Muscat, Non-Executive Director; Dr Charles Mangion, Non Executive Director; Annie Sanchez-Talavera, Director; Sheila Dean, Group Managing Director; Aidan Davin, Group Client Services Director; Daniel Gatt, Trust and Company Administrator; Jessica Said, Trust and Company Administrator; Alex Beetham, Supervisor, Yachting and Aviation
INTERVIEW OF THE MONTH
Success and Staying Power By Martin Vella
Examining Sir Alex Ferguson’s management approach may be complex, however, we can draw parallels with an analogous schooling strategy through this extensive tête-à-tête interview with David J Dingli, who, like Sir Alex Ferguson, maintains that success and staying power demand study—and not just by football fans, in order to achieve effective public participation in decision-making. Background David Dingli prides himself for being a good time manager. He is an organised person and rarely misses deadlines. Planning his overseas trips in advance makes all the difference, since advance knowledge of where he will be travelling to gives him enough time to prepare his lectures as he never repeats a lecture 100%. For David elements of customisation per location are an integral part of his approach to teaching. David loves working through checklists and even has one for packing his suitcase, using it every time he travels. Detailed checklists form an integral part of his itinerary. Anything between 24 and 36 hours of travelling time would be normal for David when travelling outside Europe. A trip to the Netherlands is like a bus ride for him now, as he clocks an average of 50,000 to 80,000 miles a year depending on the destinations and frequency of travel. Needless to say, he has a supporting family that need to cope at home in his absence and just guess when things go wrong, like a computer that won’t start, or a car making some strange sound…. Well, you guessed, Just when he leaves home. Very often still at Malta International Airport!
TEU: Had it ever crossed your mind that you apart from becoming a high valued key note speaker and lecturer, you would also become a globe-trotting performer yourself?
DJD: Looking back over my career it would never have occurred to me that life would lead me towards this direction. I graduated as an Electrical Engineer 1986. I started working at Xandir Malta for a few months where I spent my student-worker days but was determined to get out and soon managed to find a job in Industry with Medwear Clothing in Corradino, working as an Industrial Engineer for ten years. My interest in Management developed when we opened a second factory in Bulebel, where I was charged with the task of managing the day to day issues. I got my MBA in that period. In 1997 I started working at the Malta Institute of Management as the Secretary General and this is where I started lecturing and made contact with Maastricht School of Management (MsM) in the Netherlands. After three years running the Institute and the MsM programmes I was asked by the then Dean of MsM if I would be interested to work with them directly. 32 |
I accepted the challenge, left the Institute, started my personal Consulting firm Resource Productivity Consulting Services and off I went to Almaty, Kazakhstan in February 2000 to also start my lecturing career working with MsM. I have been working in four continents annually ever since and never looked back. Each trip is a new adventure no matter how many times I return to the same location. TEU: Where you excited to discover new frontiers in something you (never) anticipated?
DJD: I had to check exactly where Kazakhstan was on the map as I also had to do when I went to Shekou in China, Suriname in South America and Namibia in Africa. I have visited countries that I would never have thought of visiting, met people from different cultures that I never knew existed and passed through some amazing as well as stressful airports. Each trip is a new challenge; each course delivered anywhere in the world has opened up new frontiers of adventure, excitement and accomplishment. Each trip is also a learning experience, appreciating and understanding the differences between people, customs, habits and behaviours. There is a big sense
of relief when a job is completed successfully. That’s when I realise how focused and stressed I might have been. That’s when I really start unwinding and noticing the scenery around me. Usually, it’s then too late as I’ll be rushing off to an airport to make my way back home or occasionally straight off to another country. I realise that I work in a truly global context. I am Maltese, working for a Dutch organisation and could be lecturing in Malaysia to students from Finland, as was once the case. TEU: Can you list all the countries you have lectured in and do you ever reflect upon your diverse experiences throughout your distinguished career? DJD: Definitely! Apart from Malta, I have lectured in: The Netherlands, Poland, Romania Kazakhstan, Kuwait, Saudi Arabia, Bangladesh, Vietnam, Malaysia, Singapore, China, Mongolia, Indonesia, Suriname, Peru, Egypt, Libya, Ghana, Kenya, Tanzania, Malawi, Rwanda, Uganda, Zambia, Namibia, Zimbabwe. I guess that’s the list so far. I can tell you that I have been to Shanghai and Ho Chi Minh City, more often than I have been to London or Rome. My travelling and work experiences over the last fifteen years have
INTERVIEW OF THE MONTH
been a unique experience and have truly shaped my thinking and outlook of people, culture, religion and the world in general. It has transformed me into a person who loves diversity and can cope with complexity and ambiguity. It has also humbled me into the realisation of what a small country I come from but what great things we Maltese are capable of doing. I have shared so many of my experiences with family, friends and whoever sits in a lecture or seminar of mine in Malta. I try and motivate people to exploit their potential and to realise that there are so many opportunities they could explore out there. I have also witnessed extreme poverty in some really poor counties and this has made me appreciate all the good things I have around me. It’s not enough seeing all this on Television from the comforts of our homes. One has to be in the middle of it, experience a poor woman knocking on your taxi window holding a child in her hand crying out for mercy and a small donation. There are hundreds, thousands actually of such people which we do not come across in a Western society. TEU: How does managing cultural friction not only create a more harmonious workplace and how did you ensure that you reap the creative benefits of multiculturalism at its best?
DJD: People who work in International Companies are better prepared to cope with multi-cultural environments. Cultural diversity requires training too. It’s not good enough to just assume that people with different cultural background can easily work together. Probably by default, frictions will develop as we always perceive our own culture to be dominant and better than others. Exposure to different cultures creates a mentality of relativity. I have learnt to respect all cultures even if there are aspects of them that I do not agree with, but as long as the locals of that culture are happy with it then its fine with me. Exposure at work to different cultures creates a very diverse approach to thinking and problem solving as people analyse and perceive issues not only through rational thinking but also through cultural norms and practices as it shapes who we are and how we think. I was always impressed with the multi-cultural make-up of the Malaysian and Singaporean people. Malay, Indian and Chinese people all living together without any obvious strains but with definite noticeable differences in culture and behaviour between them. As a lecturer, it is my duty to create a harmonious environment and to enlighten and educate participants of the
benefits of multi-cultural integration.
TEU: From your fifteen years of travelling, can you provide a rough sketch of the leadership values that each culture considers most important? DJD: Different cultures have different expectations of what is appropriate behaviour from their leaders. More context-conscious cultures with highly specific do’s and don’ts, such as some East Asian cultures, may be more conducive to unambiguous demonstrations of leadership. On the other hand, Nordic Europeans rank particularly high in the “Global Mindset” dimension promoting togetherness among a culturally diverse workforce. Eastern Europeans net higher-than-average scores when it comes to dimensions related to encouraging employee empowerment and tenacity. Among Eastern regions, Southeast Asia is faring better than average for “visioning”, and articulating a “compelling global strategy” that unites all company stakeholders. The Chinese, rate the traits integrating and modest higher than Europeans, which is consistent with collectivism and Confucian values. There are of course cultural similarities such as concern for followers, interests, diplomatic, innovative, inspirational, persuasive, and team-player dimensions of leadership. I have visited countries that I would never have thought of visiting, met people from different cultures that I never knew existed
TEU: Culture is just one aspect. Take different individuals into account. Where do they come from as an individual? What are their experiences in the workplace and how could that influence their expectations of you as a leader?” DJD: It is difficult to gauge a student’s expectation of you. Ultimately, the best approach is to assume that they expect “Excellence”. Many of my students are very experienced managers, running or even owning very large organisations. Many have international business exposure and could be leading companies of 10,000 people, say in China, or be the General Manager of a large bank in Namibia. I’ve had politicians in class in Malawi and Senior Project managers at Daimler Benz in the Netherlands. I learn so much from my students. Of course, for others, they could be exposed to a “foreign” lecturer for the first time and could get impressed quite fast by the different approach and style I would be adapting. Many actually comment on my accent too. They tend to find it so easy
to follow but have a hard time figuring it out! I have had a Malaysian student of Indian origin refer to me as his “guru”. I had given him some career advice, which he acted upon. It’s really a mixture of expectations and its extremely challenging to please everyone. TEU: How do you manage to combine study with research and lecturing, while you are travelling?
