Commercial Courier - August / Sept Issue

THE COMMERCIAL/49

COURIER AUGUST / SEPTEMBER 2013

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08. COVER STORY LOCAL SMEs EMBARKING ON CREATIVE VENTURES Innovation is undoubtedly the key to a thriving business. Chiara Bonello speaks to three forward-looking local companies that put innovative business ideas and methods into practice.

15. IN FIGURES YACHTS… IN NUMBERS A look into the figures tied to the yachting sector in Malta.

17. INTERVIEW HSBC’s PLANS TO GROW WITH MALTA HSBC CEO Mark Watkinson discusses the bank’s global restructuring exercise in the wake of the financial crisis, the resulting near doubling in first quarter earnings and its aspirations in the island, with Sarah Micallef.

24. DESIGN TRENDS

59. FOCUS

A MASTER CLASS IN CREATIVE REUSE Sarah Micallef talks to Architect Alberto Miceli-Farrugia about the transformation of the 17th century building on St Barbara Bastions, Valletta, and how the innovative design solutions successfully marry old and new.

MALTESE TRANSHIPMENT INDUSTRY FLOURISHING Chiara Bonello digs deeper to find out more about Malta’s transhipment industry which is going from strength to strength.

BREAKTHROUGH GADGETS The Commercial Courier looks into some recent developments in the world of gadgets.

EXPRESSING THE ABSTRACT Sarah Micallef chats to James Vella Clark about his journey in the world of art; from the first time he was inspired to pick up a paintbrush to his colourful creations today.

52. THE DEBATE

76. INTERVIEW

MALTA AND GOZO – BRIDGE THE GAP OR BUILD A TUNNEL? The debate on the best form of link between Malta and Gozo, and whether it should be permanent, has been going on for a while.

Chiara Bonello sounds out some experts and individuals who would be directly impacted by this link.

SUCCESS STARTS WITH A STORY Proving that every business needs to develop its narrative in order to successfully target its customers, Jo Caruana chats to Robert McKee, the man behind many of the world’s best-told stories, ahead of his upcoming Business Story Seminar in Malta this November.

32. GADGETS

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stablished in 1947, The Commercial Courier is the official magazine of the The Malta Chamber of Commerce, Enterprise and Industry. It is the leading business magazine, having one of the best distribution channels in the sector. The publication is distributed for free to the members of the The Malta Chamber of Commerce, Enterprise and Industry. It is also distributed with The Malta Business Weekly as well as delivered to leading business people on the island.

The Exchange, Republic Street, Valletta VLT1117 Tel: +356 2123 3873 Fax: +356 2124 5223 info@maltachamber.org.mt www.maltachamber.org.mt

Chiara Bonello Diane Seychell

Progress Press Ltd

Articles appearing in this publication do not necessarily reflect the views of The Malta Chamber of Commerce, Enterprise and Industry.

Publisher

Switch Design & Brand Strategy Tel: +356 2131 6770 www.switch.com.mt

All rights reserved. Reproduction in whole or in part without written permission of the publishers is strictly prohibited.

gadgets

ON THE COVER All aboard. Statistics show that over 16,000 boats and yachts are now registered in Malta. See p15.

Malta chamber’s silver collaborating partner

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66. MEET THE ARTIST

Malta chamber’s bronze collaborating partners

Editor

Advertising

Sales Executives Matthew Spiteri Leigh Pisani sales coordinator Caroline Mallia Tel: +356 2132 0713

Kevin J. Borg Editorial Coordinators

Content House Ltd Mallia Building, 3, Level 2, Triq in-Negozju, Mriehel QRM3000 Tel: +356 2132 0713 Fax: +356 2132 0714 info@contenthouse.com.mt www.contenthouse.com.mt

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CC Editorial

Defining and quantifying precarious work The developments relating to precarious work have been closely followed by the Malta Chamber for several years, leading to a series of MCESD meetings to discuss the subject.

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he Malta Chamber participated actively in these meetings, submitting its position paper which clearly stated that as a responsible employers’ organisation, it was not in favour of workers’ exploitation, which ran counter to its social objectives whilst, at the same time, distorting fair competition.

The Malta Chamber has repeatedly insisted that precarious work must be clearly defined. Within the local context, precarious work must be placed in the right perspective. Unfortunately, so far there is no clear distinction between precarious and illegal employment. On the other hand, the Malta Chamber has always supported working conditions such as flexible hours, performance bonuses or definite contracts.

These are positive, in that they safeguard employment and reward good performance.

The Malta Chamber sees a lot of merit in adopting performance-related remuneration schemes. These are specifically designed to motivate employees and to align their effort more closely with the aims of the

organisation. Performance-related schemes reward employees for results which are typically measured against pre-agreed objectives. Under similar arrangements, the employee’s total package would consist of a guaranteed basic salary and the performance allowance, plus any other remuneration which may be applicable.

Further to a clear definition, efforts must be made to quantify the problem. The Malta Chamber is of the firm belief that any further measures to combat abuse in this regard must not be based on anecdotal evidence, but on reliable data that clearly exposes the statistical extent of precarious work.

It is desirable that there is no future action based on anecdotal evidence, as this might unnecessarily compromise flexibility in the local labour market to the detriment of national competitiveness. Unnecessary restrictions to labour market flexibility can be counter-productive to economic expansion, particularly in the current circumstances when job creation remains a primary objective.

AUGUST / SEPTEMBER 2013

CC EDITORIAL

In presenting its position, the Malta Chamber argued that it was pertinent to consider that Malta had been scoring consistently low on ‘labour market flexibility issues’ within the World Economic Forum’s annual ranking, and the country simply could not afford any further slippage down this score. Therefore, any measure that may be enacted to regulate this practice must be directed solely at those sectors which are found to be most susceptible to precarious work practices and should not encompass the entire labour market. Above all, the Malta Chamber believes that the issue of precarious work should be addressed through adequate monitoring across various levels and through proper enforcement.

In between MCESD meetings, Government issued new regulations in a bid to address precarious work. The Malta Chamber made a strong public reaction to this, insisting that any measure to address the issue was to be limited to those sectors where the problem seemed to be localised. It criticised a decision to outlaw sub-contracting from public tenders

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because, in the Malta Chamber’s view, this was counter-productive to SMEs and their ability to cluster and co-operate in tenders.

Some days later, the Malta Chamber was pleased to note that the regulation in question was amended to allow the necessary flexibility and in order to allow subcontracting under clear conditions.

During the final MCESD meeting on the subject held on 15th July, the Malta Chamber concluded that, having heard the opinions of all social partners, it was apparent that the different positions were not too far apart and that the basis existed for a way forward.

Beyond definitions, it was clear that abusive and illegal practices needed to be addressed via enforcement of regulation using existing structures. On the other hand, dubious employment conditions would require focused ad hoc regulation.

More importantly, any additional regulation should be made to pass the SME test in terms of better regulation. This would ensure that the new regulations would not be detrimental to SMEs and their chances to create growth

through clustering and their participation in public procurement opportunities. Indeed, as has already been remarked, subcontracting in itself is not to be considered malpractice.

Likewise, definite-period contracts of employment are also useful instruments for both employers and employees to approach fixed-term projects. These should not be generally deemed as tantamount to precarious work and should not be placed under any dubious spotlight, unless in cases of clear abuse.

In conclusion, the Malta Chamber reiterates its position in favour of safeguarding good conditions for workers, as well as a fair level playing field for business. Going forward, a clear distinction must be made between precarious and illegal employment. The Malta Chamber will not condone the latter. On the other hand, once ‘precarious work’ is satisfactorily defined and quantified, the social partners will certainly find the Malta Chamber’s full support in finding acceptable ways to ensure workers’ rights are thoroughly observed in their interest and in the interest of fair competition. cc

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CC COVER STORY

Local SMEs embarking on creative ventures Chiara Bonello visits three local companies whose innovative ideas and business practices have led them to stand out and thrive.

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o-founder and CEO of Apple Inc. Steve Jobs once said that “innovation distinguishes between a leader and a follower.” There is profound truth in his words of wisdom, as is tangibly evidenced by the several businesses that put these words into practice. On a local level, a number of forward-looking SMEs are adopting innovative business models, investing in new processes and methods, and thinking outside the box to reap excellent results.

The three companies showcased below operate in three diverse sectors yet share the same driving force – belief in the power of investment and innovation.

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Companies must invest in new areas and technology – Printex Managing Director Peter Galea “Our message is that a company must invest in new areas and new technology in order to keep thriving,” Printex Managing Director Peter Galea explains, during a visit to their premises in Qormi to view their new equipment for the printing of plastic cards.

AUGUST / SEPTEMBER 2013

CC COVER STORY

First set up back in April 1970, Printex is a family-owned and run business specialising in security, as well as commercial printing. A firm believer in quality and reliable delivery dates, it quickly established itself as one of the leading commercial printers on the islands.

Through the years it has always been one of the pioneers in the printing industry, being the first company in Malta to invest in four-colour separation equipment (1976) and a four-colour printing machine (1978). More recently, the company’s far-sighted approach also led it to identify the need for the local production of plastic cards.

The printing industry is generally considered to be rather traditional, he says, adding that in truth it has been through a complete revolution over the past 50 years.

From letterpress printing to offset, gradually all technology had to be changed. The 1980s saw a major change when desktop publishing was introduced with the first Mac computer.

Traditional commercial printing is a saturated industry and companies in the industry need to think a bit differently and be innovative, he asserts, adding that the export industry is not an easy market, due to the same fierce competition abroad. A few

AUGUST / SEPTEMBER 2013

months back, the company’s management identified that the way forward lay in the investment in equipment for the production of plastic cards.

Usage of plastic cards in Malta has been increasing in recent years, but all of these cards had to be imported from abroad as there were none produced locally, Chairperson of the Printex Board of Directors Helga Ellul explains. This caused some inconvenience, including the fact that the large order quantities required were not suitable for the local market, while the long waiting times also posed a problem.

With this in mind, and after extensive research of precisely what the printing sector was missing, Printex invested in the equipment required for the printing and production of plastic cards to be done locally – a first for the Maltese islands. Production started in mid-March this year.

“Since then we have seen interest in the product we are offering, and the truth is that there is a market for it among local businesses,” she explains, while listing the advantages of the locally-produced cards as the fact that they can be printed in smaller quantities, within a much shorter timeframe

than foreign counterparts, and always of the top quality that Printex is associated with.

“We produce everything from membership cards and loyalty cards to entrance passes and hotel key cards,” Business Development Manager Massimo Schiavone explains, while a number of sports clubs have expressed interest in these cards, as they give them the possibility of producing professional looking cards for their members, without having to order them in large amounts.

“We are making it easier for companies to purchase and update their cards more often.

In a nutshell we offer flexibility,” he affirms.

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CC COVER STORY

Building on the concept of healthy food for on-the-go individuals – Smoochie Drinks CEO Sandra Zammit

“The starting point for my business was that of offering healthy options for those who want them, but are simply too busy to find the time to prepare such food,” Smoochie Drinks CEO Sandra Zammit explains.

During a meeting at their premises in Zebbug, where the team is hard at work preparing the tasty smoothies found on supermarket shelves and at numerous cafés, Ms Zammit recalls how as a mother of four, she would look for healthy drink options for her children, but find drinks full of additives and sugars.

The company is doing so well today that Ms Zammit is planning to venture into a new product for Malta, Smoochie soups, which like their smoothie counterparts are completely free of any additives and a healthy alternative for the super-busy.

Back when Ms Zammit started out, Malta Enterprise launched a project encouraging women who had stopped working after having kids to start their own business.

Interested, she applied. The project required submitting an idea and following an intensive nine-month business course, and ultimately applicants would end up with a business plan and a grant to get their idea off the ground.

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This was seven years ago, and she hasn’t looked back since.

“Initially it was just me – manufacturing, marketing and delivery – but since then I have been lucky enough to find the right people to work with. We now have distributors and maximise the use of social media when it comes to marketing,” she says.

“Naturally this time hasn’t been without its obstacles, as in order to get the loan required to start up, we had to put our own home as collateral, but this decision was taken as a family, because we all wholly believed in the project,” she explains, adding that the business is today going from strength to strength, which encouraged her to branch into something new.

Her team, composed of six women, whom she credits with helping her in keeping the business going, felt that the concept could be extended to vegetables, hence the birth of Smoochie soups. These soups, made of fresh vegetables and with no artificial additives, will hit supermarket shelves between October and November of this year.

The next project she has in mind is VegPots, she reveals, and ideas are also brewing on two other projects, although she

claims that it is still early days to divulge any further information about them.

Ms Zammit states that Malta’s size, coupled with the fact that her product is targeted at a very niche market, is a definite challenge, but on the other hand admits that the company is doing pretty well. Although she accepts that competition from abroad is another challenging factor, particularly as the marketing budgets are phenomenal, she believes that before long, people return to the fresh, local product.

“In five years I hope we will be wellestablished and we would also like to find our way into offices. We offer deliveries and would like to encourage companies to offer employees our soups and smoochies once a month. Besides making them more healthaware, this would show employees that the company cares, something which has been proven to reduce required sick leave,” she says, adding that this mentality has to be extended to children in schools, in order to tackle the obesity problem.

FACT Around a million Smoochies have been sold since the business started.

AUGUST / SEPTEMBER 2013

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CC COVER STORY

Working on a device to help epilepsy sufferers – AAT Research Managing Director Adrian Attard Trevisan The same company which developed the Mente band, a band to help autistic children calm down and boost their attention span, is currently working at developing a device to help epilepsy sufferers, Managing Director Adrian Attard Trevisan explains.

Dr Attard Trevisan says that 45 minutes prior to an epileptic fit, this device, which is worn by the sufferer, will contact his/her next of kin and act as a warning sign. “We developed a technology on which we have a worldwide patent,” he explains, adding that the company is also working with other entities and enterprises to put this same technology to good use in other products.

Going back to the Mente band, he explains that the band was the result of his first doctorate research, as it was during this time that he developed the patented chip.

Today, this same chip is being leased to a US company.

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“Following this we also developed our own product line – the Mente band – which is available on the Chinese market and is currently starting out in Australia and the Pacific too. We are targeting other European markets. Locally about 40 per cent of the market uses this device too.”

The Mente band – brain music system, which was launched last August, is used for 40 minutes every morning. Studies have shown that this serves to calm down children with autism and lengthen their attention span. Results were noticed after just 10 sessions wearing the band.

In its early days, the company leased a third-party facility in Germany, before moving production to Malta. Following extensive investment, the company today carries out all its operations, from marketing to laboratories and production, under the same roof in Marsa.

Another branch of the business is neuromarketing, services which are taken up by a number of prominent local software companies, radio stations and Cotton Ink USA. Dr Attard Trevisan explains that their clients use the equipment, such as MRI and eye-tracking, to test their material prior to its release to the general public.

For Cotton Ink USA the company created the Skintalk project, a system which converts the brain activity reaction to clothing made of different materials to music. “We’re excited that our neuro-marketing services are growing,” he enthuses.

The company’s success did not go unnoticed. Dr Attard Trevisan explains that “last year we were awarded the first prize for

technical innovation in the Malta Innovation Awards and are accredited by the University of Milan, where I lecture and with whom we also carry out joint research.”

Getting FDA-certified for medical devices and CE medical was no easy task, he reveals, and argues that there is room for improvement locally as he feels that Malta is still unprepared for companies such as theirs.

He admits that being an island state presents limitations, but also has advantages.

There is a good pool of talent if guided well, he says, claiming however, that unfortunately bureaucracy is very cumbersome and a very big issue for a small company which is still finding its feet. Furthermore technology is not being pushed enough and the internationalisation concept needs further development, he asserts.

What about future plans? Dr Attard Trevisan explains that “our aim is to grow in terms of the technology we offer and to help as many people as possible. We also want to enter as many markets in Europe and Asia as we can, while solidifying our presence in others.” cc

AUGUST / SEPTEMBER 2013

CC in figures

Yachts...

IN NUMBERS

16,000 the number of yachts, boats and cabin cruisers registered in Malta

330 ‘super yachts’ over 80 feet registered in Malta

Over

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2

the number of marinas operating in Malta

the number of seasonal marinas operating in Malta

1,800

700

227

250

the total number of berths in the Maltese islands

the number of berths offered by the Ta’ Xbiex Marina, the largest yacht marina in the Maltese islands

the number of berths in Gozo, operated by Mgarr Harbour Marina

the number of ‘super yachts’ and other berths available at the Grand Harbour Marina in Vittoriosa

AUGUST JUNE / JULY / SEPTEMBER 2013 2013

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CC interview

HSBC’s plans to grow with Malta Following HSBC Group’s global restructuring exercise in the wake of the financial crisis and the resulting near doubling in first quarter earnings this year, Sarah Micallef talks to HSBC CEO Mark Watkinson about HSBC’s position globally, how that equates with Malta, and the bank’s aspirations within the island.

