MONEY DEC 2016 ISSUE 40

BUSINESS | LIFESTYLE | DESIGN

CREATIVITY, DESIGN & LUXURY ISSUE 40

LUXURY TRUMP ON THE CARDS DESIGNING TOMORROW

CREATIVITY TAKES A WALK

SUSTAINABLE DEVELOPMENT

CONTENTS

WELCOME

CREATIVITY, DESIGN & LUXURY

DECEMBER 2016

8 FOR THE FUN OF THE GAME

David Hawkins, founder and owner of one of the world’s leading video games developers, Exient, tells Veronica Stivala that his dream is to make Malta a centre of excellence for video gaming.

It’s uncanny how we always come across ideas, thoughts, and creative projects while walking – it’s almost as if walking frees up our thinking process and takes it places where we usually don’t go.

In this issue of Money, Victor Paul Borg explores how walking stimulates creativity. But it’s not just any kind of walking – walking on errands, power walking or walking to work have a specific purpose. Rather, what stimulates creativity is a rambling walk; walking for the sake of walking.

Jamie Iain Genovese interviews three young creatives: Glenn Ellul, Carl Caruana and José Domingo. It’s not a traditional interview – rather it is a conversation that, like a ramble in the countryside, takes these young artists to artistic pastures new which challenge tradition and the status quo.

13 SUSTAINABLY CREATIVE

How can we build sustainably while still achieving a balance of beauty, comfort and efficiency in architectural design? Veronica Stivala speaks to Perit Amber Wismayer.

16 A RAMBLE IN THE MENTAL JUNGLE

In this issue of Money, Kris Tabone writes how our traditional, vernacular architecture can be a valid teacher in teaching us how to create sustainable modern design.

It is now scientifically proven – walking induces creativity, Victor Paul Borg says.

Sustainable design is also key to Amber Wismayer, who speaks to Veronica Stivala abut building sustainably while still achieving a balance of beauty, comfort and efficiency in architectural design.

18 A PORTRAIT OF THREE ARTISTS

Design inspires luxury. Amid the various definitions of luxury, interior designer Vera Sant Fournier says that ultimately, what defines luxury is what it means to you – from tailored joinery to custom sofa, luxury is all about reflecting someone’s individuality.

In this issue of Money, we also see how US President-elect Donald Trump will influence the economy, what investment opportunities the new year holds, and how Malta is positioning itself as a centre of excellence in the aviation industry.

Read on and enjoy.

Editor Anthony P. Bernard anthony@moneymag.me Consulting Editor Stanley Borg stanley@moneymag.me Design Peresso Design Studio peresso.webflow.io Printing Print It Distribution Mailbox Direct Marketing Group

Jamie Iain Genovese has a conversation with three creatives.

22 YOUR WORLD

Luxury has many definitions. The important thing is that it means something to you, Vera Sant Fournier says.

25 TRUMP ON THE CARDS

Will the election of Donald Trump bring business and political stability, Reuben Buttigieg asks.

Hand delivered to businesses in Malta, all 5 Star Hotels including their business centres, executive lounges and rooms (where allowed), Maltese Embassies abroad (UK, Rome, Brussels, Moscow and Libya), some Government institutions and all ministries For information regarding promotion and advertising call Tel: 00 356 2134 2155, 2131 4719 Email: hello@moneymag.me

28 THE QUEST OF PROVENANCE

A product’s source is increasingly becoming its selling point, George Larry Zammit says.

31 LEGISLATING FOR LUXURY IN THE SKY

Malta is well-positioned to further establish itself as a global key player and centre of excellence in the aviation industry, Dr Doran Magri Demajo says.

38 REBUILDING THE PAST

Vernacular architecture can teach us how to create sustainable modern design, Kris Tabone says.

41 INVESTING IN THE NEW YEAR What are the investment opportunities and risks in 2017, Alexander Mangion asks.

52 A STOCKING FULL OF STARS Start the new year in style with Money’s gift list.

54 QUALITY OVER QUANTITY

The Chinese impress governments and tourism departments all over the world because of sheer numbers. But in reality, we should be trying to attract low volume, yet quality American tourists, Mona Farrugia says.

Cover illustration by Lennart Gäbel instagram@lennartgaebel www.lennartgaebel.com ‘My illustration “They Let You Do It” not only symbolises Trump’s attack on women but also on American values like immigration, freedom, equality and justice for all.’

Money is published by Be Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. 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. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.

Money / Issue 40 - 3

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TECHNOLOGY

FOR THE FUN OF THE GAME He has developed computer games such as The Sims, Angry Birds, FIFA and Need For Speed and now its most recent success story F1, the mobile game of the FIA Formula One Championship. David Hawkins, founder and owner of one of the world’s leading video games developers, Exient, tells Veronica Stivala that his dream is to make Malta a centre of excellence for video gaming.

D David Hawkins

8 - Money / Issue 40

escribing himself as a 48-year-old child at heart, David Hawkins finds the fun in everything he does.

“If I can’t entertain myself,” he confides, “I certainly can’t expect to entertain others.”

work in this space, just like him, feel very deeply, so, he reveals, “I am something of an emotional person. It is the externalisation of my creative core.” Here’s what David had to say about his childhood, computer games, and the future of gaming.

Hawkins explains how the creative industries are all about tapping into one’s emotions, making people feel, cry, laugh, love, fight. Consequentially, people who

Was there a particular game that struck your interest when you were younger?

I’m lucky to have lived through the evolution of video games from its early

those gaps in the day. So, mobile games have to be designed to consider the mass market casual experience, input methods and business model. So to answer why aren’t they casual with console quality, many would actually argue that they are.

However, the servicing nature of free to play requires that a considerable amount of the game exists on the server and can be changed quickly and inexpensively in response to the findings of the analysts.

beginnings in the 1970s through to today’s blockbuster mega games. My first passion was Space Invaders in the arcades and Pong on a Colecovision at home.

I remember being able to secure a place on an out of school coding course run by a local insurance company, the Guardian Royal Exchange. I had 13 weeks of a twohour course at GRE and on a Sinclair ZX81 I dutifully learned to code in BASIC. That was it, I was hooked, and computers would forever be a part of my life.

What do you want your legacy as Exient founder and CEO to be?

I’ve made almost every game I would like to play but always for existing IP, with examples including Angry Birds, F1, The Sims, FIFA, Madden, NASCAR, Need For Speed, Skate, SSX, DJ Hero and so on.

However, I haven’t yet created my own original IP, so this remains a very personal career ambition.

Beyond that I am busy in Malta helping create the environment to enable others to express their creative ambitions. My ambition is that in the future, Malta will be a centre of excellence for video gaming.

Let’s talk about Exient’s recent success story – the development of F1, the official mobile game of the 2016 FIA Formula One Championship, enabling players to race as one of the world’s greatest drivers, wherever and whenever they want. Was the journey to develop the game a difficult one?

All videogame developments experience huge challenges, but by most standards this was a fairly straightforward production.

Codemasters, who commissioned this product, provided exceptional support, the

raw visual assets from which we derived the game’s graphics. In addition, they provided supports in areas such as vehicle handling and gameplay, testing and managing the relationship with Formula One management.

F1 stands out for a number of reasons. We have crafted a game that creatively is not far from the console experience, addressing the challenges of mobile device control as well as AppleTV support. For a fraction of the money paid for the equivalent console game the mobile experience offers a much easier access, more casual, mass market take on principally the same game. Just like F1 it’s a technical masterpiece pushing the devices to the maximum and giving the consumers wheel to wheel, edge of your seat racing, wherever and whenever you fancy.

Exient took those art assets and crafted a racing experience on mobile that pushes the hardware to the absolute limit. The biggest pressure was that of timescale, we had to hit many dates along the way. We featured at the launch of iPhone 7, as well as street dates for the Apple, and soon the Google App stores.

We’ve been playing car racing games since computer games were invented, but now rather than sitting at home playing games we are playing on our mobiles as we commute, wait at the doctor, and so on. Of course, the key word here is quality and that is what your game has delivered.

While quality is definitely a plus, we are playing video games which are definitely not trailblazers when it comes to image quality and can almost be said to be a regression, at least in quality. Why do you think this is? And what do you think makes F1 stand out?

Mobile devices are powerful, currently about equivalent to a Playstation 3 though with a fraction of the onboard storage, which is expensive on mobile devices.

The touch and tilt are not as precise or as accurate in control you experience on console and PC. Console games are a specialist market compared to mobile.

Console and PC gamers expect very high standards and will pay for it.

“MOBILE GAMES HAVE TO BE DESIGNED TO CONSIDER THE MASS MARKET CASUAL EXPERIENCE, INPUT METHODS AND BUSINESS MODEL”

Mobile, on the other hand, is mass market.

The consumer expects a casual experience, something to pick up and put down, to fill

Money / Issue 40 - 9

TECHNOLOGY

Each screen presents a slightly different image to each eye, creating a 3D stereoscopic effect.

Encased in the headset are very accurate accelerometers, that can determine where you head is looking. As you move your head around in 3D space, so the image changes. It is very compelling. There are some drawbacks, the headset is large, heavy, you totally look like a geek when you are wearing it – it’s immersive but also isolating as no one around you will be there with you.

I do believe this will become a future entertainment, though due to hardware maturity and expense I think it’ll take a little time to mature. But watch out for it, it’s a transformative technology in every sense of the word.

In the next iOS release in December we take that concept one step further. The player will be able to play at home on their AppleTV and if they need to leave their home, they’ll be able to continue their race on their iPhone, before returning home and competing the same race back on their AppleTV. I’m curious to know about your audience.

Supposedly women gamers are more numerous than their male counterparts. Is this true in your view?

On mobile and social, this is likely true. On console women buy more games than men but that is because they are often buying for their children or Christmas presents, and so on. On console and PC I think this has a larger male audience.

I think the hardcore gamer market is slightly more male dominated and the casual mobile and social market is slightly more female and since mobile is mass market I think this could be true, though all this is pure conjecture.

And what kinds of games are they playing?

Women gamers like a broad diversity of games just like men and you’ll find clans of women play shooting games and RPGs. The mass market for female gaming though appears to prefer puzzlers and social games. As a generalisation women prefer collaborative constructive social play and men the opposite.

What kinds of games is the gaming population playing?

There is a really diverse range of games played by today’s gamers. However, I will pick out some notable huge hits that appear

evergreen and I think one should try at some point.

Minecraft, basically digital Lego, found its success in the Indi dev scene and has gone on to dominate, PC, console and even mobile. It is a safe, educational, fun game for your kids.

