Malta Business Review

COVER STORY

SUSTAINABILITY, EFFICIENCY, TARGET DRIVER DELIVERY AND FLAWLESS EXECUTION

CHILDCARE AWARDS 2023

SAN LUIGI CHILDCARE CENTRE: QUALITY CARE FOR EVERY CHILD

Interview with Charmaine Caruana, Director, San Luigi Childcare Centre p.16

GAMING

CONDUCTING A BUSINESS RISK

ASSESSMENT WITHIN THE IGAMING INDUSTRY

Article by John Caruana, Compliance Director, Radix Compliance Ltd. p.23

GLOBAL WARMING

SIESTAS AND LATE NIGHTS

How heatwaves could revolutionise the way we work p.35

ISSUE 94 | 2023

MBR interviews Mantvydas Matthew Narusevicius, founder of WFDM recruitment agency and doup. p.06

Mantvydas Matthew Narusevicius, founder of WFDM recruitment agency and doup.

18 A HIGH LEVEL OF SATISFACTION AND RESPONSIBILITY

Interview with Christine Camilleri, Director of Quaddies Childcare Centre

GAMING INTERVIEW OF THE MONTH

20 PROVIDING A FIRST-CLASS SOLUTION TO THE MARKET

Interview with Adam Calleja Urry Business Development Director, BetConstruct / SoftConstruct Malta

GAMING

23 CONDUCTING A BUSINESS RISK ASSESSMENT WITHIN THE IGAMING INDUSTRY

Article by John Caruana, Compliance Director, Radix Compliance Ltd.

COVER STORY

06 SUSTAINABILITY, EFFICIENCY, TARGET DRIVER DELIVERY AND FLAWLESS EXECUTION

Exclusive Interview with Mantvydas Matthew Narusevicius. He is the founder of WFDM- recruitment agency and doup.

CORPORATE NEWS

10 PWC MALTA CONTINUES ITS GROWTH AND DIVERSIFICATION BY APPOINTING TWO NEW DIRECTORS AND CTO

INSURANCE

14 MAPFRE SURPASSES THE AVERAGE INSURANCE INDUSTRY SCORE

CHILDCARE AWARDS 2023

16 SAN LUIGI CHILDCARE CENTRE: QUALITY CARE FOR EVERY CHILD

Interview with Charmaine Caruana, Director, San Luigi Childcare Centre

17 EXCELLENCE IN DEVELOPMENT & IMPROVEMENT OF CHILDCARE KNOWLEDGE AND SKILLS

We catch up with Donha Muscat, Director of St. Paul's Childcare and Pre-Learning Centre Limited

OUR GOLDEN PARTNERS

SPECIAL REPORT

30 THIS COUNTRY HAS THE BEST CYBER SECURITY FOR YOUR BUSINESS

Recent research has shown that 68% of high-revenue growth companies have embraced a hybrid model worldwide.

GLOBAL WARMING

35 SIESTAS AND LATE NIGHTS: HOW HEATWAVES COULD REVOLUTIONISE THE WAY WE WORK

To avoid the brunt of the heat, people might take more breaks, work shorter shifts, or embrace an overnight shift.

TRAVEL

38 THE WORLD’S MOST POWERFUL PASSPORT

Singapore now holds the world's most powerful passport.

PUBLISHER

Dynamic Events Limited

OFFICES

Highland Apartment – Level 1, Naxxar Road, Birkirkara, BKR 9042 +356 2149 7814

EDITOR

Martin Vella

TECHNICAL ADVISOR

Marcelle D’Argy Smith

SALES DIRECTOR

Margaret Brincat

DESIGN

MBR Design

ADVERTISING

Call: 9940 6743 or 9926 0163/4/6; Email: margaret@dynamiceventsmalta.com or admin@dynamiceventsmalta.com www.dynamiceventsmalta.com

CONTRIBUTORS

Martin Vella; George Carol; Tariq Chauhan; John Caruana; Jorge Liboreiro; Anand Thaker; Giulia Carbonaro; Angela Symons; Euronews Travel; Roselyne Min with AP, Reuters; Special Correspondent, TradeMalta

SPECIAL THANKS

PwC Malta; Single Resolution Bank; LinkedIn; Generation; TradeMalta; Euronews; Ting | Journalistic.org / www.indusface.com; Martech; Euronews Travel

PRINT PRODUCTION

Abbey Printers

QUOTE OF THE MONTH

“If you are not taking care of your customer, your competitor will." -Bob Hooey

DISCLAIMER

All rights reserved. No part of this work covered by copyright may be reproduced or copied and reproduction in whole or part is strictly prohibited without written permission of the publisher. All content material available on this publication is duly protected by Maltese and International Law. No person, organisation, other publisher or online web content manager should rely, or on any way act upon any part of the contents of this publication, whether that information is sourced from the website, magazine or related product without first obtaining the publisher’s consent. The opinions expressed in the Malta Business Review are those of the authors or contributors, and are not necessarily those of the editor or publisher.

Talk to us:

E-mail: martin@dynamiceventsmalta.com

Facebook: www.facebook.com/MaltaBusinessReview

Agents for:

This

Summer’s Record-Breaking Heat Waves Would Not Have

Happened without Climate Change Climate change made heat waves in the Europe and all over the globe hotter and more likely.

Phoenix, Ariz., has had 25 consecutive days of temperatures above 110 degrees Fahrenheit (43.3 degrees Celsius) amid the unrelenting heat dome that has been clamped firmly in place over the U.S. Southwest and Mexico. Meanwhile the township of Sanbao in the Xinjiang Uygur region of China, has set the country’s all-time record high temperature of 126 degrees F (52.2 degrees C) as parts of China have baked in a heat wave. And yet another recordbreaking heat event has been roasting southern Europe, giving Spain’s region of Catalonia its hottest-ever temperature of 113.7 degrees F (45.4 degrees C), and massive wildfires wreacking havoc in Greece and East Med Islands such as Rhodes.

