Business Agenda Summer 2015

THIS ISSUE

INTERVIEW

Issue 23 | SUMMER 2015

business agenda

NEWSPAPER POST DESIGN

Interior designer Vera Sant Fournier offers her expertise on what it takes to achieve a stimulating and attractive office space.

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TH

Minister for Education and Employment Evarist Bartolo discusses the importance of a partnership between education and industry to tackle pressing issues relating to the job market.

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CASE STUDY GO’s Chief Commercial Officer Kurt Camilleri discusses the company’s recent investments, including the €50 million rollout of fibre internet over the next five years.

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INTERVIEW European People's Party MEP Andreas Schwab discusses the need for European Digital Governance, to establish a framework of responsibilities for e-commerce systems.

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anniversary 2009 2014

THE Official Business publication of the Malta business Bureau

Malta’s first crowdfunding platform to be launched before year’s end A report conducted by the MBB in 2013 on the market gaps in access to finance in Malta showed that a section of the business lifecycle, particularly at start-up and seed stage, was not being catered for sufficiently by the existing instruments available on the local credit market.

This encouraged the MBB, which teamed up with the University of Malta, to explore crowdfunding as a viable financing option for businesses.

“In recent years, crowdfunding has become increasingly relevant in the world of finance, particularly due to its digital dimension and in view of the financial crisis that limited the access to finance for start-ups and SMEs,” says MBB President Mario Spiteri. “We realised that this had the potential to become a national project rather than a commercial activity, which is why we partnered up with the University of Malta, as a public institution that is equally committed to

MBB’s Policy Executive Mark Seychell reviews the European Commission’s efforts to eliminate borders for digital goods and services.

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Mario Spiteri, together with University Rector Juanito Camilleri and Permanent Secretary at the Ministry for the Economy, Investment and Small Business Nancy Caruana speak about the initiative and its role as a financing instrument for small businesses and entrepreneurs in Malta.

See full story on page 5.

Does a weak Euro present an opportunity for tourism?

With the ongoing financial crisis in Greece, other countries – like Italy and Spain – also struggling to cope and the Sterling surging to its highest rate since 2007, the Euro is facing a very challenging time, and the Eurozone more uncertainty than ever before.

POLICY

encouraging entrepreneurship in Malta.”

There’s no denying the repercussions of a weak Euro against other global currencies. But, as with most things, there are some pros and some cons, depending on where you’re standing. Bank

of Valletta’s Chief Officer of investment services, Romeo Cutajar says a weak Euro can be viewed as a positive within the export sector of the economy, as entities which are exporting their goods and services (including the tourism sector) will benefit as their product becomes more competitive when servicing customers outside the Eurozone.

“On the other hand, for the importer, a weaker Euro will increase his cost base and can

negatively impact his profitability if he is not in a position to transfer that increase to the customer for competitive or other reasons.

The weaker Euro can also leave a negative impact on the price of fuel imports which are normally invoiced in US dollars, although these have currently been offset by lower oil prices.”

See full story on page 8.

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editorial

WHAT DOES THE EUUS TRADE DEAL MEAN FOR BUSINESS? The Transatlantic Trade and Investment Partnership (TTIP) is arguably one of the most ambitious projects the EU has embarked on. In essence, it is a Free Trade Agreement which the European Union and the United States have been negotiating since 2013 when the first TTIP talks began. Soon reaching the 10th round of negotiations, TTIP seeks to remove tariffs, trade restrictions and non-trade barriers between the EU member states and the US and thus improve and enhance market access across the Atlantic. This would mean that companies that form part of either one of these economic powers will be able to invest in each other’s markets without being hindered by the obstacles often presented by trade regulations and such barriers.

The TTIP’s main objectives may be divided into three: the first being that of market access which addresses the removal of customs duties on goods as well as on services. Better access to public markets would mean that

it would become much easier to invest. The second objective aims to dismantle bureaucratic regulatory barriers. This will result in greater efficiency at managerial and administrative levels. Third, the TTIP agreement seeks to improve cooperation at an international level especially when establishing international standards.

If an agreement is reached, the EU economy is projected to grow by €120 billion per year. The TTIP is expected to be especially beneficial to European companies as they will gain better access to consultancy or managementbased services provided by US markets.

The Centre of Economic Policy and Research (CEPR) projections reveal real economic growth potential, particularly in the services sector as well as the chemicals, processed foods, metal products, manufactured goods and transport goods sectors. Consumers too are sure to benefit from a wider range of better quality goods, cheaper

prices and more efficient services, especially with regards to pharmaceuticals and healthcare products.

The TTIP agreement is likely to strike gains for SMEs. The EU and the US have already agreed to include measures that will enable these firms to reap benefits equal to larger companies.

The proposed trade expansion heralds an increase in demand for raw materials and other supplies, which is bound to boost the level of exports of the countries that produce them. This said, the ambitious TTIP project is sure to face some challenges, primarily from businesses themselves.

Some European industries which depend on energy fear that the energy price gap between the EU and US will compromise their standing in the transatlantic market.

Manufacturers, especially of agricultural products, also voice their concerns on the exposure to wider competition. In addition, certain consumer associations have expressed apprehension on

By Joe Tanti, Chief Executive Officer, MBB the outcome of the trade agreement fearing the undermining of European safety standards and that business growth might only be possible at the expense of the consumers themselves.

In the long run, TTIP could provide a clear-cut regulatory framework to trade which may set an example to the wider international community such as the BRIC countries. Through closer cooperation, transparency and a more effective strategy to trade, the TTIP will enable both sides of the Atlantic, which command two of the most developed markets in the world, to address both internal and external challenges more forcefully. Naturally, this should result in a number of benefits for businesses and consumers.

Before one can dream of liberalising the markets in question, Malta and the other 27 EU member states must first place the project under critical examination to ensure that future EU gains are mutually beneficial.

Locally, these details together with the potential impact of an EU-US trade agreement on key industries in Malta were discussed throughout a series of sectorial roundtables organised by the Malta Business Bureau in collaboration with the European Parliament Office in Malta. The feedback gathered will feed into a report published by MBB and Ernst & Young on the TTIP and its implications for Maltese businesses which will be presented later this year.

The Malta Business Bureau is a non-profit making organisation acting as the European-Business Advisory and Support Office of the Malta Chamber of Commerce, Enterprise and Industry, and the Malta Hotels and Restaurants Association. The MBB has two offices, the Head Office in Malta and the Representation Office in Brussels.

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Business Agenda is the quarterly publication of the Malta Business Bureau. It is distributed to all members of the Malta Chamber of Commerce, Enterprise and Industry, all the members of the Malta Hotels and Restaurants Association, and to all other leading businesses by Mailbox Distribution Services, part of Mailbox Group. Business Agenda is also distributed by the Malta Business Bureau to leading European and business institutions in Brussels.

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COVER STORY

Malta gets its first crowdfunding platform The Malta Business Bureau and University of Malta have joined forces to establish Malta’s first crowdfunding platform, with the support of the Ministry for the Economy, Investment and Small Business. Martina Said speaks to MBB President Mario Spiteri, University Rector Juanito Camilleri and Permanent Secretary at the Ministry Nancy Caruana to find out what this initiative has to offer.

The idea behind crowdfunding has been around for many years, and is comparable to, for example, people coming together to contribute to charitable causes of interest to them. The medium used to carry out a campaign through this practice, however – the internet – is new and a reflection of the digital age we live in. According to forbes.com, the crowdfunding economy grew to over ¤4.58 billion worldwide in 2013, and doubled to approximately ¤14 billion in 2014.

Crowdfunding platforms, such as IndieGoGo, Kickstarter and GoFundMe, are the go-to sources for many start-up companies, entrepreneurs, individuals and innovators worldwide, and the Malta Business Bureau (MBB) and University of Malta are together jumping on the proverbial bandwagon to offer the same opportunities to the Maltese population with a local platform, which is expected to be launched by the end of this year.

“We realised that this had the potential to become a national project rather than a commercial activity, which is why we partnered up with the University of Malta, as a public institution that is equally committed to encouraging entrepreneurship in Malta.”

– Mario Spiteri Crowdfunding could be described as the collection of small monetary contributions by the general public to support or finance a particular initiative, project or

venture. “This is not a new phenomenon,” says MBB President Mario Spiteri. “In recent years, however, crowdfunding has become increasingly relevant in the world of finance, particularly due to its digital dimension and in view of the financial crisis that limited the access to finance for start-ups and SMEs.”

Mario Spiteri A report conducted by the MBB in 2013 on the market gaps in access to finance in Malta showed that a section of the business lifecycle, particularly at start-up and seed stage, was not being catered for sufficiently by the existing instruments available on the local credit market. “One of the recommendations emanating from this report indicated that Malta should diversify its financing options to businesses, and one way of doing so was to explore crowdfunding,” explains Mr Spiteri.

“We realised that this had the potential to become a national project rather than a commercial activity, which is why we partnered up with the University of Malta, as a public institution that is equally committed to encouraging entrepreneurship in Malta.”

Mr Spiteri proceeds to explain how exactly crowdfunding works, a process he describes as being very simple. “The crowdfunding platform, which will be managed by the entity recently set up

between the MBB and University, shall bring together people with creative ideas that require financing and the general public that may be intrigued by the same idea and agree to contribute in order for the project to take off.”

The entrepreneur will make the project idea available online on the dedicated platform in order to gauge the interest of the public.

Mr Spiteri says the crowdfunding platform in itself is a strong tool for conducting market research on whether one’s idea to develop a project or product will be perceived well. There will also be an opportunity through the platform to obtain feedback in order to improve the original idea.

“If the said initiative manages to gather the required funding in a stipulated time, the proponent receives the funds to materialise the project. In return, the proponents are encouraged to offer rewards to those who contribute towards the project. If the required funding is not raised by the deadline, then the funds collected by that time will be returned to the original sponsor.”

University of Malta Rector and Chairperson of the Foundation for the promotion of Entrepreneurial Activities Juanito Camilleri says that while the idea of a local crowdfunding platform intrigued him, he was unsure of the scope of setting up a locally-based platform when there are many established ones already that target international audiences. “However, when MBB approached us stating that they too were considering such an initiative, we decided to join forces on this venture. The local platform can complement other sources of finance that are available locally for artistic, innovative, entrepreunerial or creative initiatives.”

“The individual donations tend to be small but the aggregate can make the vital difference for a start-up company or an initiative in its formative stages.”