FIFA is a personal favourite and the pinnacle of sports gaming. If you love football this will keep you entertained for a long while whilst you try to take you team to the top of the Premiership or Serie A leagues.

Grand Theft Auto, the game that’s so wrong, it’s right. This game allows you to live out your criminal fantasies.

Angry Birds 2 is the slingshot game that has come of age, refined and perfected from its original title. This casual game will keep you entertained for many hours making waiting time a thing of the past as you can indulge your bird flinging skills as you wait, say in a queue, for your life to move forward.

Gaming is so mainstream today you find yourself gaming when you live your everyday life, so prolific are gaming ideas and techniques. Who hasn’t selected a particular airline to level up their loyalty programme?

What would you say is the future of video gaming and what do game developers need to do to stay ahead of the game?

Today, massive amounts of investment are being poured into virtual reality. This means the player wears a headset, not dissimilar to what you would see for 3D TV but now the screens are directly over each eye rather than glasses.

What can you be found doing when you are not CEO of Exient?

I live my life to the full, I travel a lot for work and for pleasure, I love photography and spend many hours capturing my world. I am a keen motorcyclist and own a Ducati Panigale 1199S. I have to say from what I have observed, driving in Malta is a creative experience in its own right. People create the rules that suit themselves and as a consequence I have seen some accidents, so for a motorcyclist it is very dangerous. That said I am about to try it out, I have a Ducati Monster on loan and I’ll see if I can adapt to the stressful demands of Maltese driving.

In the UK I have a young family, five-yearold twin daughters and like most parents I believe they are the most gorgeous, wonderful, adorable little children. I split my life between the UK and Malta, living in Malta for my working week and my weekends with the family. This doesn’t leave a lot of time for other activities.

Exient has just launched the mobile game F1 2016, available now on iPhone, iPad, AppleTV and on Android devices. It was launched with massive backing by Apple and soon Google and as a consequence of that support and the quality of the game it has charted in first position in a number of the App Store charts.

This title was made in Malta by the team that had formerly developed the Angry Birds Go! Kart racing game.

If you have an interest in developing videogames and would like to work for a leading development studio in Malta do reach out (maltahr@exient. com.mt) and if you’d like to ask questions or just know more about what Exient does, email info@ exient.com.mt.

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DEVELOPMENT

SUSTAINABLY CREATIVE How can we build sustainably while still achieving a balance of beauty, comfort and efficiency in architectural design?

Veronica Stivala speaks to Perit Amber Wismayer.

C

hristel Vaenenberg, a product portfolio director, describes sustainable development as “Solutions which meet the needs of today without compromising the ability of future generations to fulfil their own needs”.

Maltese architect Amber Wismayer explains how our ancestors designed their buildings to be sustainable: they made the best use of available materials to provide a comfortable internal environment, one that would provide warmth in winter and a cool space in summer.

Good design, of course, looks to the future as well as to the present. And the future means not only catering to the needs of the future, but also safeguarding it. Pertinently, cultural nomad and designer Satyendra Pakhale states that, “Every design ought to be sustainable design, meaning something people refuse to trash”.

“Sustainability should return to being the norm, rather than the exception, both in terms of construction methodologies and design choices,” she says.

Sustainability is not a trend. It is and always has been an integral part of the evolution of architectural design.

“Education and the dissemination of information are both integral in effecting this change, improving awareness and setting standards for expectations.”

Building and designing sustainably also, of course, means according to the surroundings.

Amber Wismayer

Wismayer concurs, and comments how “any sustainable design methodology should be dictated by site configuration and climatic characteristics. Since the former is distinct to each project, a detailed site analysis should precede design concept development.”

Design concept development, she notes, is consistent and specific to Malta, and based on a thorough understanding of the local context.

She lists as examples heritage buildings, which feature passive environmental control systems developed specifically to address this context.

PROJECT A: Internal alterations to a 1960s townhouse in Kalkara, including the demolition of the back section and reconstruction in contemporary style.

As well as the master bedroom and ensuite, the newly constructed section incorporates the kitchen overlooking a double height volume living space leading out onto the back garden.

The materials for the new sections were selected to create a contrast. Local limestone calls upon the original building, constructed in the same material, whereas the apertures’ style and configuration evokes a contemporary feel.

New apertures were created in order to provide additional natural light, and located specifically to take advantage of selected.

Money / Issue 40 - 13

DEVELOPMENT

Also, well-positioned windows promote cross-ventilation, louvers reduce heat gains, the central courtyard and loggia afford natural light and ventilation, thick walls provide thermal mass. This building typology imparts a great deal of invaluable insight as to how we may design sustainably in the local context.

Wismayer finds herself very much drawn to contemporary design: “there’s something about a double height, uninterrupted glazed aperture that evokes a unique elegance,” she muses.

She confides how when she comes across a project where the site configuration allows for the incorporation of this type of feature without excessive solar gains or heat losses, she jumps at the opportunity.

However, the projects closest to her heart are those which allow her to work with a heritage building.

“Every project presents distinct challenges, but I am most satisfied when I’ve been successful in convincing the client to appreciate vernacular features and amplify their potential in enhancing the energy efficiency of the building. This may entail finding a solution that negates the need to roof a courtyard, or which retains the loggia, wall thickness or natural cross-ventilation. In each case, I strive to incorporate sustainability principles in all my work.”

What does Wismayer find to be the most challenging aspect of sustainable design?

The vast range of products and materials available is constantly being developed to foster the green movement, she notes.

Technologies embedded in the construction elements of smart buildings allow us to improve efficiency and achieve a comfortable internal environment which reduces the need for active cooling and heating.

Remaining up-to-date with the evolution of the sustainable construction industry is certainly a challenge. However, this same evolution allows us to address another challenge we face: that of achieving a balance between beauty, comfort and efficiency in architectural design.

This leads us to a poignant question: how do you find a balance between making your design sustainable and yet modern?

Wismayer answers with another question: “Does a sustainable building equate to a traditional one?” she asks. Answering her question, she replies: “sustainability may

14 - Money / Issue 40

“THIS BUILDING TYPOLOGY IMPARTS A GREAT DEAL OF INVALUABLE INSIGHT AS TO HOW WE MAY DESIGN SUSTAINABLY IN THE LOCAL CONTEXT” denote innovation as easily as it may denote adaptive re-use of buildings or materials.

Sustainable design is a response to the need to improve efficiency and comfort. A green building is not necessarily an alluring or contemporary one. However, one characteristic does not completely negate the others. The challenge lies in securing a balance between these aspects while meeting the criteria specified in client’s brief. I find that the best means of doing so is to understand your client and study the site.”

PROJECT B: Interior design of contemporary office space.

So how can a balance be found between form, function and sustainability?

Wismayer believes we can achieve a harmonious balance between these aspects by understanding the passive design construction techniques and strategies that our heritage buildings encapsulate.

The architects of our built heritage were successful in designing graceful structures that met the comfort expectations and functional demands of the era. Modern requirements have developed. However, we now have at our disposal technologies and contemporary materials which, paired with the knowledge gained from heritage construction, may guide us towards achieving this balance today.

Recycled material was used to partition the open plan space, thereby subdividing the layout to satisfy the functional requirements of the office.

Glazing was incorporated into the panels to create a design that allows for ample natural light.

Looking to the future, how do we need to be building and designing for the years to come? For centuries, notes Wismayer, drawing and model-making comprised the primary means by which architects developed their vision, and communicated with clients and builders. Nowadays, she points out, we have the support of so many complex and interactive tools.

“Computer-generated renderings allow us to clearly visualise what our buildings will look like. Building simulation modelling allows us to predict how our buildings will perform in terms of internal comfort levels and energy efficiency. To me, designing for the future means utilising the mechanisms at our disposal to develop and maximise the potential of our design in all aspects, including its sustainability.”

The same recycled material was utilised to create internal doors and shelving units.

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Money / Issue 40 - 15

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CREATIVITY

A RAMBLE IN THE MENTAL JUNGLE

It is now scientifically proven – walking induces creativity, Victor Paul Borg says.

W

riters have long known that walking stimulates creativity, and the connection between walking and literature has been a theme that has featured in a range of books. One recent book about the subject, by Robert Macfarlane (titled The Old Ways: A Journey on Foot), is something of a compendium on walking, literature and creation.

But the extolment of walking for creativity, for so long the preserve of writers, has now been given scientific legitimacy and wider exposure in a seminal study by Stanford University in America that found that going for a walk boosts a person’s ‘creative output’ by an average of 60 per cent.

Put at its simplest, when we walk our minds create. Not walking on errands, not walking to work, not power walking – rather, walking for the sake of walking, as exercise or leisure, for a stint of at least half an hour.

During such stints, once we get into pace, our minds begin to make free associations – the rhythmic lull of walking declutters the mind from redundant thoughts or preoccupations, allowing new ideas or strands of thoughts to fill the void, forming new ideas or offering solutions to tasks at hand.

I often find myself thinking in words during my walks: words or phrases or distinct feelings or imagery occur to me, instilling in my

16 - Money / Issue 40

consciousness ideas about a piece of writing or project that I wouldn’t even be thinking about with conscious deliberation.

And I have made it into a habit. Sometimes I would be presented with a situation I would have to work through, and I walk on it.

Other times an editor would ask me if I have any specific ideas that would tie in with a supplement or theme he would be planning, and I walk on it – I ramble on a set route, walking for an hour or more, and the act of walking first stills or declutters the mind, and then new ideas rush into the empties like air into a vacuum.

On other occasions, once I have an idea, I coax it out during my walk – the idea takes definite form in the course of walking.

It’s what I did to write this article you are reading. I wanted to come up with an idea for an article about creativity. I went for a walk, and it occurred to me during my walk that what I was doing – walking – is the very creative undertaking that I could write about.

I remembered the various books I had read about walking and literature, remembered all the past instances when I felt creatively refreshed after my walks; and when I returned home I did some additional research and I had an idea for an article.

The next step in forming the contours of the article was doing what’s called a mind map,

which is mapping out the various subthemes of a particular subject. You simply take a paper, write down your subject in the middle, and then branch out the various strands of themes that connect to the central subject – mind maps are an essential step in the planning of any creative project.

The way walking fires up creativity has been compared to the conjuring of a story: we create stories in our imagination as we walk.

And if we pay attention to the features along the route, these features reveal themselves to us as we walk past them – the features can become the set in our story or the story itself – the world along our route becomes alive and real as we walk it.