Such events are quickly becoming more and more routine. And without the excess heat trapped by the gases released from burning fossil fuels, such extreme heat would rarely—if ever—happen, according to a new study published this month by an international group of researchers called World Weather Attribution (WWA). The results echo the group’s previous work, which found that climate change has made various extreme heat events (including a heat wave in South Asia in April, one in the western Mediterranean that month and an early-season heat event in Paraguay and Argentina last year) many times more likely to occur. Those consistent findings underscore how crucial it is that the world cease burning fossil fuels as quickly as possible—and adapt to handle the increasingly intense and frequent heat waves that are a hallmark of the climate emergency.

“The role of climate change is absolutely overwhelming,” said study co-author Friederike Otto, a climate scientist at the Grantham Institute–Climate Change and the Environment at Imperial College London, at a press conference on Monday. WWA researchers used peer-reviewed methods to look for the fingerprints of climate change in extreme weather events. They examined temperature trends over time and employed computer models to compare today’s climate with a theoretical world without human-caused climate change.

For the new analysis, the WWA team found that the heat wave in China was 50 times more likely to have occurred in a warming world and that those in Europe and southern North America would have been “virtually impossible” without climate change. In today's climate, events of such magnitude would be expected to happen about every 15 years in North American, every 10 years in Europe and every five years in China. “The heat waves we are seeing now, we definitely have to live with that,” Otto said at the press conference.

Not only are these heat waves coming more often, but they are also considerably hotter. The one in Europe had temperatures that were 4.6 degrees F (2.5 degrees Celsius) higher than they would have been without climate change. The North American event was 3.6 degrees F (two degrees C) hotter, and China’s was 1.8 degrees F (one degree C) warmer.

The planet as a whole has warmed by about 2.2 degrees F (1.2 degrees C) since preindustrial times. Under the Paris climate accord, countries have agreed to limit global warming to “well under” 3.6 degrees F (two degrees C) above preindustrial levels and to striving to limit such warming to 2.7 degrees F (1.5 degrees C). If the global average temperature rises from its preindustrial state by two degrees C—which will happen within 30 years, barring rapid declines in greenhouse gas emissions—such heat waves will happen about every two to five years, the WWA team says.

The spectre of hotter and more frequent heat waves raises enormous concerns about public health. Heat is the deadliest of all weather-related extremes in the U.S., killing more people than hurricanes, tornadoes and flooding combined. It is especially a risk for young children, the elderly, those with health conditions such as asthma and heart disease, those who work outside and unhoused people. Where people do have access to airconditioning, that lifeline can be threatened by the extra demand placed on the power grid when temperatures rise—potentially leading to blackouts that expose even more people to dangerous heat. Heat-related deaths have been reported in all affected areas—including more than 200 in Mexico alone. But any current mortality tolls are almost certainly an undercount because it takes time to ascertain and record causes of death. Last year heat waves in Europe killed an estimated 60,000 people, a recent study found.

Such extremes also pose major economic concerns. The recent heat waves have led to major decreases in crop yields, including olives in Spain and cotton in China. There are also concerns that more intense summer heat will keep tourists away from places such as Spain and Italy. The impacts show that we need a cultural shift in the way we think about extreme heat. It is crucial to scale warning systems, heat action plans and investments in long-term adaptation measures. This includes urban planning and bolstering resilience of critical systems such as health, electricity, water and transport. Humanity still can—and must—act to rein in climate change. “These heatwaves are not evidence of ‘runaway warming’ or ‘climate collapse.’ We still have time to secure a safe and healthy future, but we urgently need to stop burning fossil fuels and invest in decreasing vulnerability,” Otto said in the recent WWA press release. “If we do not, tens of thousands of people will keep dying from heat-related causes each year.”

Martin Vella, Editor-in-Chief

are

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

written to represent a fair and impartial representation of facts, events and provide a correct analysis of local and international news.

Sustainability, Efficiency, Target Driver Delivery and Flawless Execution

By Martin Vella

Narusevicius.

Exclusive Interview with Mantvydas

Matthew

He is the founder of WFDM- recruitment agency and doup.

MBR: What was the vision for creating WFDM ecruitment agency and doup, and how do you define their mission?

MMN: It all came naturally while grinding day and night, and realising that supporting logistics for some big names in cab and food delivery business is actually more of a constant outsourcing for staff and recruitment therefore idea to get a license came up.

Doup. was a thing where I wanted to cut costs for my business. Was looking for an alternative cool solution and therefore totally randomly I meet Vytautas in final four in Belgrade, and guy who didn’t see me in 25 years turns and tells me about this kicking project of his doup. and I am amazed! Later I buy them out and own majority of the company. Both of these projects mission is sustainability, efficiency, target driver delivery and flawless execution.

MBR: What have been the keys to WFDM- recruitment’s strength and how do you describe the WFDM difference?

MMN: Diversification mostly, adaptability, ethics and respect, morals… a bit of everything to be honest. Mainly, we did very well shifting our outsourcing to Dubai, where everyone else followed soon after. We always aim to open new markets and trends.

MBR: What can you tell us about doup and where do you see the greatest opportunities for growth for doup?

MMN: “ You don’t have doup. yet? Why?”

To tell you the truth, doup. is a game changer when it lands on contact sharing. It’s all about networking right. It’s not who you are, it is who you know! Having your cool wearable, or a shiny metal card is an ice breaker which leaves many stunned even tough it’s just an NFC card. Old tech.

doup. opportunity is there with the super app where doup.PRO users can chat, make video conferences, create tasks and follow up goals, CRM, email signatures, business tinder map where you can see your contacts travelling around and a lot more. A convenience which will not rape your pocket and will help nature and might, or will save a tree or two.

MBR: Do you feel that entrepreneurship can be learned, or is it a trait a person is born with?

MMN: University is a must! I am an accountant by profession. Rest is hard work, different exposure to various industries, common

interest in all economy and gut. Ah let me add, patience. You will fail. And a lot. So, fail fast, stand up, and work hard.

MBR: Did you always know that you had an entrepreneurial spirit and desire to build your own business?