DJD: When travelling, there is a lot of “alone time”. I can perform very efficiently when stuck in airports for long hours and you have to consider that there is a lot of time for yourself in a hotel room. I have used this time to read books, create new lectures, update notes and write articles. I also take the opportunity to read the local newspapers if available in English. TEU: Has every place that you have been very welcoming and what lessons have encouraged you to continue on this amazing journey?
DJD: Overall, I could say that the Asians are your best hosts. They will look after you and ensure that you are comfortable. They will invite you out for dinner, give you a small gift at the end of the lecturing sessions as a sign of appreciation and it’s all done with a deep sense of love and respect. They can really make you feel important if you know what I mean. I was also impressed with the Singaporeans. They are so proud of their nation and what they have achieved for themselves. We have so much to learn from the “Singapore Ltd.” mentality. They possess an incredible work ethic. Also, most Asians want to attend classes for long hours over the weekend; Sunday’s included. Their Universities are bustling with student activity and their logic is that they can come to class with a fresh mind rather than during the week after a hard day’s work. I only lectured once on Sunday in Malta, it’s just not culturally acceptable. I find the Africans to be very hands-off. They have the attitude that as a white European you can look after yourself. I have landed in Kilimanjaro airport at 1am with no-one there to pick me up and that’s one hour drive away from my destination in Arusha. It’s a very long, dark and scary road to get there and I’ll just have to make my own way. On the other hand, these people wish to learn. They see the world moving forward and are saddened by the slow pace of their own countries. They wish they could apply all the knowledge they acquire but find it very difficult to do due to environmental, social and cultural barriers. February 2014 | THE ECONOMIC UPDATE
INTERVIEW OF THE MONTH
David with students at Haikou-China-May 2006
The South Americans are warm too. It’s easy to fit in. Culturally there are so many similarities to us Mediterraneans. They are really welcoming. This is the way it is. No point moaning about it or feeling offended if no-one took me out for dinner. You learn to adjust your expectations by country and very often by Institution and ultimately by individual. The more I return to the same location, the easier it gets to adjust and fit-in and flow with the way things are done around there. Airports tell you a lot about a country. In Saudi Arabia, arriving at 1am, I was left, together with hundreds of others over an hour in the immigration queue without moving an inch as the immigration officers all left their posts without a reason. No one dares complain. In Bangladesh, I was shocked to find my luggage in a heap of luggage around the conveyor belts with tens of people acting like scavengers digging through this pile to find their own. An Englishman next to me, landing there for the first time was about to faint at the sight. TEU: Global Executive Leadership Inventory (GELI) was developed by INSEAD Distinguished Professor of Leadership Development Manfred Kets de Vries in 2005, the GELI uses 360-degree feedback to help executives evaluate their performance based on 12 “dimensions of leadership”. With a range in focus from purely professional functions to work/ life balancing, and with all the nuances between different cultures, how have you as a thought leader adapted yourself to this global environment? DJD: Yes, the GELI measures Visioning, Empowering, Energising, Designing and Aligning Rewarding and Feedback, Team Building, Outside Orientation, Global Mindset, Tenacity, Emotional Intelligence, Life Balance and Resilience to Stress. 34 |
I would say that in my line of work the most important dimensions are: Energising, Outside Orientation, Global Mindset, Emotional Intelligence, Life Balance and Resiliance to Stress. So that’s about 50% of the dimensions. I need to maintain a very broad perspective to life and always see issues beyond a purely local perspective. Unfortunately, some arguments you hear in Malta and some of the thinking going on is directed solely towards an insular local mentality. We really need to push for a larger spectrum of people to enlarge their perspective. Malta will benefit so much from this enriched mentality. We definitely need our politicians, business leaders and all people in positions of influence to encourage this and lead by example. I encourage my students to challenge me, to participate and to share their experiences. I expect then to criticise an academic article or a textbook. To many this is a very new, scary approach. They have not been exposed to learning by being creative in their thinking, where their opinions count and where they may disagree with their “professor” and it’s alright to do so. I encourage my students to challenge me, to participate and to share their experiences. I expect then to criticise an academic article or a textbook
TEU: In the many places you have visited does teaching seem increasingly marginalised, and is it really valued?
DJD: There is no doubt, that as I mostly work in third world countries, the kind of teaching I offer at MBA level is not available to all. Participants pay good money for this level of education and therefore it cannot be available to all. In even some of the poorest countries in the world, such as Bangladesh, my students would be the top 5% of the population. They come to lectures with drivers in some amazingly fancy cars and they all have fulltime domestic servants at home including
nannies for their children. Looking out in the streets however, you see a totally different world. Education is still not available for all. In many sub-saharan countries, education is not valued the way it should be. When you are down on the ground in these remote villages it’s hard to convince people on the value of good education, as they cannot see or appreciate what they can do better with it. I have come across people in Rwanda that walk for hours just to get water for their family and they do this daily. More has to be done at national and international levels to overcome this challenge. Most of the students we get in the Netherlands however are on scholarships or grants offered by the Dutch governments around the world. At least we are doing our part to offer education to those that otherwise would not be able to afford it. TEU: How do you highlight the alternative approaches to tertiary learning that are being taken by social and ecological movements and indigenous communities around the world?
DJD: Education, including formal education, public awareness and training should be recognised as a process by which human beings and societies can reach their fullest potential. Education is critical for achieving environmental and ethical awareness, values and attitudes, skills and behaviour consistent with sustainable development and for effective public participation in decision-making. Both formal and non-formal education is indispensable to changing people’s attitudes so that they have the capacity to assess and address their sustainable development concerns. Governments, international agencies, businesses and civil society groups are tasked to ensure that basic education and literacy for all becomes a reality. They must also integrate environmental and development concepts, including those of population, into all educational programmes, with analyses of the causes of the major
INTERVIEW OF THE MONTH
problems and involve schoolchildren in local and regional studies on environmental health, including safe drinking water, sanitation, food and the environmental and economic impacts of resource use. At tertiary level we have been including sustainability issues when we lecture on supply Chains, leadership and Corporate Social Responsibility. Even in third world countries it is possible to find good examples of organisations that are making great strides in sustainable business. Needless to say, so much still needs to be done to build awareness and to educate the large masses. TEU: Do you encourage accessible and critical debate on higher education around the world?