This is a sense of revelation that hails back to ancient times, the idea of walking and creation, or the vague idea of walking to find one’s promised or imaginary land. It’s been something of a rite of passage for a wide range of primitive peoples, a rite of passage that’s perhaps most developed in the Australian Aboriginals’ walkabout, a long trek that’s connected to the dreamtime (which is when the Aboriginal world was created): the Aboriginals believe that their ancestral lands, and the creation of their ancestral lands, reveal themselves spiritually and spatially as they wander throughout the lands that they define as their world. In this sense, during the walkabout they reconnect with their ancestors and relive the story of creation.

Victor Paul Borg has published more than one million words, as well as hundreds of pictures, all published in books and magazines and newspapers in every corner of the world.

It’s a rite of passage that has been most eloquently written about by Bruce Chatwin in his 1987 book The Songlines. In the book Chatwin also explores the wider theme of walking and creativity, of the function of wandering in human development and personal formation, and in the Aboriginals’ walkabout he finds an echo of the wanderings of many writers.

The ancient Greek philosophers, Plato most resoundingly, also eulogised wandering as something that promotes learning and creativity. Plato talked about it by using the analogy of a cave: he argued that each person’s immediate milieu and place of birth is as limiting as a cave in terms of experience and knowledge, and before a person could speak about life and the world, he has first to leave the cave and wander away, the further the better, to gather experiences and to see new things and hear different peoples and learn about the wider world, and then return to the cave and be able to teach those in the cave – the ones

who never left the cave – about the ways of the world and the human condition.

The implication is that those who never leave the cave are unqualified to teach something as complex as what we call philosophy.

(Nowadays we can learn about things faraway and take in a variety of ideas from books, but long-term travel is irreplaceable as a source of wider knowledge for as long as the traveller opens his mind – many travellers, many immigrants, fail to imbue their intellect with any of the knowledge in the places where they go or settle, and some remain even more closed than many people left at home.)

When it comes to daily walking for creativity, it is essential to be in the right frame of mind.

Walk for the sake of walking, not to be seen; wear comfy clothes – the point is to empty your mind at the outset, allowing fresh ideas or associations or imaginings to fill the void.

Countryside walks, or walks along the seaside, are more conducive for this purpose

than urban walks, partly because there are less human-made distractions and partly because the mind relaxes and empties more readily in the countryside or by the seaside.

But urban walks are not to be discounted; walking the same route day after day would make it so familiar and uneventful, and any features fade so much into the background, that the mind is still capable of stilling itself.

It’s good to make the walk a habit; and in the summer, you can substitute the walk with a swim – a swim not as a feat or as workout, but as a low-intensity activity.

And of course, walk alone. A companion is a distraction, even a dog. Reveries are only possible in the rhythm and solitude that lone walking facilitates.

The study of Stanford University – Give Your Ideas Some Legs: The Positive Effect of Walking on Creative Thinking by Marily Oppezzo and Daniel L. Schwartz – can be found at http://www.apa.org/pubs/journals/releases/ xlm-a0036577.pdf

MIND MAP

WALKING AND CREATIVITY

by Victor Paul Borg

Money / Issue 40 - 17

ART

A PORTRAIT OF THREE ARTISTS

Jamie Iain Genovese has a conversation with three creatives.

Josè Domingo

Carl Caruana

Glenn Ellul

M

particular favourite of mine is a piece of his depicting a metropolis perched precariously on Dwejra’s Azure Window. The message is clearly that of unsustainable development on the Maltese islands, and it was executed flawlessly without a drop of colour.

“My biggest influence is architecture style, mostly baroque, and paintings. I find Dali and M.C. Escher to be my main inspirations, mostly in surrealism and technical drawing, because they are very surreal and detailed.”

y father always told me that there are a hundred ways to skin a cat. This is a proverb that can be applied to any human disciple, even those of design, illustration, and art. No better way to study this than by looking at the work of different artists and becoming familiar with their style, method, philosophy, and how they get all that across. The three artists I choose are Glenn Ellul, Carl Caruana and José Domingo.

Glenn Ellul, from Żebbug, has been designing since he was a kid and is now 25. He’d make logos, do some branding, and his love for illustration has stemmed from that. His style is a marked one, comprising of detailed and deliberate line work, boldly shaped on a blank page and capable of making a statement by providing the essential information. A

18 - Money / Issue 40

His fleshed-out ink drawings are predominantly black and white, a motif that doesn’t necessarily carry over to his commercial work, but somehow something I can feel out in his workspace, with bold elements surrounded by negative (white, blank) space.

Nonetheless, I ask him why he finds drawing thin, detailed lines in ink (a prospect I would find more than daunting, myself) so appealing.

This is reflected in the stocked library behind him; various books on baroque architecture, some of them Maltese; one book on Mattia Preti; and a couple of new books on Piranesi on his desk.

We chat a little bit about the 18th century artist, his laborious use of etchings in order to create his very detailed, very architectural art. Fitting, I suppose, that Glenn should feel kindred with an artist that masterfully created highly-detailed black and white prints of Rome and fictionalised prisons and landscapes.

by Glenn Ellul

And as for the colour (or lack thereof)?

“Black and white is my thing, I sometimes find it difficult to express myself in colour.”

This brings to mind a quote from photographer Ted Grant: “When you photograph people in (colour), you photograph their clothes. But when you photograph people in black and white, you photograph their souls!”

We end up skirting around a lot of issues, such as the audience building, content killing aspects of Instagram. We speak about his online retail store through which he can sell t-shirts or prints with his designs printed on. He tells me about his time studying technical design at school, which he regrettably had to drop in order to pursue O-levels in IT and art (not the least worthwhile of academic pursuits, given his current line of work), we even vent a bit too each other about creative industries and island life, the kind of conversation that is inevitable with two or more ‘creative types’ in a room.

Eventually we move on and settle on speaking a little bit about his upcoming exhibition, which will feature a lot of architecture-centric work, something along the lines of showing the inside and the outside of buildings together. My interest is piqued, to say the least.

The next interviewee is José Domingo, a comic-book author and illustrator from Spain who has dabbled in storyboarding and character design for animations as well as a healthy background in freelance short stories and illustrations. He has published four books in Spain, two of which were published in the UK, the US and France, the most famous of which being his Adventures of a Japanese Businessman, which was nominated for an Eisner award in 2014.

by Glenn Ellul

His latest project has been the production of his first children’s book: Pablo and Jane and the Hot Air Contraption.

I ask him what’s been going on with life, and he tells me that he has recently participated in Inktober. For those not in the know Inktober is kind of like an illustrator’s NaNoWriMo, a month long online initiative that asks participants to create one ink drawing per day.

It’s his first time participating, so I ask what he came up with.

“I created a set of fighter characters influenced by comics, videogames like Street Fighter or movies like Mad Max. A bit of a punk bunch of boxers of a post-apocalyptical near future. They could easily be characters for a future comic!”

Of course, I wonder how he developed his style, what in his life pushed him towards these large, colourful, mural-esque works loaded with detail, meaning, and narrative using very simplistic and stylistic figures. “It is hard to really elaborate on how I developed my style.

As with many artists, it is the result of mixing all your influences and likings and distilling them through your personal filter. I find inspiration in comics, cinema, videogames and music, but especially I always seek for the sense of wonder that some of those instilled in me when I was a kid. Cartoons like Saint Seya, The Simpsons, The Magical Crown, Galaxy Rangers, and videogames like Loom of Maniac Mansion from Lucasarts to ‘choose-your-own-adventure books’ were all things that charmed me when I was a kid with this vague idea of fantasy worlds that I didn’t fully understand.”

The style and shape of his work is derived from “[his] always trying to push the limits

by Carl Caruana

by Carl Caruana

Money / Issue 40 - 19

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DEVELOPMENT

WORK IS NOT ALWAYS DULL.

by Josè Domingo

of how to depict things and as a result of that, [his] drawings are becoming more and more abstract.”

For Domingo, these pushing of boundaries are a means of exploring how he can communicate with others, either on the behalf of a client or on the behalf of himself, how then it becomes “about communicating as a human being, digging in my worlds, my concerns or my interests to express them.”

Was this something he always understood, inherently, as an artist?

“It wasn’t always like that, but with time, I realised that drawing is my way of thinking and understanding the world, maybe that’s why some of my illustrations are crazy!”

Carl Caruana, is a twenty-nothing from Fgura who graduated from the MCAST Art & Design Institute. His older brother graduated as a graphic designer, his father too was a graphic designer, before moving onto store window design and subsequently photography.

I find his work interesting, since it uses familiar visual lexicon (things we see in other places, like the universally-snubbed Comic Sans MS, or curvy-wavey word art) in order to make art, and question where aesthetic taste ends and objective art begins. There are no answers here, of course, and this will become a central motif later in the interview.

And by later, I mean now.

20 - Money / Issue 40

by Josè Domingo

“In this world, we really don’t admit that we don’t know some things. We have to prove ourselves, so we feel settled. That’s how people are, they need to find settlement. Settlements in how you live, settlements in your minds, settlements in all you do. So, when we don’t have settlement in our minds, and we find technology that we find can often confuse us more, we just decide, no matter how little sense it makes, on something, so we feel settled. I question everything, literally everything, to the last drop.

“And it isn’t a problem. I don’t believe in anything, religion or atheism – which can be a religion as well – zero.”

This statement I could understand, David Foster Wallace, though not the first to do this, had argued that essentially all people worship something at the end of the day, that ‘believing in nothing’ was a fool’s errand, and that it could’ve been anything from YHWH to the Four Noble Truths to your own body or money. For Caruana, ‘the question’ is what he worships.

‘Settlements’, by the way, is a catchword Caruana and I used over the course of the interview to describe a certain state of contentment or completion. You have to understand, a conversation with him is like flying a kite in a hurricane: you can do it, but things are moving pretty fast and you don’t choose where you end up. A catchword like

‘settlements’ became excellent shorthand that kept my grounded in it all.

Not quite approaching the topic of his work, we come to the way he perceives himself: as this fundamentally split person, a medium for his own subconscious. A question that irritates him is that of his preferred medium, as opposed to tools, for this precise, very dualistic, kind of reason. He makes himself the viewer, and makes art simply by letting his hands and his mind do their thing; there’s no mission statement, no brief, there’s blind trust in whatever comes out of his fingertips, and his own understanding of the work he makes is written in the sand—he doesn’t ever know where exactly a thought or bit of inspiration comes from, but he will follow it.

And still, despite the murky sources of his ideas, and how everything in the universe is a remix, and the very ubiquitous ‘webgrunge’ elements in his work, he would describe his pieces as a kind of ‘secret language’ only he can truly understand.

This ultimate and unbridgeable gap between what he expresses and what other people will understand is currently a part of the question that he loves, and offer him his settlement.