– Juanito Camilleri Prof Camilleri asserts that a local platform can also address a particular niche for causes that strike a chord within our local and regional community and which perhaps would not necessarily ‘pitch’ well internationally. “There is also scope of ‘hooking’ other financing or outreach services onto our crowdfunding platform so the development of the platform will be innovative in its own right.”

Juanito Camilleri Since its inception, two methods of crowdfunding have emerged as viable paths to raise capital: rewards and equity. Equity crowdfunding is a tool used by businesses, whereby entrepreneurs looking for investors and which are willing to give away equity in their company opt for this route through a platform to increase the scale of their company. Then there’s rewards crowdfunding,

which resembles a legal form of fundraising similar to that used by charities or new companies looking to pre-sell their product. To start off with, the MBB and University are introducing a rewards-based crowdfunding platform, whereby those projects that convince the public to support them will receive grants and offer something back to their donators.

“Some projects may require full funding whilst others require part funding. For instance, thanks to an agreement that we are entering with Arts Council Malta, initiatives emanating from the creative and cultural sectors may first raise funds through the crowdfunding platform, but will then also be eligible for co-financing through the Arts Fund. In essence this would be a hybrid financing between crowdfunding and a public grant,” explains MBB President Mario Spiteri.

He acknowledges that other models are available, such as equity crowdfunding, but the intention is to introduce and consolidate the concept of crowdfunding to Malta, and to encourage more young entrepreneurs to come forward with ideas for projects and business proposals.

“When it is viewed to be an opportune moment to operate a lending or equity platform, the MBB and

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COVER STORY University will work closely with the national regulator to ensure that there is the right framework in which to operate, given the technical implications and regulatory requirements needed.”

The initiative will also enjoy the support of the Ministry for the Economy, Investment and Small Business, which is part-sponsoring the project. Permanent Secretary of the same ministry, Nancy Caruana, says one of the ministry’s responsibilities is to support and assist initiatives that seek to create alternative sources of funding. “Access to finance is always an issue for SMEs – be it established ones, start-ups or micro-enterprises – which account for 99.8 per cent of businesses in Malta, hence the initiative to support a crowdfunding platform fits our mission statement.”

Nancy Caruana Ms Caruana says this method of financing is complementary to the traditional sources of finance and will not substitute bank financing. “I believe crowdfunding can unlock the potential to invest in enterprises and start-ups which otherwise would not get the necessary finances to develop their product or service. If the formula is successful, new start-ups can enter the market and operate as any other business would, generating economic growth and

employment. The most critical part of an enterprise’s lifecycle is the initial stage, and that is when financing is essential for its survival.”

She goes on to add that entrepreneurs with innovative ideas are most likely to benefit from this method of financing – since innovative ideas are often not understood, they are classified as risky. “This characteristic is what scares off potential credit institutions the most,” asserts Ms Caruana, “due to the risk models and

“Access to finance is always an issue for SMEs, which account for 99.8 per cent of businesses in Malta, hence the initiative to support a crowdfunding platform fits our mission statement.” – Nancy Caruana stringent regulations imposed upon them following the financial crisis. With crowdfunding, potential investors are willing to risk that little bit more in order to test the potential of an idea.”

On behalf of the University of Malta, Prof Camilleri asserts

that, while crowdfunding is not aimed at students as such, it aims to help individuals at large with laudable initiatives to pitch for financial assistance to achieve a milestone or goal. “The individual donations tend to be small but the aggregate can make the vital difference for a start up com-

pany or an initiative in its formative stages. Of course, students who have good ideas and plenty of enthusiasm can find crowdfunding to be an ideal platform to get started on an entreprenuerial streak.”

In fact, the University is actively working to engage with students that show promise and interest in entrepreneurship. Just over a year ago, the University set up its business incubator called TAKEOFF and, working in tandem with this, the University’s Centre for Entrepreunership and Business Incubation (CEBI) is offering a Masters in Knowledge-Based Entrepreunership with an eye to providing prospective entrepreneurs seeking to set up their own venture with the necessary hands-on instruction.

“The University does not see itself merely training students for today’s job market, but, it has also been striving to help create jobs for its future graduates,” states Prof Camilleri. “At present there are 16 ventures being supported at TAKEOFF and some 40 graduates in Entrepreunership are in the pipeline.”

MBB President Mario Spiteri concludes that any initiative or start-up idea is able to source financing through crowdfunding.

“Projects can range from conducting research, finding a cure for a particular medical condition or developing prototypes leading to innovative mechanical or domestic tools to creating digital games, producing movies or musical albums, or even refurbishing a hotel.”

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TOURISM Photo: Clive Vella, www.viewingmalta.com

The Weak Euro: A tourism opportunity?

With the Sterling surging to its highest rate since 2007 and the ongoing Greek crisis weakening the Euro, some business owners are concerned about the future of our economy. However, industry experts believe there may be positive implications for the tourism sector. Jo Caruana finds out more.

This is a challenging time for the Euro. With the ongoing financial crisis in Greece and other countries – like Italy and Spain – also struggling to cope, the Eurozone is facing more uncertainty than ever before.

Romeo Cutajar Naturally this is reflecting in the conversion rates between the Euro and the Sterling and US Dollar – and no one is quite sure about what could happen next. In fact, financial experts have stated that current volatility has made it difficult to forecast what will happen in the six-to-12 months to come.

“It is possible that the Euro will strengthen or weaken against

either the Sterling or the US Dollar,” explains HSBC’s spokesperson.

“Current ‘Consensus Forecasts’ for the Euro/US Dollar (from June 2015) are for the Euro/US Dollar to be 1.065 in three months and 1.048 in 12 months, which suggests weakening. The current rate is 1.1065 and this changes constantly. In our July currency outlook we considered the Euro to be resilient to what is currently happening, and our economists believe that if the Euro/US Dollar rate goes above 1.1469, then it will potentially limit further downside.

“Our own forecast for the Euro/ US Dollar rate at the end of 2015 is 0.72 (versus a current rate of 0.71). There are many factors which could move this rate, but the relative path of interest rate expectations is likely to be the biggest.”

There’s no denying the repercussions of a weak Euro against other global currencies. But, as with most things, there are some pros and some cons, depending on where you’re standing. In fact, Bank of Valletta’s Chief Officer

of Investment Services, Romeo Cutajar, stresses that there are two sides to the argument.

invoiced in US dollars, although these have currently been offset by lower oil prices.”

“Malta has now had five consecutive years of record arrivals, and this year looks like it will be another record year with arrivals possibly exceeding 1.7 million.”

– Tony Zahra “A weak Euro can be viewed as a positive within the export sector of the economy; entities which are exporting their goods and services (including the tourism sector) will benefit as their product becomes more competitive when servicing customers outside the Eurozone,” he says. “For example, British tourists will find it much cheaper to spend their holiday in Malta this summer compared to last year.

“On the other hand, for the importer, a weaker Euro will increase the cost base and can negatively impact profitability if one is not in a position to transfer that increase to the customer for competitive or other reasons.

The weaker Euro can also leave a negative impact on the price of fuel imports which are normally

Agreeing with that sentiment, the Managing Director of Sparkasse Bank Malta Paul Mifsud, is of the opinion that a weak Euro provides grounds for Euro-dominated services and products (including those sold in and from Malta) to become more attractive and thus be of possible benefit to the Maltese economy.

“However, it does also bring about corresponding negative implications for a Euro-based economy on aspects relating to the purchase of commodities (such as oil) or for market operators acquiring supplies or materials in currencies other than the Euro,” he says. “Accordingly, from a tourism point of view in respect to non-Euro dominated markets, a weak Euro is likely

to spur increased interest and demand.”

Looking at the tourism sector in particular, Malta seems to be doing its best to exploit the weakness of the Euro. “Cumulatively, the majority of tourist arrivals in Malta originate from Eurozone countries where the effect is neutral,” explains Tony Zahra, the President of the Malta Hotels and Restaurants Association.

“The Sterling area is an important source market for us and we are seeing growth with regards to that.

Paul Mifsud “As for the US Dollar, we are also experiencing an increase in the number of Americans visit-

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TOURISM ing Europe, so Malta is benefitting in this respect too. The reality of the situation is that Malta has now had five consecutive years of record arrivals, and this year looks like it will be another record year with arrivals possibly exceeding 1.7 million. Malta must be doing it right if the numbers are increasing.”

“From a tourism point of view in respect to nonEuro dominated markets, a weak Euro is likely to spur increased interest and demand.”

– Paul Mifsud Mr Zahra believes that the weakness of the Euro, especially in relation to the Dollar, can provide opportunities for Malta to exploit the US market – but that we shouldn’t overlook other markets either.

“We should definitely look at ways to attract more Americans to Malta, and this year’s numbers are already higher,” he says.

“That said, we must acknowledge that our European source markets will always provide the highest arrivals. So, while we should look towards a steady increase in the American market, this should not happen at the expense of our core markets.”

Tony Zahra Of course there are many factors at play with regards to how currency markets will react in the future, including the volatility of the Greek situation, the forthcoming US presidential elections and the looming UK referendum on EU membership. “Macro/ political issues such as these can certainly have an impact, both negatively and positively,” continues HSBC’s spokesperson. “It is impossible to determine exactly what will happen, but we have certainly seen considerable violability due to the Greek situation.”

Meanwhile, with regards to the US Dollar, Mr Cutajar does not think the forthcoming elections will have a major bearing on its value. “An outright winner in both the House of Representatives and the Senate will make life easier for the elected President to implement policies, but both the Democrats and the Republicans will ensure that economic growth momentum is maintained.”

As for the future of the Eurozone, Mr Mifsud explains that further weaknesses are expected. “This does not only derive from systemic weakness, but from continued monetary policy divergence in the Eurozone relative to the UK and the US. The European Central Bank is likely to continue being very dovish in an anaemic economy that is only sustained

by ECB-induced stimulus, while other central banks are a little less dovish as growth persists and fundamentals get better.

“Should the Greek situation not be adequately resolved, thus risking furthering Syriza-styled governments forcing a Greekstyled crisis in Spain, Portugal and Italy, then it is possible that the very existence of the Euro will be called into question. That said, I think that is still an unlikely scenario.”

Focusing on the tourism sector, Mr Zahra is spurned on by recent successes and is positive about the future of the industry in Malta. “To-date we have been able to steer the country

to unprecedentedly high rates of employment, with record arrivals in tourism and substantial gains in employment in tourism and other sectors. This has come about because all the relevant stakeholders have pulled the same rope.