MMN: Ever since I went to primary and was selling individual crisps for flavours to my class mates. Jokes aside, I always wanted more, however was always pushed back by family to calm down and be realistic. Therefore a Monday to Friday job was offered as an only option, which I did all the way from age 15-29. Obviously, part time when studying. But yes, I always wanted, however, never dreamed. And here we are!

MBR: What do you feel are the keys to effective leadership and how do you describe your management style?

MMN: Be friendly. Build up a family. However, be cruel when time comes. A Boss is boss! A boss is to be respected. Charity is a nonprofit firm, Ltd is profit seeking, therefore friendly environment has to generate good numbers too.

Effectiveness also comes showing example, coming on time, leading the team, being there for them and standing with them. People will follow a leader who will walk in front right? That leads to my style - micro manager. I am everywhere.

MBR: What solutions do you offer businesses and what is the differentiation factor in your operations?

MMN: For this answer I would charge consultancy fee.

MBR: Can you describe how does your digital business cards, mainly the doup system work and what benefits does it bring to it’ users?

MMN: Doup offers a range of game-changing business products designed to elevate your professional connections. Our goal at doup is to revolutionize the concept of connectivity by blending cutting-edge technology with sustainable solutions for a new era of networking. We strive to empower individuals and businesses in enhancing their networking encounters while boosting productivity, efficiency, and profitability. Each Doup. the card is capable of facilitating up to 100,000 taps, making it a durable and long-lasting solution that can be used for more than 10 years.

MBR: Looking forward, what do you see as the most exciting trends or opportunities in tech, and what is your perspective on the burgeoning rise of AI?

MMN: AI was there all the time just was not accessible for domestic clientele. AI is for sure a mega trend and there is nothing alike. However, we are integrating AI to doup. chat too. MBR

It’s all about networking right. It’s not who you are, it is who you know!

Malta Waste Management, Recycling & Green ESG Sustainability CONFERENCE & Awards 2023

Presentation by Eve Borg Bonello, PN Spokesperson on Climate Change

Event judge Geraldine Noel and Dr John Navarro from Acumum Legal & Advisory

Ryan Zammit (centre) and Andrea Borg Brincat (right) of the Eastern Regional Council accepting the Local Council with the Best Environmental Initiative Award

Presentation by John Paul Abela, Senior manager within BOV’s ESG Department Bio Aqua Garden won awards in three categories

Representatives from Muscats Motors Award nominees and winners Doup

DDE Attard were award trophies in four categories

Refab Light Blue Corporation accepting their award from judge John Paul Abela

Hilton Hotel were the proud winners of three prestigious awards

Alina Terletchi (right) International Sales Manager for Doup accepting an award from judge John Paul Abela

THURSDAY, 27th JULY 2023

THE XARA LODGE, RABAT

Green mt, the Authorised Packaging and Packaging Waste Recovery Organisation

Online address by H.E. Vanessa Frazier, Ambassador & Permanent Representative of Malta to the UN

Award winners James Caterers

Representatives from Hilton Hotel accepting an award from Joe Attard (right) CEO at Green MT

Conference delegates

Kasco Group were voted Best Paper Recycling Business of the Year

PT Matic Environmental Services won awards in five prestigious categories

Presentation by Matthew Dimech, Chief Operating Officer at BCRS

Online presentation by Hara Xirou, Head of South East Europe at Eunomia Research & Consulting

Presentation by Ing. Oliver Fenech, General Manager at PT Matic Environmental Services Ltd.

Presentation by the Eastern Regional Council Speech by Joe Attard, CEO of Green MT

Photography by Mark Pace

PwC Malta continues its growth and diversification by appointing two new directors and CTO

David Valenzia, Territory Senior Partner at PwC Malta, says: "I am very proud of these new appointments, which have taken effect on 1 July 2023. These appointments reflect the continuing diversification of our business, and the multidisciplinary nature of our offerings. ''

Pamela is leading PwC's Academy - the firm's external training offerings, covering learning and education (L&E) strategies, e-learn developments, training platforms and learning architecture and delivery of client specific training solutions. Pamela first joined the firm in 2004 as an audit associate and in 2007 moved into an internal role to assist in setting up the Human Capital function of PwC. In 2013, Pamela took over the responsibility for the strategy & business development aspect of PwC's Academy leading a team of learning professionals. She has a key role in driving the Academy as a leading training service provider in line with the national quality education standards and in line with digital education requirements for the 21st century. She has an active role in providing L&E consulting to clients, designing training curricula and scoping of courses, designing niche training products in line with Malta's skills gaps, meeting clients to analyse their training needs and to assist them in translating their needs into effective training programmes. She continues to be one of the firm's business skills trainers and has developed and delivered several training programmes to PwC's managerial team and to PwC's Academy external clients around the areas of learning, talent management, leadership and management skills, coaching, staff development & effective people communication.

Mark became part of the Assurance line of service at PwC Malta in 2003, gaining invaluable experience at PwC Jersey, London, and New York. He moved to the Advisory Deals practice in 2011 being specifically involved in Transaction Services, covering a range of areas such as due diligence, business valuations, impairment

assessments and feasibility studies amongst others. He has managed a series of Financial Due Diligence projects both locally and internationally operating at PwC London and Milan. Mark is presently responsible for the firm's Mergers and Acquisitions sector in Advisory. The importance of M&A has, for some time, been highlighted by clients, with PwC investing in further developing a target team, whilst also collaborating with the PwC Corporate Finance network globally. Graduated at the University of Malta, Mark is a Certified Public Accountant holding ACCA and MIA fellowships.

Etienne has over 15 years of IT management experience within the firm and is responsible for leading and driving PwC's Malta technology and information security strategy. Etienne joined PwC in 2002 after successfully completing his studies at the University of Malta and leads a team of technical experts in various environments. Over the years, he has been involved in the performance of systems and process controls reviews, including documenting and assessing controls over operations and management, application change control, computer operations, security administration, physical and logical security and disaster recovery planning for a number of clients. Etienne has also been responsible for providing outsourcing services for ICT infrastructure management and support to a number of clients in a range of industries.