Glenn Ellul www.fb.com/glennellul José Domingo www.josedomingo.net Carl Caruana www.fb.com/bleedingdata

21 - Money / Issue 39

LUXURY

YOUR WORLD

Luxury has many definitions. The important thing is that it means something to you, Vera Sant Fournier says.

T

he dictionary definition of luxury is: ‘Free or habitual indulgence; the enjoyment of comforts and pleasures, in addition to those necessary for a reasonable standard of well-being.”

Luxury belongs to lived moments such as an indulging experience or to environments that create utter comfort and ease. Such standards or feelings are subjective to each individual and thus can be rather difficult to explain, define and perhaps even put into words.

We often read about “luxury lifestyle” or “luxury homes” in magazines, on adverts and billboards. These titles spark memories and feelings of comfort, because let’s face it, comfort is perhaps the ultimate luxury.

22 - Money / Issue 40

Developing your home to reach that luxury status takes planning, vision and time together with research of the latest trends and gadgets. The point is to make your life as easy and comfortable as possible – being at home becomes an original and personal experience completely designed around you and your needs.

Luxury involves the use of prestigious materials such as natural and quality marbles – take the Yves Saint Laurent marble, with its bold black background and lavish gold veins. There are also various prestigious woods, including American walnut, as well as exotic and unique timbers, such as ebony macassar veneer, which is a statement in itself.

The use of gadgets, such as retractable televisions from the footboard of a bed, also spell out luxury and are prime examples of what luxury gadgets and materials can be.

Luxury is also created through the use of unique objects made by artisans and craftsmen, commissioned and collected art, ornaments that you wouldn’t find in the big brand showrooms.

Producing and purchasing luxury goods also represent an investment in time – this applies not only to the time spent making an object but also to the process of perfected skills, producers of luxury goods are inspired by passion and curiosity for the intricate nature of objects, the potential of materials, and

complex techniques. This motivation often exists beyond market demands and even simply that one off request.

A home designed with luxury in mind is one which has these key factors, highly sought after items, in rich materials and most of all of high quality. Once you have taken all these factors into consideration you are creating something which is completely unique to a space.

Luxury is having a rarity, no matter the cost, but it also means investing in eco-conscious products. We are becoming more aware and ready to engage an architectural firm to design a self sustainable structured home with the help of engineers. Of course no home is truly luxurious if those custom joinery pieces are missing, from custom sofas to engaging wallunits, furniture that is not only functional but which also tantalises the senses – extraordinary solutions which create something completely exclusive.

The master makers of a trade demonstrate exceptional expertise with outstanding precision and attention to deliver nothing less then what we would rate as a remarkable finishes.

From tailored joinery to custom sofas, luxury is having something totally designed to reflect your individuality. Having said that, luxury interiors may also mean one thing to you and one thing to another. One

thing is certain, luxury is not buying the item because it is trending. Handmade, artisanal, bespoke and even traditional not only in aesthetics but also in the production techniques. These are the brands and companies which one needs to look out for when designing their space for that luxurious end result. These are the companies who truly dedicate their trade to the quality luxury market.

In the past, luxury meant gold leaf trims, elaborate swags and prestigious materials.

Today the perception of luxury takes a

different approach for each and every one of us. We may say that in today’s day and age the definition of luxury continues to evolve as the markets expands with more request for luxury goods, services and experiences.

Luxury interiors are not your average catalogue decor. They are homes that have been meticulously designed around your needs with the utmost attention to fine details, with no consideration of the price tag. Each and every material, colour and objet d’art tells a story and was used with a clear concept in mind.

Money / Issue 40 - 23

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ECONOMY

Reuben Buttigieg is director at Erremme Business Advisors.

TRUMP ON THE CARDS Will the election of Donald Trump bring business and political stability, Reuben Buttigieg asks.

T

he financial markets have reacted negatively to the election of Donald Trump as the President of the United States of America. The financial markets seem to react negatively to anything that the media decides to project. Indeed, market reactions are made up of perceptions.

The election of Trump, hot on the heels of the Brexit result, is an important lesson to the political class. The world wants a change

in the way things are done. Certainty is fundamental but it does not mean that it is to hold change. During his campaign Trump made very far-reaching statements and promises without however entering in the detail of how it can be implemented. He has also failed to give alternatives to the laws or actions he has promised to abolish.

Trump is, first and foremost, a businessman.

Since 1971, he has chaired the Trump

Organisation, the principal holding company for his real estate ventures and other business interests. During his business career, Trump has built office towers, hotels, casinos, golf courses, and other branded facilities worldwide.

Having graduated in economics from the Wharton School of the University of Pennsylvania in 1968, in 1971, he was given control of his father Fred’s real estate and

Money / Issue 40 - 25

ECONOMY

construction firm. Trump has appeared at the Miss USA pageants, which he owned from 1996 to 2015, and has made cameo appearances in films and television series.

With this background, Trump must certainly understand the requirements for a healthy business environment. With such a number of projects around the world he certainly will seek good relations with different countries.

Perhaps we will push for a reconciliation with Russia which is much needed in the business world and not only.

on multilateral cooperation, including investment. The talks also touched upon some issues related to Malta’s presidency of the Council of the European Union in the first six months of 2017. Perhaps, thanks to the Trump election we will see stronger ties with this economic power.

The Obama administration led to many countries holding back on the business transactions with Russia just to please the US. Indeed, there was a strategically coordinated effort to control and limit transactions with the excuses of money laundering.

Trump’s promise of withdrawing support to Syrian rebels is also a positive side from a business perspective. Stability in the area is much needed. The world should seek to stop terrorism and not to interfere in country affairs. Hopefully, Trump will change the mentality of the US of going uselessly into wars and create instability in regions. There are different ways how to handle certain humanitarian issues. So finally we may also see a light to start trading with Syria and to be able to visit this marvellous historic land.

Malta did have its share in all this as well as we may recall similar statements were done on Russian investment even from Government representatives. In the wake of the Trump election Prime Minister Joseph Muscat held talks in Moscow, focusing

There are also other measures such as the dealing with illegal immigration. We will need to see how this will be handled. However, we should not be surprised that the Americans voted for this. Indeed, Malta discussed such matters for years and years.

“THE WORLD WANTS A CHANGE IN THE WAY THINGS ARE DONE” Reducing the problem of illegal immigration led to more tranquillity in the Maltese who seem to accept more its multicultural role. In the case of America, it must be the same. One must admit that there may be businesses which will be negatively affected by the reduction of the consumer population.

However, addressing the matter may result in higher income in taxes for government, reducing abuse of working conditions (possibly forced labour) and also entering part of the black economy in the system.

In his promotion of stability, Trump has also committed the US to stop Islamic State.

One of his probable basic assumptions is that much of such activity may be starting in the US itself. So by taking certain measures and by possibly managing to stop financing of the terrorist group they will be weakened. If he manages in this then we would have other geographical regions to engage into business with. Reading through his promises one may see that most of these do have a pro-business stand through which we are all to gain and not only the Americans.

Indeed Trump said he would put in place “the largest tax cut since Ronald Reagan” and offered less specific ideas such as eliminating “every unnecessary, job-killing regulation,” protecting religious liberty and rebuilding the military and law enforcement.

Whether he will succeed or not we need to see – however, any person who is interested in the generation of business will be looking forward to see certain promises becoming a reality.

26 - Money / Issue 40

REPUBLIC STREET, VALLETTA

MARKETING

THE QUEST OF PROVENANCE

A product’s source is increasingly becoming its selling point, George Larry Zammit says.

We continue to create and produce products for a globalised world. Whatever the political climate, post-Brexit or post-Trump, trade will continue to flow as it has done traditionally for centuries. That is how global economies have synced and developed through time.

Due to global supply chains, mass production has increasingly become the norm. True that it has improved efficiencies and economies of scale while consumers are supposed to benefit better value for money, but on the other hand consumers have lost site of the production process and where the product truly originates from.

28 - Money / Issue 40

As production processes continue to consolidate, a new phenomenon is emerging in the needs of consumers: the quest of provenance.

Where is it from? How was it made?

These are just a few of many other questions consumers are seeking an answer for regarding the origins of the product. As most products become more homogenous, and mainstream brands expand their global footprint, one must not underestimate the consumers’ possible curiosity of the products’ source of origin and actual authenticity.

Thinking about it when people believe that coffee originates from Italy? Or tea from the United Kingdom? Or chocolate from Belgium?

Coffee beans, tea and chocolate beans originate from warmer climates in Asia, Africa and South America. This is why some producers are now emphasising the provenance of the product like Colombian coffee, Sri Lankan tea, and Madagascar chocolate.

But then again sometimes the truth of provenance can work against you. For example the big deal about pink Himalayan rock salt. Sounds like an interesting and exotic product. But what many people don’t know is

George Larry Zammit is a chartered marketer who invigorates businesses through his consultancy Tiki-Taka Marketing (www.tiki-taka.com.mt).

to the sheer economies of scale of largescale operators. But on the other hand when it comes to products and services with an individual touch and style, there might have never been a better time to reach out and be part of the bigger picture.

A connected and data-driven world is making it possible for provenance to lead the way through fair and high-quality production. It is now much easier to do your research on the real provenance of certain products. It is now much easier to exchange views with common customers on their own experience of the product and the brand experience.

Some might argue that customers do not care about provenance. All they are interested in is best quality and value money. This might be true in most cases involving mass retailing, but one must not underestimate the consumers’ desire for uniqueness and individuality. that Himalayan salt is quarried in Pakistan. No disrespect to the Pakistanis, but unfortunately the product would not be just as appealing if it were called Pink Pakistani Salt.

As an example a recent study by American researchers Anderson and Barrett (2016) concluded that consumers’ beliefs influence the experience of eating meat. While people believe they experience and judge the world objectively, the research continually demonstrated that beliefs influence perception.

In their experiments, samples of meat were paired with descriptions of animals raised on factory farms or raised on more animal friendly farms. In the meantime, all meat samples in both conditions were identical. Feedback from participants showed they experienced the samples differently: meat paired with factory farm descriptions looked, smelled, and tasted less pleasant. Even basic properties of flavour were influenced: factory farmed samples tasted more salty and greasy.

Finally, actual behaviour was influenced: participants consumed less when samples were paired with factory farm descriptions.

The findings demonstrate that the experience of eating is not determined solely by physical properties of stimuli – beliefs also shape experience.

Authenticity is a word which has been used time and again. Actually, you might also agree that as a word it has been used a bit too often. Many products and services used the ‘authentic’ attribute to justify their

different value proposition compared to their competitors. But then again who determines if the product is authentic or not?

As marketers continue to strive in finding ways to remain appealing to their customer while maintaining a distinctive edge of its competitors, provenance is slowly becoming a common thread in the strategic efforts of small-scale producers.