DJD: At a personal level, I cannot say I am in a position to really do much in this regards, but through my institution, The Maastricht School of Management, we are extremely involved in this issue. We actively participate in fora, seminars and conferences related to our core business. The future will see more self-based learning, “professors” taking on the roles of facilitators and more network based communication and knowledge exchanges all across the world. TEU: What kinds of knowledge do we need to meet the challenges we face today? DJD: Critical thinking and problem solving, information literacy and global awareness have taken on a new emphasis due to the rate and extent of change we are facing in global economies. Business schools must be more deliberate about teaching critical thinking, collaboration, and problem solving to all students. Of course there are gaps around the world between job opportunities, demand and supply. We need more independently thinking youths, that have a global mindset are to be ready to relocate based on where in the world they find opportunities. We need more young people to be ready to start-up their own businesses and take calculated risks, creating work and employment themselves. I think it’s more about skill development that we need to be concerned rather than knowledge itself and information is all around us and accessible to all. TEU: Could you talk about your research process and what sort of general thoughts do you have on this intriguing work? DJD: Yes, being part of an academic institution requires spending time involved in research too. Personally I have been working on my own doctorate, which in some way I have delayed for too long. I somehow feel that research is
not my strong point however I’m giving my best. My work is focused on manufacturing Competences, Competitiveness and Business Performance of Maltese Manufacturing firms. Some interesting results have been found, though not all very positive. It’s hard to say when this will be completed as it’s a tough journey and our own standards are very high at this level and I know I still need to make a significant number of modifications to my work. I hope I’ll manage to get there eventually. TEU: On a lighter note, what are some of the adventures, experiences both good and bad that you encountered over your vast travels and what advise do you have for solo travellers? DJD: Let’s start with the good things like taking a local bus from Lusaka, Zambia all the way down to Livingstone to see the Victoria Falls, or spending a few days extra days in Tanzania and going on Safari to Ngorongoro, Lake Manyara and Tarangire National Parks, and meeting Masai people. Other incredible experiences were visiting the mountain gorillas in Rwanda, touring the Huawei stateof- the-art Factory in China, walking on the Great Wall of China and being invited into a traditional Yurt in Mongolia, co-incidentally meeting my brother in Hong Kong and being invited out for lunch or dinner by Chinese people where you will eat incredible dishes impossible to order on your own. I have also eaten dog in Kazakhstan (told afterwards), jelly fish, turtle, snake, and bull’s private’s in China. Crazy and unusual things that I experienced would be events such as: Students thinking I was a Chinese lecturer as my name was spelt as “Ding Li” on their notes. I was stuck in Shenzhen airport with a cancelled flight to Shanghai with no-one speaking English. I once locked myself in a room (a closed bar area) as I was roaming through my hotel in Ghana and having to call for help from a 5th floor window or being robbed of my wallet in Shenzhen and did not have any money for the bus to get back to Shekou. I literally had to beg for the equivalent of one euro. I watched a man who I assumed was killed in a road accident in Bangladesh being carted away on a rickshaw within minutes and the car that hit him drove off. No idea what happened to him. It shocked me... no headlines, no police no anything. The value of life is cheap in these places. From a lecturing point of view, the strangest experience was lecturing in Saudi with a partition between the male and female participants so only I could see the whole class. Being told by two Yemeni women who had to deliver a class presentation, how scared they
were as they never spoke in public in from of men before. A Chinese student bombarding me with questions in break time because “who am I to disturb the class” he said. Moving experiences were visiting the genocide memorial in Rwanda, watching a naked young boy fight with huge black-birds for food from a rubbish heap, visiting the “American War” museum in Vietnam and seeing evidence of atrocities committed by the Americans, such as the use of Agent-Orange. Sitting on a terrace of a five star hotel trying to enjoy a drink overlooking a street full of beggars and homeless people it’s just impossible to bear. I just don’t have the time to say all my stories but I can assure you there are so many more that come to mind. My advice to solo travellers is that personal safety and security are paramount. It is so important to know what’s going on around you within a 50ft radius. If you look for trouble, you will find it. Always be careful what you eat. It’s terrible feeling sick when you’re alone. When travelling alone, let’s face it, no-one who really cares about you and none of your loved ones back home know exactly where you are at any moment in time and that’s quite worrying. Expecting people in the street to help you if in trouble would be making the wrong assumption. Most people will just stare and move on. No-one really cares… how sad! The world is a great place. It is huge compared to one human being. There is so much to see, so much to learn and so much for all of us to offer a small contribution. Thank you so much, it’s been great talking to you. TEU
The content of this interview only expresses the views and opinions of the interviewee and does not in any way express any official position of The Maastricht School of Management All rights reserved | Copyrighted
Editor’s Note David is the Managing Consultant of Resource Productivity Consulting Services, (R.P.C.S.), Formed in the year 2000, his consulting practice specialises in strategic development and operations management, while the corporate training arm focuses on management development programs on a broad range of topics. He has consulted & provided training in private manufacturing & service organizations as well as Government bodies. He is also an Assistant Professor with Maastricht School of Management (MsM).The Netherlands and lectures at MBA level in: Operations Management, Global Supply Chain Management, Strategic Management, Entrepreneurship, & Innovation. His international experience over the last 13 years reaches out to 27 countries, in Europe, Africa, Asia and South America. Throughout his career he has delivered lectures and corporate training to over 5000 managers from more than 50 nationalities.
February 2014 | THE ECONOMIC UPDATE
The BiT8 DouBle-effecT
By George Carol
A company that is focused on becoming a paradigm shift that depends on continuous improvement to maintain its innovative edge, Angelo Dalli, CEO of Bit8, tells us that whoever joins the company ‘fits’ with their culture. Angelo is very keen on bringing in smart people - constantly that fit with Bit8’s way of doing things; with a culture that does not settle; a culture that is pegged on ‘reaching further’ to benefit its stakeholders. TEU: How do you define your role Bit8? AD: I am the CEO of Bit8, responsible for the overall strategy and direction of the company. Since 2010, alongside my other two co-founders - Brian Fenech and Keith Galea - we have been on a continuous and successful growth phase, first by perfecting the product and listening to input from various country and product managers, and secondly by handling live client operations from inception. So far, in such a short period of time, we have attracted five of the top 50 Casinos in the world, with more lined up. We are a genredefining platform company, focused on helping operators in all product verticals – like Casinos, Bingo, Sportsbook, Poker, etc. – to maximise lifetime player value and decrease operational costs by automating manual labour. This is the Bit8 double-effect. TEU: Is there close coordination within the company around the world? AD: As per physical location, Bit8 is mainly located in Malta. We do, however, have a significant network of partners, clients, investors, and associates around the world, to help with our scaling and reach, mainly focusing on European markets. Managing such a structure requires co-ordination, communication and empowerment; by this I mean - giving stakeholders the space to work. We are always open to new partnerships, clients, avenues
for growth. Our structure helps us to be global, without the footprint typically associated with such outreach. TEU: How important is it to stay on top of technology today? AD: Technology is exciting, but unforgiving! We are not only on top, but leaps ahead of our competition. Our use Artificial Intelligence, Data Mining and Analytics is akin to when the derivate traders started using terminals and rule-engines to manage their desks, and paper trading fell by the way-side. Bit8 and our use of AI is having this disruptive effect in the industry, enabling our platform to become a source of competitive advantage for gaming operators. We are a genre-defining platform company, focused on helping operators in all product verticals
TEU: What makes Bit8 the place where you want to stay? AD: The scale of the opportunity and the world-class team that we are building around our product make Bit8 a very attractive place to work with. As per our slogan, ‘Infinite Possibilities’, Bit8 is just scratching the surface. The Gaming industry is a very dynamic beast where thousands of Casinos - both Online and Offline ones (looking to have an online presence) will be looking at technology as a source of differentiation; of competitive advantage. Bit8 is a fundamental source of competitive advantage for these Operators. By necessity alone, we will keep growing at breakneck speed and our vision ensures that it stays this way! TEU
All rights reserved | Copyrighted
Editor’s Note As Bit8’s Chief Executive Officer, Angelo Dalli is responsible for leading the company’s product development, business and technology strategy. Angelo co-founded Bit8 with Keith Galea and Brian Fenech, after identifying the need for an intelligent backend system that positively impacts the operator’s bottom line while providing an awesome player experience. Angelo has led the company through its initial growth phase and its first external financing round. He holds a bachelor’s degree in IT and a Master’s degree in Computational Linguistics from the University of Malta, together with a doctorate in Computer Science and Search Engine Technology from the University of Sheffield. Angelo has published over 23 publications in Europe and the US since 2001 and has over sixteen years of experience in various executive positions in technology, entertainment and gaming companies. Angelo has also won a bronze medal at the International Olympiad in Informatics (IOI) in 1995.
BMIT Cloud Services
The Clever Cloud The BMIT Cloud is so bright; it adjusts to whatever size you need it, whenever you require. Our easy-to-use management system allows you to scale your cloud services up, or down, as necessary, and the good news is that you only pay for what you use. That’s just what our Public Cloud is all about. If your requirements are more specific, or you require a higher degree of personalisation, then our Private and Hybrid Cloud offerings might be the choice for you. Our Public, Private and Hybrid Cloud services are supported 24x7 by an expert team of cloud and data centre specialists. Get in touch for more information about our Cloud services.
BMIT Ltd., 54/55, Triq Manuel Borg Gauci, Handaq, Qormi QRM4000, Malta T: +356 2147 2592 • F: +356 2144 1878 • E: firstname.lastname@example.org
Flexibility works … especially in Malta! By Martin Gregory, Manager HR, Vodafone Malta
Times have changed and the needs of employees have changed. These are facts that cannot be ignored if a company is to remain at the cutting edge and retain its best staff. Companies today have to offer alternative methods for completing the job. Flexibility is the key to the modern business environment. It is only through creative flexibility that companies today can maximise the productivity of their staff ensuring that they can achieve that all-important work/life balance.