PwC Malta continues to invest in differentiating capabilities that allow the firm to deliver on its purpose, to be a community of solvers coming together in unexpected ways and continuing to help organisations build trust and deliver sustained outcomes. These appointments demonstrate the plan for the sustainability of the firm, and reflect the opportunities that exist for all. MBR

Courtesy: PwC Malta

PwC Malta announced the firm's new appointments of Pamela Mamo and Mark Tabone as Directors within PwC's Academy and Advisory lines of service respectively, and Etienne Bonnici who has been appointed as Chief Technology Officer (CTO).

On Friday, 21st July, Deputy Prime Minister & Minister of Health, Hon. Chris Fearne, accompanied by Dr. Paula Vassallo – Director of Health Promotion and Disease Prevention, paid a visit to MAPFRE's offices in Floriana, as part of the ongoing outreach programme of the Ministry’s national mental health campaign, “Hu Hsieb”. During the visit, they were introduced to MAPFRE's positioning as a healthy company and its holistic approach to the well-being of its employees as individuals and professionals.

MAPFRE Middlesea CEO, Javier Moreno, highlighted, "At MAPFRE, people are our main value, and taking care of their physical and mental health, safety, and well-being is our priority." He emphasized that MAPFRE is dedicated to promoting a safe and healthy work environment and continually improving upon it, seeing it as a key element of competitiveness and essential for enhancing the company's productivity and sustainability.

Etienne Sciberras, MAPFRE MSV Life CEO, stated, "We truly believe we should provide a safe, healthy, and well-being-oriented work environment that enables all MAPFRE people to carry out their work in the best physical, mental, and social conditions."

Ines da Siva, Chief Officer for HR, shared insights into the Health and Wellbeing strategy that has been in development over the past years. She mentioned the implementation of a Mental Health and Well-Being policy, aimed at promoting well-being, safeguarding the mental well-being of employees, and addressing workplace factors that may negatively affect mental well-being. The policy also emphasizes providing a supportive working environment for

those experiencing or recovering from ill health and encouraging the employment of individuals with a history of health problems related to their mental well-being. The company recognizes that mental well-being issues in the workplace, particularly stress, are organizational issues that management has a responsibility to address.

As part of the Corporate Wellness initiatives, MAPFRE organizes a Health Week, a global initiative that takes place across all MAPFRE companies worldwide. This event is focused on raising awareness about employee health and environmental well-being, encouraging enthusiastic participation from staff members who engage in a variety of activities beyond their usual work routines.

Hon. Chris Fearne commended MAPFRE's dedication to employee well-being and environmental consciousness, stating that it serves as a testament to the company's vision of fostering a positive and impactful work culture. He believes that these activities will undoubtedly inspire other organizations to prioritize the health and happiness of their workforce.

MAPFRE's commitment to employee wellness and environmental consciousness aligns with the country's efforts to promote a healthy and thriving workforce. The visit by Hon. Chris Fearne and the esteemed delegation demonstrated the importance of fostering a corporate culture that prioritizes the physical, mental, and social well-being of employees. MAPFRE continues to set an example for other organizations to follow in promoting a healthy work environment and taking care of their most valuable assets –their employees. MBR

DEPUTY PRIME MINISTER & MINISTER OF HEALTH, HON. CHRIS FEARNE VISITS MAPFRE OFFICES TO LEARN ABOUT MAPFRE'S CORPORATE WELLNESS AND HEALTH STRATEGY

MAPFRE SURPASSES THE AVERAGE INSURANCE INDUSTRY SCORE ON THE FTSE4GOOD IN�EX AFTER IMPROVING ITS ESG PERFORMANCE

• The insurance company increases its score thanks to its best practices in good governance and social commitment to its providers.

• It has demanding social commitments like eliminating the gender pay gap and reaching 3.5% people with disabilities on its workforce.

• For 17 years, it has been part of one of the leading international barometers for measuring companies’ sustainability performance.

MAPFRE has once again been included in the Financial Times and Stock Exchange (FTSE) 4Good sustainability index, where it has obtained a score of 3.9, which is 8.3% higher than last year.

Its performance in this area is also among the best of all companies in the industry analyzed in the report, placing it in the 73rd percentile, thanks to its good corporate governance practices, such as risk management, its anti-corruption policy and fiscal transparency.

For the seventeenth consecutive year, it was thus included on one of the leading international barometers for measuring companies’ sustainability performance, recognizing the company's excellence in environmental, social, and corporate governance management. The index is aimed at investors whose goal is to ensure profitability and guarantee confidence in the companies in which they invest.

The companies that comprise this reference, listed by the FTSE Russell group, meet some very demanding social criteria related to good sustainability practices in areas such as job quality and their relationship with the value chain, two of the main lines of work in MAPFRE's current sustainability plan.

In this sense, the plan addresses demanding social commitments, such as eliminating the gender pay gap, reaching 3.5% people with disabilities on its workforce and approving 14,500 providers with sustainability criteria by 2024.

MAPFRE is present in Malta as MAPFRE Middlesea and MAPFRE MSV Life. MBR

UNLEASH YOUR INNER GOD

WITH ZEUS VS HADES – GODS OF WAR™

Witness an epic showdown between two mighty gods in this action-packed slot, featuring changeable volatility levels, multipliers up to 100x and a max win of 15,000x! Plus two thrilling bonus modes for players to choose from as Zeus and Hades battle it out for glorious rewards.

MBR: What is your experience in early childhood education and daycare management?

CC: For over six years, I have excelled in early childhood education and childcare management, serving as the sole director proficiently overseeing four childcare centers in Naxxar, San Gwann, Lija and Attard. My role involves supervising a dedicated team of over 60 employees, ensuring the delivery of top-notch care, and fostering a stimulating environment that nurtures the growth and development of young minds.

MBR: How do you ensure the safety of children in your care and what is the most significant challenges you face regarding this issue?