“The world is a funny place,” HSBC CEO Mark Watkinson states, in relation to the bank’s position globally within the current economic climate. While Europe finds itself in challenging economic circumstances, Asia Pacific still sees decent levels of growth, despite China’s quarterly economic growth having declined to 7.5 from the previous quarter’s 7.7 per cent, while America is slowly recovering. In light of this, Mr Watkinson believes HSBC is quite well-positioned for growth even in these difficult times, comprising 250,000 employees within 81 countries, with just over half their business based within emerging economies.

“Every company needs a unique selling point,” Mr Watkinson maintains, “you know, you either make the best ice-cream in the world, or the best shoes, etcetera. What HSBC does best is connect businesses and people across our network better than anybody else.” He uses an example of a

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Maltese businessman wanting to source raw materials from China to affirm this, asserting “we have people in China, we have people in Malta, and we can connect the two.”

Indeed, such factors as enabling payment in renminbi, China’s currency, make for a more efficient and attractive transaction between both parties. The focus for HSBC globally therefore, according to Mr Watkinson, is to be the world’s leading international bank.

Further equating this to Malta, Mr Watkinson highlights what Maltese businesses stand to gain from this mission. Explaining that the vast majority of the goods local businesses purchase currently come from Europe, he points out that buyers often have to pay mark-ups to both local suppliers as well as their suppliers in turn, in Sicily, Italy or France, for example.

What HSBC is proposing through its Malta Trade for Growth initiative is effectively cutting out the middleman, and going direct to China, from which the European supplier is buying

direct. Other markets to be tapped into include the Indonesian and Philippine markets, Mr Watkinson states. “There are 100 million people in the Philippines, and nearly 300 million in Indonesia – these are fantastic markets.” In effect, HSBC is urging local companies to go beyond the traditional European trade partners to find new opportunities.

Speaking of his upbringing in Singapore, Mr Watkinson points out the similarities between Malta and the world’s fourth-leading financial centre. Citing the resemblance in geographical size, he argues “Singapore has built an amazing economy around trade, tourism and the financial services sector, and I think that there are big opportunities for Malta around tourism and trade too.

I’m very optimistic about what Malta can do.”

Whereas heritage and good weather have done their part to draw in tourism, Mr Watkinson emphasises the importance of trade for Malta’s economic growth.

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CC INTERVIEW

The island boasts the third biggest port in the Mediterranean, and the tenth biggest in Europe, and is positioned just six miles away from the world’s biggest trade route, coming from Asia Pacific through the Suez Canal and up into Northern Europe. Owing to its position, Malta could prove an attractive proposition for suppliers, acting as a trade port for goods being shipped down into Southern Mediterranean states or North Africa, doing transhipment and warehousing.

On Malta’s economic growth rate, Mr Watkinson explains that whereas this year’s forecasted growth rate of 1.4 per cent positions Malta as having one of the fastest growing markets in the EU, “if we want to achieve our aspirations as a country, 1.4 per cent is not going to do it – we have to be closer to 4 per cent. World trade over the last 20 years has an average growth of about 5 per cent. If Malta were to offer a fantastic port, fantastic transhipment and fantastic warehousing, we could latch on to that, helping us move from that 1.4 to a more sustainable 3 or 4 per cent.” Indeed, Mr Watkinson continues, whereas Malta can be quite pleased with where it is, once the economy starts growing at this level, the amount of infrastructure investment that can be carried out will undoubtedly increase.

Moving on to the situation in the European zone, interest rates have been kept very low for a long stretch of time by the European Central Bank (ECB) and the Bank of England as a consequence of the economic crisis, prompting many to question whether they have been kept this way for too long, and whether a change is on the cards. For the time being however, Mr Watkinson feels that this will not change. “I can see interest rates remaining low well into the mediumterm. The Portuguese, Spanish and Greek economies need very low interest rates to help them rebuild their competitive positions. Europe needs time to reset its competitiveness – it’s still some way off that.”

Going back to the bigger picture, as a result of restructuring and cost cutting in the wake of the financial crisis, HSBC Group has made annual sustainable saves of about four billion USD. When asked whether further cost-cutting measures are planned for the foreseeable future, Mr Watkinson declares that much the same as any manufacturing company would, HSBC strives to improve on cost efficiency and competitiveness every year, “so if we have a significant number of information systems, we’d like to rationalise those systems, but there’s no significant plans to reduce our workforce” on both local and global levels.

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CC INTERVIEW

“What HSBC is proposing through its Malta Trade for Growth initiative is effectively cutting out the middleman, and going direct to China, from which the European supplier is buying direct.”

Here in Malta, there have been various reports that HSBC Malta is adopting a very cautious approach when it comes to financing property-related projects. Mr Watkinson explains that due to its strong capital position, HSBC Malta will take on projects that make sense, keeping away from speculative development, affirming that they have to make good business sense.

He also acknowledges the International Monetary Fund’s and ECB’s watchfulness of the banking sector’s exposure to the property sector. “We’ve talked to them extensively to provide them with some comfort – we don’t think there’s a property bubble in Malta – actually the property market has performed reasonably well. We don’t expect there to be a property crash.”

A little over a year ago, questions about HSBC’s commitment to Malta were raised.

A year on, Mr Watkinson answers to this, evaluating the six filters forming part of the process of determining what businesses make sense for the rest of the HSBC Group.

“There are three financial and three non-financial filters. When you look at HSBC Malta’s financial metrics, which are return on equity, liquidity and cost-efficiency ratio, the bank in Malta is one of the best in class within the HSBC Group. Then there is scale and size of the business – and within Malta we have real scale, though globally we’ll never be as big as China or the US. When you look at connectivity, we do pretty well.

The sixth one is risk, which is more to do

AUGUST / SEPTEMBER 2013

with financial crime risk – and as part of the European Union, Malta complies with the money laundering requirements of the union. Looking at these, HSBC Malta fares very well against our six filters.” He also cites the fact that the European Head of Business has moved onto the HSBC Malta Board of Directors, and the move of a significant business from Ireland to Malta as “signs that I would argue bode well for the long-term future of HSBC in Malta.”

In light of this, Mr Watkinson is optimistic about priorities outlined for the Malta operation in 2013, saying “While I feel Europe will be challenged over at least the medium-term, I think Malta has a very interesting opportunity. The country has the real potential to build out its trade platform and reconfigure its tourism industry with an increased emphasis on heritage. cc

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CC design trends Photo by Tiphaine Popesco

Photo by David Pisani

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CC design trends Photo by Architecture Project

A master class in creative reuse Dating back to the 17th century, this building on St Barbara Bastion in Valletta has gone through a number of changes, both in structure and function.

Sarah Micallef talks with Architecture Project’s Alberto Miceli-Farrugia, the partner in charge of the building’s recent transformation, to find out about the innovative design solutions that successfully marry old and new.

D

uring the construction of the capital city as a fortified city by the Order of St John from 1566 onwards, St Barbara Bastion formed part of the first line of defence built around Valletta. Initially little more than a well-placed gun-platform set up for the city’s protection, it was not until later on in the 17th century – at peacetime – that dwellings began being built on the bastion.

One such property, recently renovated by Architecture Project, gained accolades at the Inside Festival in Barcelona in 2011, where it placed at the top of the Creative Reuse category. Architect in charge of the project Alberto Miceli-Farrugia provides an insight into the history of the space: “the bastions were originally reserved for military defences and were, to a certain extent, out of bounds for city residents. Along the back however, on East Street, a series of one-storey wine vaults were built by the Knights in the mid-17th century.

As the threat of invasion faded further, Valletta as a whole started to change, becoming more open to commerce. Stores were built on the shore of the Grand Harbour, and even the bastions were opened up to public use.

St Barbara Bastion was thus integrated into the city grid.”

Photo by David Pisani

AUGUST / SEPTEMBER 2013

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CC design trends

Photo by David Pisani

Photo by David Pisani

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It was later in the 18th century, as Alberto goes on to explain, that a five-metre wide strip with an elaborate façade was added to the harbour side of the property.

Later still, in the second half of the 19th century, the top floor was added on. Owing to its prominent location overlooking the Grand Harbour, he mentions, “St Barbara Bastion was developed primarily by the high-ranking Knights, making it to a certain extent, always a noble part of town.”

Moving on to the present day, the property was purchased by Farrugia Investments Ltd, partly to accommodate their own offices as well as to rent out further office space and a penthouse residential apartment. Alberto outlines the brief for the project as creating offices with contemporary specifications and a luxury residential apartment on the top floor, all the while retaining and respecting the original features of the existing building.

It was the logistical requirements, coupled with the client’s desire for iconic design within the space, that enabled experimentation and prompted the team of architects to come up with the idea for the building’s pièce de résistance: its iconic double-helix staircase. Alberto explains, “according to planning regulations, we needed to accommodate two separate staircases – one for the offices and one for the apartment, separating the residential part from the commercial one. The five-metre strip on the front of the building was the only place we could access the vertical circulation, but it was also the most valuable space in terms of offices, so a solution needed to be found to minimise the space dedicated to circulation.”

To this end, the architects at Architecture Project came up with a design for a doublehelix staircase inspired by the far grander

AUGUST / SEPTEMBER 2013

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CC design trends

Photo by David Pisani

precedents at the Vatican Museum designed

by Giuseppe Momo and the staircase at Château de Chambord on the Loire, said to have been designed by Leonardo da Vinci, though this has never been confirmed.

“Rather than having separate compartments, we decided to superimpose them so that they would intertwine, one above the other, forming a double helix,” Alberto explains. “Using this concept, we shrunk the space requirements and got them to work together.” The staircase, made of solid wood, begins as an open staircase at office level, with the residents’ staircase starting off closed within the volume occupied by the offices, and opening up once it gets above that. Alberto points out that this idea echoes that of staircases in noble palaces, which “were designed in such a way so that the regent would be able to move through the palace without meeting the servants.”

Here, the unique staircase provides privacy by enabling the residents to move up to their apartment without meeting with office employees, while at the same time being able to look down and see them.

The interior design of the offices and penthouse apartment in particular was

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tackled by Architecture Project in conjunction with Marisa O’Cock of Farrugia Investments Ltd. Here, aside from creative usage of the space, emphasis was placed on the quality of materials to create an air of luxury. Alberto elaborates on this, stating “investing a little more to get a better quality product can give a greater return. The better organisation of the space and good quality materials, lighting and furniture play an important part in placemaking, which creates a setting that people would then want to occupy.”

In terms of finding a suitable balance between aesthetic appeal and practical usage of space, the staircase was not the only component utilised by the design team.

Alberto elaborates, “it’s not a typical office building – you can’t have open plan offices as the spaces are relatively small. We were also looking for something that was a little more respectful of the building’s history while making it work as an office.”

Moreover, the balance between aesthetic appeal and practical usage is mirrored in another juggling act for the team – marrying the old with the new. Indeed, Alberto explains, certain changes to the original plan for the design were necessary to meet this remit.

“Originally we were looking into an extension that would be clearly distinguished as a 21st century intervention, but it wasn’t permitted, so we had to review it and come up with something that was more in keeping with the stone volume below. Even so, we did this in such a way that was different, while following the rhythm of the floors below.”

By respecting and building on the history of the space, the design could contribute to local heritage and the surrounding area while enriching it at the same time, breathing new life into an old building while respecting its past, thus enabling its sustainable regeneration and playing a part in maintaining residential life in Valletta.

Indeed, as Alberto asserts, projects such as this are symptomatic of what seems to be a revival of the capital city: “we’re working on some very beautiful properties in Valletta at the moment and are about to start on a few more. To a certain extent, the whole of Malta identifies itself with Valletta, and there seems to be a renewed interest in it.” cc

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CC MAKE THE HEADLINES

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Troy Shipping Agency gives a top quality personal service and tailor-made solutions through a motivated team and a passionate maritime culture. We are proud to offer you the very best and most dedicated service for all the needs of a ship’s call, for both port and shore handling operations with maximum efficiency. cc

Contact us at: Troy Shipping Agency, 8, Cross Road, Marsa, Tel: 2122 7950/2122 7951; email: troyship@maltanet.net; www.troyshippingagency.com

Neptune Navigation Ltd Our company provides the latest and most up-to-date navigational data, including British Admiralty paper charts and publications to the commercial shipping industry, super yachts and the leisure market.

We have been appointed as sole distributor of Thomas Gunn Navigation Ltd UK, keeping a considerable amount of charts and publications in stock, besides providing innovative solutions for the cost-effective supply of fully compliant navigational data.

We also offer free delivery. cc

Contact us at: Neptune Navigation Ltd 8, Cross Road, Marsa, Tel: 2123 1221; email: nepnav@go.net.mt

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AUGUST / SEPTEMBER 2013

CC MAKE THE HEADLINES

As Windows XP is phased out – will Windows 7 or 8 be the OS of choice for business? By Curt Gauci For Microsoft and many of its customers, 2013 represents a key transitional year from Windows XP to Windows 7 or 8. Many of its enterprise customers will be forced to move away from Windows XP, which Microsoft plans to cease supporting on April 8, 2014. The question is, as Windows XP is phased out – will Windows 7 or 8 be the OS of choice for business?

The release of Windows 7 was a big hit for Microsoft, turning things around from the troublesome Windows Vista and reminding people that the Redmond giant was not quite ready to hang up its hat just yet. Windows 8 dramatically overhauls the aesthetics and interface — as well as the features and functionality — of the traditional Windows operating system. For this reason, as well as the learning curve that comes along with it, Windows 8 has created more hesitation than its predecessor.

Even though many companies that are upgrading from Windows XP are opting for Windows 7 rather than the newer Windows 8, because of what IT administrators have termed as `transition fatigue`, there are several beneficial aspects of Windows 8

which will apply to business, and help yield higher productivity. Of course, adopting any new OS imposes a learning curve on users, but once your workforce gets comfortable with Windows 8, its benefits can outweigh its drawbacks.

Windows 8 isn’t another Me or Vista. Both Me and Vista had stability and performance problems. Windows 8 is extremely stable and speedy. The new OS also offers better security features to help protect data.

However the biggest advantage is probably the fact that it was designed with tablets in mind. Tablets are here to stay, they are a huge part of our everyday lives, and they’re fully supported in Windows 8, whereas Windows 7 did not offer much tablet support.

Windows to Go is another plus however users would have to use Windows 8 Enterprise in order to take advantage of Windows to Go. Windows to Go lets you store an entire Windows 8 environment on a bootable USB thumb drive or other removable media. The feature also supports BYOD (bring your own device) scenarios: Users can boot to a managed Windows 8 environment via Windows to Go so that their

Curt is Director and co-Founder of Kinetix IT Solutions, a local leading IT Systems Integrator.

work environment does not interfere with their personal profile; and the business can protect itself from rogue, unpatched systems.

However many companies will still feel more comfortable with the familiar Windows 7 environment, and if you are not a firm tablet user or envisage integrating tablet usage in the near future, it may be worth opting for Windows 7. The decision on which OS to opt for is very often down to personal preference.

We can help organisations understand the pros of each Windows operating system and will ensure the transition is smooth with minimal interruption on your day to day activities. cc

Kinetix specialises in the design, implementation, support and optimisation of ICT solutions for the corporate sector.

Kinetix are HP, Cisco, Microsoft, Kerio, Trend Micro and Symantec certified partners.

AUGUST / SEPTEMBER 2013

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GADGETS

CC BUSINESS UPDATE

OUR PICK OF THE BEST GADGETS

01.

Many people go gaga for new gadgets and technological innovations.

From the latest smartphone to the most high-tech camera around, they like to be in the know when it comes to the latest contraptions.

The Commercial Courier reviews some gadgets that will be hitting the shelves this year.

01. LG Optimus G Pro

05. Razer Edge Pro Gaming Tablet

In a bid to challenge rivals Samsung on all fronts on the smartphone market, LG came up with the acclaimed Optimus G. Launched last February, this phone’s specs are likely to help it match what the next-gen Note phablet will offer. Videos look amazing on its 5.5-inch screen, with a screen resolution of 1920x1080p and a pixel density of 401ppi. It also has a 1.7GHz quad-core Snapdragon S600 processor, 2GB RAM, 16GB internal storage, micro SD card support up to 32GB and a 3,140mAh removable battery. On the back, you get a 13MP camera with LED flash, while a2MP camera is placed in the front. The LG Optimus G Pro has all the makings of a top-end phablet.