Provenance is an alternative word than using ‘place of origin’. The word has French origins deriving from ‘provenir’ which means ‘to come from’. As a term, it was mainly used in art circles to define the source of a work of art. Today provenance is now commonly being highlighted as an attribute in an array of artisanal products such as food, textiles, and furniture amongst others.

One might say that it has become increasingly difficult for smaller operators to navigate and compete in a global market. In most mainstream commodities, this can be true due

Louis Vuitton is another great example of a French accessories producers who made overwhelming success overseas. In a country as far as Japan, Louis Vuitton generates millions of Euros in sales as the Japanese are fascinated and passionate about the iconic brand made in France. Not surprisingly Japan has become known as the land of Louis Vuitton lovers.

Provenance can be considered as a form of soft power. Many countries and destinations have used the authentic products they are proud of making as the hallmark of their region. German cars, French wines, Argentinian beef, Italian leather, Persian spices, Nashville music, and many more examples exist where people build an impression of place due to the products they have experienced from the same origin.

Provenance will continue to play an important role in differentiating products from others.

While mass producers continue to dominate mass retailing, smaller regional producers will attempt to highlight the authenticity of their provenance and support an increasing pool of niche and independent retailers.

“GERMAN CARS, FRENCH WINES, ARGENTINIAN BEEF, ITALIAN LEATHER, PERSIAN SPICES AND MANY MORE EXAMPLES EXIST WHERE PEOPLE BUILD AN IMPRESSION OF PLACE DUE TO THE PRODUCTS THEY HAVE EXPERIENCED” Money / Issue 40 - 29

BRINGING BACK THE GLAMOUR TO CHRISTMAS

MALTA WASHINGTON NEW YORK BORDEAUX LONDON

Christmas is coming and with its happy arrival signals a plethora of celebrations, presents and time with loved ones.

Here at InterContinental Malta we are delighted to provide you with the finest festive season events and specially crafted restaurant menus around. So, celebrate with our wide array of Christmas culinary delights and unparalleled levels of service, while we proudly do the hard work this Christmas!

For more information or to make a reservation, please call us on 21 377 600 or visit malta.intercontinental.com.

Live the InterContinental life.

PARIS MARSEILLE DAVOS DUBAI KOH SAMUI SINGAPORE

LAW

Dr Doran Magri Demajo is a Partner at Be. Legal Advocates and is primarily responsible for the firm’s corporate and commercial law practice.

LEGISLATING FOR LUXURY IN THE SKY

Malta is well-positioned to further establish itself as a global key player and centre of excellence in the aviation industry, Dr Doran Magri Demajo says.

A

decade or so of key regulatory innovation spanning various industries, such as financial services, gaming, yachting and aviation, has incentivised several global entrepreneurs to use Malta not only as an efficient domicile of choice for their business interests but also as a base for their luxury toys.

The world has witnessed an exponential growth in the number of people using private aircraft and luxury yachts and this represents the wealth that the legislator has been striving to draw to the island’s shores.

an attractive option for yacht and aircraft registration enabling entrepreneurs and big corporates to effectively house the majority of their assets in one pragmatic yet prudent EU jurisdiction.

The result is that Malta is able to couple its unparalleled corporate offering with

A natural corollary in this respect is the generation of increased ancillary business

Money / Issue 40 - 31

LAW

“MALTA IS ABLE TO COUPLE ITS UNPARALLELED CORPORATE OFFERING WITH AN ATTRACTIVE OPTION FOR YACHT AND AIRCRAFT REGISTRATION” for various local industry players and service providers and an overall benefit to the Maltese economy in general.

Through the introduction of the Aircraft Registration Act 2010 Malta became a force to be reckoned with in Europe’s aircraft registration industry. As at November 2016, Malta’s Aviation Registry totalled 239 aircraft and over 31 operators in its register.

It is noteworthy that the majority of such registrations comprise private jets and other commercial aircraft.

To this end, large corporate chartering operators such as Comlux, Orion Malta and VistaJet chose Malta as a base for their operations. 2015 represented several key firsts for Malta’s aviation industry with the registration of two Airbus A340 and a Sukhoi Superjet 100, the latter being the first ever model of its type to be registered in the European Union.

This growth has been bolstered by solid physical infrastructure including an investment to the tune of €17 million in the 200,000 sqm Safi Aviation Park which hosts various aircraft operators and repair and overhaul businesses including Lufthansa Technik.

The Aircraft Registration Act also implements the Cape Town Convention on International Interests in Mobile Equipment and its Aircraft Protocol thereby granting secured lenders a higher degree of protection and more

32 - Money / Issue 40

effective remedies while allowing lower borrowing costs. Moreover, the island’s role as a European financial services hub facilitates the structuring of aircraft finance arrangements through, inter alia, syndicated loans and securitisation in terms of Malta’s Securitisation Act, under which a number of asset classes may be securitised including aircraft charter and lease payments.

Malta’s private aviation industry is complemented by an attractive VAT leasing regime which has ostensibly served as the primary catalyst for attracting private jets to fly our flag and which mitigates VAT leakage to an extent dependant on the aircraft range which would in turn determine the deemed period of time that the aircraft is used within EU airspace.

By way of example, an aircraft with a range of up to 2,999km has a deemed EU use of 60 per cent and attracts an effective VAT rate of 10.8 per cent, while an aircraft with a range of over 7,000km has a deemed EU use of 30 per cent and attracts an effective VAT rate of 5.4 per cent.

In order to benefit from this regime the following conditions must be satisfied. A lease agreement is to be entered into between the owner of the aircraft (qua lessor) and the user of the aircraft (qua lessee) whereby the lessor contracts the use of the aircraft to the lessee for a consideration which is payable on a monthly basis. Also, both the lessor and the lessee must be established in Malta and the operative period of the lease agreement shall not exceed 60 months. Prior approval must be sought in writing from the VAT Department with each application being considered on its own merits.

Following the lapse of the lease period, the lessee may exercise an option to purchase the aircraft and, provided that all VAT payments have been duly effected, a VAT paid certificate will be issued in respect of the aircraft.

With recent statistics showing that circa 40 per cent of the world’s aircraft are being leased, the availability of this regime means that Malta is well-positioned to further establish itself as a global key player and centre of excellence in the aviation industry.

This article contains general information only and neither Be. Legal Advocates nor any of its affiliate/s, partner/s and/or associate/s is/ are, by means of this publication, rendering professional legal advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult with your professional advisors.

Should you wish to contact the author call on (+356) 2713 0150, send an e-mail to info@belegal.com. mt or visit www.belegal.com.mt.

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PROMO

CLEVER SOLUTIONS Enrico Frare, managing director and energy efficiency specialist at H-Com Ltd, outlines innovative technologies for efficiency and energy saving.

What does H-Com do?

We offer energy efficiency systems which can improve the climate comfort inside your home or office by reducing pollutants and bacteria while optimising your energy consumption.

What technologies do you use?

We use various forms of technology. These include radiant technology, which is an insulated radiant panel that through the air treatment system controls the humidity and temperature of your home and office.

We also use energy efficient hydronic technology for the production of thermal energy and DHW. Another technology we make use of is in the form of nanotechnology paints that when applied on any surface are able to turn them into a natural air purifier.

What are the advantages of these technologies?

The radiant ceiling system ensures the highest level of comfort, homogenous temperature distribution, imperceptible airflows (absence of circulating dust), quiet operation (no motor noise), air recycling, humidity control and low maintenance costs.

The hydronic and heat pumps systems provide a combined solution for the production of thermal energy that helps to climate the environment and DHW. Nanotechnology paints work like the leaves on trees. It is able to reduce environmental pollution by more than 80 per cent and eliminate 99.9 per cent bacteria and mold from surfaces.

What’s the energy saving like?

With the radiant technology you will be saving around eight to 12 per cent in energy consumption, while with the combined usage of the heat pump to a heating/cooling and DHW production

Enrico Frare

ensures energy savings of 50 to 70 per cent compared to VRF/multi split system and electrical water heaters.

When using the nanotechnology paints for outdoor applications, thanks to its high reflective surfaces, you can register energy savings of 15 to 50 per cent on your electricity consumption.

Which kind of buildings are these solutions suitable for?

They are suitable for all types of buildings from new to old, residential, commercial or industrial. Also suitable for the hospital sector where we can ensure a very high performance in term of wellbeing and energy efficiency.

Are these solutions able to increase the energy class of the building?

Absolutely! These solutions all increase the energy class of your property.

Are these certified products?

Yes, all our products are fully certified. The radiant systems are TUV certified while the heat pumps have the highest energy certificates on the market (COP 4.0). The nanotechnology paints are LEED (Leadership in Energy and Environmental Design) and/or EUROFINS. What about the warranty?

Radiant systems enjoy a lifetime warranty; the heat pumps have five years while the nanotechnology paints have a 10-year guarantee.

For more info contact Enrico on info@hcomltd.com for a free consultation or visit www.hcomltd.com

Money / Issue 40 - 35

Mobile Payments Users in Europe Europe

s Mobile Usage sers expect

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%

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ing nes

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DESIGN

REBUILDING THE PAST

Vernacular architecture can teach us how to create sustainable modern design, Kris Tabone says.

L

ooking back at our theory and history of architecture, we tend to be more concerned with the study of monuments that are generally noted to be unusual and rare.

These structures represent a small and rather insignificant portion of the building activity at any given period giving a status to religious or political powers at the time.

The major part of the built environment known as the folk or vernacular architecture has been largely ignored in architectural studies of history until more recent years.

Vernacular architecture is not primitive, but has a design process that has been adapted and changed by the people over long periods of time to work with the environment and the results have been achieved through trial and error.

This style of construction did not use skilled architects but relied on the tradition of local builders – such tradition was based on the needs of the people, availability of construction materials and reflects local

38 - Money / Issue 40

traditions developed into various forms in communities around the globe.

For instance, for passive cooling the buildings were orientated towards breezes for optimum comfort ventilation – in some cultures they raised the structures on stilts to maximise the stack effect, creating the opportunity for cross ventilation and using water as well as vegetation to create cooler microclimates.

The unfortunate situation that we find today is that a lot of the skills and knowledge of these forms of construction have been forgotten or lost in various cultures due to socioeconomic changes. Post-industrial age had a profound effect on this with the built environment taking a different path due to accessibility to new materials through importation and the use of non-renewable energy resources that has had such a negative impact on the natural environment.

After World War II the economic boom provided the market with cheap nonrenewable energy solutions and architects at the time moved away from passive

cooling techniques, only to rely on mechanical interventions such as airconditioners and heating to achieve the required thermal comfort within buildings.