“Moving forward we cannot afford to slacken and must keep reinventing ourselves if we want to stay ahead in the economic race. There are a number of challenges heading our way and we have to tackle them early on and avoid any negative effects on

our economy. We must remain focused and take the necessary action; this will ensure that we remain winners,” he concludes.

“British tourists will find it much cheaper to spend their holiday in Malta this summer compared to last year.”

– Romeo Cutajar

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INTERVIEW

“The biggest challenge is how to make the world of education step into the world of employment, and vice versa.”

Photo: Lionel Galea

Sarah Micallef speaks to Minister for Education and Employment Evarist Bartolo about the importance of a partnership between education and industry to tackle pressing issues relating to the job market and language proficiency for the benefit of society.

“Malta is in a unique position,” says Minister for Education and Employment Evarist Bartolo, referring to the fact that the same ministry deals with both education and employment – a decision by the previous administration which he deems wise. Yet while this may bring about linkages, it is far from automatic.

Speaking of the skills gap that exists on various levels in relation to local workers and the job market today, and agreeing that a section of our workforce lacks competence in some areas, Mr Bartolo asserts that “there is still distance between the world of education and the world of employment. They may be in the same universe but they are different planets.”

Another potential factor lies in the tendency to equate educational success with status rather than with the acquisition of skills and attitudes. “To be someone, you do not need to become a doctor, lawyer or a notary. While we need these traditional professions, there is a wide range of careers that can be followed by young people, and they are not even aware of them.”

The key, according to the Minister, lies in a partnership with those outside the system. While it is important to have people within school which act as points of reference for students, Mr Bartolo maintains that it is impossible for the education system to keep up with the constant changes happening in the job market. “It is a

“When we talk of employability, this means having a wider set of skills and attitudes than being trained for a specific job.”

Minister Bartolo acknowledges that “there are jobs which are being created in the economy, within digital gaming, financial services, and advanced manufacturing for example, and we don’t have local people to fill them,” maintaining that the best way in which to address this is for the education system to work hand in hand with industry.

paradox, but the education system, because of its nature, cannot change as fast as society or as the economy. Although we say that education ought to prepare us for tomorrow, most of the factors working within the system are anchored in today and yesterday,” he says.

Stressing the importance of recognising the system’s limitations,

Mr Bartolo continues, “I’ve found that in some cases, students, through their exposure to social media, can be better informed than their parents or teachers.”

tudes than being trained for a specific job,” says Mr Bartolo, affirming that employability asks for a wider, transversive flexibility.

As for what the system can achieve, he admits that locally, the career guidance and counselling setup is still weak, though steps are being taken to address this. “We recently organised a fair called ‘I Choose’ for fifth formers.

There was a good turnout and it was found useful, with students being guided on what to do in their post-secondary education,” he maintains, albeit adding that guidance should start at an earlier stage. Apart from this, “we are working with the Malta Chamber of Commerce, Enterprise and Industry to bring together HR Managers within the private sector and guidance teachers at schools so that there is better awareness of what is going on.”

Certainly, the sole objective of education cannot simply be to prepare people for employment.

“It is also about preparing people for active citizenship. You can’t just train people for jobs – that’s not education. What you can do is train and educate them for employability. There are skills, attitudes and values which you would expect them to have – and I think we are falling short of that, though we are taking steps,” he says.

Having said that, he comments that such advice will always be tentative due to the changing nature of the labour market, adding “it’s really about flexibility and the ability to change and adapt, which is an important value to cultivate.” Beyond that, the issue goes far deeper than a lack of technical skills that can be taught in the classroom. “When we talk of employability, this means having a wider set of skills and atti-

Indeed, employers are running into a hybrid issue in relation to local job applicants, finding, in some instances, a horizontal lack of both educational and social skills. Mr Bartolo acknowledges the presence of this issue, making reference to a recent visit to a local pharmaceutical company which, in order to recruit about 120 machine operators, had to interview some 1,250 applicants.

“The problem was how they present themselves, their communication skills, preparing a good CV, work ethic and attitude… this tells us that there is an issue that we need to address,” he maintains.

“We want people to be creative, to have an entrepreneurial spirit, to be able to solve problems, and to think critically – these are areas which we need to address in our education system,” Mr Bartolo continues. Admitting that it is a culture change that will not happen overnight, he asserts that this shouldn’t be taken as an excuse for not pressing ahead.

“It has to be addressed at every level. Kindergarten kids are so bubbly and irreverent, telling you what they think and asking questions. But the more you move up the system, the quieter and less communicative the students get, because we have drilled them into being silent and obedient.”

Having said this, Minister Bartolo says that he believes there can sometimes be unrealistic expectations of what an education system can do. “Schools and educational institutions can only do so much. However right we get it at school, there are other life skills which you cannot get in a classroom situation – you have to go beyond. This is why we created Education Plus, through which we expose students to society and the workplace reality before they start their adult life.”

Another way of bringing the worlds of education and employment together is vocational education at secondary level. Mr Bartolo highlights the five areas

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INTERVIEW which are currently in effect: agribusiness, basic engineering, IT, hospitality and social and community care. “The fact that these subjects are being taught and experienced in secondary school will help bring the two worlds together,” he states, revealing that the plan is to have up to 12 vocational subjects introduced gradually, in order to ensure that schools, teachers and programmes are prepared accordingly.

“The biggest challenge everywhere, not just in Malta, is how to make the world of education step into the world of employment and vice versa – on an equal basis. It requires hard dialogue addressing the issues and seeing how to make things work while accepting the limits of both worlds,” he continues.

“Kindergarten kids are so bubbly and irreverent, telling you what they think and asking questions. But the more you move up the system, the quieter and less communicative the students get, because we have drilled them into being silent and obedient.”

In fact, Minister Bartolo believes that the approach should be triangular: economic operators, social organisations and education. “We need to get them to work together. We have set up programmes like Work Experience Week which are aimed at exposing our young people to the world of work, and this is something which we need to do more of. It also has to be ongoing, starting from primary level.” Certainly, as the Minister continues, employers should further support what is going on in schools.

“There is a growing number of employers who are doing this, through workplace experiences and supporting literacy initiatives as part of companies’ corporate social responsibility, but we can do more,” he states.

Moving on to an emerging problem in relation to language use by graduates, I ask the Minister what he thinks about the fact that our education system is producing people who can either speak English or Maltese exclusively, with very little grasp of the secondary language. It is his belief that, “as a bi-lingual society, Maltese and English have their own important roles in our lives, and we should do all we can to cultivate these in schools.” He states that despite perceptions, students are currently doing better in English than in Maltese. “What is happening is that more people who were not exposed to English before are now being exposed to

it at their workplace, both spoken and written.”

He goes on to highlight two important policies aimed at supporting proficiency in English in Malta and Gozo: an agreement with the University of Cambridge to improve proficiency and raise standards; and a study of the Maltese reality for languages teaching carried out in conjunction with the Council of Europe language committee.

The Minister has also recently suggested that it may be time to

review the role of the National Council for the Maltese Language. Speaking of the reasoning behind this, Mr Bartolo explains that, a decade after being set up, “it’s good to take stock of what has happened in the last 10 years – where the council has worked well and where it can work better.”

As he waits for the consultation process to come to an end, he affirms that the debate is not about the council, but about the use and proficiency of the Maltese language. “Undoubtedly, there

is a big debate going on about how we are writing certain words and allowing loan words from the English language to be adapted and written in a certain way. I think it is about time we discuss this. I worry about how young children are struggling with Maltese.” Indeed, while the council was set up to help in safeguarding and promoting the Maltese language, the issue, according to Mr Bartolo, is where we are in relation to proficiency in Maltese, and how to resolve the issues we have.

“Undoubtedly, there is a big debate going on about how we are writing certain words and allowing loan words from the English language to be adapted and written in a certain way. I think it is about time we discuss this.”

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CASE STUDY

Experience Azure Ultra

Sarah Micallef meets Managing Director Perry Newton to find out how Azure Ultra is putting the high life within easy reach of aspiring yacht owners, making it possible for you to enjoy splendid hassle-free time aboard your own yacht in the Med.

Photos: Alan Carville

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CASE STUDY

Picture yourself relaxing on board a luxury yacht, with the gentle Mediterranean breeze blowing through your hair and nothing but beautiful blue water and the picturesque Maltese coastline for miles around. It’s perfectly quiet, and in front of you is an ice-cold glass of champagne. The yacht is your own, and you’ll be going for a swim later, just after a delicious lunch is served by your personal chef. This is usually the part when you wake up and realise it was all just a dream, but wouldn’t it be wonderful if it were real? Well, thanks to the innovative concept that is Azure Ultra, living the high life aboard a world-class yacht is more achievable than you may think.

Azure Ultra is the newest addition to an award-winning portfolio of luxury lifestyle products created by Azure, a European market leader in the vacation ownership industry. The programme offers members the chance to experience the sophisticated boating lifestyle without the cost and hassle that is associated with boat ownership, through an innovative fractional ownership business model, also known as yacht sharing.

Managing Director Perry Newton explains the thought process behind the programme offering

shared ownership of this luxury asset. “A boat is an aspirational purchase, and Malta is a great place for boating. A lot of people think, ‘oh I’d love to have a boat’, but are put off by the cost and maintenance hassle. So we thought, wouldn’t it be fantastic if we did a fraction ownership, so people didn’t have to buy the boat and deal with the ongoing costs of owning it?”

The Azure Ultra co-ownership plan is an affordable alternative that enables you to own a luxury yacht at a fraction of the price, so aspiring yacht owners can now have the opportunity to get their own taste of the high life at a price they can afford.

The way it works is that members pay for a 10-year membership, along with a small maintenance fee per year which covers a top class professional captain and stewardess team, as well as general maintenance, insurance, marina fees and berthing.

“Lovely husband-and-wife team Roger and Peggy will keep your boat in excellent condition, take care of all your holiday requirements, and provide full VIP service on-board, which provides peace of mind and leaves you with nothing to do but book your time and turn up,” Perry enthuses.

The luxury yachts you can choose from are currently a Sunseeker Manhattan 56 and Portofino 46. Those who are familiar with the boating world will recognise Sunseeker as a benchmark brand in luxury yachting – one that is internationally renowned for top quality and performance, and designed for ultimate comfort and enjoyment on board. Revealing that the programme has proved very popular since the boats were purchased in November, Perry states that the plan is to build their fleet to six to eight boats.