A device that can double as a gaming PC rig on the go has been on gamers’ wishlist for a while now, and sure enough Razer have unleashed the world’s most powerful tablet yet – the Edge Pro. Housing a 1.9GHz Intel Core i7 CPU with 8GB of RAM, Nvidia GeForce GT 640 LE GPU and 256GB SSD under a stylish, bulky frame—the slate bears the processing firepower to handle high-powered titles like BioShock Infinite and Crysis 3 with ease. Other optional peripherals such as the Gamepad and docking station give the tablet a totally new console-gaming feel.

02. Trakdot Luggage Tracker How many times have you set off on a flight, with your fingers crossed that your luggage will arrive safely at your destination? Frequent flyers would do well to invest in a Trakdot Luggage Tracker – which monitors baggage through the use of cellular technology instead of GPS. The perfect size to slip into your suitcase, it sends alerts via accompanying app, email, SMS or company website. It even shoots notifications when your bag hits the claim carousel.

03. Microsoft Surface Pro Microsoft’s tablet/laptop hybrid is leading the PC convertible market, as desktops slowly die out. The Surface Pro expands on the patented elements that made the R/T version a success, while integrating stronger specs and improved multi-touch technology into the mix. Its innovative Touch Cover promotes accurate touch feedback that you won’t find with most competitors.

04. MacBook Air 2013 Edition Once again the MacBook Air line has been upgraded, this time equipped with Intel’s new fourth-gen CPUs, to help achieve over 15 hours of battery life—making it the longest-lasting portable PC around. The latest ultra-slim laptop from Apple is also cheaper than its predecessor, but keeps its industry-best keyboard and touchpad intact, also supporting faster flash memory and improved graphics performance.

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06. Samsung NX300 The flagship model of the NX line-up of cameras, the NX300 shoots high-quality stills and welcomes state-of-the-art wireless sharing features, absent in most of today’s top camera models. With a large 20.3-megapixel APS-C CMOS sensor and a new hybrid autofocus (phase and contrast), the NX300 proves to be fast and reliable. It also has a 3.3-inch AMOLED tilting touch screen and offers users ISO sensitivities from 100 to 25,600 and a respectable 8.6fps continuous shooting speed.

It has a maximum shutter speed of 1/6000th of a second for better action photography.

The NX300 can shoot RAW or JPG files and takes SD, SDHC, SDXC, and UHS-1 enabled memory cards.

07. Epson PowerLite Home Cinema 5020 Entertain family and friends with brilliant colour and exquisite detail thanks to the Epson PowerLite Home Cinema 5020.

Whether on your living room wall or on the side of a building, the Epson 5020 presents marvellous 2D/3D picture quality. Use the included RF 3D glasses to immerse yourself in eye-popping 3D movies and more. What’s more with the 2D to 3D conversion, you can transform your favourite 2D movies to spectacular 3D.

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AUGUST / SEPTEMBER 2013

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NEWS Internationalisation

01 Meeting with Turkish delegation from Ödemis, Izmir On 4th June, a Turkish delegation, which included the Governor of the province of Ödemis in Izmir, Abdullah Dölek, the mayor of Ödemis and a number of businessmen, met with representatives from Malta Enterprise, the Malta Chamber and the Malta Business Bureau at Malta Enterprise offices in Pietà. The Malta Chamber was represented by Internationalisation Executive Lina El-Nahhal.

The event was also attended by a number of Maltese businessmen interested in doing business with Turkey. Presentations were delivered by the Maltese organisations and Mr Dölek, followed by a networking lunch.

The Turkish Ambassador in Malta visited Malta Enterprise during the networking lunch to meet the Turkish delegation.

The presentations demonstrated Malta’s potential and the business opportunities to be found in Malta. Ms El-Nahhal provided a brief description on the Malta Chamber and its role in Maltese business, and on the Internationalisation Desk. She further spoke about the services that the Malta Chamber provides to its members to enter international markets and vice versa.

03 Meeting with Nigerian delegation A delegation from Nigeria, composed of persons involved in the maritime sector, called at the Malta Chamber on 20th June.

The members of the delegation were met

by Statutory Affairs and Administration Manager, Johanna Calleja, who gave them a tour of the building and spoke about the Malta Chamber’s history. The delegation also met Internationalisation Manager Klaus Pedersen, who presented an overview of the Malta Chamber and its activities, with particular focus on the Maltese economy.

Business opportunities between Malta and Nigeria were also discussed.

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AUGUST / SEPTEMBER 2013

02 Maltese business delegation visits the cities of Sfax, Sousse and Tunis A Maltese delegation to Tunisia led by Malta Enterprise and with the support of the Malta Chamber was organised between 9th and 14th June 2013.

The delegation visited the cities of Sfax, Sousse and Tunis where participants had B2B meetings organised by the Sfax Chamber of Commerce and Industry, the Chamber of Commerce and Industry of the Centre Region and the Maltese Embassy in Tunis.

The Malta Chamber’s representative, Lina El-Nahhal delivered a presentation about the Malta Chamber’s function and its main roles. She also described the way members are categorised as well as the workings of the Internationalisation Desk within the Malta Chamber.

During her visit, Ms El-Nahhal was also interviewed by a journalist from the Tunisian News Agency.

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04 Memorandum of Understanding signed between the Malta Chamber and the Chamber of Commerce and Industry of the Central Region in Tunisia Malta Chamber Deputy President Anton Borg welcomed an incoming Tunisian business delegation to the Malta Chamber on 27th June.

During the business forum held with the support of Malta Enterprise, a Memorandum of Understanding (MoU) was signed by Mr Borg on behalf of the Malta Chamber and Nejib Mellouli, President of the Chamber of Commerce and Industry of the Central Region in Tunisia. Through the signing of the MoU, the two parties agreed to collaborate in a number of fields to promote trade and relations between Malta and Tunisia.

“A lot was being done from both the Tunisian and the Maltese side to ensure that more business takes place between the two countries, and the reason for this is that it makes good business sense,” Mr Borg said.

To this end, a Maltese delegation led by Malta Enterprise and assisted by the Malta Chamber, was in Tunisia in June.

In her address, the Ambassador of the Republic of Tunisia in Malta H.E. Souad Gueblaoui spoke about the long history of business relations between Malta and Tunisia, and her ambitions for these to continue flourishing.

Mr Mellouli spoke about the MoU that was about to be signed, and said that he hoped collaboration between the two countries would continue to thrive in the years to come.

Tunisian-Maltese Business Council President Simon Alden spoke about the work of the Business Council, which was established in 2010 after it had been in operation since the visit of a Tunisian delegation in 2009.

Following the speakers’ addresses, one-toone meetings between Maltese and Tunisian companies from various sectors were held.

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05 Malta Chamber attends TunisianMaltese agribusiness forum On 28th June, the first Tunisian-Maltese Agribusiness Forum was organised in honour of H.E. Mohammed Ben Salem, Tunisian Minister of Agriculture. The Forum was also attended by Roderick Galdes, Permanent Secretary for Agriculture and Rural Affairs, Ambassador Sergio Piazzi, Secretary General of the Parliamentary Assembly of the Mediterranean and H.E. Souad Gueblaoui, Ambassador to Tunisia in Malta.

The Malta Chamber was represented by Internationalisation Executive Lina El-Nahhal.

H.E. Ben Salem delivered the welcoming addresses. Mr Galdes and H.E. Mr Piazzi both emphasised the importance of having a strong relationship between Malta and Tunisia. H.E. Mr Ben Salem pointed out that the major challenge of the Tunisian government nowadays was “to enhance economic development‌ to create jobs and to enhance international partnerships with friendly countries like Malta.â€?

07 Delegates from Australian Victorian State Parliament visit the Malta Chamber Malta Chamber Director General Kevin J. Borg and Policy Executive Marilena Gauci met with two members of the Australian Victorian State Parliament on 4th July.

Christine Fyffe, Deputy Speaker of the Legislative Assembly and Andrew Elsbury, State Member of the Legislative Council for Western Metropolitan Region visited the Malta Chamber to learn more about the business opportunities between Australia and Malta.

Mr Borg gave the Australians a general introduction about the workings of the Malta Chamber. He made reference to the thriving manufacturing industry in Malta and also spoke in detail about the ever-growing services sector, with special reference to financial services, tourism and gaming. Mr Borg also referred to sustainable waste management as a possible niche market Australian companies could possibly look into, when tapping the Maltese market.

The same delegation met with Malta Chamber President David G. Curmi during a dinner held in their honour at the Australian High Commission.

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06 Meeting with H.E. Dr Felipe de la Morena Casado On 3rd July, Malta Chamber President David G. Curmi and Director General Kevin J. Borg hosted H.E. Felipe de la Morena Casado, Ambassador of Spain to Malta, at the Malta Chamber.

The meeting focused on cooperation in specific sectors between Spanish and Maltese entrepreneurs. Cooperation in various sectors was discussed including yachting, tourism, trade, waste solutions and renewable energy.

Mr Curmi and H.E. de la Morena Casado also engaged in talks about cooperation on a forthcoming incoming delegation from Palma de Majorca and about a Malta Enterprise-led outgoing mission to Spain.

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AUGUST / SEPTEMBER 2013

CC news

NEWS Events & Initiatives

01 Malta Chamber attends Business Europe Council of Presidents Malta Chamber President David G. Curmi represented the Malta Chamber at the Business Europe Council of Presidents meeting held in Dublin on 14th June. He was accompanied by Director General Kevin J. Borg.

The meeting was addressed by Irish Prime Minister Enda Kenny, who outlined the Irish experience of dealing with the financial crisis and the prospects for his country in the coming years following crucial decisions and measures taken by his government.

The meeting also formally elected Emma Marcegaglia (former President of Confindustria) as the new President of Business Europe.

The main item for discussion was the EU’s 2030 Energy and Climate Policy within the framework of Europe’s economic competitiveness in respect of other regions and trading blocs. The meeting unanimously called for Europe to place cost-competitiveness, security of supply and climate objectives on an equal footing within its new policy.

Mr Curmi made an intervention to state that, in Malta, energy has been singled out as an important component of national competitiveness, particularly in terms of energy-intensive sectors such as manufacturing, tourism and retail. The most important factors for business remain security of supply, cost-effectiveness and sustainability. The Malta Chamber therefore supported the objectives of the Business Europe position paper on the EU 2030 Climate and Energy project.

Mr Curmi said that the situation locally was further aggravated by the fact that the possibilities for using renewables were limited by the fact that hydro-energy was not an option; there are space limitations in the use of solar; and wind-energy is not considered advantageous because of the need to go offshore involving expensive technology which remained largely experimental. The Malta Chamber shall continue to try its best endeavours to ensure that the country reaps full benefit from its possibilities. He said his organisation was taking the subject very seriously and was working closely with the newly-elected Minister for Energy and Water Conservation who agreed to address members on the country’s energy policy.

AUGUST / SEPTEMBER 2013

02 SEPA information seminar In February 2012, the European Union (EU) legislator adopted Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (the SEPA Regulation), which defines 1st February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. In non-euro countries, the deadline will be 31st October 2016. Effectively, this means that as of these dates, existing national euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD).

To this effect, the Malta Chamber, the National SEPA Committee, the Central Bank of Malta and the Malta Bankers’ Association organised an information seminar for Malta Chamber members on 17th June.

The panel of speakers, composed of Peter Sant, Chairman of the Financial Services Business Section of the Malta Chamber, Herman Ciappara from the Central Bank of Malta and Noel Vella on behalf of the Malta Bankers Association, gave a general presentation on SEPA, highlighting its aims and benefits as well as practical information on how the business community should prepare from a practical and IT perspective.

The speakers stressed on the importance of businesses starting their organisational preparations for migration to the new system at all levels, as well as of holding talks and consultation with the businesses’ service providers and banks, in view of the fast approaching deadline.

03 MEUSAC consultation session on proposals for a revision of the European Trade Mark System Policy Executive Marilena Gauci represented the Malta Chamber at a MEUSAC consultation session on 20th June.

This session delved into proposals for the revision of the European Trademark System.

The session was addressed by the Director of Industrial Property Registration at the Commerce Department, Michelle Bonello, who outlined the proposals being made, shedding light upon the areas that are predominantly subject to modification. The main terms for discussion were the upcoming revisions of the legislative framework behind the European Trademark System.

The consultation session also set out the need for strong cooperation among national offices and the Office for Harmonisation in the Internal Market (OHIM) which is deemed

necessary for the promotion of improved convergence across the Trademark System’s practice and tools.

In the proposed Directive’s case, the main changes include the protection of geographical indicators and terms, protection of trademarks as objects of property, a mandatory administrative opposition and/or cancellation procedure and one class per fee system.

04 Benchmarking forum on staff absenteeism The Malta Chamber Human Resources Committee organised a benchmarking forum event focusing on absenteeism on 25th June.

Catherine Calleja, Chairperson of the Human Resources Committee welcomed the 30 members attending the session and explained that the aims of benchmarking fora were to share information, discuss best practices and compare company policies on the subject being discussed.

The session discussed absenteeism, including injury, vacation and special leave, and its implications on member enterprises.

Those attending had prepared information on their companies’ practices. Through this information, those present were able to compare methods of measuring absenteeism, absenteeism rates, significant trends, measures to reduce sick leave, policies and procedures, issues related to data protection and preventive programmes.

An overview of National and European legislation relating to absenteeism, sick leave entitlement, injury leave and recent European Court of Justice Rulings was provided by Mariella Scicluna from the Malta Business Bureau.

It was noted that the lost time rate varied between 2 to 4 per cent, with the highest rates being registered during January and February, and the lowest during June and December. Companies operating on a shift basis recorded the highest rate of sick leave during the Friday evening shift whilst the most common weekday for sick leave was Monday. More sick leave was taken by junior staff and by younger members of staff.

The implementation of initiatives discussed during the previous forum i n 2011 had reduced absenteeism. Other measures included a follow-up interview on an employee’s return from sick leave, the use of company doctors, clear sick leave related policies and procedures, Staff and Organisational Programmes and courses run by the Richmond Foundation and Sedqa.

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05 Malta Motorways of the Sea renews agreement with Malta Chamber Media release issued on 25th June

06 The Farsons Modern Art Collection at the Malta Chamber Promoting links between commerce and art

07 Malta Chamber wins first prize for National Enterprise Support for second consecutive year Media release issued on 27th June

Media release issued on 26th June Malta Motorways of the Sea has renewed its Bronze Support Agreement with the Malta Chamber. The new three-year agreement was signed by Emanuele Grimaldi, Chairman at Malta Motorways of the Sea and David G. Curmi, President of the Malta Chamber.

“Malta Motorways of the Sea have supported the Malta Chamber since 2009. Prior to the merger, the company previously supported the Federation of Industry, and has renewed its commitment ever since,” Mr Curmi said. The Malta Chamber President also praised Malta Motorways of the Sea Managing Director Ernest Sullivan and General Manager Joseph Bugeja for their active participation in Malta Chamber committees and activities.

Dott. Grimaldi said that Malta Motorways of the Sea was proud to associate itself with the Malta Chamber. He said that the Malta Chamber’s national mission and role to promote enterprise and growth to the benefit of all its members, the economy and nation were worthy of his company’s special support. He also mentioned his company’s wider role in the context of serving the local business community via modern vessels equipped with latest technology so as to ascertain the highest level of service and efficiency to the local business community.

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The Malta Chamber was proud to host the Farsons Modern Art Collection at the Exchange Buildings between 21st June and 26th July.

This outstanding collection of Maltese modern art was acquired over several years

by Farsons’ Company Secretaries.

The 26 paintings on display were by artists: Edward Caruana-Dingli, Giuseppe Arcidiacono, Hugo Carbonaro, Joseph M. Borg-Xuereb, Emvin Cremona, Frank Baldacchino, Esprit Barthet, Antoine Camilleri, Carmenu Mangion, Isabelle Borg, Alfred Chircop, Celia Borg-Cardona, Pawl Carbonaro, Norbert Francis Attard, Vince Briffa and Patrick Fenech.

At the opening of the exhibition, Malta Chamber President David G. Curmi said that he hoped that this would be the first in a series of exhibitions of corporate art collections. He said that Farsons had shown great generosity in agreeing to share this particularly fine collection which would not normally be available for the enjoyment of the general public.

Louis A. Farrugia, Chairman of Simonds Farsons Cisk plc said that he had no hesitation in accepting the Malta Chamber’s invitation to share the Farsons Modern Art Collection – part of Malta’s artistic heritage with the public. This Malta Chamber and Farsons initiative served to indicate a way forward to so many other business enterprises that hold collections of works of art.

The Exhibition was inaugurated by Sandro Debono, Senior Curator of the Museum of Fine Arts.