CC: Ensuring the safety of children in my care is of utmost priority. Rigorous safety protocols are implemented, including regular staff training on emergency procedures, child supervision, and maintaining secure entry and exit points. We conduct thorough background checks for all employees and enforce a strict child pick-up policy. Additionally, our facilities are equipped with child-proofing measures, and first aid resources are readily available. To further enhance safety, all rooms have CCTV surveillance, and in the baby room, we have implemented 3cm thick soft flooring to prevent any potential accidents. Moreover, all materials and resources used in our centers are EU certified and specifically designed for children under 3 years of age, ensuring their utmost safety and well-being. However, the most significant challenge remains maintaining constant vigilance, as children can be unpredictable. Balancing a nurturing environment with safety measures is crucial, and fostering a culture of open communication with parents and staff is essential to address any safety concerns promptly.

MBR: Describe your approach to creating a nurturing and inclusive environment for all children and briefly, can you provide an example of how you have handled a difficult situation with a parent or guardian?

CC: Creating a nurturing and inclusive environment for all children is at the core of my approach to early childhood education. We prioritize fostering a sense of belonging, respect, and empathy among the children. Our curriculum is designed to celebrate diversity and promote cultural awareness, ensuring each child feels valued and appreciated for their unique qualities. Additionally, we encourage

open communication and collaboration with parents or guardians, recognizing their vital role in a child's development.

In one of our centers, we have gone the extra mile to invest in a fully equipped sensory room. This special space offers a range of stimulating and calming experiences, catering to children with various sensory needs. By providing this inclusive facility, we aim to support children in their sensory exploration, enrich their development, and create an environment where every child's unique needs are understood and met. Through transparent communication and a shared commitment to the child's well-being, we successfully resolved the issue and strengthened the parent-teacher partnership.

MBR: You have recently attended the Malta Childcare & Early Childhood Education Conference and Awards 2023 organised by Dynamic Events Ltd. Can you briefly describe your participation, what categories you were nominated and your experience from this highly educational event?

CC: I recently had the privilege of attending the Malta Childcare & Early Childhood Education Conference and Awards 2023, organized by Dynamic Events Ltd. My participation in this highly educational event was truly enriching, providing valuable insights and networking opportunities within the childcare community. I was honored to be nominated in several categories, including Excellence in Supporting Community Efforts and Continuous Improvement of Childcare Practices. Two years ago, our center was recognized with this prestigious award, and in September 2022, I received the Best Businesswoman in the childcare sector accolade.

This year, on the 23rd of June, I was humbled and thrilled to accept the One and Only Prestigious Lifetime Achievement Award at the Malta Early Childhood Education Childcare Conference. This international recognition is a testament to our dedication and passion for providing exceptional care and education. The award celebrates the children attending our San Luigi Childcare Centres and extends gratitude to the supportive parents and childhood educators, highlighting their collective commitment to excellence in the field.

During the assessment process for the award, the judges visited our center and were deeply impressed with our exceptional setting and the way we engage with children. Their admiration further solidified the significance of the Lifetime Achievement Award, validating our unwavering commitment to maintaining high standards and positively impacting the children under our care. The event has motivated us even more to continue our mission of providing exceptional care and support for the children we serve.

MBR: What was your overall reaction, response and feedback after learning you had been voted as one of the merited winners and what categories did you win as the judges deserved winners?

CC: After learning that I had been voted as one of the merited winners at the Malta Childcare & Early Childhood Education Conference and Awards 2023, my initial reaction was one of immense joy and gratitude. Being recognized for my dedication and hard work in the childcare sector was truly a humbling experience. The news that I had won multiple categories, including the prestigious Lifetime Achievement Award, filled me with a sense of pride and validation for the efforts I have poured into providing exceptional care and support for the children.

In my response, I expressed heartfelt appreciation to the judges and the entire conference committee for acknowledging our center's commitment to excellence. Receiving such esteemed recognition further motivates me to continue striving for the highest standards in early childhood education and childcare management.

The feedback I received from the judges further confirmed the impact our center has on the children under our care. They commended the exceptional setting and the way we engage with the children, recognizing the positive influence we have on their development. Knowing that the judges considered us deserving winners in various categories reinforced my belief in the mission and values we uphold at our San Luigi Childcare Centres. It is an honour to be recognized among other esteemed professionals in the childcare community, and this experience has inspired us to continue our journey of providing nurturing, inclusive, and outstanding care for every child in our care. MBR

SAN LUIGI CHILDCARE CENTRE: QUALITY CARE FOR EVERY CHILD

Interview with Charmaine Caruana, Director, San Luigi Childcare Centre

EXCELLENCE IN DEVELOPMENT & IMPROVEMENT OF CHILDCARE KNOWLEDGE AND SKILLS

By George Carol

MBR: Describe your approach to creating a nurturing and inclusive environment for all children and briefly, can you provide an example of how you have handled a difficult situation with a parent or guardian?

DM: A nurturing environment is one that gives children the security and opportunity to discover themselves and their world. A difficult situation example: Biting.

The child is always removed from the situation or the activity and is always reminded that it is not acceptable. Calmly we state, “We don't bite our friends/others, biting hurts.”

The parents were first in denial, but then it started to happen frequently. A child psychotherapist was suggested. They are trained to help children understand feelings that are not possible to speak out loud. They do this through play, drawing and talking about events and experiences.

We worked hand in hand all together for the child’s benefit and the biting stopped.

MBR: You have recently attended the Malta Childcare & Early Childhood Education Conference and Awards 2023 organised by Dynamic Events Ltd. Can you briefly describe your participation, what categories you were nominated and your experience from this highly educational event?

DM: I was one of the keynote speakers, where I did the conference speech about “The Importance of Play within an Early Years Setting.” Our Award achievement in: ”Excellence in Development & Improvement of Childcare Knowledge & Skills”.

The award is something conferred as a reward for the merits one receives for excelling in this beloved profession. Having the award in our hands is a very happy and special moment. The team is the true winner. The amount of hard work and time commitment they dedicate towards their respective works is truly commendable!

MBR: What was your overall reaction, response and feedback after learning you had been voted as one of the merited winners and what categories did you win as the judges deserved winners?