Speaking about it is the easy part. Putting it into practice is ensuring a total departure from what we have for centuries considered to be the norm. ICT has given us the tools with which to tear down our cultural and mental barriers. Today, at Vodafone we can boast a fully integrated and flexible environment that is a first for Malta and stands out as best practice internationally. Vodafone’s move to Sky Parks offered the company the opportunity to do things differently. Mindful of the challenges of too much change at once, the Management team embarked upon a project to change the culture of work in Malta and prove that there can be a direct relationship between staff empowerment, productivity and flexibility. The clichéd work/life balance put to the test! Our point of departure was our offices. Environmentally conscious, open plan spaces with hot-desking and a clean desk policy was a culture shock at its best. Nobody at Vodafone apart from the CEO has a desk to call their own. Each day may take you to a different desk with different colleagues across all sections of the organisation. Your personal space is simply one drawer in a cupboard in common areas. The rest is shared. Any papers you used have to be cleared at the end of the day. Quite a departure from your traditional office! Many were quite sceptical but if the Finance manager can do it this way then everyone can! The offices are specially designed against noise pollution which makes working in a space surrounded by people working much easier. It gets some getting used to admittedly but once you experience the benefits of such a system and the added value it brings to staff morale and productivity, you would have it no other way. The same flexibility is reflected in our HR policies. The key is employee output and productivity. Flexible working hours are the norm rather than the exception and working from home is encouraged. This has ensured the retention of staff especially those who are raising young families. We have employees with as many as five children working on such a system and it really does work. Having children whilst working with Vodafone does not mean the end of someone’s career. On the contrary it puts our flexibility principle into practice.
Other work/life balance measures include Community Service Leave, Leave where our employees have an additional three days leave for a good cause, extra days for Marriage Leave, Birth Leave, Maternity leave, extra Vacation leave for length of service and the obligation of the Company to provide Reduced Hours following Birth of a Child for minimum of 1 year. These measures, together with the new office environment and the capabilities that our technology gives us have seen our first year at SkyParks create a new culture of flexibility that has given us great satisfaction at a company level but most importantly at an employee level. The key is employee output and productivity. Flexible working hours are the norm rather than the exception and working from home is encouraged
It’s been a year since Vodafone moved its headquarters to Sky Parks. Our recent People Survey shows that the move has received the thumbs up from our employees. Overall, all the measures have resulted in a decrease in absence and employee turnover and improvements in relevant employee satisfaction indices. The matrix proves that flexibility does work. Change is often daunting even when very well planned. TEU
79 – 1% point increase over last year
An increase of 4%
Speed, Simplicity and Trust measures
On average increased by 3%
Manager supports work life balance measures
At 80 from 77
Martin Gregory, aged 48 years, joined the Company as Head of Human Resources in September 2000. Martin is married and has two daughters. His previous work experience includes 10 years in the HR department at STMicroelectronics. His last post there was a Human Resources Senior Officer. Martin also spent 8 years as a full time professional footballer with The Malta National Team. Martin is currently a Board Member of the Vodafone Malta Foundation and has been a member since the Foundation’s launch.
February 2014 | THE ECONOMIC UPDATE
Equiom, a leading global corporate service provider will be attending ICE Totally Gaming Expo in London from the 4th to 6th February 2014.
ICE is the largest event on the gaming calendar and regularly attracts the broadest spectrum of international gaming professionals to London every year. Exhibitors from the betting, bingo, casino, lottery, mobile, online and social gaming sectors will return to showcase their latest innovations and cutting edge solutions to a global audience. ICE 2014 will once again serve as a platform for the Equiom e-Gaming team to not only gain new business opportunities but to showcase their expertise, experience and detailed industry knowledge. Legal Director Barry Smith, who has specialised in e-Gaming for over 12 years and was instrumental in
establishing Equiom’s e-Gaming offering, will be leading the Equiom team attending ICE 2014 and will be supported by Kerry Tasker, e-Gaming Services Manager and Wendy Sharkey, Senior Administrator. Speaking ahead of ICE, Barry commented: “ICE continues to be the premier event on the gaming calendar and we are delighted to be attending ICE 2014. The Equiom e-Gaming team are looking forward to engaging with potential clients, understanding their requirements and showcasing how Equiom is a ‘provider of choice’ for egaming services.” Equiom has a 100% success rate in the first time management of a number
of complex licence applications for operators and software providers and has been involved in the egaming sector since 2005. They are a leading service provider in the egaming industry and having successfully managed numerous applications to date for a variety of clients including bingo, poker, casino and sportsbook operators. The Equiom e-Gaming team will once again be co-exhibiting at the Isle of Man Government Stand No: N11 - 225, where they will be available to discuss Equiom’s services with ICE attendees. TEU
For more information about Equiom please visit: www.equiom.im
aWardS Women in Business – North West & Isle of Man International Business Woman of the Year 2011: Sheila Dean Citywealth Leaders List 2012 – Leading Trustee: Sheila Dean Private Client Practitioner: Top 50 Most Influential: Sheila Dean 2013 Private Client Practitioner: Top 25 Most Admired Companies 2013 Citywealth Leaders List 2013 – Leading Trustee: Sheila Dean Citywealth IFC Power Women – Top 100 Citywealth Magic Circle awards 2013 – Runner up: Sheila Dean – Woman of the Year Private Client Practitioner: Top 25 Trust Companies 2013 Citywealth Leaders List 2014 – Leading Trustee: Sheila Dean Citywealth International Financial Centre Awards 2014 – Editor’s Choice: Sheila Dean Private Client Practitioner: Top 25 Most Admired UK Companies 2014
equiom (malta) Limited is authorised to acts as a trustee and fiduciary services provider by the malta Financial Services Authority
about equiom Equiom is fast becoming the stand out business in the fiduciary services sector with offices in some of the world’s premier International Finance Centres - including the Isle of Man, Jersey and Malta. We provide a range of innovative and effective fiduciary solutions that have widespread appeal to both corporations as well as high net worth individuals. Equiom is an independent, management owned company allowing us to think strategically and act quickly. We are a thriving business with plans to continue to extend our jurisdictional reach and product range, in order to provide increased planning opportunities for existing and potential clients. 40 |
Your dream yesterday, is your reality today
It’s understanding the importance of protecting the dream that sets us apart from the rest. In addition to excellent service and first class credentials the highly experienced team at Equiom can provide efficient and professional fiduciary services.
Our services include: Trusts & Companies: Yachting & Aviation: Crewing: e-Gaming: Property:
the establishment, formation and administration of trusts, foundations and companies multi-jurisdictional registration, VAT planning and effective ownership structures MLC compliant employment solutions and automated payroll management of licence applications, tax-efficient compliant corporate structures and the provision of key personnel tailored property solutions and the highest standards of corporate governance
“…The proactive approach taken by Equiom ensures that their innovative ‘added value’ client proposition distinguishes them from their peers, and we thoroughly enjoy working with their professional and dedicated team...” Treasury Advisor
Malta: Tel: +356 2546 6614 | Email: email@example.com | www.equiom.im Equiom (Malta) Limited is authorised to act as a trustee and fiduciary services provider by the Malta Financial Services Authority.
‘THE MALTESE GAMING COMPANIES ARE LEADERS IN THE INTERNATIONAL GAMING TRADE SHOW IN LONDON’ – Dr. Edward Zammit Lewis
Parliamentary Secretary Dr. Edward Zammit Lewis is currently attending Europe’s Leading iGaming conference and exhibition - ICE 2014 at ExCel in London UK. The world’s largest gaming event which runs across the 4th/5th/6th February features 503 exhibiting companies from 57 nations including Malta which has a very good presence during this tradeshow. If there is something fresh and innovative happening in the gaming industry, this is the place to find out about it”, said Edward Zammit Lewis.