Members can purchase one week factions out of 30 weeks in the year, leaving the remaining 22 as ‘wild cards’. Perry explains the concept, maintaining, “if you’re an owner who owns a week for example, but you want to request an extra day or weekend for a special occasion, you can access it in this way.” Adding another unique element to the programme, boat owners can also choose to transfer yacht usage time to a luxury penthouse stay at the five-star Azure Golden Sands Resort in Malta, or exchange it to stay in hand-picked luxury properties through Azure's international exclusive hotel resort exchange network, offering thousands of destinations across the world.

Still, there’s even more that coowners stand to gain. Through their exclusive boutique yacht charter service, Azure Ultra enables members to make their investment even more worth their while, giving them the opportunity to charter their on-board time, thus generating income from their ownership plan. “We have a full charter programme which is about to be opened up to the local market.

We worked it out in such a way so that even if you chartered out about 20 per cent of your whole time, you would cover a large portion of your membership cost – and that’s not a bad deal is it?”

Also once your membership comes to an end, Azure will sell the boat on and distribute the funds between the owners.

“Members don’t have to worry

about selling it themselves because Azure takes care of it all,” Perry explains, maintaining that the exit is as stress-free as the rest of the programme.

So if you’ve ever looked out at sea to the people enjoying their time on their boats while you struggle for space on a crowded beach and felt a little pang of jealousy, this is certainly an opportunity worth considering. Becoming an Azure Ultra member could be your ticket to enjoying the luxury yachting holiday you’ve always aspired to, without the financial commitment necessary for full yacht ownership and maintenance – an alluring investment indeed.

Visit www.azureultra.com for more information.

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CASE STUDY Photo: Alan Carville

True Fibre: GO’s Internet Revolution With more than 500,000 customer connections, more than any other operator in Malta, GO remains at the forefront of the telecommunications industry. GO has been growing its market share consistently across mobile, TV and internet, while at the same time maintaining its overall majority share in fixed line telephony. The company has now embarked on a series of significant investments, including the €50 million roll-out of fibre internet over the next five years which, as a first for Malta, will deliver fibre connections directly into customers’ homes, and the launch of 4G later this year. Jo Caruana talks to GO’s Chief Commercial Officer Kurt Camilleri to find out more.

The internet has transformed the way we do business. Ten years ago it was already an important part of our lives. Floppy disks were almost defunct, replaced by email. Other forms of online communication were already growing fast with video conferencing making it possible for us to speak face-to-face with clients and suppliers anywhere in the world. Facebook had also just been launched, part of the social media phenomenon which has transformed the way most of us communicate both in our personal lives and with our customers.

What’s next? Today, the internet has infiltrated almost every aspect of our lives. At work,

and at home, we are constantly demanding more from our internet connections, but do we have the infrastructure to sustain this demand?

“We are relentlessly executing our strategy to bring about the next generation of internet; a huge leap forward in terms of what has been available up to now by local providers. This is what our customers deserve; a high quality, superfast internet connection which is available anytime, anywhere,” says Kurt Camilleri, GO’s Chief Commercial Officer. “There is huge consumer appetite for more capacity which is clearly derived from the increasing demand

for high-quality communication and entertainment. Increasingly, personal devices such as PCs, MACs, tablets and smartphones are being connected

connection delivered right into customers’ homes and offices.”

Demand for higher internet capacity is not expected to dwindle – in fact, it will only grow.

“GO's 4G infrastructure will be interlinked with fibre.

This means that our mobile customers will benefit from unparalleled mobile internet speeds.” in the home and office. It is not uncommon to find 20 devices, in a small office or family home, using one Wi-Fi hotspot at the same time. The best way to achieve a superfast internet connection is through a true fibre

There will be another inflection point in bandwidth demand when wireless connectivity is embedded in appliances, meters and other electronic equipment, and the amount of devices connected to the internet is expected to sky rocket in the coming years as ‘the

internet of things’ turns mainstream. In five years’ time, using an app on your phone to start defrosting food back home while you’re still at the office will be as common as making a call today.

To accommodate the demand for higher capacity, the company launched GO Fibre in April this year. “Fibre will be accessible to 33,000 homes and offices by the end of this year, with tens of thousands more in the years to come. We have committed to an investment of €50 million over five years. It is not only the financial investment which is huge but also the logistics and resources we have mobilised on

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CASE STUDY

GO in the Community

GO is a leading sponsor of the President’s charities and provides the communications infrastructure for the annual l-Istrina fundraising campaign.

GO takes Corporate Social Responsibility seriously and is involved in a wide range of charitable activities. Among them, GO is one of the top three contributors to the President’s charities. The company annually provides the communications infrastructure and support for l-Istrina, valued at €70,000. This is also topped up with a significant cash donation.

“We’re eager to provide ongoing support within the community,” says Mr Camilleri. “Apart from various company initiatives, employees, through our GO Cares committee, also do their part with their own initiatives. Whether it’s working with a children’s home or helping an animal charity, we appreciate their efforts and will continue to do everything we can to support them.”

this project. This is one of our most exciting projects to date.”

Mr Camilleri adds that with a current maximum speed of 500 megabits per second, GO Fibre is the fastest internet speed available on the market today, but it is just the beginning. “A true fibre network delivers the connection right into the customer’s premises and not to the nearest point in the providers’ network as is the case with fibre powered networks which can be up to one mile away. It is also completely scalable. Just imagine what can be achieved when we leap into Gigabit speeds.”

“Our internet customers in GO Fibre areas have been upgraded to superfast internet for the next three months. We want our customers to experience the benefits of true fibre and are also taking steps to ensure that it is affordable. In fact, upgrading will cost you less than your daily espresso.”

Mr Camilleri goes on to explain that by investing in fibre in the home, GO is strengthening its position to empower its custom-

ers to choose the best possible service, mobile or fixed, anytime, from any location. “Our home and office products will be based on true fibre. As our roll out continues, more customers will be able to benefit from the new GO Fibre service. Our Mobile products will be based on 4G, which will be launched later this year.”

“Fibre will be accessible to 33,000 homes and offices by the end of this year.”

“This is vital,” he continues “because our customers are accustomed to a fast, reliable internet experience in their homes and offices. They expect nothing less whilst on the move, and mobile internet is where consumer behaviour is evolving fastest with people using their smartphones to surf the web, stream music and videos, and use video chat. The demand is definitely there and we are meeting it. In the years to come average data usage per customer is only expected to grow and, with 4G, we will be able to ensure

that we are well positioned to serve our customers’ needs.”

In fact, GO has engaged telco equipment supplier Nokia Networks to deliver GO’s 4G network and to overhaul its national Radio Access Network (RAN). “We will leverage our extensive fibre network to deliver the best 4G experience. GO’s 4G infrastructure will, uniquely for Malta, be interlinked with fibre. This means that our mobile customers will benefit from unparalleled mobile internet speeds. This will further enhance our ability to offer a near seamless experience across fixed and mobile internet,” Mr Camilleri adds. “We didn’t stop there. We also introduced 4G-friendly data rates within our new Limitless Mobile Plans ahead of the 4G launch.

We realise that the faster 4G speeds cause customers to use much more data – the lower data rates offered on these plans aim to give customers on these plans the necessary peace of mind.”

GO also supports the arts and is one of the main sponsors of the upcoming Joseph Calleja concert. “Joseph Calleja and GO have much in common. We both strive to be the best we can and to do the best we can for Malta. Through his foundation, Joseph Calleja is also doing a lot to help young people with disadvantaged backgrounds, which further ties in with GO’s commitment to the community through our support of the President’s charities.”

The GO Cares Employee Fund team together with Miriam Casha (right, kneeling), Home Manager at SPCA Malta

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PROPERTY

Rental Potential: Going Up and Up With demand growing at a steady rate, Jo Caruana looks at why many investors have shifted their focus towards buy-to-let projects in the hope of securing a valuable piece of the property pie.

The property market in Malta has shifted significantly. Whereas, in the past, most people chose to buy their home, today some are opting to rent instead. This has caused a ripple effect, with many property investors shifting their attention from properties that they can buy to sell at a profit, to properties they can rent out as a long-term venture.

nationals from all over the world living in Malta. Of that number, 80 per cent choose to rent instead of buy. If you couple that with the 20 per cent of Maltese now also choosing to live in a rental property, then it is no wonder that demand has soared – so much so that the rent on some apartments has risen by no less than 50 per cent in just six months.

Of course, a number of aspects have triggered this, namely the now more than 24,000 foreign

The impact of this can seem staggering. In fact, in many areas, rental demand actually

outweighs supply, with homes being snapped up the minute they come on the market. Rental agents in St Julian’s and Sliema, for instance, have taken to call-

“Whichever way you look at it, the rental market has provided investors with plenty of scope, whether they are keen to invest a little or a lot.”

ing property owners in an effort to encourage them to move out of their homes and put them up for rent. This has proven to be lucrative for some people, enabling them to cover their own living costs while boosting their income and savings potential simultaneously.

A vast range of properties have become popular for rent, primarily seafront apartments in Sliema, St Julian’s and Ta’ Xbiex which appear to be most in

demand. Good properties here – typified by sea views, outdoor entertainment space and nearby amenities – have come to fetch upwards of €3,000 per month, which may previously have seemed unheard of. They have become the playgrounds of foreigners in iGaming and financial circles, who demand the best for their cosmopolitan lifestyles and aren’t averse to paying a high price for it.

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PROPERTY Large villas in areas such as Madliena, San Pawl tat-Targa and Santa Maria Estate are also on the wish-list. These properties are most popular with foreign families keen to make the most of the sunshine lifestyle they have come to covet, and large gardens, swimming pools and entertainment space push the monthly price for these properties upwards of €4,000.

Meanwhile, there has also been a huge jump in the need for lowerend rental homes, which has also fuelled the market. Whether for lower-income local families or

foreigners who have moved here to join the workforce, properties that sit between the €500 and €900 margin are very soughtafter, and often hard to find. This has also widened the area the people are willing to consider for rental, and up-and-coming spots include Swatar, Birkirkara, San Gwann and Msida.

Thus, whichever way you look at it, this market has provided investors with plenty of scope, whether they are keen to invest a little or a lot. Those with high budgets target the high-end renter, and place their focus on luxury facilities, designer finishes and the latest technology. Meanwhile, those on a lower budget do the same for their lower-end customers, by providing an economical option with less of an initial outlay but, still, excellent potential for return. There’s even the possibility of running short-lets, which can garner high rents for shorter periods; this may involve more time and responsibility than longer lets, but the rewards can be quite impressive.

“20 per cent of Maltese are now choosing to live in a rental property and the rent on some apartments has risen by no less than 50 per cent in just six months.”