The Malta Chamber was once again awarded first prize in the National Enterprise Support Awards 2013, an event sponsored by Government and the European Commission, in recognition of those entities and organisations that have made exceptional efforts to assist SMEs. This was the second consecutive win for the Malta Chamber, which this year also managed to secure the second prize.

The Malta Chamber was awarded first prize for its ‘Internationalisation Survey’ project.

The Internationalisation Survey project is the cornerstone of the work conducted by the Malta Chamber’s Internationalisation Desk. The Desk continuously looks for companies with international activities or ambitions, and proceeds to interview them personally in order to ascertain which countries they target, what activity they undertake there and what sector they belong to, among other variables. The data collected from this profiling exercise is then inputted into a database which the Desk uses to make general assessments about the international orientation of Maltese companies. This database acts as a prime source of inspiration for projects and initiatives taken by the Internationalisation Desk, not least the formation of Business Councils.

The Malta Chamber also won second prize with its Linking Enterprise project.

Linking Enterprise is a service the Malta Chamber offers its members, consisting of company visits and giving members the unique opportunity to share best practice from other companies.

Following these awards, the Malta Chamber will also be nominated to represent Malta with its Internationalisation Survey project at the European Enterprise Support Awards in Lithuania in November.

AUGUST / SEPTEMBER 2013

CC news

08 Construction industry and education sector work together for greener buildings The Malta Chamber Foundation, in collaboration with the Building Industry Consultative Council (BICC), Malta College of Arts, Science and Technology (MCAST), and Malta Intelligent Energy Management Agency (MIEMA), organised a seminar on ‘Energy Training for the Building Industry’.

Stakeholders from the construction and the renewable energy industries, and the local vocational education sector discussed the opportunities and challenges involved in reducing the carbon footprint of buildings during a seminar organised as part of the Build Up Skills project. The seminar, held on 5th July, focused on the training needs of the building industry in relation to renewable energy sources and energy-efficient buildings.

The seminar’s discussion was based on a National Status Quo Report (NSQR) prepared

by Malta Chamber Foundation Research Analyst, Ian Borg Bellanti. The report analysed the current situation in relation to vocational training on energy-efficient buildings and on renewal energy sources. To achieve the EU’s 2020 energy targets, the local industry requires a technically-qualified workforce equipped with the appropriate competencies and skills in energy-efficient buildings and renewal energy sources.

The Build Up Skills project aims to develop proposals for training, certification and other related matters in this regard.

Malta Chamber Council Member and Energy and Environment Committee Chairman Perit David Xuereb moderated a workshop on ‘Making Buildings more Energy-Efficient’. The participants discussed the building regulations and the lack of enforcement of existing legislation, particularly the Energy Performance Certificate (EPC) system. Perit Xuereb reiterated the need for a culture change in the industry, as well as the need for owners and developers to understand the true value of energy-efficient buildings vis-à-vis cost management.

Perit Charles Buhagiar, Chairman and CEO of the BICC set out the forthcoming work of the Council, which will, among others, place energy-efficient buildings high on the industry’s agenda.

09 A message for growth to the Prime Minister Media Release issued on 9th July The Malta Chamber hosted the Prime Minister in what was a sell-out event attended by 150 members.

“This is evidence of our business community’s genuine eagerness to dialogue with Government and contribute to the nation’s well-being,” said Malta Chamber President David G. Curmi, upon welcoming the Prime Minister.

Mr Curmi referred to the international economic climate and declared that Malta must aim for growth. He said that the Malta Chamber believes that national competitiveness was the only determinant to growth. “Growth is the ‘be all and end all’ of Malta’s path to future prosperity,” he said as he listed a number of factors which the country needed to get absolutely right in the context of maintaining national competitiveness. These included ensuring a healthy, balanced economy within which the private sector is empowered to invest to maximise its output, offering the investor a flexible labour market with the required skills at competitive wages and conditions, consolidating public finances including the control of government-guaranteed debt and the sustainability of pensions and free healthcare system, supplementing the efforts of the private sector with a modern, well-resourced and efficient public sector, supporting innovation, research and education, through the consolidation of efforts and scarce resources, and exploiting lucrative opportunities in the international market because, ultimately, any growth in Malta must be export-led.

In this context, the Malta Chamber President maintained that political determination and leadership were essential. He said, “there are decisions to be taken and reforms to be made – some of which, our country can no longer afford to postpone. The solutions we require are not of the ‘quick-fix’ kind. We need long-lasting, sustainable solutions.” Mr Curmi pledged the Malta Chamber’s commitment and eagerness

to work closely with Government in order to find the necessary solutions in the interest of the country’s well-being and in order to mobilise investment, facilitate access to credit and focus on growth rather than austerity.

The Malta Chamber acknowledged the projects and initiatives – for which ‘expressions of interest’ were recently issued – as drivers for growth in the coming years and months. Government’s proactiveness in reinstating the Global Residence Scheme was similarly acknowledged as a means to stimulate a wide range of business sectors which this scheme will impact in a more than positive way.

On this occasion, Mr Curmi announced that the Malta Chamber was in the process of mapping out an Economic Vision for Malta for the 2014-2018 period. To this end, it formed a ‘high profile think-tank’ made up of a select group of entrepreneurs and CEOs from within its membership base to contribute towards the process which shall commence in the coming days and is expected to be finalised by October.

Mr Curmi concluded by highlighting the resilience and dynamism of the private sector which, given the necessary direction and the right impetus to invest, will create jobs and growth. Growth and job creation, he said, were a primary social, political and business priority. “Give us the right environment for business to invest and prosper, and let us do the rest. Let us together give economic growth a chance.

Our members will not let this country down,” concluded the Malta Chamber President.

On this occasion, the Prime Minister was accompanied by the Deputy Prime Minister and Minister for European Affairs; the Minister for the Economy, Investment and Small Business; the Parliamentary Secretary for Competitiveness and Economic Growth; and the Chairmen of Malta Enterprise and the Malta Council for Economic and Social Development.

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AUGUST / SEPTEMBER 2013

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10 Board of Management meets PN delegation Leader of the Opposition Simon Busuttil and a delegation from the Partit Nazzjonalista met with the Malta Chamber’s Board of Management on 9th July.

The delegation included Tonio Fenech, Claudette Buttigieg and Stephen Spiteri.

The Malta Chamber was represented

by President David G. Curmi, Deputy President Anton Borg, Vice President Frank V. Farrugia, Member of the Board of Management Charles A. Zahra, Director General Kevin J. Borg and Statutory Affairs and Administration Manager Johanna Calleja.

Those present discussed the need for ongoing dialogue between politicians and people in business, and the importance of maintaining a stable economy for the country to continue moving forward. Also discussed were the MCESD, precarious work, economic growth, pensions, healthcare as well as the Malta Chamber Economic Vision 2014-2018.

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11 Remote Gaming Business Section Executive Committee meets with Parliamentary Secretary Edward Zammit Lewis The Remote Gaming Business Section Executive Committee of the Malta Chamber met with Parliamentary Secretary for Competitiveness and Economic Growth, Edward Zammit Lewis on 11th July.

Chairperson George De Brincat introduced the recently set up Business Section as a true hands-on promoter of a responsible gaming sector. Mr De Brincat spoke about the importance of supporting the already established operators that made the industry what it is today.

They discussed proposals to address challenges pertaining to the industry.

The possibility of consolidating audit processes, review of regulations which would permit leveraging of new technologies, as well as the possibility of streamlining licences of the same class within the same company or group of companies, were among the issues that were discussed during the meeting.

Dr Zammit Lewis, while re-affirming his commitment to support the gaming industry, looked forward to continue with ongoing consultation meetings with the Malta Chamber’s Remote Gaming Business Section to ensure that such an important sector in Malta’s economy was always one step ahead of its competitors.

12 Visit by HSBC International Representatives On 11th July meetings were held at the Malta Chamber with Jane Seaford, HSBC Head of International, Sales and Distribution for the UK Corporate Business and Dirk Lohmann, who is responsible for large corporate at the HSBC branch in Stuttgart, Germany.

The visit of these two representatives was coordinated by HSBC Malta, Malta Enterprise and the Malta Chamber. During the meeting, presentations were delivered

by Malta Enterprise, FinanceMalta and PricewaterhouseCoopers.

The presentations were followed by parallel meetings with the participation of Malta Chamber Director General Kevin J. Borg, Chairman of the Internationalisation Committee Peter Grima, Internationalisation Manager Klaus Pedersen, as well as representatives from the German-Maltese Business Council.

13 MEUSAC public dialogue: a credible, growing and open Europe Malta Chamber Policy Executive Marilena Gauci attended the MEUSAC Public Dialogue on 11th July.

During the session, H.E. Petras Zapolskas, Ambassador of Lithuania, discussed the programme and priorities of his country’s Presidency.

Ian Borg, Parliamentary Secretary for the EU Presidency 2017 and EU Funds, provided an insight into Malta’s reactions, perspectives and priorities for this period.

Dr Borg explained that Malta was currently undergoing a structural development exercise based upon three cardinal pillars: political, communicative and logistical.

Additionally, he said that the fight against poverty, economic recovery and political stability would remain high on Malta’s agenda. Dr Borg also said that Lithuania would be taking over the Presidency at a challenging time when the aftermath of the financial crisis was of utmost concern.

The Lithuanian Presidency shall be focusing on the implementation and enhancement of innovative economic initiatives; the full functioning of the digital market; reductions in bureaucracy to encourage economic growth and development, with particular emphasis on SMEs; and the strengthening of Europe’s union.

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CHAMBER/49

NEWS

Issues & Positions

01 Malta Chamber ICT Business Section presents key recommendations to Parliamentary Secretary Edward Zammit Lewis Media Release issued on 17th June

02 New tender regulations are ill-timed and detrimental to SMEs Media release issued on 5th July The Malta Chamber corresponded with the Prime Minister to express its surprise at the publication of OPM Circular No 12/2013 announcing changes to tender conditions in an effort to combat precarious employment situations.

In its letter, the Malta Chamber said that the Circular was unfortunate and ill-timed given that discussion within MCESD on the subject was still ongoing and various constituted bodies including the Malta Chamber were discussing the matter internally and finalising their position papers.

Whilst the Malta Chamber appreciates the sense of urgency and timely action, it said that the Office of the Prime Minister should have delayed this Circular to allow social partners to conclude their ongoing

AUGUST / SEPTEMBER 2013

The Information & Communications Technology (ICT) Business Section at the Malta Chamber held a meeting with Parliamentary Secretary for Competitiveness and Economic Growth, Edward Zammit Lewis. The Parliamentary Secretary was accompanied by Emmanuel Darmanin,

Department Manager of Strategy and Planning at MITA. ICT Business Section Chairperson Claudine Cassar said that the Business Section was very proactive within the Malta Chamber, representing the interests and concerns of almost 60 members in various meetings with the Government, the relevant authorities and entities as well as with various other organisations and stakeholders. The meeting was intended to provide for a basis of understanding of the issues being faced by the sector and a number of proposals of how such concerns and goals could be tackled and achieved.

Ms Cassar presented the Business Section’s recommendations, highlighting the importance of a more specialised skills-base, MITA’s strategy on outsourcing, internationalisation, the possibility of reducing the administrative burden for firms to access funding, as well as possible initiatives with regards to venture capital to help SMEs grow.

The Parliamentary Secretary assured those present of his full support to guarantee the sector’s growth through a focused strategy. Claudine Cassar, on behalf of the ICT Business Section, augured that this meeting would provide the basis for a collaborative and successful relationship between the parties in the coming months and years.

discussions. By acting prematurely and laying down the new regulations in haste, the Government clearly undermined the discussions that were and still are taking place at MCESD. This development may be perceived as another instance in which Government acted in complete disregard of the collective opinion of the social partners represented at MCESD. From the information made available, the Malta Chamber feared that the revised regulations issued without consultation would create a number of negative effects on the private sector and on SMEs in particular. The conditions, as published, have eliminated the opportunity for certain SMEs to participate in the public tender process because it precludes them from acting as sub-contractors. Sub-contracting, in itself, is not to be considered a malpractice. Rather, it is a means for small and micro enterprises to cluster, consolidate, co-operate and expand their business.

The Malta Chamber also expressed its concern that the amended conditions run contrary to the advice it expressed in The Times on 13th June, as well as during the relevant MCESD meeting. On these occasions the Malta Chamber maintained that any further regulation introduced in relation to precarious work should be directed solely at those sectors which are found to be susceptible to the practice. The amendments also run counter to the declared spirit of the new Administration in favour of SMEs’ better integration in the public procurement system and its declared stance against bureaucracy.

Whilst reiterating its opposition to any situation that leads to worker exploitation, the Malta Chamber called on the Prime Minister to revise the Circular with a view to ascertain flexibility in the labour market and to allow for consolidation, specialisation and integration among local SMEs.

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CC news

03 Outstanding EcoContribution refunds The Malta Chamber has continued to follow the matter related to payment of outstanding Eco-Contribution refunds for the 2009-2010 period with the new Government.

The matter was raised with the Minister for Sustainable Development, the Environment and Climate Change at a recent meeting held at the Malta Chamber.

As previously reported by the Malta Chamber, both parties identified the overdue Eco-Contribution refunds as the most urgent issue that was discussed during the meeting and agreed to collaborate towards seeking an early solution. The matter was subsequently followed up by the Malta Chamber secretariat and it has since been informed by the Ministry that the required audits of all refund claims are progressing though they are not yet concluded. The Ministry gave direction for an early conclusion of the audits with a view to enabling these refunds to be settled as early as is reasonably possible.

04 Malta Chamber Deputy President and RTDI Committee meet Parliamentary Secretary for Research, Innovation, Youth and Sport Stefan Buontempo Malta Chamber Deputy President Anton Borg welcomed Parliamentary Secretary Stefan Buontempo to the Malta Chamber for a discussion on research and innovation.

The Malta Chamber RTDI Committee Chairperson, Ing. Roger Galea, presented a document entitled ‘Meeting the RTDI Needs of Industry’, which was developed by the members of the committee and the secretariat.

Out of the 31 proposals presented in the document, three main suggestions were put forward during the meeting. The first proposal was the suggestion of setting up a technical working group, the Malta Business Research and Innovation Body, which would be chaired by the Malta Chamber and would include representatives from public entities, namely the MCST, Malta Enterprise, ETC, University of Malta and MCAST. The second proposal that was put forward centred around the importance of educational preparedness and enforcing linkages between academia and enterprises.

Members mentioned the importance of promoting collaborative industrial research, which needed to be backed by an equitable and appropriate IP policy framework. The members present gave practical examples based on their experiences, explaining how the interaction between University and enterprise accelerates the commercialisation

of knowledge and creates value-added products and services.

The third proposal focused on the importance of meeting the R&D targets set by the EU. The importance of further investing in R&D was highlighted, particularly by developing programmes schemes for the private sector. Mr Borg referred to Malta’s National R&I Programme, which funded a total of 30 projects between 2006 and 2011 as well as the ERDF Research and Development grant scheme made available through the ‘20M for Industry’ programme that was managed by Malta Enterprise.

The committee members commended these initiatives and said that the industry’s overwhelming response to both schemes was a clear indication of the need for continuous investments in funding programmes.

Mr Borg continued that alternatives needed to be found as industry could not afford to stand still until other schemes were announced and commence in 2014 through the next programming period.

Dr Buontempo pledged his office’s commitment to participate in RTDI related events organised for Malta Chamber members. The meeting came to a conclusion with both parties agreeing to meeting in the coming weeks to discuss the way forward on the three proposals presented by the Malta Chamber.

04.

AUGUST / SEPTEMBER 2013

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CC THE DEBATE

Photo by viewingmalta.com

Malta and Gozo – bridge the gap or build a tunnel?

Gozitans agree their ‘ambitions are not being adequately met’ – Minister Refalo 52

From those insisting that a bridge between Malta and its smaller sister island of Gozo is the best form of link between the two to those who support a tunnel link and yet others who believe that a permanent link would bring the end of Gozo’s unique charm, the debate on whether a permanent link should exist between the two islands rages on. Not too long ago the idea of a referendum was cast into the mix.

Chiara Bonello sounds out some experts and individuals who would be directly impacted by this link.

Minister Anton Refalo

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CC THE DEBATE

“A

lthough the Gozitans are very fond of the various features that characterise their island, the general consensus among them is that their aspirations and ambitions are not being adequately met,” Minister for Gozo Anton Refalo explains, adding that this is partly down to the physical distance between the two islands.