Speech by the hon edward zammit lewis, parliamentary secretary for competitiveness and economic growth, during the opening of the malta igaming seminar
Malta offers the complete package: sound regulation, no excessive tax burden, a skilled workforce and a legal system that works and brilliant communication links and infrastructure, including state of the art ICT and fast connections to anywhere in the world. Parliamentary Secretary Edward Zammit Lewis mentioned that during the past months Malta has been welcoming new business to its shores . The event has also attracted a number of Maltese based companies promoting their services. This year, the Maltese companies have a stronghold of 7% of the event’s participating exhibitors. Parliamentary Secretary Edward Zammit Lewis has visited LGA’s stand. Later accompanied by LGA’s Executive Chairman Mr. Joseph Cuschieri visited other participating companies with an exhibition stand from Malta. Dr.Edward Zammit Lewis conveyed to the participating companies, the Government’s vision supporting the iGaming sector. During the first day of this year’s trade show, the Dr. Zammit 42 |
Lewis was overwhelmed with the interest shown from worldwide companies in the industry to open, shift their operations or attain gaming licenses in Malta. In addition companies that are already operating from Malta, are seeking even further expansion of their operations. The Island is deemed to be very attractive and considered to be on the forefront in the gaming sector for operators. The event is a perfect platform for Malta, to open even further leads of prospective business. We are committed to keeping the name of Malta at the forefront
The Maltese Government is working closely both with the established companies and those considering moving to Malta. During the second day of the global event, ICE, the Parliamentary Secretary Edward Zammit Lewis along with the Maltese High Commissioner His Excellency Norman Hamilton will continue visiting the exhibitors stands to listen to their business needs and to discuss and share ideas.
Parliamentary Secretary Edward Zammit Lewis ended by saying, “I believe that having an efficient, professional and businessfriendly environment is important for our future success. We are committed to keeping the name of Malta at the forefront, offering international investors more incentives and less red tape”. In the evening Parliamentary Secretary for Competitiveness and Economic Growth, attended a networking event hosted by the Maltese High Commissioner His Excellency Norman Hamilton and the Lottery and Gaming Authority’s Executive Chairman Mr Joseph Cuschieri. The event was attended by a good number of key players in the industry, promoting the gaming sector in Malta. During the event the Parliamentary Secretary also noticed a great interest in the Individual Investors programme, from those attending. “We have a clear vision; we know where we are going. We have a good record and we have the energy and ideas for the future”, said Dr. Edward Zammit Lewis. TEU
NEW REVISED USE CLASSES ORDER ADDRESSES TODAY’S REALITIES WITH LESS BUREAUCRATIC PROCEDURES The Parliamentary Secretary for Planning and Simplification of Administrative Processes in consultation with Malta Environment and Planning Authority (MEPA) has published a new Development Planning (Use Classes) Order which replaces that issued in 1994. With the socio-economic and environmental context having changed considerably over the past 20 years, an urgency arose for this development planning legislation to be revised to make it more pertinent to today’s realities with less bureaucratic procedures. The Use Classes Order is a legal notice which groups uses with similar land use and environmental impacts together into classes. To simplify and reduce the bureaucratic burden of these new procedures, the new Use Classes Order has been divided into eight main categories, each aggregating a cluster of classes. The categories are Residential, Social, Tourism and Leisure, Commercial, Industrial, Storage and Distribution, Agriculture and Aquaculture. While the premise remains that in most cases, even within the same category, a change of use from one class to another requires full development permission, this will not apply for cases where the proposed change of use within an existing development will constitute a lesser land use and environmental impact to what is already permitted on site, as long as it is within the same category. For example for a change of use from a school (Class 2C) to an old people’s home (Class 2A) there is still need for full development permission, while for a change of use from a retail outlet (Class 4B) to an office (Class 4A) a simple development notification is sufficient. While the same procedure will also apply for a change of use from a hotel (Class 3B) to a guest house (Class 3A) prior clearance from the Malta Tourism Authority will be required in this case. The new order has also amended the list of development planning uses which do not fall within any of the eight categories because of their particular nature. This comprehensive list, referred to in the legal notice as Outside Use Class, includes amusement arcades, band clubs, discotheques, fireworks factories, bakeries and supermarkets amongst others. Where such uses are proposed, a full development permit is required since consideration of their context needs to be made as they raise unique planning issues which need to be studied. 44 |
Dwellings remain within Class 1 but the new Order gives more direction to activities carried out as part of a residence. Whilst the concept of operating an occupation or business activity from a residence is still being encouraged, the legal notice makes a proviso so that the type and scale of these activities is controlled. The new Use Classes Order has also introduced the concept of “lodging” as an activity which can be carried out in a residence by allowing accommodation of up to 16 persons within a residence located in an Urban Conservation Area. This has the scope of encouraging the regeneration of Urban Conservation Areas and is subject to clearance from the Malta Tourism Authority. In the light of the experience gained over the years, the previous Class 6 has evolved into two Classes 4C where cooking is not allowed and 4D where cooking is allowed. Takeaways have been taken out of this category and placed within the classified list under Article 4 (outside use class). Although takeaways including pastizzerias offer food and drink facilities these places raise different environmental issues, such as litter, longer opening hours, and additional traffic and pedestrian activity. TEU
The new legal notice is downloadable from the Authority’s website www.mepa.org.mt
A CENTRE OF EXCELLENCE FOR FOREIGN EXCHANGE By Martin Vella
The Economic Update sits down with Mr. Patrick Teng, Founder and Chief Dealer of Six Capital Group, headquartered in Singapore, who has established itself as a major force in the financial sector area, in particular foreign exchange trading amd training. In this interview he expresses his wish to make Malta the centre of excellence for foreign exchange trading and training in Southern Europe and North Africa.
TEU: How broad are the areas of specialty, and what are you known for? PT: Foreign Exchange is like the bloodstream that flows through the body of the everyday economy. The global turnover of foreign exchange transactions is about US$ 5.3 trillion a day. The global financial crisis has resulted in huge volatility amongst the major currency pairs. The need for foreign exchange (FX) trading talent worldwide in the coming decade is increasing, and will continue to do so well into the future. The development of a worldclass FX trading talent pool and the retooling of its technical talent is therefore imperative. With considerable experience and professional expertise, coupled with an indepth knowledge of the financial sector, Six Capital was established with a long-term vision to create future jobs in FX trading by meeting the future challenges of the FX trading industry. Six Capital’s mission is to impart knowledge and upgrade the skillset of individuals who are passionate about FX trading, in order to enhance their employability and open up employment avenues in FX trading worldwide. 46 |
Six Capital is the centre of excellence for foreign exchange (FX) trading and training that is committed to empowering passionate individuals with a skill to earn a life-long income through FX trading, thereby creating ‘future jobs’ worldwide. Six Capital delivers on this vision primarily through its flagship PropFXTM Trader and Trainee Dealer programmes, which are designed to groom both aspiring and experienced individuals into professional FX traders, leveraging on its proprietary risk management trading platform, Ricebowl™ (a first-of-its-kind technology in the industry), its unique trading methodology, and personal guidance from the Founder and Chief Dealer Patrick Teng, a 30-year FX trading veteran, in its Trade with Chief programme.
Singapore with a 60-seat FX dealing room and street-level Foreign Exchange Career Centre at the SGX Centre located in the heart of Singapore’s financial district. In Singapore, Six Capital has trained over a thousand aspiring FX dealers since inception.
Six Capital is recognised as an approved institution by the Monetary Authority of Singapore (MAS) eligible for the MAS Financial Training Scheme (FTS) and Financial Industry Competency Standards Training Scheme (FICS-TS); for the purpose of developing expertise in the nation’s financial sector and workforce. Founded in July 2009, Six Capital is headquartered in
I am honoured with the reception the various government agencies of Malta gave me on my first visit. I meet with Prof. Bannister, Chairman & President of MFSA, Dr. Mario Vella, Executive Chairman, Malta Enterprise and Mr. Kenneth Farrugia, Chairman, FinanceMalta. I also met with Prof. Josef Bonnici, Central Bank Governor, Minister Christian Cardona, Minister for Economy,
My vision is to create future jobs worldwide by empowering passionate individuals with a lifeskill to earn a life-long income through FX trading
TEU: What is your connection with Attard & Co and how did your visit to Malta become a reality? PT: I arrived Malta on the 14 January 2014 at the invitation of your Hon. Consul in Hong Kong, Ms. Vivien Chou and Mr. Paul Cardona of Sino-European Commercial Centre, a member of Attard & Co. Group.