Looking to the future, industry experts believe that this trend will continue, and that it still makes a lot of sense to consider a buy-to-let property to add to your portfolio. As it stands, investors are pretty much guaranteed to make a five-to-six per cent return per annum, so buying a property of this sort is certainly more attractive than some of the other investment opportunities currently on the market.

As for the best property to invest in, that is completely determined by the amount of time, energy, effort and funds that you are willing to put into this new project.

For those looking to get handson, an unconverted property definitely has the potential to do very well once it has been converted, especially as foreign renters are drawn to traditional features and authentic island charm. Meanwhile, seafront places are also very sought-after and cheaper properties in previously unconsidered areas, such as Marsascala or Birzebbugia, are now having their day. A property with any kind of unique element, whether that’s a beautiful view, historical significance or just lots of light, is bound to attract instant rental attention and be snapped up.

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Business News

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MBB Update 17th MAY –

18th MAY –

MBB in meeting with Commission Vice President Vladis Dombrovskis

MBB Annual Board Meeting ground, Mr Borg has worked in several hotels and resorts around Europe and the Far East, and currently serves as an Operations Director at the Luna Holiday Complex.

During a visit to Malta by the European Commission Vice President responsible for the Euro and Social Dialogue Valdis Dombrovskis, MBB Senior Executive Daniel Debono participated in a meeting that included representatives of business organisations.

Vice President Dombrovskis was keen to learn more about the challenges and opportunities encountered by Maltese businesses on the ground. Mr Debono took the opportunity to highlight the issue of access to finance for SMEs in Malta and the need for the diversification of credit instruments on the island.

He made reference to an MBB report on Market Gaps in Access to Finance that clearly indicates how enterprises in the early

stages of the business lifecycle struggle to raise finance. More worryingly, when they do source finance through bank loans and overdrafts for instance, this does not necessarily mean that this type of instrument meets their business need at that particular

stage of business development.

Mr Debono explained that Maltese businesses need to tap further into the capital markets and make use of financing instruments such as venture capital, business angels and crowdfunding.

28th MAY –

MBB Policy Executive attends International Trade Committee The MBB’s Policy Executive, Mark Seychell, attended the International Trade Committee on behalf of Business Agenda in order to report upon the muchawaited vote on the own-initiative report on the Trans-Atlantic Trade and Investment Partnership (TTIP), tabled by S&D MEP Bernd Lange. The report was approved by 28 votes to 13, and sent to Plenary for approval.

However, due to a huge number of requests for amendments and split-votes, as well as a split among the Socialists and Democrats Group on the controversial ISDS mechanism, President Schulz postponed the vote, citing Parliamentary Rule of Procedure 175 (too many requests for amendments and split-votes).

The vote was sent back to the INTA Committee for approval, and a deal has been struck in principle on the text mentioning ISDS. The new compromise text is backed by the Socialists and Democrats, and should, in principle, be supported by the European People’s Party, the European Conservatives and Reformists, and the European Liberals. The draft text has thus been sent back to Plenary for approval.

Mr Seychell’s visit was sponsored by the European Parliament.

This year’s Annual Board meeting was held in the presence of the respective Presidents of the Malta Business Bureau’s parent organisations – the Malta Chamber of Commerce, Enterprise and Industry, and the Malta Hotels and Restaurants Association. During the meeting, MBB Vice President Tony Zahra formally stepped down from his role following his re-election as President of the MHRA. To replace Mr Zahra, the MHRA nominated Kyle Borg as Director, who will also serve as MBB’s new Vice President. Mr Borg holds a Bachelors Degree in Commerce and a Masters degree in Business Administration (MBA). In addition to his academic back-

At the Annual Board Meeting, MBB President Mario Spiteri and CEO Joe Tanti presented an update of the ongoing lobbying efforts and policy work, together with project initiatives that will be implemented in the coming months. The Enterprise Europe Network, Crowdfunding, Innovation Leaders, Design for Growth, and Water and Energy were among the themes discussed and approved by the board.

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MBB UPDATE 3rd-5th June –

8th-9th June –

MBB WINS BEST LIFE PROJECTS AWARD

EEN ANNUAL CONFERENCE IN BRUSSELS MBB CEO Joe Tanti, Malta Chamber Head of Sectors Lino Mintoff and EEN Malta Project Coordinator Brigitte Tanti participated in the Enterprise Europe Network (EEN) Annual Conference which took place in Brussels.

This brought together over 800 network partners and representatives from the European Commission. The objective of the conference was to give participants a field of vision of the EEN’s future milestones. The only way to reach such mile-

stones is to develop the Network to its maximum potential by laying the groundwork for a solid coordinated network action and translating quality services into tangible and visible results.

merce and the Malta Council for Science and Technology, the MBB is delivering the reinvigorated EEN services to the local business community launched in 2015 and will continue to 2020.

Together with Malta Enterprise, the Malta Chamber of Com-

8th June – MBB CEO Joe Tanti and Sustainable Projects Manager Geoffrey Saliba participated in several Green Week sessions at the ‘EGG Conference Centre’ in Brussels.

It was here that the MBB’s successful EU LIFE+ Investing in Water Project was awarded the ‘Life Best Projects Award 2014’.

Commenting on the award, Minister for Sustainable Development, the Environment and Climate Change Leo Brincat, under whose ministry the LIFE programme falls, said “it is a privilege for a Maltese project to be recognised by the Commission as an international best practice case study. That this award goes to the EU LIFE+ Investing in Water Project is testimony to the quality and value of this project.”

In a proud moment for the MBB’s achievement, Mr Tanti stated

“this award affirms the MBB’s work ethic in striving to bring about tangible positive developments within and for industry.”

Project Manager Geoffrey Saliba added “the enthusiasm with which businesses, hotels and industry stakeholders welcomed the project, and the action that they took with the project partners, allowed such significant savings. This award is affirmation to the effectiveness of these parties’ joint action to tackle Malta’s water scarcity problem, through the project.”

Mr Tanti thanked Mr Saliba, Project Manager to the EU LIFE+ Investing in Water Project; Ing. Marco Cremona, water expert to the project; and the project team members for their success in driving the project forward.

MBB and the University of Malta announce collaboration to launch Malta’s first Crowdfunding Platform MBB President Mario Spiteri and University of Malta Rector Juanito Camilleri signed a collaboration agreement to work on making crowdfunding a reality for hundreds of individuals and entrepreneurs that have brilliant ideas for innovative projects and businesses, but lack the finances to make them happen.

Expressing the MBB’s interest in this area, Mr Spiteri commented that “the Malta Business Bureau has been keen to introduce crowdfunding to Malta ever since it was recommended in a report it published on market gaps in access to finance in Malta. The outcome of that report showed that the Maltese credit market needs a diversification of financial instruments- especially for start-ups.”

Prof Camilleri added that he was excited to see the project come to fruition as “it will complement the University’s efforts to encourage entrepreneurship among students, following the successes of the Masters in Knowledge-Based Entrepreneurship and the TAKEOFF Business Incubator, launched recently. Crowdfunding will surely boost innovation and entrepreneurship, particularly if the local as well as international community are encouraged to participate actively."

The Ministry for the Economy, Investment, and Small Business together with the Malta Council for Culture and the Arts saw the potential in introducing crowdfunding to Malta, and will be partially sponsoring the setting-up and running of the platform in its early stages.

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MBB UPDATE 10th June –

12th June –

Project Administrator Business Seminar on Corporate joins MBB Social Responsibility for Responsible Business In the meantime, the MBB bids farewell to ESF Project Coordinator Karla Chetcuti Bonavita, who has led and overseen the implementation of the project since it began. MBB CEO Joe Tanti thanked Ms Chetcuti Bonavita for her professionalism and excellent contribution to the project and the MBB, while wishing her the best of luck in her future endeavours.

Dr John Vassallo, MBB Director and Senior Strategic Advisor to Microsoft Corporation, was a key note speaker at the European Year for Development 2015 event organised by MEUSAC in collaboration with the MBB and Malta Chamber. His speech focused on the role of the Private Industry in Development Cooperation, outlining today’s challenges in CSR which is to achieve faster innovation, and to bring connectivity and create new catalysts for growth and jobs.

Marija Elena Borg has joined the MBB as Project Administrator for the ESF 4.245 Innovation Leaders: Improving Knowledge on EU Direct Funds. Ms Borg, who has recently completed her Bachelor’s Degree in European Studies at the University of Malta, is particularly interested in EU funding schemes and has experience as a member of the Malta UNESCO Youth Association, which gives her additional insight to the application and implementation processes of projects.

Dr Vassallo also participated in a panel debate along with Serguei Outtara, President of the EUAfrica Chamber of Commerce; Stephen Pandolfino, Head of Wholesale Credit and Market Risk at HSBC Bank Malta plc; Sonia Toro, Communications Director, EU-Africa Chamber of Commerce; and William Grech, Chairman of the NGDO umbrella organisation SKOP. Introducing the seminar, Head of MEUSAC, Dr Vanni Xuereb commented that “Corporate Social

12th June –

MBB presents report to European Commissioner Karmenu Vella on potential €1.4 billion in energy and water savings

In a press event at Europe House, an MBB delegation led by CEO Joe Tanti presented a report to European Commissioner Karmenu Vella, showing that energy and water savings of €1.4 billion are possible for the EU hospitality industry. The meeting was also attended by MBB Sustainable Development Manager Geoffrey Saliba; Water Expert Ing. Marco Cremona; Malta Chamber Council Member and Energy and Environmental Committee Chairman David Xuereb; and MHRA Council Member and Environmental Committee Chairman Ing. Joseph Restall.

Attending the event was also Dr Gabriella Pace, Deputy Chef de Cabinet, European Commission and Brian Synnott, Communications Advisor at European Commission.

The report, entitled ‘Economic Stimulus through greener EU hotel industry,’ collected data from the hospitality operators in Malta, Belgium, the Czech Republic, Hungary, Ireland and Slovenia. This follows on previous assessments by the MBB's award winning EU LIFE+ Investing in Water Project.

As part of that project, a key measure which could facilitate wider adoption of these measures was identified to be the better uptake of the EU Ecolabel for water-consuming appliances such as taps, showers and urinals, and the creation of a standard for second class water.

The MBB, together with its international partners, will seek a common position from industry on these two policy measures, as well as common initiatives which would help drive a wider adoption of flow rate regulation and greywater treatment.