This handicap needs to be addressed, and one of the possible solutions is a permanent physical link, he argues, though, he continues, the debate on whether this should be in the form of a tunnel or a bridge remains under discussion. The form of physical link that will be presented will be based on comprehensive

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studies, taking into account not only the needs of the present generation, but also of those yet to come, he says.

A third option is also being discussed, that of a fast and efficient ferry service between the two islands, which Dr Refalo admits would be an improvement on the present state of affairs.

“Indeed I am working very hard for the early introduction of such a service,” he says.

He admits that time is money, and that the lack of a physical link adds idle time, which in turn adds to costs, which is why a permanent link could help to attract productive investment, as business and investment will move where they can maximise profits.

Furthermore such a link would also benefit other categories of Gozitan society, among them students and workers who have to commute regularly.

Dr Refalo is the first to admit that he fears that a permanent link would render Gozo a physical extension of Malta, and that the characteristics which make it so attractive would suffer as a result. A physical link would in fact eliminate forever the issue of Gozo’s double insularity, he says.

Ultimately any type and form of human intervention has the potential to impact negatively on the natural environment, be it a road, a housing estate, a factory or an airport.

The issue should be whether the benefits outweigh the costs, he insists.

In agreement with her Government counterpart, Shadow Gozo Minister Giovanna Debono says that she has always believed that an inter-island transport link between Malta and Gozo has an immense influence on Gozo’s sustainable development.

“The new ferries, an improved ferry schedule, new passenger terminals at Mgarr and Cirkewwa harbours that accommodate travel in practically all weather conditions are all initiatives taken in recent years to improve accessibility and contribute to a better Gozo. Naturally, there is always room for improvement,” she claims.

Mrs Debono is confident that the ongoing analytical process on the best option for a permanent link, which was initiated in the previous legislature, would be treated with the maturity and seriousness it deserves. This means, she maintains, that a definite decision on the permanent link should only be reached based on the results of the necessary studies dealing with a wide variety of crucial aspects, including environmental, economic and social considerations.

“Last year the Nationalist Government commissioned studies, partially funded by the European Commission, to consider all options. A few weeks ago, the present

Shadow Minister Giovanna Debono

“I personally believe that a fast ferry service should be considered, but not as an alternative to the physical link.”

Administration entered a controversial agreement with a Chinese company to study the sustainability of a bridge, which begs the question whether we need two separate studies. What if these reach completely different conclusions? I am yet to receive a satisfactory reply to these questions raised in Parliament.”

Mrs Debono also points out that even if the decision was made to build a physical permanent link, this would invariably take quite a few years to be fully implemented, and believes that in the meantime we should continue to explore other initiatives that could be implemented quickly to continue improving accessibility between the two islands in the short-term.

“I personally believe that a fast ferry service should be considered, but not as an alternative to the physical link,” she says.

The fact that a permanent link risks Gozo losing its identity as a distinct tourist destination was why the Nationalist Government emphasised that the studies must rope in the socio-economic aspects of any proposed project, as the tourist industry is one of the main pillars of Gozo’s economy, she argues.

“We must ask whether a permanent physical link would harm Gozo’s identity as a completely separate tourist destination.

This must be considered as an integral part of this important analysis,” she insists, adding that any decision on this issue should be motivated by national interest, not by personal motivations.

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CC THE DEBATE To say that the proposed permanent link between Malta and Gozo has been met with mixed reactions would be the understatement of the century, but among the Gozitan business community the general consensus seems to be that a permanent physical link is the only way forward.

other countries, separate regions require different marketing strategies and this is no different for Gozo.

are choosing to further their studies and attend university, which is available only in Malta. “This is a very positive development and justifiably raises the expectations of our youngsters when it comes to jobs, but unfortunately due to the small size of Gozo’s economy, most of them are not finding the right jobs in Gozo and being forced to settle in Malta instead.”

“The consequential lack of youth in Gozo during most of the week is already negatively affecting business on the island and this trend is set to worsen in coming years, unless a surgical intervention to the accessibility to Gozo is performed urgently. We are risking

Magro Brothers’ Managing Director John Magro

Kempinski General Manager Sven Fritzche

As Kempinski Hotel San Lawrenz General Manager Sven Fritzche puts it, a physical link would serve to balance some of the challenges faced in Gozo, namely the availability of human resources and accessibility.

“I would personally have a preference for the tunnel over a bridge, as a bridge would destroy the natural beauty of the islands, considering that this bridge would need to have significant height to allow ships to pass.”

Although alternative solutions such as the re-introduction of a helicopter or a fast ferry service could help while a physical link is realised, this would not solve the issues as one would still rely on a fixed schedule, while a physical link would give the freedom to cross whenever necessary.

This would have positive effects on the labour market, the accessibility of the island for guests and residents, as well as a balance in the competitiveness for all business sectors in Gozo versus Malta, Mr Fritzche states.

He refutes that a tunnel would affect Gozo’s unique character, for the reasons explained earlier, and adds that with a tunnel one would still be bound to some kind of toll system to control the access.

“In my opinion, the positive effects of a physical link predominate,” he says.

One already cannot market Gozo without Malta, as the latter has been, and will always be the gateway to Gozo, he says, adding that nevertheless, as in

Gozo-based food producers Magro Brothers’ Managing Director John Magro admits that he is very much in favour of a permanent physical link between the two islands.

Leaving the choice between a tunnel and a bridge to the professionals, Mr Magro believes that although a fast and efficient ferry service will alleviate the current shortcomings in terms of accessibility, for the sustainability of the island this can only be a short-term solution with a permanent link as the final solution.

Countering queries as to whether Gozo’s distinct identity as a tourist destination would suffer, Mr Magro points out that the island nation of England did not lose any of its identity when it was permanently linked to France via a tunnel. Similarly Sweden and Denmark did not lose their identities when the two countries were linked by a bridge.

The permanent link will only improve accessibility, bringing more business and giving Gozo’s inhabitants equal opportunities, which today are reserved for Maltese living on the main island.

“Gozo’s charm and attractiveness will remain, only if authorities and regulators take the right decisions to safeguard the green belt that separates the various Gozitan villages, protect and embellish the lovely village cores and control the level of construction development; all measures that are necessary, irrespective of the level and type of access to the island.”

Consolidating his argument for a permanent link between Malta and Gozo, Mr Magro points out that the Gozitan economy is at present suffering the effects of its own success. Most Gozitan youngsters

the sustainability of the island and slowly turning Gozo into a place of retirement, a fact which can surely be reversed by this permanent link which will give Gozo a new and permanent breath of life.”

While admitting that a permanent link would certainly be beneficial to their shopping centre in Victoria, Maurice Mizzi of Mizzi Organisation adds that as an environmentalist he feels a tunnel or a bridge would ruin Gozo’s romantic atmosphere. A fast ferry service is a definite option, as a permanent connection to Gozo would cost hundreds of millions of euro and there are several projects which are more necessary. “Furthermore judging by the way our road tunnels leak, I would definitely not drive through any tunnel between Malta and Gozo. If push comes to shove, a bridge would be the answer,” he says.

Mr Mizzi admits that he fears that a permanent link could, long-term, erode Gozo’s unique charm and attractiveness, however economically it would become part of Malta. Travelling and trading would be much easier, he argues, but the charm will be lost and speculators will ruin Gozo as they have ruined Malta.

Gozo Minister Anton Refalo’s opinion is that while the referendum should be open to all Maltese and Gozitan citizens, in his opinion the Gozitan vote should be given more weight.

“The current Administration’s suggestion of a

referendum raises a number of questions, and I believe it should only be considered once the necessary studies are concluded. One must first consider the timing and the grounds on which it would be based,” Mrs Debono opines. cc

Maurice Mizzi of Mizzi Organisation

Time for a referendum?

In recent months the possibility of holding a referendum on the debate was raised in Parliament, and consequently the question of whether the Gozitan population should have more say, if a referendum were to be held.

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AUGUST / SEPTEMBER 2013

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CC MAKE THE HEADLINES

Salary Benchmarking and Employee perception survey are BLM’s first research products Business Leaders Malta (BLM) was set up in 2009 as an alliance between Jugs@Malta, KONNEKT and Mdina Partnership, in order to create a networking platform for business leaders and instil thought-provoking ideas within this community. Chairperson Steve Tarr believes a shared passion for things done well is what unites the companies, asserting, “quality is of paramount importance in all we do.”

To date BLM organises a yearly conference, an annual employee research study, an annual remuneration survey report, as well as training and seminars. Moreover, Business Leaders (Malta) have moved on from its innovative annual conference attracting 350 business leaders, Mr Tarr maintains, and is now also providing the business community with meaningful data to help business owners and managers to make accurate decisions based on quality data and statistical testing.

“The focus is on ensuring that percentage variances do not remain just numbers but are tested to ensure statistical significance, enabling the business community to focus effort on what is most important,” he says.

In 2012, BLM launched the Business Leaders (Malta) Employee Research to benchmark the perceptions employees have of their employers through a structured and data oriented approach. The Business Leaders (Malta) Employee Research is based on a scientific research study focusing on seven areas that are of immediate interest to both the employee and the employer, namely communication and team cohesiveness, corporate culture, employee wellbeing, leadership effectiveness, performance orientation, reward and recognition and training and development.

In the 2012 edition, Mr Josef Said, another director at BLM, explains, 26 companies participated, bringing together a total of 2,691 employees. “Participating companies could determine how they compared with other

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organisations, thus enabling them to accurately assess the perceptions of their employees to other employees within other organisations in the study.”

In the 2013 edition which will take place in October, the Business Leaders team has worked on incorporating the Gallup 12 questions to enable international comparisons, has compressed the delivery of both individual and comparative reports to 30 days after survey completion and re-dimensioned the awards that will be distributed at the BLM annual conference on February 28, 2014.

Following the positive feedback received from the Employee Research Survey, Business Leaders Malta has recently launched the first edition of the BLM annual Remuneration Survey Report, which will provide a comparative study of remuneration packages in Malta. The data will be available online and will enable subscribing organisations to filter data by industry, level of responsibility, company turnover and number of employees. To this end, the level of autonomy in data filtering that participation

organisations will enjoy enables them to maximise their investment in the acquisition of this data, according to Mr Said.

The BLM Remuneration Survey report will cover and benchmark positions, from senior management to the administrative level in various functions and within various industries. Mr Said maintains, “we believe that human resources are a key factor of success and companies must be competitive to attract and retain the best talent. Similar to the marketing investment in research to design the best product mix, human resources management should invest in accurate and detailed research to benchmark the packages offered to the employees.

Our aim is to provide answers to companies by comparing salaries and benefits being offered in Malta analysed by various factors.” cc For more information contact Operations & Business Development Manager Debbie Pavia on debbie@businessleadersmalta.com The 26 organisations who participated in the 2012 edition of BLM Employee Research

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CC MAKE THE HEADLINES

Direct Debit – A convenient way to pay your bills What is a Direct Debit (DD)?

A DD is an agreement between a customer (who could be an individual or a firm) and a service provider (such as a telephony company), giving the latter authority to withdraw money (from the customer’s bank account) for a service rendered.

The customer authorises the service provider to collect an amount of money (which may be fixed or variable) from his bank account (even an overdraft facility) on a one-off or periodic basis.

Once a DD authority is agreed, money will be deducted automatically.

Why are DDs convenient?

A DD is a simple and secure way to manage regular payments for services, even if amounts vary from one month to another.

Neither a bank nor service provider would normally charge a customer for a DD. Service providers find DD just as convenient and efficient as consumers.

DDs put an end to queuing or filling out cheques. A customer may easily stay on top of bills, whilst being able to know exactly how much money is going out periodically.

In the event of an error, the customer has the right to ask his bank to immediately reverse the amount of the transaction and

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need not give details or justification. The customer has the right to cancel the DD instructions at any time.

Not convinced about DD? Read on.

Information: The service provider is required to send the customer a notification – such as an invoice or a text message – at least 14 days prior to the amount being deducted from the customer’s account. The service provider is also required to inform the customer – at least 14 days in advance of collection – if there are changes to the amount, date or frequency of a DD. Incorrectly executed: If there is an error in the payment of a DD, whether made by the service provider or the bank, the customer is entitled to a full and immediate refund of the amount paid from his bank.

Burden of proof: The customer should also inform his service provider without undue delay on becoming aware of any incorrectly executed payment transactions. It is the responsibility of the service provider to prove that the payment transaction was properly authorised, accurately recorded and not affected by a technical breakdown or some other deficiency.

Rejecting a Direct Debit: The customer may reject a DD collection for any reason and request a refund from his bank for an authorised transaction within eight weeks from the date on which the amount of the DD was collected from his account. The bank is obliged to execute the customer’s instructions immediately without requiring him to provide any justification.

Unauthorised transactions: If the request for a refund concerns an unauthorised transaction, the customer should present his claim to his bank within 13 months of the collection date. In this case, the bank reserves the right to investigate the claim prior to reversing the DD collection.

Cancellation: A customer may also cancel the next payment due under a DD mandate instruction. However, all other future payments under the said mandate would not be affected by this instruction. A customer may also cancel a DD Mandate at any time and a written confirmation to this effect would be required. Preferably, he should first contact the service provider providing the service. Some banks may also accept customer requests to cancel any future DD instructions. Customers should remember that cancelling the DD Mandate may breach a contract of service. Furthermore, the customer may not be relieved of his obligations under the contract with his service provider. cc More information about Direct Debits, collections from credit cards and Standing Orders is available from mymoneybox. mfsa.com.mt (click on Banking >> Different ways to pay).

www.mymoneybox.mfsa.com.mt

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CC FOCUS

Photo by viewingmalta.com

Maltese transhipment industry flourishing “… highest percentage increase in traffic volumes in the Mediterranean” – Olvin Galea Malta’s transhipment industry has upped its game in recent years, continuing to grow and diversify. Chiara Bonello takes a closer look at the industry and speaks to some of those involved about how it has developed and what it offers the local business community.

Jet Services Ltd Managing Director, Olvin Galea

“M

alta has seen the highest percentage increase in traffic volumes in the Mediterranean transhipment scenario, having exceeded the 2.5 million TEU (container ship capacity is often measured in twenty-foot equivalent units) mark,” according to Jet Services Ltd Managing Director Olvin Galea.

Malta’s geographical position, he continues, places it directly in the crossroads of trade in the region, adding that furthermore investments in the Malta Freeport through

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the years have enabled the island to handle more capacity.

The most renowned international carriers in the containerisation industry are in fact attracted by Malta Freeport’s enviable geographical location, proven track record, state-of-the-art facilities dedicated to transhipment, worldwide regular network connections and cost-effective operations.

“We are now reaping the benefits, with Malta ranking as the third largest logistics

and transhipment port in the Mediterranean,” he asserts.

The fact that the transhipment industry has flourished has contributed to Malta’s economy shifting towards an import-oriented one, Mr Galea explains, rather than the other way around. Moreover, the fact that bigger transhipment vessels are choosing to stop in Malta, over other ports, has contributed positively to the local imports, as they have more access to cargo in a more timely

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CC FOCUS

Photo by viewingmalta.com

manner and from a larger spectrum of ports.

Although it is hard to say whether the import-oriented transhipment of ready-made goods or imported raw material constitutes the core aspect of the local market, as the market is so diverse, he believes that as time goes by, we are seeing less raw materials and more ready-made goods, due to cheaper labour overseas.

Mr Galea points out that the export part of the market is far from negligible, as alone it accounts for a third of the Maltese GDP. “Our largest markets are made up of refined petroleum oil and electronic integrated circuits – which alone make up some 60 per cent of our exports. There has also been a significant increase registered in the pharmaceutical industry over the last few years.”

Express Logigroup COO Mario Sciriha agrees that the role of the traditional freight

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forwarder has changed greatly over the last few decades. The flow of goods coupled with stringent transport regulations have brought about many changes within the logistics arena.

While yesterday’s freight forwarder mainly offered traditional transport and customs services, today’s logistics providers have to offer a wider range of services which cover a much complicated supply chain. These services may include freight consolidation, warehouse management, distribution, order picking, invoicing and other services intrinsically related to Supply Chain Management.

“Business in general has become complicated and therefore demands certain specialised services and adherence to particular standards. It is therefore essential for logistics providers to ensure that they provide an uninterrupted supply chain,

Express Logigroup COO, Mario Sciriha

“Temperature-controlled transport by road has seen significant growth due to the growth of the pharmaceutical industry and the increase in the importation of perishables.”

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CC FOCUS Photo by viewingmalta.com

Sullivan Maritime Ltd Managing Director, Ernest Sullivan

“We believe that costs in Malta are relatively competitive; however, facilities depend on the extent of volumes generated at a particular period of time.”

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which adds value to the whole scheme of the business needs,” he claims.