Investment and Small Business and last but not least had a brief reception with the Honourable Prime Minister, himself.
rooms of banks in China. This will support and contribute towards the financial sector liberalisation of China.
Truly, this kind of experience cannot happen anywhere else in the world; and due credit must go to our partner Attard & Co. for organising the meetings.
We also plan for Malta to receive and train finance graduates from China and India; at Six Capital’s Utility Trading Centre in Malta, which we plan to establish in collaboration with our local partner Attard & Co.
Also, I am convinced that this country, under this government, will thrive like any other first world city, including Singapore where I come from. TEU: Is Six Capital a leader in its own sector of business? PT: In the area of foreign exchange training and education, I believe we are. In Shanghai, we have established a Foreign Exchange Utility Trading Centre operation in collaboration with the Shanghai Finance University, one of the 30 finance universities founded by the People’s Bank of China. We are committed to train and hire 1,000 trainee FX dealers in China so as to contribute towards the financial sector liberalisation of China. In India, we have also established a Foreign Exchange Utility Trading Centre operation in collaboration with NMIMS School of Business Management, one of the top 10 B-schools in India. We aim to train and hire 1,000 trainee FX dealers in India, to form a part of our global utility trading operations. In Asia, Six Capital has partnered with The Wall Street Journal (WSJ) as part of their Future Leadership Program (FLP), to deliver a 24-month initiative to provide FX trading knowledge to leading universities and working professionals; so as to train (via e-learning) and recruit 100,000 trainee FX dealers; forming a virtual talent pool over the next three years. This is in line with Six Capital’s mission to create future jobs in FX trading globally. TEU: What are your priorities for the future? PT: Six Capital has entered into a Memorandum of Understanding with Malta Enterprise to develop Malta into the Centre of Excellence for Foreign Exchange Training and Trading for Southern Europe and North Africa. We plan for Malta to be our operational base to train FX dealers from the aforesaid region and place them into employment at Six Capital’s Utility Trading Centre in Shanghai and, in the future, into the dealing
To develop Malta into the Centre of Excellence for Foreign Exchange Training and Trading for Southern Europe and North Africa
TEU: Who are you targeting here for doing a successful business, any specific segments in mind? PT: We are leveraging on what Malta can offer to the world, especially Asia. Malta is unique - you are a member of the EU, you are in the London time zone and you are English speaking. You have a unique selling proposition (USP) to millions of finance graduates from China, India and the emerging markets of Asia. As we train (via e-learning) hundreds of thousands of finance graduates from Asia into our flagship Forex Foundation Course (FFC) and the Trainee Dealer Programme (TDP); we plan to issue them certifications that are recognised by the Malta Qualification Council (MQC) and the European Qualification Framework (EQF). This will likely be the first tangible export of Malta to Asia in the area of education and certification. TEU: Do you reckon that you will create a centre of excellence in education with the division you have in mind? PT: Yes, we will be setting up a centre of excellence for foreign exchange trading and training in Malta, in collaboration with our local partner Attard & Co. We look forward to the day where a planeload of Asian finance students will come to our FX Utility Trading Centre in Malta every month to experience trading the London time zone and doing their internships at the same time. This is education tourism. TEU: And how do you intend to do that? PT: We are in discussion with Prof. Juanito Camilleri, Rector of the University of Malta; to explore collaboration by using the facilities at the Faculty of ICT Building and the IT Services Centre. We have toured the facilities and we are impressed with the state of the art GÉANT e-infrastructure that interconnects Europe’s National Research
and Education Networks (NRENs); connecting over 50 million users at 10,000 institutions across Europe, operating at speeds of up to 500Gbps and offering unrivalled geographical coverage. Perhaps, some day, we can collaborate and deliver from Malta the world’s first International Masters Programme in Foreign Exchange. TEU: What are the key initiatives that have made you such a leader in your area? PT: The uniqueness of Six Capital’s business model is that all its dealers, whether in Singapore, China, India or Malta, will execute their trades on demo accounts via RicebowlTM, which is the company’s risk management trading platform. RicebowlTM is a crowdsourcing, knowledge harvesting technology that allows the intelligent selection of high probability winning trades. Through RicebowlTM, these trades can be shared and copied real-time (i.e. tag) by proprietary traders, asset management and wealth management companies worldwide, for which Six Capital charges a fee as income. This will also allow the trainees to sharpen their trading skills progressively while being isolated from the emotional stresses (of greed and fear) involved with trading real money. TEU: How do you get ahead of the curve to provide for future consumer needs? PT: The future consumer needs a good job that can last, what we at Six Capital call ‘future jobs’ - jobs that are predicated on the acquiring of a relevant life-skill that can earn a life-long income stream. At Six Capital, that is in fact our vision. TEU
All Rights Reserved
Editor’s Note Patrick Teng is the founder and chief dealer of Six CapitalTM. Patrick was made one of the youngest chief dealers in Singapore when he was appointed Vice President and Chief Dealer, Chase Manhattan Bank, while only in his 20s. He later became the Vice President of Treasury for the Union Bank of Switzerland (UBS) in Tokyo, where he actively traded as an inter-bank market maker in the then 3rd largest forex centre in the world. Patrick also served on the Market Making subcommittee of the Singapore Foreign Exchange Market Committee, which was set up to foster growth and development of the treasury market in Singapore. Patrick believes that higher-performing traders are ‘emotionally stable and open to experience’. Emotional stability immunizes the trader against the stress and strains of large gains or losses and openness is associated with intelligence and the ability to adapt to fast changing environments.
February 2014 | THE ECONOMIC UPDATE
Insurance Risk and Finance Transformation: The busIness case FoR change By Diane Bugeja
Solvency II has finally become a tangible reality. In the face of this new certainty, insurers must not only effect changes in gearing up to the requirements of the Directive, but also work towards a re-energised environment which fosters innovation and drives transformation. The insurance industry is moving beyond a mind-set of post-crisis retrenchment. As well as balance sheet strength, insurers are refocusing on sustainable profitable growth. The MFSA, through Insurance Rule 31, is expecting all local insurers to embrace the guidelines issued by EIOPA in the last quarter of 2013 and develop a planned phasing-in approach to Solvency II. Whilst it is tempting for insurers to take the fast lane and whizz through the requirements in an effort to tick all the boxes for compliance purposes, this is not at all advisable and is likely to result in data quality issues as well as significant re-work in due course. This sheer focus on compliance seems to be hampering creative thinking amongst insurers. Most insurers have significant issues in managing/controlling data, especially that residing in legacy systems. Regulators, particularly in a Solvency II world, require granularity, traceability and transparency from reports to underlying data, which will force management to drill down in supporting detailed analytics and work towards tight timeframes with a high degree of accuracy and reliability. As a result, finance functions within insurance companies are likely to be characterised by inefficient/ slow data processing as well as experiencing delays in their reporting schedules, thereby incurring higher costs in the process. Due to increased risk of errors and potential regulatory breaches, additional capital might be required as prudential capital. More importantly, due to the typical inflexibility of IT systems, lacking responsiveness to change, business decisions are likely to be based on late, poor quality and inadequate financial information. In the advent of a new dawn for insurers under Solvency II, now is the time to address these gaps and seek to transform risk and finance programs, thereby breaking down the siloed mentality and working towards a seamless flow which will not only achieve timely compliance but which will also optimize business processes and allow management to come up with new ideas 48 |
as to how they can develop their business further and achieve growth by branching out into different pockets and thinking ahead of competition. In order to fully-embrace a finance transformation, insurers need to address four main dimensions related to the activities of their finance functions, namely: reporting, processes, technology and people. Overcoming organizational silos to assess risk and opportunities will allow for greater efficiencies, better flow of communication across the business, thereby allowing management to act upon key business decisions in real-time, in an environment whereby insurers cannot afford to lose out on viable prospects. In parallel to initiatives across finance functions, it is important to recognise that risk transformation is likewise crucial to the proper implementation of any transformation program. Whilst many insurers have recognised the need for changes to their risk management frameworks, it has again been a regulatory trigger that has led to developments taking place, without therefore being recognised as primarily driven by business needs and delivering business benefits. Insurers should take advantage of this preparatory period in the run-up to Solvency II to evaluate the efficiency of enterprisewide risk management and improve the integration of the different elements, whilst also taking stock of developments and to reassess the value that such processes and applications may have across the business. This will equip management with understanding the best way as to how to embed the new practices into established processes and understand which elements of risk management are value-adding and capable of providing the insights to optimise commercial management of risk and capital going forward. Whilst undergoing significant change in their back- and middle-office operations,
insurers must not overlook the new focus of any financial services operator: the customer. Customer demands have changed dramatically, thereby placing a premium on adaptability. A flexible corporate structure, ready to respond and evolve to maintain customer focus, will be critical to sustained success. As customers remain at the heart of the business, solutions to customersâ€™ needs, including genuine pricing, risk management expertise and ease of customer access, must continue to take centre stage. Insurers need to be responsive to these demands by attracting the best talent, looking at systems which are geared towards predictive analytics, and also think outside the box in terms of coming up with fresh ideas as to insurance products and services geared towards meeting the demands of customers. In summary, therefore, there is substantial scope in a number of key areas where insurers can improve performance. This, however, should be deemed a priority for insurers in order for them to act proactively and outpace competition. To achieve real value, the level of change may need to be transformational - a further step beyond that required for regulatory compliance. TEU
Editorâ€™s Note Diane is a Senior Manager in KPMGâ€™s Risk Consulting Advisory Team. She holds a First Class Honours Degree in Accountancy from the University of Malta and an MSc Accounting and Finance (Distinction) from the London School of Economics and Political Science. Diane leads the Solvency II offering within the Risk Consulting team and also sits on the Board of the Malta Risk Management Association. She is also responsible for the organisation of the Audit Committee Institute.