Commenting on the MBB's commitment to facilitating this transition, MBB CEO Joe Tanti said “such a drive could merge green job creation, the financial strengthening of one of Europe’s largest industries, and the creation of a new industry with strong potential for export.

This would stimulate increased

growth within the European economy while saving water, reducing CO2 emissions and energy dependence. It would be an excellent case study in environmental measures making excellent business sense.”

Responsibility is an important tool for the competitiveness of enterprises that can bring benefits in terms of risk management, cost savings, access to capital, customer relations, human resource management, and innovation capacity.”

On behalf of SKOP, William Grech proposed to the business community the creation of a common fund contributing to projects that help reach development-related goals.

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MBB UPDATE 1ST JuLY –

3rd July –

New Executive Final Innovation joins MBB Leaders

MASTERCLASS

3rd July –

TTIP Stakeholder Consultation SessionS prise and Industry, and relevant ministries and agencies were also present.

The MBB is pleased to announce that Ana Vella has joined the MBB and has now taken on an Executive role in Business Advisory and Support.

Ms Vella will primarily be coordinating the MBB’s initiatives within the consortium implementing the work programme of the Enterprise Europe Network (EEN) in Malta.

The EEN Malta consortium is comprised of Malta Enterprise, the Malta Chamber of Commerce, Enterprise and Industry, the Malta Business Bureau, and the Malta Council for Science and Technology.

Ana Vella graduated from the University of Malta with a B.A. (Hons) in European Studies in 2012 and has recently completed her M.A. in Contemporary Diplomatic Studies with the University of Malta and DiploFoundation. Ms Vella has previous experience in small business ownership, teaching and project coordination, together with an interest in foreign affairs.

The third and final cycle of masterclasses for the ‘Innovation Leaders: Improving Knowledge on EU Direct Funds’ Project was held throughout June and early July. The programmes were attended by 102 participants. The aim of these training programmes was to unlock the potential for Maltese businesses in order to capitalise on tapping EU direct funding opportunities.

The Innovation Leaders project provided training specifically on three programmes of huge benefit to Maltese businesses – Horizon 2020, Creative Europe and Erasmus+. As a result of this training, various project ideas were developed and are being considered for submission in the coming months.

The project will also identify the 15 project ideas with the most potential to be supported further through a joint study visit in Brussels that is being organised with the MBB’s transnational partner, the European Projects Association.

The potential effects and impacts of an EU-US trade agreement known as the Transatlantic Trade and Investment Partnership (TTIP) on key industries in Malta were discussed in a series of sectorial roundtables organised by the Malta Business Bureau in collaboration with the European Parliament Office in Malta.

The sessions brought together MEPs Dr Roberta Metsola, Dr Alfred Sant and Dr Miriam Dalli who participated in the presentations, as well as representatives of major enterprises and bodies from the various sectors including manufacturing, financial services, pharmaceuticals, and transport and logistics. Among others, sectorial representatives from the Chamber of Commerce, Enter-

The Transatlantic Trade and Investment Partnership currently being negotiated between the EU and the USA, is a wide-ranging agreement which covers several sectors. A European Commission report states that the removal of trade barriers with the US could potentially increase Malta's real capital income by some 4.84 per cent. Therefore, it is in Malta’s interest to focus on assessing the impact of Malta’s competitive advantages in relation to European counterparts.

The importance of maintaining existing European standards is vital if the TTIP negotiations are to go through.

During the consultation session, it was stated that the stakeholders at national level must be urged and encouraged to contribute a timely input about the issues and concerns that should be raised at EU level.

The feedback gathered from the sessions will feed into a report on the impact of TTIP on Maltese business which will be drawn up with the collaboration of Ernst & Young. The report will then be presented in a conference later this year.

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INTERVIEW

Does the EU need a Digital Governance Framework?

In view of an ever-growing community of internet users, Business Agenda discusses with European People’s Party MEP Andreas Schwab his view on the need for European Digital Governance.

With over 391 million users throughout the European Union alone, the internet is an infinitely large space which is used by a large community of stakeholders – many of which determine the decisions on the development and use of the internet.

Therefore, digital governance is an important process which must be given due attention in such a day and age. Digital governance is the process that establishes a framework which determines the responsibilities, roles and pro-

cesses of e-Commerce systems that are necessary to achieve business objectives.

The establishment of digital governance cannot be askew to good governance practices. This means that decision-makers must first ensure that the doors of online possibilities are indiscriminately open to all before introducing the Digital Governance Framework – sometimes known as e-Governance.

Digital governance enables both private and public entities to actively use the internet to give them the competitive edge that is necessary in their business, as well as to digitalise information and make it available and accessible to all. Information and Communication Technology (ICT) entities stand to play an invaluable technical, supportive and innovative role in facilitating the process of European digital governance.

The word ‘governance’, which is sometimes regarded with scepticism, need not be seen as such.

Digital governance pertains mainly to the transparency and responsibility of the authorities who have the capacity to create a framework for digital development. Additionally, it also identifies ways in which organisations may conduct their business in innovative and efficient ways by means of using applications, smart phones, websites

and other popular outreaching streams.

As he envisions the creation of European Digital Governance, Andreas Schwab, MEP within the European People’s Party, addresses the key challenges and opportunities for the stakeholders involved when putting such governing principles into place. “Ever since smart phones and tablets have found their way into our daily lives, the digital revolution affects us in almost all

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INTERVIEW spheres: work, leisure, education and health. The digital market has undeniably great opportunities for all citizens.”

When asked why there is such a need for European digital governance, Mr Schwab reiterates, “it is clear that the principles of the social market economy, which aim to attain fair opportunities for businesses and consumers alike, also apply in the digital era.

For the contemporary design of this social market economy though, we need European digital governance that creates a framework setting high standards for competition, safety, consumer and data protection – standards that also take into account that data is the ‘new’ currency. Therefore, we need to effectively translate the rules of the traditional internal market into rules for the digital age. It is indisputable that the public service requirements, namely for transportation or fire safety in mediated accommodation, should not be bypassed solely because of the use of digital channels.”

Mr Schwab believes that Europe could invariably benefit from an enabling European environment which would allow digital offers to be developed here and not merely spill over from the likes of the United States. However, he emphasises that this cannot be achieved through national responses to international offers – suggesting the need for European rules.

Undoubtedly, the establishment of a European Digital Governance Framework would beg the question: where and how will Europe begin to enforce such rules. Mr Schwab comments that the best basis for the emergence of new digital services and secured standards within the EU would be “uniform European rules, applied and monitored throughout all member states.” He goes on to say that, “European digital governance must take into account the fact that the stakes within the digital environment are higher than in physical markets, therefore European competition law and its application must be accelerated and made more effective for a digital environment. Particularly in rapidly-developing markets, prompt action and quick decision-making are essential. If decisions in this area take longer to be made than in the traditional internal market, not only will the enforcement of the rules of fair competition policy suffer, but eventually the overall credibility of these rules will suffer too.”

In the digital age, we often face virtual 'bottlenecks' which emphasise the need for more harmonised regulation.

Mr Schwab says that in order to ensure fairness and equal opportunities for all competitors participating in the digital environment, the right balance needs to be struck between common European rules and the tasks that lie ahead at member state level.

When speaking about the benefits of European digital governance, Mr Schwab concludes that it is necessary to transfer the traditional economic and competition policy framework of the internal market into the digital age as this is likely to encourage the development of more digital services within the EU itself in the future. Otherwise, the European single market risks being overtaken by the United States and other markets.

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BUSINESS

Mastering the art of public speaking The confidence and assertiveness required to deliver a public speech or presentation are not acquired automatically upon entering the world of work. In fact, a good and effective delivery requires a skill set that needs to be learned and perfected. Martina Said speaks to two professionals with backgrounds in public speaking and etiquette, to find out what it takes to master the art of public speaking and effective communication with clients.

History is dotted with defining moments of both famous and ordinary individuals who delivered powerful and compelling speeches, ones that were capable of evoking strong emotions that stayed with their audiences long after they were over.

While some people are born with a natural ability to lead and speak confidently, others need to learn and hone the skills required to do so. More often than not, an ability to speak confidently in public requires practice and training, and is not automatically learned through traditional education. In fact, numerous graduates leave the comfort of their student-life behind them with little knowledge on how to present themselves to future employers or how to make it in the business world.

Simon Azzopardi, Managing Director of Tain and Able, is a market strategist with an affinity for speaking to audiences and delivering motivational messages, while imparting concrete actionable lessons. He says public speaking is an important skill for anyone who wants to be seen as a leader in their field: “it is a skill set that gives you the opportunity to deliver values to a group of people through both content and engagement, and if done well, can be very effective,” he explains.“That said, we are living in a world where the introvert has a level playing field through effective use of social media and blogging. Bloggers can get a lot more listeners or viewers than in-person public speaking ever will, but still, public speaking skill sets essentially foster confidence, leadership, charisma and clarity, which are highly important and cross functional attributes.”

Having experienced university life both locally and overseas, Simon believes that most educational institutions fall short of teaching the basic skills needed to feel comfortable to speak in public, or even to simply engage in conversation. “Universities put a lot of focus on content, which is important, yet the delivery of such content is, at least, as important. Public speaking, in its truest form, is about having the

Jo Caruana confidence to deliver a message to a group of people, inspiring the audience with either action or further thought,” he asserts.

Simon adds that another shortcoming, so to speak, of the educational system in this regard is that content is delivered via a lecture format, which is designed to focus on delivering information, or content, rather than inspiring action.

Aside from an ability to speak confidently in public, many would attest to the importance of

appropriate behaviour and manners in day-to-day dealings with actual and prospective clients.

This is where etiquette comes in, something which Jo Caruana, Etiquette and Protocol Consultant at Finesse Consulta knows a thing or two about. Jo trained at the European School for Etiquette and Protocol in Brussels, and is equipped to offer a range of services to companies to help fine-tune them, including training staff in the areas of customer care and dining etiquette.

“Etiquette is vital because, in business, it’s all about making a great first impression,” she asserts. “Good etiquette covers everything from introducing yourself and handing over your business card correctly, to impressing clients over dinner so that you, and not your competitor, seal the deal. Business etiquette provides a standard framework within which members of the business community can effectively communicate and collaborate in a professional manner.”

When business people from different cultures come in contact, however, a smooth transaction is not always guaranteed, as what is prudent in one culture may be offensive in another. “We are increasingly reaching out to clients and partners in Asia, Russia, the US and the Arab states, where business culture is quite different from our own. In fact, we offer a range of workshops to help bridge the gap and enable companies to always make a great first impression when doing business, regardless of the different cultures they are working with.”