DM: I could not believe it, especially since it happened right after Malta's Best-In-Business Awards 2023. It was a great honor for us to receive other awards with most of prestigious titles:

• Best Local Childcare Services of the Year

• Best Local Education Services of the Year

• Excellence in Development & Improvement of Childcare Knowledge & Skills and last but not least a personal one, which goes by the title of

• Business Leader of the Year

MBR: What strategies do you use to maintain open communication with parents and guardians about their child’s progress and wellbeing?

DM: Keep Parents Informed – To help open the lines of communication, parents should realistically be involved in everything their child is doing in the childcare.

Use Technology – Technology is continuing to grow and is a great way to keep parents informed. It allows you to get information out quickly via website, emails, what’s app, social media, and the centre app. It allows us to post projects done, upcoming due dates, reminders, events, extended learning opportunities, children learning outcomes etc.

Get Parents Involved – A great way for parents to get involved in their child's education is to give them the opportunity to attend small workshops with their children, upon days that are for example: childcare centre outing, Mother/ Father’s Day session and Parent’s Day/Evenings and Meetings.

The more a parent knows about what their child is learning, the more they can offer support.

MBR: What steps do you take to ensure that your daycare centre meets state licensing requirements and regulations?

DM: Childcare licensing is a process where state and territory governments set minimum health and safety requirements that childcare programs must meet to legally operate. Our centre follows all the National Standards for Early Childhood Education and Care Services (0-3 Years) daily so that temporary license is extended upon each unannounced visit from Directorate for Quality and Standards in Education DQSE which ensures effective quality assurance. MBR

To help open the lines of communication, parents should realistically be involved in everything their child is doing in the childcare.

We catch up with Donha Muscat, Director of St. Paul's Childcare and Pre-Learning Centre Limited

A high Level of Satisfaction & Responsibility

By George Carol

Interview with Christine Camilleri, Director of Quaddies Childcare Centre

MBR: What is your experience in early childhood education and daycare management?

CC: Our first childcare centre was opened in 2018 (Bambinella Childcare) and we have been offering high quality professional childcare services since then. We have recently opened our second centre at the Quad Central in Mriehel – Quaddies Childcare and we are extremely happy with the response received from our service users.

Childcare is an area which carries a very high level of responsibility as well as a high level of satisfaction, and we carry this function with great responsibility. Seeing parents who make use of our service happy with the service offered is what makes our day! We take care and love the children who attend at our centres as if they were our own, and this care and dedication is reflected in the work we do.

MBR: How do you ensure the safety of children in your care and what is the most significant challenges you face regarding this issue?

CC: We work with strict ratios whereby every educator has a limited number of children under her direct care. We ensure that children are never left unattended, even if for a few seconds. Children at this age are very vulnerable and need to be attended to all the time.

MBR: Describe your approach to creating a nurturing and inclusive environment for all children and briefly, can you provide an example of how you have handled a difficult situation with a parent or guardian?

CC: Our childcare centres are inclusive and multicultural. We have children from all areas of the world, and it is amazing how children play together without any prejudice or concern. We are all the same and enjoy our time together, although we may have different backgrounds, cultures, colour, or beliefs. This is an excellent start to our children since they will become accustomed to living in an inclusive environment,

MBR: You have recently attended the Malta Childcare & Early Childhood Education Conference and Awards 2023 organised by Dynamic Events Ltd. Can you briefly describe your participation, what categories you were nominated and your experience from this highly educational event?

CC: We have been honoured in this year’s Malta Childcare & Early Childhood Education Conference and Awards 2023 organised by Dynamic Events Ltd. Both our centres have received an Award recognising our hard work and dedication.

MBR: What was your overall reaction, response, and feedback after learning you had been voted as one of the merited winners and what categories did you win as the judges deserved winners?

CC: We were delighted to learn that both our childcare centres have been nominated for this year’s awards. Bambinella Childcare has been awarded for Excellence in Community Engagement or Social Partnership Award, whilst the newly opened Quaddies Childcare has been awarded Best Educational, Practical and Friendly Ambience Childcare Development Centre.

MBR: What strategies do you use to maintain open communication with parents and guardians about their child’s progress and wellbeing?

CC: We make it a point to keep an open communication channel with parents, since it is of utmost importance for them to know how their child is doing during the time they are at our centres. To help us achieve this, we use a parent communication app, which is installed on the parents’ mobile phones, and they are constantly in receipt of updates about their child’s behaviour, participation and eating patterns during the day. This app is truly an amazing tool since it helps parents know how their child is doing and helps to build trust between the parents and the educators.

MBR: What steps do you take to ensure that your daycare centre meets state licensing requirements and regulations?

CC: Our aim as a childcare facility is to provide and maintain a high level of childcare in compliance with the National Standards for Early Childhood Education and Care (0-3 years - 2021). We follow these strict guidelines to ensure the best possible care is given to our children at all times. MBR

Childcare is an area which carries a very high level of responsibility as well as a high level of satisfaction, and we carry this function with great responsibility.

Christine Camilleri (right) accepting the award for Best Educational, Practical & Friendly Ambience Childcare Development Centre from judge Diana Busutill (left)

Providing a first-class solution to the market

By George Carol

MBR: What can you tell us about Fastex ecosystem, and why has the Fastex Chain come as a new and one-of-akind blockchain platform that brings a new way of business development and revenue growth in blockchain?

ACU: Fastex is a complete ecosystem that includes its own coin FTN, Fastex Exchange, Bahamut (Fastex Chain), NFT Marketplace, the metaverse environment Fastex Verse, Fastex Pay and the one-of-a-kind art project Akneye.

Generally, any blockchain has a consensus mechanism, like POS in Etherium, Fastex Chain went further, offering a completely new consensus mechanism called PoSA - Proof of Stake and Activity. The new variation of the proof-of-stake consensus involves considering the users’ activity with a smart contract in addition to the stake whenever considering the chance to become a block validator. The activity parameter refers to the total amount of interactions the smart contract receives from a user (or a blockchain address) in each time period.

MBR: When was Fastex launched, how does Fastex operate, and what can you tell us about its ecosystem as a whole?

ACU: Well, Fastex is a relatively new Web3-driven solutions ecosystem that has a wide product range, including its native coin Fasttoken, which started its development process in 2017 with several sale phases starting in 2022.