Trade Finance Solutions engineered for business success
documentary collections bonds and guarantees treasury management warehouse finance commodity trade letters of credit ship finance forfaiting factoring
FIMBank is an international trade finance specialist with an established reputation as a dynamic and customer-driven provider of trade finance solutions. FIMBank is headquartered in Malta and benefits from a growing network of international offices.
SINGAPORE Sﾃグ PAULO NEW YORK MUMBAI MOSCOW MALTA LONDON ISTANBUL DUBAI CAIRO BEIRUT
TOP ENTREPRENEUR Of AWARDS ThE YEAR 20142014
The MSV LIFe
Top EnTrEprEnEur of ThE YEar 2014 By Martin Vella
The Top Entrepreneur Awards event
As we begin our 2014 search for the Malta’s most innovative entrepreneurs, we hope you will share the vision and nominate someone from your company or the business community, or even yourself, to be named among the next generation of business leaders. The MSV Life Top Entrepreneur of the Year Award is considered Malta’s most prestigious business award bringing together the finest business people competing for one coveted title.
Following on the success of last year’s edition of The MSV Life Top Entrepreneur of the Year Award, the programme returns for the 3rd edition this year with bigger ambitions. The Top Entrepreneur Awards 2014 programme seeks to recognise the achievements of outstanding entrepreneurs in the emerging, technology, woman, finance, banking, corporate, industrial and commercial business categories.
Ryan Azzopardi from Capital Alliance
John and Monique Formosa representing Network Publications
We are dedicating the special focus on The Economic Update’s pages spreading the feature over four months aimed to capture those honorees, who not only create and build market-leading businesses, but also help take the standard of excellence to new heights, transform the face of industry, create jobs and contribute to the vibrancy of our economy. Our programme aims to acclaim the entrepreneurial camaraderie and enhance the standards of local corporate management. Voting will be made through a panel of distinguished judges. Contestants will be judged on values, strategy, innovation, ethics, achievements, and of course, entrepreneurship.
Ryan Galea spoke on behalf Econetique
Dr Beverly Cutajar presented a speech on behalf of Think Talent NOMINATION CATEGORIES
• International Trade Media Award
• Best Banking Award
• Property Entrepreneur of the Year
• Corporate Financier of the Year
• Retail and Leisure Entrepreneur of the Year
• Emerging Entrepreneur
• Technology Entrepreneur of the Year • Digital/IT Entrepreneur of the Year • Family Business of the Year • Most Entrepreneurial Company of the Year • Start-Up Company of the Year • Best Entrepreneur Ideas
• iGaming Entrepreneurial Award • Young Entrepreneur of the Year • Top Female Entrepreneur • Top Male Entrepreneur • Lifetime Achievement Award or Award for Excellence
“We are looking for individuals who have the ability to ignite ideas, to innovate, to drive a business along the difficult journey from startup to market leadership, and ultimately, inspire others with their achievements and success,” said John Formosa, Director of Network Publications and Publisher of The Economic Update and Sunday Circle. We have started the nomination process for this year’s prestigious event, and together with The Economic Update magazine and MSV Life, we will be dedicating a special monthly pull out for the next four months profiling and showcasing all the nominees and participants for the prestigious annual event. This year we will be adding new award categories and event entertainment concepts, as well as inviting the media for full coverage of the award ceremony, which will be screened on TVM. TEU
For further information and participation details please contact Margaret Brincat on 99406743 and Martin Vella on 99260162 50 |
The economisT evenT By Jessica Gerrow
The Economist Events’ Business Roundtable with the Government of Malta will assemble a high-level audience of policy-makers, CEOs, investors and stakeholders to discuss opportunities to invigorate investment and growth in Malta. With a reputation for excellence and a uniquely global perspective, The Economist is staging a groundbreaking, first-class summit in Malta featuring leading thinkers and cutting-edge insights.
Many of the world’s foremost thinkers, leaders and influencers will come together in Malta to share their visions and insights on the future of the world economy and the prospects it represents locally. Featuring inspiring talks from visionary thinkers, the stage is set for lively discussion with some of the most influential figures in business, industry and politics. Summit speakers include former Italian Prime Minister and President of Bocconi University Mario Monti, President of the European Parliament Martin Schulz, CEO of Genel Energy Tony Hayward, Prime Minister of Malta Joseph Muscat, Secretary General of the League of Arab States Nabil Elaraby, Economist and former Chairman of Goldman Sachs Asset Management Jim O’Neill, and The Rt Hon Lord Mandelson.
Summit themes and sessions are organised by The Economist and its European Editor John Peet. World-class speakers will guide the conversation across sectors, risk factors and changing regional conditions to help delegates understand and steer the future of Malta’s growth. Industry stakeholders will convene to debate, collaborate and tackle the issues that will drive Malta’s economy forward for the coming decades. Global, regional and local topics to be discussed at the summit include: The Economist’s forecast for the world in
2014; Europe 2020 and beyond: The EU’s strategy for the coming decade; Strategic alliances within the Mediterranean; Invigorating investment and growth in Malta; Significant developments in North Africa and the Eastern Mediterranean’s oil & gas sectors; Increasing Malta’s financial services infrastructure; ICT and digital gaming; Opportunities and challenges for the maritime sector; The changing sea tourism map of Europe; and Opening new routes in the aviation industry. TEU
Teatru Manoel BOV Performing Arts Festival presents
WOLFGANG AMADEUS MOZART'S
LA CLEMENZA DI TITO 20, 21, 22, 23 March 2014, Teatru Manoel, 7.30pm. Pre-opera talk 6.45pm
Opera seria in two acts with libretto by Caterino Mazzolà - Pietro Metastasio International soloists, Teatru Manoel Opera Chorus and Malta Philharmonic Orchestra conducted by Damiano Binetti. Directed by Harry Fehr after ideas by Denise Mulholland. Set & Costume Design by Kenneth Zammit Tabona.
www.teatrumanoel.com.mt E: firstname.lastname@example.org | T: 2124 6389
0740. Teatru - La Clemenza di Tito - Advert - HP Economic Update.indd 1
February 2014 | THE ECONOMIC UPDATE | 51 17/02/2014 18:18
save the date
6PM reaches deal with iBM to sell the iBM cognos software worldwide 6PM has reached a deal with IBM to sell the IBM Cognos software worldwide. From business intelligence to financial performance and strategy management to analytics applications, Cognos software can provide what an organization needs to become top-performing and analytics-driven.