Jo continues that one of the main aspects people complain about locally is the lacklustre service they get across many different sectors, which is exactly where most companies stand to be improved. “Owners of small com-

panies know what they want to communicate and how, and this is often reflected in the way they deal with their clients. However, when companies grow, this ideal often gets lost,” she explains.

“For instance, are you pleased with the way your team members communicate over the phone and email? Do you feel confident in the way they represent your company to top clients? Often, a little bit of etiquette training reminds staff members of the important elements to bear in mind when dealing with customers.”

Tain and Able’s Managing Director Simon Azzopardi is in agreement, and adds that learning to speak in public is a skill that anyone can develop, although it requires practice and honest, yet constructive, feedback. He considers that taking opportunities to speak

“Etiquette is vital because, in business, it’s all about making a great first impression… so that you, and not your competitor, seal the deal.” – Jo Caruana

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BUSINESS “To prepare for a talk I first understand what the audience wants to hear or learn, and then prepare what content I want the audience to leave with, summarising it in key topics such as a top ten list.” – Simon Azzopardi as often as possible – when the content is relevant – and making

talks as engaging and interesting as they could be are the best ways to get comfortable with the process, and to start enjoying it.

“The process I use to prepare for a talk is first to understand what the audience wants to hear or learn, and then prepare what content I want the audience to leave with, summarising it in key topics such as a top ten list. I then draft my slides, challenging each one’s necessity and importance, and lastly, practice over and over again. It also never hurts to deliver your talk to a friend or col-

league beforehand, and repeatedly ask for direct feedback.”

Gaining confidence also requires getting involved in events that promote public speaking, such as pitch events whereby you pitch an idea to a group of strangers; by creating a debate club at the office to talk about new tactics or strategies for your department; and by watching great speeches by accomplished people, be it Steve Jobs at Apple’s product launches or Tedx shows. Under any circumstance, Simon suggests to always ask for feedback, “both when things go wrong as

well as right, to find out why they did so.”

Simon Azzopardi

The Experts’ Tips The experts offer advice to aspiring entrepreneurs and those entering the world of work on how to present themselves confidently to future employers and potential business partners or clients.

Jo Caruana, Etiquette and Protocol Consultant at Finesse Consulta “Consider how you can make a good first impression – as you only get one opportunity to do that. If you’re meeting a client for the first time, try to learn a little about them and what they will expect, as this information can help you to be prepared and present yourself in the best possible light. Think about your verbal and non-verbal communication, both of which play a very important role in making a great first impression: assess whether or not you’re speaking clearly and at a pace that is easy to follow, and use positive nonverbal communication too, like a strong and assertive handshake, and good eyecontact. Lastly, examine your attitude and tweak it.

Sometimes, in today’s busy world, we forget the little things like smiling when you meet someone. If you don’t, then they may think you’re busy or unfriendly.

Similarly, consider whether you wholly focus your attention on people or if you look at your phone as soon as an email comes in. Take the time to scrutinise the way you come across and the way this can be improved.”

Simon Azzopardi, Managing Director of Tain and Able “There are many shared skill sets between pitching and public speaking.

Therefore, I strongly recommend pitching as often as possible and practicing before you start talking. It’s important to get feedback – if you deliver a 20-minute talk on a topic, ask people what they think and look for criticism to understand what is not going through or what could be improved.

Lastly, action the feedback you are given: if you are monotone, work on it and if you tend to be stiff on stage, look for a way to relax before the talk.”

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DESIGN

Creating the ideal office space Having a stimulating and attractive environment in which to work can work wonders on employee morale and productivity, which is why more and more companies are paying attention to office design for their business.

Sarah Micallef chats to interior designer Vera Sant Fournier and finds out what it takes to achieve a perfectly designed office space.

Office design, according to interior designer Vera Sant Fournier, represents considerable value as a fixed asset for any organisation. The primary purpose of most offices is generally to facilitate the provision of a workplace and working environment for information and knowledge processing activities such as filing, planning, designing, supervising, analysing, deciding and communicating. In so far as these activities are concerned, ergonomics is a significant design criterion that needs to be taken into consideration, in order to achieve maximum resource efficiency and higher productivity rates at the workplace.

“Consider your most important factors to be ease of workflow traffic and communication, well planned layouts of any partitions and furniture plan layouts, and ease of access of any machinery such as printers, computers and servers,” says Vera, also making reference to the importance of considering corporate colour schemes and natural light.

Another factor she draws attention to is security and privacy, as well as the health and safety of staff and visitors using the office space. “Considerations in this category are derived from the existing conditions of the facility as well as the mandates of the legislation for achieving a com-

fortable, safe and healthy workplace environment,” she advises.

“Your office is the first impression clients and suppliers get of your organisation as they enter, so you want to evoke a sense of professionalism, organisation and etiquette.”

But apart from ease and safety of use, why is it important to finish off an office with a good dose of furnishings and accessories?

“Your office is the first impression clients and suppliers get of your organisation as they enter, so you want to evoke a sense of professionalism, organisation and etiquette,” Ms Sant Fournier says. A professionally designed office will deliver this. “Having your office space designed professionally will increase the value of your image and the work your staff will deliver. Ultimately, you are creating a workspace which not only would be enjoyable to work in, but will also promote the status of your company.”

Speaking of the process that goes into designing an office space, she explains that it all starts with

a thorough interview with the client, during which the designer assesses their needs, target market, budget, and whether a professional branding company has been commissioned, which is an important consideration seeing as the décor will need to reflect the brand and corporate colours. “We also take things a step further and interview the staff, looking into what items they need close at hand, what their positions are and what can be done to ease their work flow from a design point of view,” she asserts.

Apart from this, in order to develop an appropriate design

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DESIGN ing companies are setting an example, and more and more firms are jumping on the bandwagon. Whether at Google in Zurich or Microsoft in Vienna, all the senses are set to work with the notion that innovative energy needs social friction and gatherings in a creative environment,” she explains.

Meanwhile, colours and materials are becoming varied and distinctive, with no clear trends – although Ms Sant Fournier points out that designed accents are booming. “Stimulating the mood depends on the purpose of each space, without turning the office into a type of Wonderland. Open spaces close to the workstations are increasingly being changed into shared spaces such as central zones,” she continues. solution, the interior designer needs to be acquainted with the preferred space adjacency, the demands among each divisional unit as well as the different divisions within the organisation, which will come in handy when determining how spaces should be positioned relative to one another in a floor or site plan.

Following this, as with all other projects, Ms Sant Fournier maintains, “after gathering enough information, we go to the drawing board and begin sketching layouts to give the client a presentation of the space that has been planned around their needs.

Eventually, we take the project into 3D CGI imagery, and give the client a visual representation of the office as intended, complete with colours, materials and an overall general feel of what the final result will be.”

Speaking of the latest trends in relation to office design, she identifies a change in attitude and approach in recent years, maintaining that companies now understand the importance of having professionals design their workspace, with offices getting a noticeable creativity boost as a result. “The big IT and iGam-

Lastly, when asked for the top things she would recommend to really make an office stand out, Vera maintains that a mix of logic and good taste along with accents that truly turn the office into a stimulating workplace are the ingredients for a perfect recipe. “Splashes of colour, less clutter, well organised stationery that looks good, and an added boost of freshness with plants and original art pieces. If you get stuck, hire a professional interior designer to guide you.”

Photos on this page: Valletta Office Innovation

by Vera Sant Fournier - Design Studio

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POLICY

The Digital Single Market Strategy

– A step closer to a true internal market

MARK SEYCHELL, the MBB’s Policy Executive, reviews the European Commission’s efforts of eliminating borders for digital goods and services.

Only recently, the European Commission published its strategy for a Digital Single Market, one of President Jean-Claude Juncker’s main political priorities upon his election as leader of the Commission. The release of this strategy will aim to kickoff the Commission’s clear mandate to create a connected digital single market through a series of political and legislative proposals which should be put on the table for inter-institutional negotiations in 2015 and 2016.

Mark Seychell The EU currently has a comparative advantage in knowledgebased industries in the global digital economy. However, this is currently not being allowed to flourish, because the digital economy is hindered by a number of barriers and fragmentation, mostly at national level, that do not exist in the physical single market.

The Commission believes that the creation of a connected digital single market to bring down such barriers can generate up to €415 billion of additional annual growth in the Union. The benefits are of course the creation of thousands of jobs which would in turn benefit the EU by enhancing its competitive edge in knowledge-based industries.

The Digital Single Market Strategy will focus on six aspects:

building trust and confidence, removing territorial restrictions, ensuring access and connectivity, building the digital economy, promoting e-society, and investing in ICT research. The strategy is being coordinated by Commission Vice-President Andrus Ansip, and will be implemented

by DG CONNECT – the Commission’s directorate-general in charge of communications networks, content and technology.

One of the burning issues that the Commission hopes to tackle first is e-commerce. Small companies tend to avoid engaging in cross-border e-commerce due to differing national laws in each member state, particularly those dealing with consumer protec-

tion and contracts. In fact, this is reflected in the shockingly low number of SMEs in the EU that sell across borders in the digital age – 7 per cent. Studies have shown that at least 57 per cent of companies would consider starting or increasing their online sales to other EU member states if the same rules for e-commerce were applied across the EU. In order to exploit this eagerness of engaging in e-commerce, the Commission is looking to submit proposals which will cover harmonised rules for online purchases of digital content, while also proposing a set of mandatory EU contractual rights for domestic and cross-border online sales of tangible goods. Furthermore,

the Commission is looking to establish an EU-wide online dispute resolution platform in 2016.

“The Commission believes that the creation of a connected digital single market to bring down such barriers can generate up to €415 billion of additional annual growth in the Union.”

Another issue that hinders the true potential of cross-border e-commerce is parcel delivery.

Companies maintain that exuberant delivery costs remain an unresolved problem. In fact, listed tariffs for cross-border parcel delivery charged by national postal operators are estimated to be two to five times higher than domestic prices.

Businesses and consumers alike would be much happier engaging in e-commerce, so long as affordable, high-quality crossborder delivery services exist.

Through the Digital Single Market Strategy, the Commission aims to launch measures that will improve price transparency and regulatory oversight for European deliveries, particularly for small shipments.

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POLICY Poor access to digital content is another stumbling block to getting the most out of the digital single market. One can understand this when considering that access to digital content is governed by the 2001 Information Society (InfoSoc) Directive – legislation which was in force even before streaming and video-ondemand (VOD) services had even taken off. There is no doubt that the InfoSoc Directive has become outdated as it does not reflect advances in the fields of communication and digital content.