In the EU’s 2010 Energy Performance of Buildings Directive, it was noted that buildings are responsible for 40 per cent of energy consumption and 36 per cent of CO2 emissions in Europe. Buildings are the largest non-renewable energy consuming sector with the majority of it taken up by households. The EU has set itself a 20 per cent energy savings target by 2020 which is roughly equivalent to turning off 400 power stations.

Besides the now obvious methods such as solar panelling and wind energy, some architects today are consulting with vernacular architectural tradition – this gives them the opportunity to learn and adapt important cultural ideas developed over time on the art of balancing thermal comfort between climate and limited resources.

Buildings in different climates have their own demands for keeping the thermal comfort

suitable for its users. However by studying the elements of the vernacular one can see that the traditions of one culture can be linked to various others by recognising the similarities.

From the courtyard houses in the Middle East to the courtyard houses in the Mediterranean and even Asia, these buildings where formed for similar functions in terms of control over solar heating onto the outdoor space which was also protecting against natural elements such as wind.

In the Middle East elements such as wind towers have been in existence for centuries as wind catchers in Saudi Arabia, malqaf in Egypt or badger in Persia. These caught fresh wind across passive systems, which can be utilised as a sustainable contemporary design for cooling and ventilation purposes.

As well as looking at the vernacular architecture from the individual dwellings, one could also learn from an urban point of view how each building related to one another. An example can be seen in the ksours in Morocco. The streets and alleys inside the ksours are narrow and never rectilinear with parallel sides. This helps keep the streets shaded most part of the day and their form helps break the flow of sand

“A LOT OF THE SKILLS AND KNOWLEDGE OF THESE FORMS OF CONSTRUCTION HAVE BEEN FORGOTTEN” carrying winds through the city as the sand carrying winds. If these winds infiltrated the kasr, they would easily disperse the cool air that accumulated during the night.

These types of buildings and their elements have attracted the attention for research since the structures represent an excellent harmony between the natural and built environment, putting forward a unique example for the sought after sustainability that the world today seeks for.

Cairo’s Grand Gate project by Vincent Callebaut is based on principles of passive cooling learnt from the vernacular and developed upon. The complex is conceptualised as a synchronised structure that would keep up with the beneficial effects of micro-climate, orientation, local landscaping and even the prevalent solar cycle of the region.

French architects Ateliers Lion designed a concept for a school in Damascus incorporating wind-assisted solar chimneys, which are a developed concept on the principles of the traditional wind catchers used to drive natural cross-ventilation through the classrooms. The chimneys are faced with a polycarbonate sheet to trap solar radiation and enhance the stack effect.

This is an extract from Kris Tabone’s dissertation for a Master degree in conservation and design.

Money / Issue 40 - 39

Absolut is marketed and distributed by FBIC Ltd. www.farsonsdirect.com

Absolut.Malta

MARKET REPORT

Licensed stockbroker Alexander Mangion is Managing Director at MPM Capital Investments since 2009.

The company is authorised by the Malta Financial Services Authority (MFSA) to provide financial services in Malta and holds a Category 2 licence. He holds a Bachelor of Commerce (Hons) degree in Banking & Finance (University of Malta) and a Master of Finance & Investments (University of Nottingham).

INVESTING IN THE NEW YEAR

I

t’s been a roller coaster year for investment.

Predicting 2017 is going to be no easier.

Inches of newspaper columns and streams of websites were warning us that following Brexit, markets would collapse by the end of this year, fearful of a possible Trump victory and dwindling Chinese growth.

Instead, the opposite happened. Once markets recovered from the initial shock of the Republican’s victory, they rallied at record

What are the investment opportunities and risks in 2017, Alexander Mangion asks. values, buoyed by expectations of a significant economic spending programme, investment in infrastructure and a loosening of financial services rules enacted post the post-2009 crisis.

Judging the possible performance of economic and financial markets has become as challenging as, well, political polling. So what are the markets expecting for the year ahead?

THE PLUSES First things first. The US remains the largest economy, and therefore its performance is vital for the rest of us. So far, the IMF is projecting moderate growth of around 2.2 per cent. Continued low growth elsewhere should keep oil prices low in 2017. However, it is unlikely that producers will keep resisting the temptation to cut prices in order to compete for market share.

growth trajectory and achieve its third straight year as the fastestgrowing major economy in the world, with the IMF projecting a 7.6 per cent jump in gross domestic product.

Gold, which is considered as an effective and traditional hedge against inflation and political instability, is projected by markets to stay roughly even in 2017.

China, whose path to growth preceded India’s, has a more complex situation: yes, it is still growing, but the double digits experienced up to a few years back are now consigned to history. The top brass in the Communist Party, led by President Xi Jinping are trying to shift the economy toward consumer spending and away from corporate capital investment, heavy infrastructural investment and exports.

The larger European nations should all register decent economic performance next year. The emergent economies also provide room for positivity. Economists expect India to continue on its remarkable

That’s good news for Asian nations that make goods that Chinese buy, but it is not music to the ears of European, Japanese, and American companies that sell high-tech machines to Chinese manufacturers.

THE PITFALLS

The challenges ahead however, abound. We may have thought that the British referendum result and the election of Donald Trump as American President has been the apex of the world’s market’s troubles from a political perspective.

currencies across the globe. The fact that markets are still wary of any such development emanating from this process was highlighted recently as the Sterling fell to 180-year-lows as soon as British Prime Minister Theresa May’s announced that Brexit would commence by next March.

But more political turmoil is awaiting. With national elections set for France, Germany and the Netherlands in 2017, each of which feature a far right candidate, there is potential for economically damaging protectionist policies in the Eurozone. And this is a best case scenario, since a wave of far right victories in quick succession may trigger a collapse of the eurozone’s fundamentals. Though an election is not yet scheduled next year, things don’t look better in Italy either.

The longer this issue gets dragged on the longer the associated uncertainty will be factored into shares, bonds and currencies, damaging corporate investment and affecting the European economy as a whole.

So far, early polls seem to preclude such a scenario, but following this years’ experience, hedging your investment decisions on political polling is tantamount to financial suicide.

These elections merely form the backdrop for the most significant geopolitical event to occur in 2017, Britain’s triggering of Article 50 and the commencement of its slow, painful exit from the European Union.

Admittedly, the UK may no longer be an economic world powerhouse, but fact remains that the impact of the Brexit vote was felt in markets and

Added to this, lurking on the side, is an issue that many may have forgotten but is still there: Greek debt. This issue was brought to the fore recently once again, as the IMF sounded alarms on how it considers as profoundly unrealistic the Greek target of reaching a budget surplus by 2018 and to sustain it over the medium term.

The IMF is even considering withdrawing its participation in the Greek debt relief, a decision which would imply that Eurozone would have to finance a level of debt going well beyond the figures agreed so far.

While it seems that the most important economic fundamentals are looking brighter, the political pitfalls could provide yet another bumpy ride, and it seems that once again, for 2017 we are to expect the unexpected.

Money / Issue 40 - 41

COUNTRY PROFILE

THE POSTCASTRO SCENARIO

For decades, Cuba, a mere 90 miles away from Florida, has built bastions against the outside world. The stones, however, are falling.

I

n recent years, Cuba has been showing signs that, after decades of communist rule and a strict US embargo, it is opening up to the world.

The first sign was the increased interest in Havana property, with large hotel chains queuing up to develop historic buildings into landmark hotels. Tourism also saw a steady increase, especially from the US. Since President Barack Obama started thawing diplomatic relations with Cuba in 2014, US tourists have increased by almost 40 per cent. As a further sign of the great thaw, last May, the Adonia, a Carnival cruise ship, was the first in decades to dock in Havana.

President Obama’s historic visit to Cuba last May – the first US president to visit Cuba in

42 - Money / Issue 40

nearly a century – was yet another sign that Cuba was changing.

“This is a historic visit,” President Obama said.

“It’s an historic opportunity to engage with the Cuban people.”

‘Engage’ was definitely the operative word as the accompanying delegation – numbering somewhere between 800 and 1,200 people – were busy finalising one of the outgoing US president’s greatest diplomatic legacies.

The cherry on the diplomatic cake was a free concert by the Rolling Stones, who played at Havana’s Cuidad Deportiva.

For many political observers, President Obama’s visit to Cuba was a Berlin wall moment. The first stone crumbled when

President Obama and President Raul Castro famously shook hands at the funeral of Nelson Mandela in 2013. Admittedly, there are more stones to fall, especially those related to democracy and human rights in Cuba – but they are falling steadily.

Yet in this march towards change are two main hurdles, which presented themselves in the past few weeks: Fidel Castro’s death and Donald Trump’s surprise victory in the US presidential elections.

The man who will need to take Cuba beyond these hurdles is Raul Castro. Fidel’s 85-yearold brother has already managed to steer Cuba through stormy waters – it was under his watch that various economic reforms were introduced in Cuba. Moreover, it was his

“THE FIRST STONE CRUMBLED WHEN PRESIDENT OBAMA AND PRESIDENT RAUL CASTRO FAMOUSLY SHOOK HANDS AT THE FUNERAL OF NELSON MANDELA IN 2013” signature that approved the easing of travel restrictions and the restoration of diplomatic relations with the US. He also freed most political prisoners and allowed prominent critics such as Yoani Sanchez to travel abroad.

However, his brother’s death and Trump in the White House will test him as never before.

For Cuba, President-elect Trump is probably the greatest unknown. On November 28, two days after Fidel Castro’s death, Trump tweeted: “If Cuba is unwilling to make a better deal for the Cuban people, the Cuban/American people and the US as a whole, I will terminate deal.”

The tweet was largely unsolicited and raised more questions than answers.

Trump’s threat to re-impose sanctions on Cuba is a missive fired by a new presidency. However, Castro will probably

The health expenditure in Cuba is

11.1%

of the GDP. For most of Cuba’s 11.2 million people, the average monthly wage is less than

€18

rest resolute that while Cuba is willing to change, it will only do so on its own terms and at its own pace.

However, Cuba’s biggest tests will probably be handled by whoever succeeds the 85-year-old Castro, who is already grooming a successor and has made frequent hints at a generational change. At the 2016 Communist Party congress, he said that nobody should be over the age of 60 when they join Cuba’s top decisionmaking body. Moreover, he has repeatedly said that he will stand down as president in 2018 – his first vice-president, Miguel Diaz-Canel, is widely tipped to take over.

It seems that next year will be critical for Cuba. Whatever political and social events the new year holds, what is certain is that this island nation that is a mere 90 miles from Florida is no longer worlds apart.