Temperature-controlled transport by road has seen significant growth due to the growth of the pharmaceutical industry and the increase in the importation of perishables, such as food products, which is a sector Express Logigroup specialises in.

“Additionally,” he says, “we offer transit temperature-controlled storage facilities in Catania and Ragusa, with twice weekly departures for next day early morning deliveries in Malta. Whilst we adopt a zerotolerance policy within our food handling processes, our trucks and trailers are compliant with food health and safety regulations to guarantee the product freshness, noncontamination and a constant temperature throughout. Temperature and geo-location tracking devices are available on all our equipment for that extra peace of mind.”

Concurring that Malta’s strategic location and its sheltered ports have contributed to Malta’s important role in the Mediterranean region, Sullivan Maritime Ltd Managing Director Ernest Sullivan points out that maritime links through Malta are strategically served through the traditional Valletta Grand Harbour, as well as through the Malta Freeport.

Sullivan Maritime Ltd often represents first-class carriers that regularly call at our ports for both domestic and transhipment cargo operations, with particular specialisation in Roll-on/Roll-off traffic.

Malta’s strategic location is also highly influenced by prevailing port situations and circumstance in neighbouring countries, he says.

Mr Sullivan adds that over the past years Malta has succeeded in attracting regular transhipment traffic made up of new and used cars, heavy machinery, trucks and trailers, containers, refrigerated cargoes and so on.

“We believe that costs in Malta are relatively competitive; however, facilities depend on the extent of volumes generated at a particular period of time.”

Mr Sullivan goes on to say that transhipment operations within Valletta show that certain logistic obstacles exist, because of the nature and size of the terminal itself.

Valletta has a focused function to serve domestic imports and exports, which over the past seven years has registered tremendous increase in traffic. This positive development entails that the authorities, as well as the Terminal Operator, join forces to improve the existing facilities, he argues.

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CC FOCUS

Domestic traffic is built on the ‘Just in Time Concept’, hence punctuality, flexibility and timely release/receipt of cargo is fundamental. In this respect, the increase of transhipment traffic in Valletta has proven to be detrimental to domestic traffic.

Experience has shown that the Freeport and Valletta can support each other whenever volumes are big, running into various thousands of units at a short period of time, he asserts.

“Our role as shipping agents and promoters of Malta as the ‘Ideal Transhipment Location’ entails guaranteeing

a quality service throughout each and every operation, which still entails a great deal of work and understanding. We have to bear in mind that a transhipment operation is always in competition with the direct services, example from Northern Europe to Libya. This means that all stakeholders must work through a common objective of a quality service, whilst protecting this niche market that brings added value and contribution to Malta’s economic activities.”

“Malta was the first transhipment hub in the Mediterranean, and today has become the 12th top European port and third largest

in the Mediterranean. When you consider the size of our nation and the number of TEUs we are handling, I believe the answers speak for themselves,” Mr Galea states.

The Managing Director of Jet Services Ltd agrees and claims that overall Malta is becoming a much more professional nation, due to a variety of factors, mainly as a result of EU accession, which set out a number of standards which had to be reached.

Today these have become normal practices, resulting in a far more professional approach in all industries; no less in the transhipment industry. cc

CC MEET THE ARTIST Photos by Lionel Galea

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AUGUST / SEPTEMBER 2013

CC MEET THE ARTIST

Expressing the abstract Artist James Vella Clark has come a long way since a chance trip to a bookshop over ten years ago inspired him to pick up a paintbrush for the first time since his childhood. With every painting reflecting a piece of the artist himself, Sarah Micallef talks to the passionate man behind the colourful canvas.

S

itting in his colourful studio in Republic Street, James Vella Clark fondly recalls how his relationship with art started just three doors down, at the Malta Society of Arts, Manufacture and Commerce, where he took art classes at just six years old.

It was a while later, in 2000, that James started painting on a regular basis again, after coming across a book featuring the work of a local artist that inspired him to take it seriously.

“It just clicked,” he recalls, “so I bought an easel and some paint, and took it from there.”

As for gaining recognition, James explains that things were very different in the preFacebook world, and exposing your work was a far lengthier process. He explains, “I’d take photos of my paintings, develop, scan and send them by email to friends and people who seemed interested. They encouraged me to exhibit, and I held my first exhibition in 2001 at the Manoel Theatre.”

James has come a long way since the success of his first exhibition, having travelled extensively and exhibited his work abroad – opportunities which, he maintains, gave him a lot of experience and made him appreciate his success so far. Having established himself as an artist, I ask, how does he define his work? “I don’t paint places or pretty pictures,” he states, explaining, “my landscapes start off as such,

AUGUST / SEPTEMBER 2013

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CC MEET THE ARTIST

“I like defining my work as abstract expressionism, with each piece telling a story through choice of colours, mood and symbolism.” but always retain an abstract dimension. I like defining my work as abstract expressionism, with each piece telling a story through choice of colours, mood and symbolism.”

So, what stories do they tell? James confides that he uses art as a sort of therapy, in that it acts as a vessel for his feelings. “Art should be at the service of the artist and not the other way around,” he asserts, going on to acknowledge that his art helps define who he is: “I am able to find myself in what I do, and I am where I am today mostly because of my art.”

Is that why he paints? I ask. “I paint because it fulfils me. There are times when I can’t paint, only for it to come back in full force. I once read that when you wake up in the morning thinking about painting, you’re an artist – and I do.”

Moving on to the creative process, James reveals that a piece can come to fruition in

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a number of ways. “Many times I know what I want to do and just need to translate it.

Other times I start with an empty canvas and just see where it takes me.” I ask whether he starts off with a feeling, or particular image.

“Sometimes I go somewhere and it puts me in a certain mood. It’s not that the actual place inspires me to paint it, but it inspires me to try different combinations of colour, or even a different approach.”

Speaking of inspiration, James is a true islander, expressing his love for Malta and the sea that surrounds it. He even finds inspiration in particular places such as Valletta and Qbajjar, in Gozo. He defines himself as very Mediterranean – a trait which he admits comes across in his work: “I’m very spontaneous and bold, and that translates into my art. Most of my works are done in one go, which enables you to really see a specific mood. I think art has to be honest, and my

work is always a reflection of myself.”

In terms of artists that have inspired him, James is quick to point out the difference between inspiration and emulation, stating “people tend to confuse the two. You’re reinterpreting yourself first and foremost.

You absorb things around you, and all of that comes out in your work.” He cites the simplicity of Pawl Carbonaro to be a great source of inspiration, particularly “the fact that just one brush stroke can convey so much,” as well as foreign artists like Franz Kline, the German expressionists and American and French post-war artists.

Whereas James is not a full-time artist, he maintains that “first and foremost I’d like to be remembered for my art.” I think art has to go beyond the career label. It’s a state of being – it’s who you are. You can’t just dedicate a couple of days of the week to it either – it happens when it has to happen.

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especially if they know me as a person, they appreciate it even more.”

Ultimately, James’ advice to aspiring artists is simple: “follow your heart and value yourself.” Had he not valued himself and his work, he maintains, he would not be where he is today. “People are investing in me every time they buy a piece. I consider my paintings as my babies, so when I go to someone’s place and spot one of my works, I find it quite touching.” Indeed, James makes it a point to keep in touch with those who purchase his works, and sends periodic updates about what he’s up to artistically.

“I am where I am thanks to people who believed in my work,” he states, “and I will always be indebted to these people.” cc

Sometimes it keeps happening till 3am when you have to be at work in the morning, but you just have to do it.”

Looking at his artistic output since 2001, there are elements that have changed, and others that have kept a constant presence in his work. James outlines how his work has evolved over the last 12 years: “I usually keep one or two works from each exhibition, and sometimes when I finish something that I feel represents a sort of milestone, I keep that too. My earlier work was a bit more figurative.

The landscapes were always there, and so were the colours, but I started moving into more of a cubist style round about 2002.

After that, I began experimenting with larger formats, and later started working on a lot of

abstract work. I am very fond of my abstract works and most probably, my next major show, possibly to be held next year, will be dedicated to my large abstract work.”

It is not just his work that has evolved however, but also the local art scene. James believes that there is more of an appreciation of art nowadays. “Ten years ago, you wouldn’t have had students buying art,” he explains, “and today you even get groups of friends commissioning a painting as a wedding present.” The case is somewhat different when it comes to the abstract however, he continues, with people often failing to appreciate it until he explains what went into it.

“I get people asking me, ‘What’s that?’ But then when I tell them where it’s coming from,

About the artist: For more information about James Vella Clark visit www.jamesvellaclark.net AUGUST / SEPTEMBER 2013

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STYLE

Best Dressed

REVIEW

06.

Whether for corporate success or time with friends and family, the perfect clothes and accessories will ensure you stand out from the crowd. This is our pick of seasonal favourites.

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01. White Nights With the weather we’ve been having, there’s probably not been much need for a coverup – but you never know. This smart white blazer, by up-and-coming New Zealand designer Emily Miller-Sharma, is ideal, whether for an evening wedding or a dinner with clients.

02. Perfectly Pencil Paired with nude accessories and a lightcoloured top, this grey pencil skirt – with its fashionable double buttons – is the ideal nod towards the end of summer. Grey is one of the key colours next season, while pencilshaped skirts keep their classic edge and are always flattering.

03. Floaty Fabrics Subtly honouring the ‘50s – a key trend that continues this season – we love the pussybow necktie and pleated details of this purple Valour & Valkyrie Ophelia blouse. Team with a pencil skirt for the office or a pair of skinny white jeans for a more casual look.

04. The Short Suit Few work-wear trends have worked as well as the short suit this season, not least because it is chic, cool and easy to pull off.

This Armani catwalk look is stunning but you needn’t go so high-fashion. Instead, wear with kitten heels and a crisp V-neck t-shirt.

05. Got the Blues Dresses are the ideal choice for your summer work wardrobe, and blue is another of the must-have colours for SS13. This L.K. Bennett dress, with its high neckline and elegant cap sleeves, is ideal for corporate events and meetings, taking you from desk to dinner.

08. Seeing Red These twill trousers effortlessly morph from on-duty office attire to off-duty eveningwear. Team with a crisp shirt by day or a relaxed-fitting t-shirt by night.

A pair of good-quality deck shoes will complete this look.

09. All Packed Up

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In many ways the man-bag has taken over from the briefcase, but we still think the latter has a role to play.

This one, for instance, which recently snagged a Good Design Award, is lightweight, tough and practical.

Constructed out of polycarbonate and ABS, it offers a high degree of structural integrity that ensures precious documents, technical drawings, laptops and more are transported safely.

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10. All Aboard Whether you’re going to be indulging in boating pleasures or not, we think that a good pair of deck shoes can add a truly relaxed weekend vibe to your look that is hard to beat. Wear them with a wellfitting pair of jeans, a comfortable shirt and wait for it – sans socks.

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06. Canary Stripes Stripes have held their own the last couple of seasons and, as this classy little number

by D&G demonstrates, they are here to stay – but this time they’re bright as a button.

This ivory and yellow striped skirt is made of stretch percale and will look lovely worn with a block-colour top in blue, green or red at any summer event.

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07. Down to a Tee Sometimes a well-made t-shirt is all that’s needed to complete an outfit, and this one does just that. In a berry hue – one of the key men’s fashion colours this year – it can be dressed up or down.

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10.

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STYLE

REVIEW

Finishing Touches From cool accessories for your home or office, to stylish accessories that make your outfits come together beautifully… this is our pick of the finishing touches you simply can’t be without.

01. Green-Fingered Experts profess there are endless benefits to sharing your office with a plant or two, so why not become green-fingered? We like the idea of lemon balm, especially as researchers at the US-based Ohio State University recently found that the scent of lemon improves people’s moods and raises their levels of norepinephrine, a brain chemical linked to mood and behaviour. Alternatively, the areca palm is great at filtering airborne particles, while the gardenia is said to improve your overall outlook.

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02. Sit Back Who said office furniture had to be dull?

We’ve fallen for these two stylish specimens

by Après Furniture – and not just because they look good either. Their specially-crafted seats and high-mesh backrests keep you comfy while you slave away behind your screen, and the opening angle of up to 128 degrees gives your back all the support it needs too.

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03. On the Shelf Forget the standard, straight-laced shelves seen everywhere. Instead, showcase your favourite items – pictures of the kids, sporting trophies, business books and more – on a set of designer shelves like this by Daniel Wetmore. They quickly become a feature in their own right, effortlessly adding practicality while completing the chic design of your space.

04. All Tied Up

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The heat of summer often means that our perfectly-coiffed work hair goes out the window for a few months. But your look needn’t follow suit. Bows are very much the trend of the season and can be beautifullyincorporated into your ‘up do’ – keeping you looking and feeling completely cool.

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05. Office Pod The rise and rise of the office pod is really no surprise – as people embrace flexible work schedules, many choose to work from home… and these pods available at tatehindle.co.uk are perfect! Set up in your garden, yard or within a larger room of your home, they exceed all the regulatory standards and requirements for office accommodation, while crafting a complete workspace for you to escape to.

06. Out of the Way There when you need it and tucked away when you don’t, this foldable desk, by the renowned Johansson design company, is brilliantly adaptable. We like its simple-butsleek form and strong red touches, which make it a stylish addition as well as a practical one. The perfect pop-up meeting table.

07. Meeting Targets No, of course we’re not advocating violence or dangerous sports in the workplace, but we are saying that a little stress relief can work wonders. Playing in-office games, like with this dartboard by Kmart, could help to relieve tension and get those creative juices flowing again. Just be sure to look before you throw!

08. Quirky Cufflinks

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06.

Of course cufflinks are supposed to add that super-smart finishing touch to your office wear, but nobody said they had to be boring. Next time Casual Friday rolls around and you want to make a statement, wear a pair like these – it’s a bit of a fun and great conversation starter.

AUGUST / SEPTEMBER 2013

CC INTERVIEW

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AUGUST / SEPTEMBER 2013

CC INTERVIEW

Success starts with a story Proving that every business needs to develop its narrative in order to successfully target its customers, Jo Caruana chats to Robert McKee, the man behind many of the world’s best-told stories, ahead of his upcoming Business Story Seminar in Malta this November.

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obert McKee believes in telling stories.

But not just any stories – brilliant stories. Even more than that, he believes that every business has a story to tell, and that by telling it brilliantly, your company will stand out.

“He who tells his story best, wins,” McKee, a highly-acclaimed, US-based writer, director, playwright and writing instructor, tells me matter-of-factly.

“Smart users of story invest in customer service. They sell with beautifully-told stories face-to-face or on television. They make the customer’s experience a memorial story in itself, and then let word of mouth market for them as their customers tell and retell their happy tale.”

Robert isn’t making empty statements. His ideologies on the subject have helped him to tutor over 60,000 screenwriters, novelists, playwrights, filmmakers, TV writers, industry executives, actors, producers and directors – not to mention the countless business professionals who have also gained so much by understanding his creative processes.

“A leader must persuade, and to persuade he must also master the art of storytelling.

Story is both emotional and intellectual – it captures hearts as well as minds. It all comes down to learning how to do that effectively, and then you can start winning.”

With winning in mind, McKee is, for the first time, going to be offering local business leaders the chance to learn more about his techniques, via his acclaimed oneday Business Story Seminar to be held in November. With a proven track record and fans that include head honchos at Microsoft, Nike, Hewlett-Packard, Time Warner and Siemens, it is likely to prove quite a hit.

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“This seminar is all about guiding business leaders and managers to master this timeless art so they can turn ideas into action,” he says.

“In an age of 24/7 information, nothing dates faster than factual content. Properly executed stories, on the other hand, offer the possibility of winning hearts as well as minds, while delivering an immersive experience around your products, services and brand assets.”

And many of his clients – some of them big names in Hollywood, and in business – are quick to back up his theories. “Everything I know about story structure I learned from McKee,” says Paul Haggis, the two-time Oscar award-winning writer and director of Crash and Million Dollar Baby. “End of story.”

McKee, meanwhile, stresses that storytelling is applicable to every aspect of business. “From childhood we’re taught to favour scientific models that ‘make sense’, but businesses don’t deal with science, they deal with emotions,” he says.

“There are obvious situations when stories can help, like sales. But there’s so much more than that – advertising, marketing, bidding for projects. I have worked with so many companies that have embraced storytelling and completely revolutionised their success.”

“For instance, Bolt Construction, a construction leader in the United States, came to me for advice when they had a project-bidding success rate of one-outof-ten. I taught them to tell a story called Bolt Builds, all about their desire to craft sustainability, focus on work safety and provide a transparent costing approach.”