One of the main issues emanating from this is geo-blocking, which is proven to act as another barrier to e-commerce and accessibility to digital content. Geo-blocking is the practice of denying access of websites and services, or altering prices, based on geographical location. Businesses could revert to territorial restrictions due to a number of reasons, such as territoriality of laws and license and rights acquisition at a national level, particularly when talking about digitally streamed content. Due to the fragmentation between 28 different national

regimes, some businesses simply find that it would not be profitable to adapt to the national laws of smaller member states, such as Malta, which have such small consumer bases. 45 per cent of companies that consider selling digital services online stated that copyright restrictions preventing them from selling abroad are in fact a problem. This is certainly undesirable in what is supposed to be a single market. Also, and even more surprisingly, less than 4 per cent of all VOD content in the EU is available across borders. While consumers should not be blocked from accessing goods and services that are made available elsewhere in the EU, businesses should also not have to face such difficulty when attempting to access the single market with its entire base of 500 million consumers.

“The EU needs a more harmonised copyright regime which can boost the creative industries by means of facilitating the portability of content, reducing territorial restrictions, all the while ensuring a correct balance between the access of content and fair remuneration for the right-holders.”

Undoubtedly, the EU needs a more harmonised copyright regime which can boost the creative industries by means of facilitating the portability of content, reducing territorial restrictions, all the while ensuring a correct balance between the access of content and fair remuneration for the right-holders. The Commission is looking to publish legislative proposals before the end of 2015, which will aim to increase copyright harmonisation while modernising the enforcement of intellectual property rights.

In addition, the Commission will look to counter targeted aspects of geo-blocking by pushing legislative proposals in 2016. Such action may potentially include updating the e-commerce framework and the Services Directive.

The Commission’s strategy for completing the digital single market certainly offers a large number of in-depth proposals, covering a wide spectrum of policy areas that are sure to be of interest to businesses and consumers alike. Its efforts prove that it is indeed an integral part of the EU’s strategy to ensure that future digital developments will be catered for in a digital single market, comparable to the physical single market. With the local business community’s best interest in mind, the MBB endeavours to follow upcoming legislative developments as closely as possible.

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business update

GET TO KNOW CHIVAS REGAL EXTRA A BIT BETTER! Complementing the Chivas Regal collection of premium blended Scotch whiskies, Chivas Regal Extra is one of the richest, most generous tasting blends within this category, crafted for those who look for more. Taking Chivas Regal’s famous, awardwinning house style to a new taste experience, Chivas Regal Extra continues the legacy of founding brothers James and John Chivas, who pioneered and excelled in the art of blending whiskies in the 19th century.

Created from an exceptional blend of rare whiskies and aged in sherry casks from the Oloroso in Spain, it truly is a unique new blend. The secret of its generous flavour lies with the way the rich sweetness of the Spanish sherry reacts with the oak wood of the cask. The result is a whisky that’s both deep in aroma, rich in fruitiness and generous in sweetness. For the discerning whisky drinker, it’s a taste experience like never before.

Flavours of Chivas Regal Extra Colour Dark in shade with a warm amber glow.

Nose Fruity sweet with notes of ripe pears and melon, creamy toffee, milk chocolate, cinnamon and a hint of ginger.

Taste Sweet ripe pears in syrup, vanilla caramel, cinnamon sweets and almonds in the background.

Finish Beautifully rounded mouth feel, leading to a long, luxuriant sweet finish.

Chivas Regal is marketed and distributed by Farsons Beverage Imports Co. Ltd. Trade Enquiry T: 2381 4400.

Attrans – delivering more than just goods

Keep Diabetes in Check Since 1976 and under the guidance of its founder Philip Attard, Attrans has established itself as the leading transport company on the island. Now in its second generation and under the management of Philip Attard Jnr. Attrans prides itself on being in a position to offer a wide range of services to our various types of clients, providing logistical solutions to and from any European destination to Malta and to North Africa.

The company is based on 25,000 square metres in Zebbug, Malta, and houses our offices, workshops and warehousing facilities. In addition to this, we have subsidiaries in Italy (Attrans Italia), and two in the Netherlands (Attrans BV and Attrans North Africa), also fully equipped with administration offices, workshops and warehousing facilities.

The fleet of Attrans Ltd is currently made up of Volvo tractor units and over 300 trailers. Our fleet comprises many different types of vehicles, suited for the different types of services we offer. Our trucks and trailers are strategically placed at our own depots throughout Europe, Morocco and Tunisia in order to serve customers efficiently and effectively 7 days a week, 365 days a year. We at Attrans believe that the continuous investment in our fleet has placed us one step ahead of our competitors, providing Attrans with the best possible transport solutions available. We are convinced that we have the experience and ability, and that is why Attrans is delivering more than just goods.

Attrans International Transport.

T: 2258 5500; E: info@attrans.com; www.attrans.com

Diabetes or Diabetes Mellitus is a disorder of the metabolism where the body has trouble using glucose for energy.

When we eat, our body breaks down foods known as carbohydrates (found in fruit, vegetables, bread, pasta, dairy, and sweets) into glucose, which is sent to our cells through the bloodstream.

When our body’s systems detect glucose in the blood (particularly during a meal or snack times), an organ called the pancreas releases an appropriate amount of a hormone called insulin. Insulin makes it possible for our cells to absorb glucose and provide the energy our body and brain need to function.

Type 1 Diabetes – Type 1 diabetes (previously called juvenile diabetes or insulindependent diabetes) is a disorder of the body’s immune system that results from the pancreas not producing any insulin. Type 1 diabetes represents only 5 to 10 per cent of all diagnosed cases. It is currently managed with a rigid therapy of artificial insulin, usually self-administered.

Type 2 Diabetes – Type 2 diabetes (previously called adult onset diabetes) results when the body doesn’t respond appropriately to insulin, a condition called ‘insulin resistance.’ This more common (90 to 95 per cent of all cases) variety of diabetes often runs in families or racial groups, but can also be caused by poor diet and an inactive lifestyle.

Managing diabetes requires the careful, regular and frequent monitoring of blood glucose levels along with the appropriate therapy and diet as prescribed by your physician. Several devices are nowadays available to assist in returning any diabetic to an independent, safe and high quality lifestyle. These devices include home glucose monitors, continuous glucose monitoring systems and wearable insulin pumps.

For further information contact Technoline Ltd on T: 2134 4345.

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business update

Bank of Valletta – your bank Over the past 15 years, Bank of Valletta has grown from a bank focused on conventional borrowing and deposit products to a full-fledged financial services provider. This was by no means a revolution but rather an evolution that remained constant to its vision – the client.

This evolution has witnessed Bank of Valletta branching out to develop a professional investment services arm, able to assist its clients with managing their wealth. It also became the leading SME bank, providing innovative financing solutions for this sector that it recognised as the backbone of the Maltese economy from early on. Starting with the BOV JEREMIE financing package, it has continued to

develop financing solutions, like BOV4SME and BOV Start Plus.

However, Bank of Valletta’s offering goes beyond product development and hinges upon the quality of service and longterm working relationship that it always recognised as its trademark. Thus, whilst strengthening its retail network and investing in its human resources, Bank of Valletta launched regional Investment Centres as well as Business Centres, to ensure that its clients could discuss their individual needs with the right people at their convenience.

to us today to see how we can assist you to grow your business.

You may contact your preferred branch, visit www.bov.com or call BOV Customer Service Centre on T: 2131 2020 for further details.

Bank of Valletta p.l.c. is a public limited company licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta).

Bank of Valletta has continued and will continue to evolve, in order to remain the bank of choice for its client base. Speak

HSBC Malta launches €75m Malta Trade for Growth Fund

HSBC Malta Head of Commercial Banking Michel Cordina welcoming the guests, joined by HSBC Malta CEO Mark Watkinson, Head of Global Banking and Markets James Woodeson and the Minister for Finance Prof Edward Scicluna “Why Malta?” video on Malta, now in five international languages apart from English: Arabic, French, German, Spanish and Mandarin

Maltco introduces Syndicates feature for group play With the introduction of the Maltco Syndicates, a group of colleagues, friends or family can now play Lotto, Quaterno+ or Super 5 together, by choosing their favourite set of numbers as well as the amount of money that each participant would like to pool.

HSBC Bank has launched a new €75 million Malta Trade for Growth (MTFG) Fund following the success of the first €50 million trade fund launched in December 2013.

The aim of the €75 million MTFG Fund is to help Maltese companies take their business beyond Malta to new frontiers and achieve international growth thanks to HSBC Group’s ability to capture value from its global presence, in particular through the creation of new trade corridors in the emerging markets.

During the launch of the second tranche of the MTFG Fund, HSBC Malta also unveiled its “Why Malta?” video on Malta

in five international languages: Arabic, French, German, Spanish and Mandarin – in addition to the already-available English version. The video promotes Malta as a business destination and highlights the way HSBC can help businesses set up base in Malta as well as local businesses to thrive internationally.

The launch at the Saluting Battery at Upper Barrakka Gardens was led by Minister for Finance Hon. Prof Edward Scicluna, who was joined by HSBC Malta CEO Mark Watkinson, Head of Commercial Banking Michel Cordina, Head of Global Banking and Markets James Woodeson and a number of invited guests.

Setting aside the fun and excitement generated by playing as a team, people are also encouraged to play in groups in order to increase the combinations of numbers played, thus improving the chances of winning.

Whilst not new to players, this innovative Syndicates feature offered by Maltco provides every participant with the opportunity to own a share ticket based on the amount of money pooled. Consequently, whenever there are winnings, participants can cash their portion independently by presenting the winning share ticket at any of the 230 Maltco outlets around Malta and Gozo.

Although the Player’s Syndicate has only recently been launched in the market, it has already become popular with colleagues at the place of work who make it a practice to frequently pool in a small sum in order to try their luck and play together.

In such cases, one individual normally takes the initiative to encourage his colleagues to participate and select the numbers to be played. Once this is decided, the person simply goes to one of Maltco’s outlets and plays the desired syndicate.

Along with the Master ticket, the organiser will be given separate tickets for all participants (share tickets), which will be distributed to all participating players.

Once the draw results are announced and the numbers chosen result in a winning amount, each participant can cash the winnings independently.

To facilitate the process of organising and participating in Syndicates, Maltco Lotteries has created an online Syndicate Wizard service and can be accessed from www. maltco.com/syndicates or visit any Maltco POS for more information.

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