From 2000-2015, the unemployment rate in Cuba averaged

2.72%

Cuba has an external debt of

$26 billion

In 2015, more than

3 million

tourists visited Cuba.

Cuba’s biggest export partners are Canada

17.7%

,

Venezuela

13.8% China

13% Cuba’s GDP per capita stands at

$10,200 27.2%

of the adult population in Cuba is obese.

Money / Issue 40 - 43

On gardening leave

Photography

Nicky Scicluna Styling

Luke Engerer Model

Orlando from Models M

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// Armani Jeans shirt, €135.00 // Armani Jeans jumper, €187.50 // Armani Jeans cardigan, €290.00 // Armani Jeans chinos, €155.00 // Armani Jeans trainers, €185.00 //

Interview GIFTS

A STOCKING FULL OF STARS

SEEK SHELTER This double-canopy umbrella by David David has a maple wood handle and shaft, with black reinforced steel fluted framework.

Start the new year in style with Money’s gift list.

MADE FOR MUSIC This Gold Phantom amplifier and speaker by Devialet plays music via Wi-Fi or Bluetooth, with 4.5kw worth of audio power.

CITY THAT NEVER SLEEPS Hublot has announced its latest collaboration and timepiece, the Classic Fusion Aerofusion Chronograph Concrete Jungle. This is a tribute to New York City co-designed by visionary street artist and former New Yorker, Tristan Eaton.

52 - Money / Issue 40

TECH IT WITH YOU The Stow tech case is handmade in soft Spanish leather. It combines a leather wallet, powerbank charger and cable, award-winning international foldaway plug set and powerful memory stick.

SIGN HERE The Medina fountain pen by Visconti is crafted from green and ivory resin and features a 23ct palladium nib.

ROUND AND ROUND The Martone Cycling bike is built for the urban commute. It’s lightweight yet strong, made of high-quality double-wall aluminium and available in an assortment of shades.

SEE THE LIGHT

WORD PLAY

Crafted from brass and turned steel, the 47cm-high Shear table lamp by Bert Frank draws inspiration from the 1930s. The brushed finish on the inner shade produces a soft, warm light.

This luxury edition Scrabble set features a rotating faux-leather game board and a wooden cabinet base decorated with burled wood veneers and gold foil stamping. It is equipped with an integrated drawer, allowing the included letter tiles, die-cast racks, timer and scorebook to be stored away neatly.

Money / Issue 40 - 53

TRAVEL

QUALITY OVER QUANTITY

The Chinese impress governments and tourism departments all over the world because of sheer numbers. But in reality, we should be trying to attract low volume, yet quality American tourists, Mona Farrugia says.

M

y stay at Rihiveli, in South Male Atoll in the Maldives, had so far been perfect. I loved its atmosphere, its super simplicity, the chatter of French punctuating the lapping of the quiet surf on the beach outside my villa, the 1970s disco in the evening when everybody would simply turn up in white t-shirts and shorts to bob up like bulbs under the ultra-violet light. And the amount of huge Barbara Kingsolver and Donna Tartt titles I was managing to read… perfect.

One day, though, it was not the birds’ chirping, or the fishermen chug chug chugging across the bright turquoise water, that woke me. It was a huge haul of phlegm from somewhere deep inside somebody’s lungs. And it was being hurled across my cute patio. Padding out still trying to open my eyes, I found my new Chinese neighbours setting up a photographic studio where they were conducting a full-on shoot dressed in floor-length chiffon and huge hats, and twirling umbrellas.

So I got hastily dressed and ran off to the breakfast buffet where I found that the ‘models’ had arrived with another 40 Chinese people. It was just 8.30am but there was no food left for 54 - Money / Issue 40

the original French (and Maltese – me) guests.

The French looked appalled, the Maldivian staff were on the verge of tears.

The Chinese did not eat lunch or dinner as they had only paid for bed and breakfast and spent all day in their room, only coming out armed with huge plastic bags full of packets of food to be eaten on the sand, in groups, accompanied by a huge bottle of beer which would last three hours. The bags were thrown away in the sand. The munching was so loud as to be heard from the restaurant where, in the evening, entire groups of non-dining guests were, yet again, using the space as a photographic studio, complete with full-on light beams over the sharks underneath the jetty.

They had managed to change the ambiance in one of the most picturesque spots of the world – never has the cliché of ‘heaven on earth’ been more applicable than here – within an hour of their arrival. And we knew it would be like this until the moment they would loudly leave.

Fast forward a few months and change continents. In Provence and in Toscana, the ‘invaders’, for many years, are the Americans.

The Castello del Sinio, owned and run by Denise Pardini – American, Italian surname – lords it over acres and acres of vineyards and it does so with huge charm and style. Most of the guests are from the US and this is their pattern: they mostly fly business and first class, they do not grumble because the trip from the nearest airport is two hours, they wake up late, pick at leisurely breakfasts, take in the view, go grape picking, go hill climbing, go to the market, spend a lot of money on authentic food and knick knacks. They dress up for dinner but not in an ostentatious way, just in a manner that respects their hosts and fellow diners.

They spend, spend and spend some more.

Americans that travel to Europe are not trying to ‘save’ money in any way.

Apart from enjoying Americans as fellow travellers, in my business I have been lucky enough to have American customers and there is absolutely nothing like them, no better client.

They are massively appreciative, have eaten in proper Western restaurants and so know the modus operandi of dining out, love to chat, are always enthusiastic about history and culture, including food culture, would not even imagine

Food and travel writer Mona Farrugia runs Angelica in Valletta. www.angelicamalta.com

“THE MALDIVIAN GOVERNMENT MADE THE HUGE MISTAKE OF PUTTING MOST OF ITS EGGS IN THE CHINESE BASKET 10 YEARS AGO, COURTING THE MARKET TO THE POINT THAT HOTELIERS LOST CONTROL OVER THEIR PROPERTIES” sharing dishes to save money (but will do so to try more items), do not expect anything for free and have interest only in the reality of the situation rather than taking photos of everything, selfying and uploading constantly on social media. They are a mature traveller, not in age but in outlook.

“There are four, five, huge agencies that control everything. Their travellers are very high-end (low-end tends to stick to US internal tourism) and adventurous at any age or in any physical condition. Only direct marketing with these agencies works. And no direct marketing is being done. There is no money for it.”

The Chinese, on the other hand, are bullies and new to getting out of China. Faced with even a fork and a knife they do not know how to behave, feel inferior and therefore adopt a superiority complex. The ones that can afford to travel to Europe, who come wielding their daddy’s credit card are cheeky, strangely enough mostly girls (where are the boys?) who talk down to the staff, pretend not to speak any English so that they can get away with things like not paying, then suddenly develop amazing linguistic skills in 700-word one-star reviews.

My Chinese friends of all ages are mortified when they see this behaviour: they have been in Europe for long enough to know the nuances of cultural behaviour. So are hotelier friends.

Which, of course, makes me wonder how much money we are spending on tourism we, the supplier entrepreneurs, do not need or want.

“Why would your government want Chinese customers? All they do is stay in their room all day,” a friend who runs the Four Seasons in an African country (and whose main clientele is American) said when I posted the link to a newspaper report saying that an MOU had been signed to bring over 10,000 tourists from China. We – the tourism business – would need to ‘learn’ how to ‘welcome’ this new clientele, as there will be a cultural shift. Oh really?

Let us console ourselves with the fact that 10,000 tourists is nothing (we have two million tourists a year). It was the gushing that got to me, the sheer happiness about this piece of news, the fact that it made it to the Prime Minister’s budget speech. Oh and the horrendous lie that Chinese tourists spend a lot more than the ‘average British tourist’.

Of course, if you’re packing Bugibba and Qawra with all-inclusive low-cost Brits, then fair enough, but why would anybody in the tourism industry base ‘improvements’ on their worst quality visitor?

From information I managed to gather – and nobody seemed to want to give me any real, statistical information – the marketing budget to attract US residents to our islands is, at best, nil. One huge international hotelier whose main spending clientele is American told me that efforts in the normal, traditional ways do not work with travellers from the US.

On the other hand American customers want quality. Huge portions are embarrassing to them and many a time they have made it a point that they are not a cliché and a normal portion would be fine. They want chit chat with friendly staff, appreciate genuine service and always, always leave great tips, unless some Maltese ‘friend’ tells them that in Malta we don’t leave anything (this has also happened).

They always recommend us to their friends in the US. In such a huge country, real, rather than virtual, word of mouth is still the way to pass on positive information and they do this regularly and with pride. For them, Malta is an amazing discovery.

The Chinese impress governments and tourism departments all over the world because of sheer numbers, as well as the amount of hospitality (in this case, not niceness but ‘free stuff’) they extend to bureaucrats all over the world. A simple check of how many journalists and ‘government people’ (including local council staff, mayors and councillors) travelled to China on junkets over the past 10 years will shock you.

“What do you plan to get out of this trip?” I asked a mayor some years ago. “Oh we are trying to attract Chinese tourists.” Really? Why? The answer is numbers and although I find accounts more boring than counting sheep, no good businessperson should overlook them.

An American couple that stays in a Valletta boutique hotel spending €400 a night, eating at a different restaurant each night, flexing cards in the high-end shops, will easily leave €5,000 in our coffers in one trip without taking anything.

The Chinese will spend €700 on discounted flights, stay at the cheapest places and ideally eat nothing they have not brought over with them. The issue of language and culture shift is huge: they always, for example, ask for chilli sauce and douse whatever they order in it. Then

they don’t like it. Obviously. But they are visible and there are loads of them.

The Maldivian government made the huge mistake of putting most of its eggs in the Chinese basket 10 years ago, courting the market to the point that hoteliers lost control over their properties: one online complaint from a Chinese guest would freak them out completely because WeChat and all the social networking sites obviously have huge millions of followers.

Four years ago, a Chinese blogger attacked a resort for removing kettles from its rooms (after catching yet another Chinese guest cooking reef fish and boiling conches in it) and the resorts seriously quaked in their boots.

Along the years, the Maldives, whose business depended on Italian, French and Swiss couples, packed their seaplanes and resorts with more and more Chinese, even having special Chinese instructions on board (their behaviour has frequently put other lives in danger, on planes and in snorkelling: most cannot swim) as the Europeans started to stay away.

“Isn’t this a huge risk you are taking?” I asked my friend, who owns four resorts there. “We charge them more per room,” he told me “and they still come. It is true they still have not learnt how to behave in public, and because of the language issue, travel in huge groups, which means they become rowdy. But what can you do?” The helplessness is infuriating.