European Commission President José Manuel Barroso will host the 2nd Innovation Convention in Brussels on March 10 and 11, 2014. Already established as Europe’s leading innovation event, the Convention will bring together a unique gathering of world-class visionaries and innovators, including CEOs from some of Europe’s top companies, young innovators and net-entrepreneurs, such as the founders of Prezi and Storify. The Convention will explore innovation in all its facets and cover a variety of themes with more than 2000 visitors expected to attend to hear a range of speakers including: Christopher Viehbacher, CEO of pharmaceuticals giant Sanofi, Dr Henri Winand, CEO of Intelligent Energy, Bunker Roy, Founder Director of Barefoot College, who was named as one of TIME magazine’s 100 most influential people in the world in 2010, as well as round-the-world yachtswoman Dame Ellen MacArthur and former astronaut Dr Mae Jemison, among many others. Journalists attending the Convention will have a unique chance to meet and interview speakers and other participants. Dedicated media facilities and support will be available, including a press welcome and registration desk, press packs, press points, fully equipped press working room, help in securing interviews and liaising with the VIPs’ own press teams. The European Innovation Convention 2014 will also feature: •
EU-funded research projects, demonstrating the beneficial impact of ‘innovation in action’
‘Innovation Café’ sessions, where panelists will discuss the linked themes: Shaping the 21st Century and imagining the 22nd, Global challenges – global collaboration, Government – help or hindrance?
A session focusing on the view from the next generation of innovators. TEU
With products for the individual, workgroup, department, midsize business and large enterprise, Cognos software is designed to help everyone in an organization make the decisions that achieve better business outcomes—for now and in the future. The IBM® Cognos® platform is an open, enterprise-class platform that can provide users with the business intelligence (BI) and performance management content they need to understand their business and help improve results. In addition, it provides capabilities designed to help you easily manage your Cognos software environments, increase your return on investment and reduce your total cost of ownership. TEU
Teatru Manoel To Stage Mozart’s La Clemenza Di Tito
Contact us at RTD-RESEARCH-PRESS@ec.europa.eu
SocialiSt Government bowS to eU preSSUre on Sale of citizenShip “We are hopeful that this third revision of the scheme will mean that the Opposition’s requests for there to be a genuine link with Malta will be heeded” said PN Members of the European Parliament. The PN MEPs noted that, after close to 4 months of continuous bad international press, the Labour Government has finally been forced to listen after the European Commission threatened infringement proceedings. Head of Delegation David Casa said that “the PN MEPs have always and consistently appealed for the Government to listen to the Opposition, to civil society and to 90% of the European Parliament and at least introduce a genuine link. All of this could have been avoided four months ago if only the Government agreed to listen.” MEP Roberta Metsola said that “the fact that the Government has now agreed to the inclusion of an effective residency requirement, meant that at least people would have to forge some ties with Malta before simply being given a passport. It should never have reached this stage. What has Malta gained by the Government’s insistence on dragging Malta’s hard-earned reputation down day after day for all this time?” The PN MEPs urged the Government to publish the full details of the agreement with the Commission and emphasised that it was now essential for the Government not to betray the good will with which it negotiated with the European Commission and to work will all partners to start re-building Malta’s reputation. TEU
Andriana Yordanova plays Vitellia
David Hansen plays Sesto
First time this opera by Mozart will be staged in Malta Written at the very end of his life, La Clemenza di Tito remains one of Mozart’s most interesting compositions; an opera seria, beautifully created and constructed in the Italianate grand manner. It follows the great Pietro Metastasio’s typical libretto structure, as modified by Caterino Mazzola and chosen by Mozart purposely for its classic qualities in order to please the new Emperor Leopold and entice him to appoint him maestro di cappella. It will be staged for the first time in Malta at Teatru Manoel from the 20th to the 23rd of March 2014 as part of the Teatru Manoel BOV Performing Arts Festival. This production is completely original with set designs based on Piranesi and Michelangelo paintings, costumes designed by Kenneth Zammit Tabona inspired by the elegance and neo-classical lines of the Directoire period and the production is directed by London-based experienced opera director Harry Fehr working together with locally-based Denise Mulholland who produced the original ideas. As the opera is being staged over four consecutive evenings, a double cast has been secured to cover all the four performances. The role of Tito is performed by tenors Peter Davoren and Ben Thapa, the role of Vitellia by sopranos Andriana Jordanova and Cristina Baggio, the role of Sesto will be covered by countertenor David Hansen on two of the nights, alternating with mezzo soprano Sian Cameron. The cast also includes mezzo sopranos Clare Chigo and Annie Fredriksson in the role of Annio, sopranos Claudia Tabone and Gabriella Costa in the role of Servilia whilst bass singers Albert Buttigieg and Noel Galea will cover the role of Publio. The Opera also includes the Teatru Manoel Opera Chorus, trained by Alexander Vella Gregory and the Malta Philharmonic Orchestra will be under the baton of Damiano Binetti. Tickets are available from Teatru Manoel’s website www.teatrumanoel.com.mt or through the booking office by email on email@example.com or by calling on 21 246389. TEU
“Entrepreneurs have the power to build a more economically just and politically stable world.”
Such inspiration came from Kofi Annan, former SecretaryGeneral of the United Nations and Nobel Peace Prize recipient, when he talked with Ernst & Young Global Chairman and CEO Mark Weinberger.
The Entrepreneur of the Year Awards 2014 will be held at the Intercontinental Hotel, on Friday 16th May 2014 and will bring together some of Malta’s top business people all competing for The Economic Update’s most prestigious nominee awards. The event, which will be sponsored by MSV Life and organised by Circle Events and The Economic Update, will start off with a lavish black tie Gala Event, culminating with the much awaited Best Awards ceremony. The awards categories this year have been increased substantially and will be attributed as follows: • • • • • • • • •
International Trade Media Award Property Entrepreneur of the Year Retail and Leisure Entrepreneur of the Year Technology Entrepreneur of the Year Digital/IT Entrepreneur of the Year Family Business of the Year Most Entrepreneurial Company of the Year Start-Up Company of the Year Best Entrepreneur Ideas
• • • • • • • •
Best Banking Award Corporate Financier of the Year Emerging Entrepreneur iGaming Entrepreneurial Award Young Entrepreneur of the Year Top Female Entrepreneur Top Male Entrepreneur Lifetime Achievement Award or Award for Excellence
The final votes for the award will be the result of a judging panel formed by a professional qaulified VIPs, who will be interviewing the nominees during the gala dinner. Last Year’s winners were: James Abela and Matthew Sammut (NIU) were awarded the honour of ‘Best Innovation Award’. The title for ‘Entrepreneurial Spirit’ was won by Mark J Galea (Quad Consultancy). The title for ‘Top Female Entrepreneur’ was won by Sandra Zammit (TotallyFresh Ltd) while Ivan Bartolo (6PM Holdings) won the ‘Top Male Entrepreneur’ The highest accolade of Top Entrepreneur Award for 2013 was won by Ivan Bartolo. The event is being organised by Circle Events, together with The Economic Update and MSV Life. For nominations, sponsor package and bookings please contact: Margaret Brincat on 9940 6743 - firstname.lastname@example.org; Martin Vella on 9995 2660; Nicholas Formosa on 9943 8839; Viktoriya Kyurcheva on 9928 4933
November 2013 | THE ECONOMIC UPDATE
Insurance Transformation The business case for change KPMG in Malta is well-placed to assist you with your efforts towards regulatory compliance and beyond. We have a team of dedicated specialists in the insurance regulatory field together with KPMG tried and tested methodologies for insurance risk and finance transformation. We are keen on discussing your options for growth in this new reality for insurance and we therefore invite you to contact us. Contact us Juanita Bencini Partner, Risk Consulting Advisory Services T. +356 2563 1053 email@example.com Diane Bugeja Senior Manager, Insurance Risk Consulting Advisory Services T. +356 2563 1158 firstname.lastname@example.org www.kpmg.com.mt
© 2014 KPMG, a Maltese civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.