“Their story climaxes with results: the creation of an on-time, on-budget and aesthetically-pleasing structure. Once that story was in place and they started using it 77

CC INTERVIEW

“A leader must persuade, and to persuade he must also master the art of storytelling.”

in their pitch, they noticed a significant jump in their success rate – they now secure one in every two of the projects they bid for and have jumped 25 places up the list of the top contractors in the US.” Asked whether local business leaders may struggle with the idea of effective storytelling, McKee is quick to reply.

“Everyone knows how to tell a story, even if they don’t think they do,” he says adamantly.

“All humans tell stories all the time: ‘I went on holiday and…’, ‘I heard this the other day…’; storytelling won’t be a new skill for them, but it will be a honed skill.“ “What business leaders need to understand about storytelling is that they don’t need to be Stephen Spielberg – they’re not telling a two-hour epic. They just need to know how to narrate how their solutions can help their customers. They can do it, and I will be able to teach them how.”

Talking practically, McKee explains that his seminar takes a very structured approach.

“We work through four sessions. The first looks at the definition of story and how to hook curiosity, hold interest and trigger audience reaction; it hinges on story design

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with a beginning, middle and end, as well as a climax that triggers the consumer to action.

The second is all about persuasion, discussing the sales problem, four tactics of persuasion and sales through story.

“Then, in the afternoon, we look at story creation through branding, marketing and advertising. And, finally, we workshop real situations and see how stories get results in the real, business world.”

Now, as part of his own story, McKee is looking forward to his time in Malta – which will follow other similar seminars in Los Angeles, New York City and Beijing.

“I’ve been to Malta before and fell in love with it,” he says. “I am totally in awe of its beauty and history.

“Having already worked with several businesspeople in Malta in the past, I know how much they can get out of this storycentric approach, and am keen to work with as many companies as possible. It all boils down to effective communication – something that is central to every business, whether you’re a doctor, lawyer or entrepreneur. Great storytelling is what will set you apart.” cc

Robert McKee’s tips for storytelling Find a challenge or a negative in your story, and don’t be afraid to embrace it. Every story begins with the recognition of antagonistic forces that stop you, or your customer, from getting what is wanted. We tend to ignore the negative in business, but do think of who your protagonist is and how you can help them to overcome their challenges. This helps the journey and narrative.

Make your protagonist human; we have to be able to empathise with them as an audience.

So often we make our businesses impersonal and treat services as if they were products.

Don’t. Give your business a quality that your listener can respond to.

You can’t expect to master this overnight and are going to need to practice. Tell your child your story, tell a friend, or practice it in the mirror. If I were going to give a presentation, I would certainly show it to the people I trusted first. Put in on a tape-recorder – after all, if you’re not holding your own interest, then you’re not going to hold anyone else’s.

AUGUST / SEPTEMBER 2013

FOOD&WINE

TOP FOOD TRENDS Predicting food trends is far from easy, however it is possible to determine consumers’ food preferences by observing shopping and dining out habits. Chiara Bonello looks into what’s on the menu for the coming months.

01. Flavoursome Finger Foods Research has established that 45 per cent of consumers want snacks that can be eaten on the go, and in fact last year, one in five best-selling new foods was either bite-sized or hand-held. This trend was not restricted to sweet treats, but also spread to savoury delights. Some restaurants have taken note of this trend and are adding bite-sized items to their menu.

02. Organic Food As the debate on whether organic food is healthier than ‘normal’ food rages on, consumers seem to have reached a decision, as studies indicate that 58 per cent of cooks today opt for recipes in which they can make use of organic and natural ingredients, from smoothies to salads and pasta dishes. The US Organic Food Industry is expected to grow by over 12 per cent by 2014.

06 Go for Goat The most-consumed meat in the world – goat – makes up around 70 per cent of all the red meat eaten globally. In the wake of the goat cheese, goat milk and goat yogurt revolution, comes the inevitable appearance of goat meat. Celebrated cookbook authors Bruce Weinstein and Mark Scarbrough recently came out with an entire opus, Goat: Milk, Meat, Cheese, devoted to preparing and enjoying this sustainable herbivore in all its forms.

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07. Make time for breakfast It is no secret that breakfast eaters tend to be healthier and less likely to snack throughout the day... but benefits also include maintaining a more normal weight, more energy, better mood, and even improved memory. What’s more with the price of food on the rise, many have taken to eating typical protein-rich breakfast foods throughout the day. This saves money and maintains healthy eating habits. Some great choices include yogurt with granola or cereal, a veggie omelette with whole grain bread, a yogurt-based fresh or frozen fruit smoothie, as well as eggs.

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03. Cake Pops A trend which started last year has continued to go from strength to strength this year.

Cake pops make smaller dessert treats which are the ideal size to enjoy without feeling guilty. Talk about portion-control!

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04. Eating Raw Raw uncooked food is packed with natural enzymes and nutrients that help the body reach optimal health – and you’ll shed the weight too once you’re at it. Guaranteeing wellness as well as weight loss, this diet has evolved with time, but its benefits have remained unchanged.

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05. A trendy summer cocktail Fancy preparing a perfect Mojito? Havana Club is at hand to provide the necessary high quality tools: lime squeezer, muddler, glass and of course a bottle of Havana Club 3 Años.

The Havana Club Mojito kit is available in selected supermarkets and at Farsons Direct, Mdina Road, Mriehel. Tel: 2381 4444.

CC INTERESTING

TO KNOW

In 2012, 78 per cent of consumers made a strong effort to consume more vitamins and 57 per cent tried to eat more products with specialty nutritional ingredients. Among the top vitamins were vitamin D, vitamin C, B vitamins and omega-3s, antioxidants, vitamin E and vitamin A, along with more protein (MSI, 2011). Muscle strength is also now among the top 10 health concerns in the US and Canada (Packaged Facts, 2013).

Mums are the shoppers most likely to buy nutritionally enhanced food/drinks and to actively seek out nutritional information. Words like ‘organic’ and ‘GMOs’ affect buying experiences (Packaged Facts, 2013).

Mums also want healthier kids’ food away from home, and children’s portions of adult menu items.

AUGUST / SEPTEMBER 2013

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CC ENVIRONMENT Ventilation is one of several sustainable design considerations that can play a part in manipulating a building’s indoor environment

Keeping warm or staying cool How best to manipulate a building for an optimal indoor environment New technologies are continuously made available to help in buildings’ climate control, effectively making your property cooler in summer and warmer in winter. Sarah Micallef looks into the various considerations that can help achieve this, from design level through to building finishes.

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hether to make the extreme heat of summer more bearable or shelter ourselves from the bitterness of winter’s chill, insulating our properties makes for a more comfortable living environment while reducing our energy bills and carbon footprint. Achieving a more climate controlled environment begins with sustainable design considerations at planning level and carries on through to the appropriate building finishes.

Owing to an increased attentiveness to possible energy losses, architects today make several sustainable design considerations relating to orientation, ventilation, shading and insulation at design stage that can play a part in manipulating a building’s eventual indoor environment. Architect David Xuereb

AUGUST / SEPTEMBER 2013

of DX & Associates explains that sustainable building design engages processes that are environmentally responsible and resourceefficient throughout a building’s life-cycle, stating, “siting, design, construction, access, operation, maintenance, renovation and reuse all form part of important decisions we are all asked to engage in as professionals or players in the market of the sustainable built environment.”

Advocating energy and resource conservation, he describes how money invested in external building insulation and proper aperture materials and details will lead to higher cost-effectiveness than most renewable energy options. “Changing double wall practices to single wall and

external insulant details will not only reduce building cost, but will also lead to improved energy efficiency, space management, waste management and resource management.”

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CC ENVIRONMENT

Double glazed windows reduce the amount of heat lost by conduction from the room to the external ambience

Indeed, Ing. Carmel J. Cuschieri of Camilleri & Cuschieri Consulting Engineers explains the importance of insulation alongside other design considerations in relation to energy performance and sustainability, emphasising that heat gain or loss depends on a number of factors, namely material used, thickness of material, insulation properties, colour, reflective properties, orientation and shading.

For example, while solar gain from direct sunlight is a bad thing in summer, it is a good thing in winter, he states, so a design consideration should be to reduce solar gain in summer while retaining it in winter. “All

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of this should be considered in terms of the orientation of the windows or glazing, as a north-facing window never has direct sunlight on it while south-facing and west-facing windows have the worst direct sunlight on them and so design has to be different for different orientations.”

Aside from these sustainable considerations, careful detailing is also necessary, predominantly in relation to windows and doors, warns Kevin Camilleri, Managing Director of Mediterranean Building Finishes Ltd: “doors and windows need to be insulated, and today there are many techniques such as double glazing to keep out extreme weather temperatures.”

Using double glazed windows as an example, Ing. Cuschieri highlights how these factors come into play. “If the indoors are heated and the outdoors temperature is low, double glazed windows reduce the amount of heat lost by conduction from the room to the external ambience. The better the insulation, the less heat is lost, and so the less heat required to keep the indoor temperature to comfortable levels.” Another consideration for the windows should be to prevent heat from the sun’s rays in summer. “Double glazed windows perform worse in direct sunlight than single glazed windows, so if a

glazed window is facing the sun, you need shading that won’t allow the sun’s rays to hit the window directly. The glazing performance can also be improved to reduce heat gain in direct sunlight by increasing the reflectivity of the glass and choosing the appropriate glass before installation or the addition of reflective stick on material after the glass has already been installed.”

Apart from this, roof and wall insulation also plays an important part in controlling a building’s indoor temperature. Mr Camilleri states, “insulation should be carried out on the roof and walls of a building so as to keep the outside temperature from affecting the inside temperature. Besides heat loss from doors and windows, the greatest temperature change occurs through the walls. In Europe, over the past 30 years, walls have been insulated with a variety of EPS sheets which are stuck onto the outside walls and finished over with plaster and paint. These panels make all the difference, and keep out the cold and humidity in winter and the extreme heat in summer.”

Looking into the latest insulation technologies available, Stefan Vella of Attard Bros details an innovative construction material known as ThermaBlock, which can reduce heat transfer through external

AUGUST / SEPTEMBER 2013

CC ENVIRONMENT

walls by up to 67 per cent. He explains, “AB ThermaBlock is made out of three elements; a load-bearing brick which has known qualities of thermal inertia that acts as a heat sink, an insulation layer and a protective skin on the outside. The air cavity is retained to assist in thermal performance, reducing thickness of insulation as well as acting as a moisture barrier.” The combination of these factors, he maintains, helps in absorbing and moderating any temperature fluctuations that occur in peak summer and winter months, thus creating an immediate economic advantage and a long term environmental benefit.

When it comes to the roof, aside from the simpler remedies of roof paint or installing insulation (which, aside from the heat from the sun, also eliminates other problems like leakage), Ing. Cuschieri cites the installation of photovoltaic panels as not only a way of generating electricity from renewable sources but also a way of reducing heat transmission from the roof, due to shading by the panels themselves. In this manner, PV panels could provide the dual benefits of supplying shade and converting the sun’s rays into useful electricity. cc Glazing performance can be improved to reduce heat gain in direct sunlight by increasing the reflectivity of the glass

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Bridging the SME financing gap – a banker’s challenge To say that small and medium-sized enterprises (SMEs) constitute the backbone of the Maltese economy is hardly a matter of opinion, considering that they represent over 95 per cent of the business entities in Malta. Likewise, it comes as no surprise that financing is a priority on their to-do list, in their struggle to broaden their horizons and take up the challenges that threaten to slow down their growth.

A major grievance often levied from this sector is the lack of financing options they face. This is corroborated by findings that emerged in a study conducted earlier this year among 100 local SMEs by the Malta Business Bureau (MBB) in collaboration with Bank of Valletta. Bank financing is practically the main and sometimes only means of financing available to players in this sector.

Why is access to finance so difficult?

There are a number of factors typically related to the innate characteristics of SMEs themselves. These include weak financial management, lack of proper governance and the absence of succession plans being more accentuated by information asymmetry,

which is possibly the highest concern for banks as it can potentially lead to moral hazard. The fact that limited fall-back is typically offered, if any, does not help in easing such concerns. The situation is even more acute for the small and ‘young’ businesses that are about to embark on their first ventures.

Transforming one’s innovative ideas into a commercially viable project can be a complicated and daunting experience. Yet, a strong entrepreneurial spirit, backed up with good planning and market research, in conjunction with a bank that understands the needs of SMEs, makes all the difference.

Bank of Valletta has always been at the forefront to assist local entrepreneurs, by offering a cross-section of financing options ranging from that of capital investments to the day-to-day cash management and processing of payments to other more sophisticated financial instruments like forward options.

Over the years, Bank of Valletta has cultivated in-house expertise to assist customers from different economic sectors

seeking to nurture and expand their operations. This knowledge is made available to customers, both SMEs and corporate through the regional Business Centres as well as Corporate Centre. The Bank’s Relationship Managers provide financial management insights and advice as an integral part of the long-term working relationship built with their customers.

The bank has also gained significant knowledge on EU funding and the options available for the Maltese SMEs to tap on available opportunities. It works very closely with the European Commission and the MBB to achieve these goals. This approach was markedly reinforced last year, through the opening of the representative office in Brussels, through which the bank has further established contacts earmarked to increase awareness about EU funding opportunities whilst facilitating their access to the local entrepreneurs. The representative office forms part of a strategic plan to assist SMEs which also witnessed the setting up of a fullyfledged Business Generation and EU Affairs arm early last year. This dynamic team assists SMEs by working with them individually, offering business planning and mentoring, as well as discussing tailor-made solutions aimed at growing their business.

BOV’s Business Generation and EU Affairs Department has also developed a number of financing and co-financing packages linked to Grant Schemes for rural development, fisheries, tourism and manufacturing among others, under the EU Structural and Cohesion Funds for Malta for the programming period 2007 to 2013.

Perhaps the best example of how Bank of Valletta gave tangible assistance to local SMEs over the past years was the BOV JEREMIE Financing Package1 which marked an important milestone for this economic group. This package saw the financing of very interesting and innovative projects from a cross-section of sectors like tourism, manufacturing, aviation and services among other sectors. As at the end of March 2013, BOV has sanctioned 551 loans involving 492 SMEs involving €46.04 million worth of loans.

Change is the only constant, particularly in a dynamic business world like ours. Local entrepreneurs have a proven track record of creative thinking coupled with commitment and dedication. Bank of Valletta is equally fully committed to support them in their quest to reach new heights. cc

The JEREMIE initiative developed in cooperation with the European Commission, offers EU member states, through their national or regional Managing Authorities, the opportunity to use part of their EU Structural Funds to finance small and medium-sized enterprises (SMEs) by means of equity, loans or guarantees, through a revolving Holding Fund acting as an umbrella fund.

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La Valette Malta Fund exceeded €26 million* in Assets As at 31 May 2013, the La Valette Malta Fund (the Fund) registered a net asset value in access of €26 million.

Speaking on the 17th anniversary since its launch on the market, Mark Agius, Head of Valletta Fund Management Limited (VFM) stated “the Fund was the first investment solution to offer investors access to the local equity market and has to date attracted more than 2,689 shareholders* in both the accumulator as well as the distributor class of shares.” He continued that “this clearly confirms the affinity

of the local investor to participate in the growth potential of Maltese companies.” He concluded “since its inception in June 1996, the Fund has registered a growth of 236.09 per cent which reflects an annualised return of 7.39 per cent.”

The Fund, which is managed by VFM and advised by Bank of Valletta plc provides investors with three distinct benefits; a diversified portfolio of Maltese equity and debt securities, yearly income** streams currently at 4.62 per cent and access to the investment at short notice.

As part of the growth fund range of investment solutions, investors can access the Fund from a minimum lump sum subscription of €2,500 or through a monthly investment plan with as little as €50 per month. cc For more information on the La Valette Malta Fund and VFM’s range of Growth Investment Solutions, investors may visit any BOV Branch/Investment Centre, Licensed Financial Intermediaries or www.vfm.com.mt.

*as at 31 May 2013 **Income Yield as at 31 May 2013 net of the Fund’s fees and expenses. This yield, which constitutes the income that the assets of the Fund generate in relation to their value or market, and the frequency of payment may vary and are not guaranteed.

Past performance is not a guarantee to future performance. The value of the investment may fall as well as rise and any initial charges may lower the amount invested and the amount received upon redemptions. Investments should be based on the full details of the Prospectus, which may be obtained from Valletta Fund Management Limited (“VFM”), Bank of Valletta Branches/Investment Centres and other licensed financial intermediaries. VFM is licensed to provide Investment Services in Malta by the MFSA. The La Valette Funds SICAV plc is licensed by the MFSA. Issued by VFM, TG Complex, Suite 2, Level 3, Triq il-Birrerija, L-Imriehel BKR 3000. Tel: (356) 2122 7311; Fax: (356) 2275 5661; Email: infovfm@bov.com; Website: www.vfm.com.mt. Source: VFM

The Global Residence Programme Malta’s latest exclusive offering, available only to third country nationals.