And so, they went from courting them to putting up with them. Then a month ago, completely out of the blue, the Chinese government decided that the Maldives were a Zika zone and warned Chinese against travelling to the islands. A ‘warning’ from the Chinese government is an order. Thousands of cancellations were placed and because the direction came from the top, everybody got their money back. The resorts cleared.

The Maldives went from 25 per cent Chinese market to 17 per cent while increasing their core European market by 23 per cent.

The Chinese and the Americans are not an overlapping market. I do not think I have ever met an American in the Maldives (Hawaii and the Caribbean are their ‘turquoise heaven’ destinations). In our constant arguments (30 years of them) for or against ‘quality’ tourism and what constitutes it, our Tourism Authority and those around the world, should stop and reconsider.

As the Prime Minister himself mentioned in the budget: it is a question of how you invest your talents. Those of this tiny island packed with history and charm should be firmly in the soil of the courteous American market.

Money / Issue 40 - 55

SPOTS

CELEBRATE THE UNEXPECTED

BOOSTING SME BUSINESS

Chivas Regal, the world’s first luxury Scotch whisky, has partnered with premium audio producers LSTN Sound Co., to craft a range of unique whisky and music accessories to celebrate their shared passion for craftsmanship, style and generosity.

Banif Bank and the European Investment Fund have recently signed an SME initiative guarantee transaction.

“Banif Business Accelerate is a new solution that offers excellent financing opportunities and was designed to cater for a wide array of SMEs operating in different sectors, and with different requirements,” Melvin Pellicano, Head of Business Strategy at Banif, said.

While Banif Business Accelerate is packed with benefits and boasts very competitive interest rates, what really stands out is that the amount of collateral needed much lower than that which is normally requested. This means that SMEs can inject new capital into their business with no or minimal security depending on the risk profile of the client.

development and innovation activities.

“SMEs can make use of the funds obtained through Banif Business Accelerate to upgrade their equipment, ICT or even their premises,” Mr Pellicano said. “They can be used to fund a new research-based project, develop a new product or service or penetrate a new market. This product makes it possible for entrepreneurs to realise their vision, whatever it may be.

Banif Business Accelerate can be used by start-ups looking to get their business going and by SMEs who have already established their operations and seek to grow or break new ground.

“Additional benefits include a variety of tools for a faster, easier and more convenient banking experience including a current account with a cheque featuring a custom company logo, free Banif@st Internet Banking and a free Visa Debit Card.”

To be eligible, SMEs must be operating in one of the following sectors among others: tourism related activities; wholesale and retail services; manufacturing; ICT products and services; arts, entertainment and recreation; and research,

Banking with Banif means that SMEs will have a trusted partner in business banking.

For more information, visit www.banif.com. mt/banifbusinessaccelerate or call Customer Care on 2260 1000.

The initiative – Generosity: Amplified – features a range of activities aimed to raise funds for Starkey Hearing Foundation, including an innovative limited edition Chivas 12 Year Old gift tin, a line of handcrafted headphones and a custom-designed luxury record console. The creative partnership between Chivas and LSTN Sound Co. has seen the creation of a limited-edition gift tin to house premium Scotch whisky Chivas 12 Year Old. Inspired by sound, and featuring images of deconstructed headphones the gift tin has been designed to create disruptive onshelf presence with a new square-to-round shape.

The Generosity: Amplified limited edition gift tin is now available in Malta. A limited run of headphones are available to buy from www.lstnsound.co. For more information visit www.chivas.com/LSTN. Chivas Regal is marketed and distributed by Farsons Beverage Imports Co. Ltd. For trade enquiries call on 2381 4400.

CASH IS A GHOST OF CHRISTMAS PAST payments, consumers are also recognising the benefits of other new payment methods. In 2016, 44 per cent of the people Visa surveyed reported using mobile payment apps, up from 38 per cent last year. Nearly half (46 per cent) agree that having the option of paying using their mobile or wearable device has made it easier to buy the items they need.

Whether online or in-store, buying gifts or enjoying Christmas revelry, shoppers around Europe are foregoing cash, opting for the speed and convenience of new payment methods.

With more than 165 million contactless cards and 3.4 million contactless enabled terminals across Europe, usage has grown from 36 per cent in 2015 to 52% in 2016, according to Visa’s 2016 Digital Payments Study. This trend is not solely reserved for younger, more tech-savvy consumers.

Contactless uptake has increased across all age demographics, the greatest increase within the 55-64 age bracket, which has witnessed 64 per cent growth since 2015.

Moreover, the adoption of contactless cards is having a tangible impact on other payment methods. Europe-wide, contactless card users

are more open to using a mobile device as a payment method in a shop (52 per cent contactless card user vs 32 per cent noncontactless card user), to shop via a retailer app (49 per cent vs 31 per cent) and to pay for a meal (50 per cent vs 30 per cent).

As well as reaping the benefits of contactless

This added convenience is also fuelling an uptake in digital wallet usage across a variety of purchasing channels. European consumers are interested in using digital wallets to make purchases face-to-face (37 per cent), through apps (51 per cent), as well as online (56 per cent). Consumers agreed that greater convenience (61 per cent) and the ability to pay anytime, anywhere (59 per cent), were the primary benefits.

CELEBRATE THE UNEXPECTED FBIC Ltd. recently launched Absolut Facet, a limited edition bottle featuring an asymmetrical design at Level 22 in collaboration with Prive Events.

The round edges of the Facet bottle

56 - Money / Issue 40

have been cut into like a gem, creating a number of faces that catch the light in unique ways.

“With the Absolut Facet, we want to celebrate the unexpected and

encourage people be open to the different journeys a night could take you. We believe the best nights are the ones that happen out of the blue,” Pierre Stafrace, General Manager, FBIC Ltd., said.

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The Bluesman is a Maltese sound engineer working in New York.

Interview NEW YORK

Staring into the

abyss With Donald Trump as president, what could possibly go wrong? A lot, The Bluesman says.

As Thelma and Louise may have muttered as they gazed at the gaping canyon: how did we get here and what do we do next. Like the smoke from a funeral pyre, to paraphrase the, sadly, newly departed Leonard Cohen, drifting away, the fog of the frenzied campaign is clearing and people are slowly coming to terms with assessing what the reality of a [gulp] President Trump might be.

One thing seems to have emerged: he seems to be more of a ‘uniter’ than W ever was in that he has united Democrats and Republicans – remember, all the Bush Family voted for Hillary – in a general consensus of disapproval. Whether ‘never-‘ or ‘pro-‘ Trumpers, the feeling is that such a thin-skinned and volatile person will soon find himself spouting off something impeachable. Some say within the year and, now that he’s regained control over his twitter account, whatever it will be will hit the morning news bright and early. He quickly condemned the cast of Hamilton, who noticing the presence of future VP Mike Pence in the audience used the curtain call to read a letter to him as he was exiting. It was a plea for tolerance, basically, as Pence is known to be virulently anti same-sex and anti liberal anything, the crowd had already booed Pence’s entrance and loudly approved the sentiments expressed from the stage.

The Donald condemned it as rude [ha!] and that it ‘shouldn’t happen’. The First Amendment Mr T, ya might want to look into it. A convenient distraction, however, from the news that Trump had settled the Trump University Scam case for $25 million.

Admittedly there has been a certain amount of back-pedalling on Trump’s part on some of the issues he so enthusiastically propounded on. The Wall, well, definitely a fence. Obamacare, something Paul Ryan would dearly love to destroy, er, not so fast. Bits will not be touched. Of course, in the GOP’s many failed attempts to repeal it there has never been any suggestion of what to replace it with and, even though they’d toss it out leaving millions without 58 - Money / Issue 40

any medical coverage in a heartbeat, that’s not something they will admit to. But one cannot be certain which way the orange wind will blow and even if he were to be set aside by his own, the next guy in line, Mike Pence, is arguably more dangerous towards civil rights and all the gains won over the last few decades could get swept away. But this is a worry for another time so far.

Okay, but really Mrs Lincoln, how do you think you’ll like the play? The financials, bless ‘em, seem quite confident that life will go on. The economy, despite pessimists’ thinking, is on a steady albeit slow recovery and looks strong into the future. No bubbles, housing and oil are being built that would pop and even though one party pretty much controls the scene, stopping any drastic legislation is still possible as the control is not filibuster proof. Even though Mr Trump makes a lot of noise regarding looming trade wars, too much of trade is intertwined internationally to cut and run.

The deficit could likely increase in true Republican fashion with the avowed tax cuts in place and smaller companies will find the going tough, but hey, there are the emerging markets to throw your investment money at if you’re so inclined. That forced deportation thing? Ah yes, not such a good idea as the upset to the companies paying those employed at the lower end of the wage scale would not be a positive thing. This is not to say that it’s all going to be ok after all. As I’ve mentioned social and civil rights are in danger of being rescinded. Now that Speaker Ryan has had Obamacare whisked away from his destructive hands he’s turned to talking about privatising social security as early as next year. Not sure how this is going to fly as even the most fervent Republican-leaning citizen likes his or her socialised Medicare. Planned parenthood and the LBGTQ community will also be in the cross hairs. With this in mind, groups like the American Civil Liberties Union and the Southern Poverty Law Center are gearing up with membership and contribution drives to be

ready to take the battles to the courts. While activists are gearing up to win the House and Senate in the mid- terms in 2018.

Well then, could we have not turned that ’66 T-Bird towards the canyon? It has become apparent that Clinton won the popular vote by a whopping and decisive 1.5 million.

Unfortunately the clumsy system of Electoral Colleges is wasteful as far as ballots go and there had been a lot of preparatory gerrymandering going on in Republican controlled districts. The cry now is for reform or doing away with the system but it’s too late for this cycle obviously, also in a long shot effort, two electors in Washington State and Colorado, have decided to try to persuade other members, they would need 35 more, of the Electoral College to not cast the votes for Trump and essentially deprive him of the win.

How would Bernie Sanders, with his immense popularity among Millennials have fared? It is said that the GOP had a file of attack information 24 inches high on him based on his years of activism but this time around it might not have made any difference seeing as how Trump’s atrocious conduct through the years didn’t seem to sway anybody against him, as for the whole ‘they won’t elect a Jew’ question, one only need remember ‘they won’t elect a Catholic’ [JFK] back in the 1960s.

So maybe I will buy a ‘Bernie Sanders – hindsight is 2020’ tee shirt. Reagan, for all you ageists, was 77 when he left office. One thing for sure, Sanders is not going anywhere and is actively spearheading sustained opposition to any attempts at regressive policies. Meanwhile as far as more than half the population is concerned the wrong people are in charge. Like Samsung doing their own safety lab tests on their batteries, what could possibly go wrong?

And the T-Bird is in mid air, poised over the canyon floor. Fade to white.