Fastex currently has a network of over 7000 users and more than 500 partners. It aims to provide effective solutions for businesses and communities and make Web 3.0 technologies more accessible.

MBR: How does Fastex Chain enable developers, builders, and businesses to build and scale decentralized applications, earn and maximize profits?

ACU: Fastex Chain (Bahamut) is a public, Proof of Stake-based, Ethereum Virtual Machine (EVM) compatible blockchain that will host all our decentralized applications and allow smart contract development for end-users. It enables building scalable decentralized applications (DApps) while opening up new opportunities through its high-performance infrastructure, developer tools, and incentivization mechanisms. It offers fast and secure transactions, smart contract support, and decentralized data storage. Users can earn rewards by staking, validating transactions, and contributing to the network's security.

MBR: Why is the Fastex platform simple and profitable for diverse businesses?

ACU: The Fasttoken ecosystem allows everyday users to reap the benefits of blockchain technologies and cryptocurrencies by taking active participation in this newly emerging industry and utilizing those in their everyday lives and activities. With the help of FTN and underlying infrastructure, users will be able to buy, sell, and trade cryptocurrencies, use those as a means of payment in various stores, purchase and sell NFTs, and make calculated investments for the future. We put the convenience of our community first and provide the smoothest and fastest navigation and the most convenient conditions for users within our platform.

MBR: What does it mean for the company to strengthen its position in the country, and how can it affect the local community?

ACU: SoftConstruct has had a presence in Malta for several years now following our successful application of both B2B &

B2C licenses with the MGA. Malta is a strategic location for SoftConstruct, with most of our partners located within walking distance from our offices in Saint Julians. This year we have several ideas for how we can contribute to the local community, many of these being CSR activities to really help the community.

MBR: What is your viewpoint regarding the future of Regulated Markets – perhaps you can speak about the licenses you have, your plans and how you are positioned to tackle the future with this strategy?

ACU: The recently obtained Danish licence gives the company new perspectives of becoming a leading force within the Danish gambling space. The market presents a whole range of new opportunities for SoftConstruct to expand its global footprint, moreover, we are confident that our products and services can offer new innovative solutions to both existing operators and future partners across all possible verticals.

MBR: Can you describe what Sportsbook & Feedconstruct in general terms and why are you also one of the main players in the feed and sports betting world by providing this platform?

ACU: SoftConstruct’s Sportsbook & FeedConstruct platforms complement each other perfectly, giving our partners the flexibility and the power to launch a complete sports betting solution which can cater for all our existing and future partners’ different requirements. We are considered one of the main players in this field because of our vast experience amassed throughout the years and also because we provide over 90,000 live matches and over 150,000 pre-match odds. Features such as Bet Builder, Live Scouting Data, Stats Widget etc. complete our offering in this field, providing a first-class solution to the market.

MBR: What does Softconstruct pay the most attention to when it operates in the European market?

ACU: SoftConstruct’s strategy when targeting the European market is to first identify which of these markets are regulated and then listen to our partners and their requirements.

MBR: What trends in the iGaming industry can you forecast for 2023?

ACU: Some of the trends in the iGaming industry for 2023 include the rise in popularity of operators launching their own Crypto friendly solutions. This is something that, for us here at SoftConstruct, is extremely important after the launch of the Fastex ecosystem earlier this year, giving our partners the full range of products and services needed to be successful in this space. MBR

Fastex currently has a network of over 7000 users and more than 500 partners. It aims to provide effective solutions for businesses and communities and make Web 3.0 technologies more accessible.

ESG (Environmental, Social, and Governance) is very much in the news, and only recently has this become a go-to measure with businesses realizing its importance. However, my suggestion for businesses is not only to focus and be overwhelmed on its implementation from a compliance perspective but leverage its compliance requirement as an opportunity to strengthen the overall company fundamentals. They must go the extra mile to use this as a business sustainability tool, with an eye on improving governance and processes along with shoring up efficiencies for a financial uptake. They need to look at the significant financial windfalls from its implementation, which can result in a great bonus for business prospects. In reality, only few look at the underlying opportunities that an ESG Framework implementation can bring along. If not all, many can lift their bottom lines with certain aspects of ESG, provided it is holistically implemented. Especially for medium to large companies, both in terms of cost savings, effective compliances, strengthening of process leading to efficiencies and new profit avenues.

An ESG framework directly impacts the overall company ecosystem where social responsibility and cultural change put the onus on people to respect governance across all aspects of responsible spending behaviour, respect for rules and laws and above all, heightened social and environmental awareness.

Coming to financial windfalls, firstly, ESG compliance results in reduced costs from utilities to general spending, where behavioural elements kick in to bring responsible spending in areas such as

ESG is a Business Sustainability Tool, Not Only a Compliance Framework

By Tariq Chauhan

energy consumption, waste management, and resource usage. For example, implementing energy-efficient systems can reduce energy consumption and costs, while sustainable packaging practices can help reduce wastage. Today, waste management serves multifaceted recycling services to augment revenues.

Additionally, ESG compliance can also help companies attract socially aware investors and customers who are increasingly conscious of the environmental and social impact of their purchases. This can lead to increased revenue and higher valuations.

Furthermore, ESG compliance shall help improve regulatory compliance and reduce fines and legal disputes. Companies through this compliance, shall also ring-fence their legal and reputational risks, including costs in complying with environmental and social regulations.

In summary, ESG compliance offers significant financial and reputational benefits for medium-sized companies. By adopting sustainable practices, companies can reduce costs, attract conscious customers and investors, and avoid noncompliance expenses and risks. MBR

Source: LinkedIn

Co Founder, Group CEO EFS Group & Author, Getting to Resilient Mode

Conducting a Business Risk Assessment within the iGaming industry

Article by John Caruana, Compliance Director, Radix Compliance Ltd.

The Business Risk Assessment (BRA) holds significant importance within the iGaming industry's Anti-Money Laundering framework. This assessment is conducted either internally by an AML specialist or outsourced to an external consultant. Its primary focus is to identify and evaluate the risks of Money Laundering and Funding of Terrorism associated with the daily activities of a gaming entity.