A beneficial tax rate, an opportunity to purchase Maltese real estate and the benefit of residing in an EU member state, make the Global Residence Programme (GRP) not just an attractive fiscal option, but rather a programme tailored to suit the lifestyle of both the international businessman and woman, as well as any individual simply looking for a great new place to settle down.

Facilitating access to the European market, the Maltese residence permit extends the rights outlined in the EU Charter of Fundamental Rights to every beneficiary affording them the right to move and reside freely within the territory of the member states, making VISA applications a thing of the past.

The GRP’s offers a 15 per cent flat tax rate applicable to income arising outside of and brought into Malta and 35 per cent rate on any other income which does not fall within the scope of the Rules.

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Residence must be established as a state of fact, meaning that the applicant will need to either purchase or lease immovable property. In either case the minimum threshold is enticingly low, with rentals set at €9,600 in the centre or north of Malta or €8,750 in Gozo or the south of Malta (per annum) and the investment/purchase of immovable property set at a €275,000 in the centre of north of Malta or €220,000 in Gozo or the south of Malta.

The Government efforts to streamline the GRP criteria mean that the beneficiary is only required to: • hold a qualifying property holding • receive stable and regular resources, sufficient to maintain oneself and his/her dependants without recourse to the social assistance system in Malta • possess a valid travel document • possess sickness insurance in respect of all

risks across the whole of the European Union normally covered for Maltese nationals for oneself and his/her dependants • be fluent in one of the official languages of Malta • be a fit and proper person; and not benefit from any other special tax status •p ay an annual tax contribution of no less than €15,000 (on income arising outside of Malta and brought into Malta) annually; • apply through and remain represented by an Authorised Registered Mandatory.

Applications shall be submitted through an Authorised Registered Mandatory, along with the non-refundable application fee of €6,000 or €5,500 (qualifying property in Gozo or the south of Malta). cc TCV Management & Trust Services Ltd, Palazzo Pietro Stiges, 103, Strait Street, Valletta.

Contact Dr David Tonna LL.D. on tel: 2123 2271/ 2123 1345; fax: 2124 4291/2123 1298; email: info@mamotrustees.com

AUGUST / SEPTEMBER 2013

Content House Group is a National Champion in European Business Awards The European Business Awards recently announced that Content House Group will be representing Malta as a National Champion for the third year running in the prestigious 2013/14 Awards programme, along with 6PM, Consolidated Biscuits, Crimsonwing and Malta International Airport. The Group will now compete for Ruban d’Honneur status in the next round, with final category award winners set to be unveiled in April 2014. The European Business Awards are widely recognised as the showcase for Europe’s most dynamic companies.

The initiative has identified some of Europe’s brightest businesses based on their ability to demonstrate the three core principles at the heart of the Awards programme, namely innovation, business excellence and sustainability.

The Managing Director of Content House Group, Jesmond Bonello was delighted with the news, maintaining, “at Content House we’re thrilled to be selected to represent Malta. We’ve been operating for over eight years in the media and communications industries, and it’s an honour to be recognised as one of the leading organisations in our country and in our field.”

Adrian Tripp, CEO of the European Business Awards provides an insight into the awards, stating, “over the past seven years we’ve received an incredibly high standard of entries from organisations that are passionate about their business. However, very few get the chance to fly the flag for their country and compete across Europe to be recognised as one of Europe’s finest.

It really is an exceptional accolade to be picked as a National Champion.”

Jean Stephens, CEO of RSM adds, “Content House and the four other National Champions have yet again raised the bar for dynamic, inspiring and quality businesses across Europe.”

To advance in the competition this year, all National Champions must submit a video entry for viewing and assessment by a judging panel.

The public will also be able to vote online for their favourite National Champion. Voting begins in November 2013.

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Your unique event at Valletta Waterfront The Valletta Waterfront is an awardwinning destination. Eighteenth-century warehouses, with their iconic coloured doors, stretch along the water’s edge against a backdrop of historic fortifications. Located centrally within walking distance from Valletta and a 15 minute drive from the airport, the Valletta Waterfront offers the perfect backdrop for a wide variety of events, with flexible indoor and outdoor options.

The variety of locations allows us to host diverse types of events – from intimate receptions to gala dinners, press conferences to art exhibitions and more.

The Promenade: An expansive 275-metre strolling promenade, a favourite site for promotional launches and cultural events, offers the perfect staging for corporate and private events.

Magazino Hall: Renowned for its versatility, Magazino Hall proudly displays its historical features from a glorious past. Built in 1727 to store oil for street lamps, it was later incorporated in the island’s first power

station. Once inside, there is an impressive arched ceiling and the yellow limestone glistens with the cast of soft lighting. An adjoining outdoor courtyard is convenient for use as a breakout area or as a stand-alone venue. The venue can accommodate 500 persons comfortably.

Old Power House: The original building was built during the construction of Floriana’s fortifications in the 1700s. This building has taken many turns in history, before being transformed and operated as Malta’s first electricity production plant. It offers a fascinating layering of spaces and reflects the multiplicity of activities forming part of Malta’s Grand Harbour over the centuries.

The rustic structure with high ceilings displays an interesting contrast between the old and the new.

Under the Stars: The possibilities are endless – the open air venue is an artistic blank canvas with the Grand Harbour as a backdrop on one side and the Valletta Waterfront buildings on the other. Whether it is for a wedding or a concert, the location is breathtaking. This venue lends itself to the typical Mediterranean al fresco lifestyle.

Under the Marquée: Located on the Valletta Waterfront quays, the marquée offers protective cover for up to 1,430 persons in a uniquely magical location.

The Sagrestia Vault: Located directly on the Valletta Waterfront is a hidden treasure unknown to most – the Sagrestia Vault.

Annexed to the 17th century vault, is a small but beautifully detailed chapel dedicated to the Flight of the Holy Family to Egypt. In combination with the Sagrestia Vault, the Chapel can be utilised as a receiving area. It is truly a little gem on the Valletta Waterfront.

Parking for coaches, minibuses and private cars is readily available for all venues. cc For further details or to view any of the venues contact Anna Maria Cardona Schranz on tel: 2567 3114 or email: amcardonaschranz@vallettacruiseport.com

Banif Bank keeps investing in its branch network Banif Bank (Malta) plc has started rolling out its retail network expansion programme by opening a new branch in the heart of Siggiewi. With another nine outlets across Malta and Gozo, the bank will continually review its network infrastructure according to business needs.

The bank’s investment programme involves growing its team, further developing its processes and tweaking its technological infrastructure.

“Banif is keeping its promise and commitment to grow and solidify its operations,” said Joaquim F. Silva Pinto, Chief Executive Officer of Banif Bank. “All our operations have our customers at heart.

But perhaps it is the service we offer from our branches that is one of our trademarks.

Our 5th anniversary slogan ‘Moving forward together’ is not hyperbole but an open invitation for the public to bank with us!”

Chairman Dr Michael Frendo said, “Banif is well established, respected and enjoys the trust of the public. The bank was created AUGUST / SEPTEMBER 2013

specifically to operate exclusively in Malta and plays an important role in the local economy. The bank operates cautiously and employs sound corporate governance, keeping customers always in focus.”

With a 160-strong team of employees that drives the bank’s operations and ten branches, Banif clients are serviced further through e-channels including ATMs and internet banking along with a customer care department, a trading room and a corporate and business banking unit that offers trade finance, located in Spinola, St Julian’s.

“Banif Bank Malta has been a tremendous success and looks to have even greater days ahead. It is a fine partnership of Maltese investors and foreign expertise. The bank remains on a trajectory of growth, enjoying profitability, employing scores of people, developing products for the Maltese market,

embracing technology and planning for the future. This is a story that sends a message that Malta welcomes investors who create jobs, has a lively financial sector and is a pro-enterprise island,” commented Dr Chris Cardona Minister for the Economy, Investment and Small Business who inaugurated the new Banif Bank branch in Siggiewi.

With two awards for Best Banking Group – Malta given by World Finance for two consecutive years in 2010 and 2011 in recognition of the bank’s financial performance, sound corporate governance and provision of innovative client solutions, the bank has also in place a Corporate Social Responsibility programme that sees part of its profits go to investments in social, cultural, charitable and educational initiatives in the community. cc

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Mamo Trustees – a prominent financial services provider Mamo Trustees is a prominent financial services provider in the corporate and trust business sectors in Malta, with a focus on corporate, tax, and fiduciary services.

Mamo Trustees is the trading name of TCV Management & Trust Services Limited, which is licensed by the Malta Financial Services Authority to act as or undertake the duties of a licensed fiduciary.

It is authorised to act as trustee under the Trusts and Trustees Act. The firm registers and services international trading or international holding companies and acts as fiduciary shareholder/ director thereto. It has provided services to a wide-ranging portfolio of worldwide business and private clients, and handles enquiries from clients located around the world, with correspondence mainly in English, Italian and French.

The firm benefits from long-established relationships with Maltese financial institutions, professional advisers and regulatory bodies. It offers to clients its expertise and strength in depth to handle demanding and complex business transactions and operations in Malta, and is proud to provide efficient and costeffective services.

These services are provided by the firm from its prestigious baroque office buildings located in the capital Valletta, which are fully equipped with communication and meeting facilities.

The firm holds a solid track record of 20 years in financial services, and which is backed by highly-experienced legal and financial practitioners, with expertise in a wide variety of areas, including: • Company structuring, incorporation, governance, administration and back office services • Tax advisory, planning and compliance – both to corporate clients as well as to private individuals • Trust formation, trustee services, fiduciary services and qualified person services • Financial services regulatory, transactional advice and set up for entities seeking to be licenced under the Investment Services

Act, Insurance Business Act and Insurance Intermediaries Act • Shipping and yacht registration • Intellectual property registration of trademark, patent and design • iGaming licence application, key official and related services • Family office services • Real estate services, acquisition and sale conveyancing • Relocation services and permit processing for Highly Qualified Persons, High Net Worth Individuals, Global Residence Programme and company re-domiciliation • Virtual office, meeting rooms, communication facilities, mail, reception and secretarial services. cc

suppliers involved. Book in advance to avoid disappointment.

as tarja moqlija, stuffat tal-bebbux, fenek tradizzjonali, imqaret and more! €27/person (food) or €35/person including half a bottle of wine, water and coffee. It is free for children up to 12 years old and half price for teenagers up to 16. cc

TCV Management & Trust Services Ltd, vazzo Pietro Stiges, 103, Strait Street, Valletta.

Contact Dr David Tonna LL.D. on tel: 2123 2271/ 2123 1345; fax: 2124 4291/2123 1298; email: info@mamotrustees.com

Le Méridien summer backdrop Food is the common ground. Summer is the backdrop. Le Méridien St Julians Hotel and Spa in Balluta Bay embraces the island’s peak season with many exclusive culinary-related events. Unveil Le Méridien’s summer calendar and celebrate summer in style.

ROOFTOP DINING The ideal place to surrender to a magical experience is the rooftops of Balluta Bay. La Bajja outdoor restaurant opens between Tuesday and Sunday throughout summer with an inspiring à-la-carte menu. Perched on the 12th floor of the hotel, you will enjoy fantastic views and a refreshing summer breeze whilst indulging in Le Méridien creative cuisine.

CORK & FORK There’s more to wine that meets the eye.

For only €45 per person, you can spend an evening in culinary delight at La Bajja rooftop restaurant with wine specialists and the passionate Le Méridien kitchen brigade. These Cork & Fork events include an exceptional five-course dinner and selected quality pairing wines provided by the AUGUST / SEPTEMBER 2013

FIREWORKS BBQ Quite understandably, La Bajja rooftop restaurant is the perfect spot to enjoy a clear view of the sparkling skies during the most popular feasts of the area. For €25 per person, you are invited to indulge in an extensive barbecue selection, comfortably seated above the street celebrations of the following feasts: 25th August, St Julian’s / 29th September, St Gregory (Sliema).

FESTA FRIDAYS For the third consecutive year and every Friday in summer, Le Méridien re-creates the feel of our village feasts at il-Pjazza outdoor restaurant. The night includes dishes such

Useful links: www.lemeridienmalta.com/summer2013 www.lemeridienmalta.com/labajja www.lemeridienmalta.com/ilpjazza or call tel: 2311 0000 during office hours to obtain more information about Le Méridien Summer Calendar.

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CC MAKE CC ECONOMY THE HEADLINES CHECK Photo by Jurgen Scicluna

Photo by viewingmalta.com

Malta’s Tourism Sector – Interpreting Numbers Leading economist Gordon Cordina provides interesting interpretations of the figures behind the local tourism industry.

AUGUST / SEPTEMBER 2013

Photo by viewingmalta.com

M

alta’s tourism sector is estimated to amount to approximately 13 per cent of Malta’s GDP while its contribution, when considering also indirect and induced effects, is estimated to total 25 per cent of GDP. This makes the tourism industry one of the largest sectors locally and one that deserves particular attention. Even more attention is required when considering that the tourism industry directly accounts for approximately 14 per cent of total employment in Malta. The high dependence on this sector reflects its high labour intensity as well as the relatively lower wages.

While this sector has generally increased its contribution to economic value added over the years, the recent recessionary period brought to light the high susceptibility of tourism when compared to other sectors.

The economic slowdown in 2009, in fact, had a much stronger impact on the tourism industry in Malta than worldwide with tourist arrivals dropping by 10.5 per cent in 2009 over a year earlier when compared to 3.9 per cent worldwide. Notwithstanding this, this sector rebounded strongly in 2010 when it reached approximately the same direct contribution to economic value added in absolute terms as in 2007.

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CC ECONOMY CHECK

Photo by viewingmalta.com

Photo by viewingmalta.com

In addition, there is a strong element of seasonality in tourism performance with the four months between June and September accounting for almost half of tourist arrivals, which most likely generates seasonal patterns in aggregate economic activity. Approximately 60 per cent of total tourism to Malta is estimated to request sea-related activities which makes the summer months particularly attractive to tourists. Of particular relevance in this regard is the island’s diving segment, which alone is estimated to account for approximately 54,000 tourists annually.

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Tourism also adds pressure to Malta’s resource use with an estimated eight per cent of energy consumption and eight per cent of water consumption going to tourism-related activities. A tourist demand on resources amounts to approximately 1.5 times higher than that of a resident.

This leads to three main considerations that need to be targeted for Malta’s tourism industry to become more sustainable; namely (i) increasing its resilience in the face of adverse economic conditions, (ii) reducing the seasonality of Malta’s tourism sector by broadening the range of activities and

services offered, thereby not relying solely on sun and sea activities, and (iii) reducing the burden on Malta’s limited resources.

Several measures have been introduced in this regard in recent years even with the assistance of EU funding. Structural funds have, in fact, been earmarked for tourismrelated projects with 14 per cent of total funds attributable to Malta under Operational Programme I allocated to promoting sustainable tourism. The specific objective of this assistance is to promote a sustainable and competitive tourism industry able to achieve its potential for growth and reaffirm its central role in Malta’s economic activity.

The main target set is that of increasing tourism earnings by one per cent per annum over the 2007-2013 programming period.

The operational objectives are: • To support the upgrading of the tourism product, particularly its cultural assets; • To promote the Maltese islands as a prime and diverse tourist destination beyond sun and sea niche segments; • To improve the competitiveness of tourism and culture operators.

Examples of projects that have been undertaken to date include restoration and rehabilitation works of historical fortifications as well as the building of an aquarium and landscaping works in Qawra.

Gozo is specifically targeted in this regard through 17 sustainable tourism projects out of a total of 20 interventions that are being made with a focus on the Island Region.

In addition, numerous incentives have been offered in the area of renewable energy, both with respect to subsidies in the purchase of photovoltaics as well as solar panels, so as to reduce the burden on Malta’s limited resources.

A number of long-term challenges still need to be addressed in order to increase the sustainability of the local tourism product.

Firstly, a strategy should be developed that will create a shoulder month tourism plan as the basis for the sector’s growth. This would include, among others an increased focus on niche tourism activities such as sports, health and religious tourism. It is also important, however, to consolidate the performance of the tourism industry in peak months, which are also the most profitable ones. Malta’s tourism product should also be further developed both by undertaking urban projects as well as investing in rural areas. Lastly, marketing efforts need to be strengthened also by investing further in technology as well as in innovation and creativity. cc

AUGUST / SEPTEMBER 2013