The lack of a robust business risk assessment has been frequently associated with administrative penalties issued by the Financial Intelligence Analysis Unit (FIAU). A gaming entity without a BRA may indicate a lack of awareness regarding its exposure to risks and the necessary mitigation measures required to address them.

Conducting a Business Risk Assessment requires expertise in AML practices and the assessment process itself. The assessment should provide a comprehensive description of the gaming entity's activities, along with a brief overview of its ownership structure. Throughout the BRA, references to the National Risk Assessment, Supra National Risk Assessment, FIAU and MGA guidance notes, AML Regulations, and implementing procedures are essential.

Statistical data pertaining to players within the gaming company should also be included in the BRA. This data encompasses the number of players, their overall risk classification, identification of Politically Exposed Persons (PEPs), the specific games they engage in, the level of risk associated with their channels (including technology-driven identity verification), and their jurisdictional exposures. A description of the gaming company’s customer risk assessment (Risk model) should also be included.

By analysing the statistical data, the likelihood of potential scenarios occurring can be determined, along with their corresponding impact. The combination of impact and likelihood is known as the "inherent risk." One common weakness in BRAs is the absence of a

It is a legal requirement that the BRA be conducted at least annually, with the possibility of additional assessments triggered by changes in company conditions or risks, such as the introduction of new product types.

mitigation level test, which assesses the effectiveness of mitigation measures implemented by the company. The difference between inherent risk and mitigation level yields the residual risk associated with each scenario.

All potential scenarios, along with their likelihood, impact, inherent risk, and residual risk, should be documented in the BRA. By analysing the average values of these factors, the average inherent and residual risks of the business in terms of Money Laundering and Funding of Terrorism can be established. It is a legal requirement that the BRA be conducted at least annually, with the possibility of additional assessments triggered by changes in company conditions or risks, such as the introduction of new product types.

For professional guidance on conducting a Business Risk Assessment in compliance with regulations, Radix Compliance can be contacted at info@radixmalta.com. MBR

Trends in the online gambling industry

New data from Generation, the global employment nonprofit, reveals that organizations must radically rethink hiring practices for entry-level tech talent – and lays out first steps to take.

A number of companies have already broken the mold and removed degree or work requirements over the past three years, and they are reaping the benefits.

Nearly 60% of organizations that eliminated these requirements saw an increase in the number of applicants, allowing them to hire more people more quickly, and tapping into new candidate pools that can fuel talent diversity. Better still, they saw little trade-off in terms of performance once candidates were in the job—with 84% of companies saying that people they hired without degree or education requirements performed the same or better than people hired using traditional methods.

These findings come from Launching a Tech Hiring Revolution, a study of thousands of employers, entry-level tech employees, and jobseekers, spanning eight countries: Brazil, Canada, France, Germany, India, Mexico, the UK, and the US. The research was supported by The Hg Foundation as well as Bank of America, Clayton, Dubilier & Rice, and MetLife Foundation.

Globally, 86% of surveyed employers say they are hiring for entrylevel tech roles. Organizations across various sectors, including banking, manufacturing, and retail, all have tech needs, forcing them to compete for talent. And they are struggling, with 62% of employers saying that entry-level tech recruitment processes need to change.

True entry-level tech jobs have disappeared, with 94% of employers saying their hiring requirements for "entry-level" tech roles include prior work experience in a related field.

But despite the continued rhetoric around skills-based hiring, nearly two-thirds of employers globally (61%) added education or work requirements over the past three years for entry-level tech roles. And not just technical skills, as 40% increased behavioral skill requirements as well.

As those employers that defied that trend have shown, shifting hiring to focus on skills rather than degrees is a way to access new talent pools. Focusing on skills-based techniques was a key part of employer success for the group that removed requirements, with tech industry certifications playing an important role. However, while certifications served as a hiring process equalizer across ethnicities, gender bias persisted. Men without certifications received more job offers per interview than women with certifications.

HOW EMPLOYERS MUST ADAPT HIRING PRACTICES TO ATTRACT ENTRY-LEVEL TECH TALENT

Despite rhetoric around skills-based hiring, 61% of employers added work or education screening requirements for entry-level hires over the past three years. Companies that removed degree or work requirements see a significant increase in number of applicants and comparable on-thejob performance.

Even though employers are strongly motivated to expand entrylevel tech pipelines, those that are struggling to change cite tight budgets and a lack of executive support as tough obstacles. The report concludes there are four ingredients to unlocking the needed shift, including:

• Expand applicant pools by removing work experience and degree requirements, and instead prioritizing certifications and other skills indicators.

• During the hiring process, use technical assessments to ensure that applicants have the necessary skills for the job.

• Throughout, pay attention to both behavioral and technical skills.

• Rethink hiring teams to reduce tacit bias and increase talent diversity.

To continue to explore the possibilities of a skills-based approach, Generation will assemble a coalition of global employers that want to make the kinds of changes the research calls for and share results publicly to create durable solutions that can be applied across sectors and around the globe.

Mona Mourshed, founding global CEO of Generation said:

"The first rung of the tech job ladder is broken. Every day, at Generation, we sit at the intersection of thousands of employers and learners, and we see the friction in the hiring process that makes it hard for talented people, who come from backgrounds that have been historically overlooked, to get in the door. That's why we undertook this research to help employers and society unclog that vital entry-level tech pipeline. The next step is to go deeper in exploring what works, and I'm excited to partner with a coalition of global employers that are committed to opening up opportunity in tech to more people."

Martina Sanow, Trustee of The Hg Foundation, a grant-giving charity with a focus on removing barriers to education and skills in technology, and Partner at Hg said:

"Those from diverse backgrounds and who haven't followed traditional pathways represent a huge pool of potential talent for the tech sector. This landmark research represents a step change in our understanding of the global entry-level talent market and where the challenges and opportunities lie. The next crucial step is to build on the report's recommendations and to trial with employers innovative recruitment approaches that harness the abilities of under-served groups." MBR

SOURCE Generation

TradeMalta launches HSBCbacked Go Global programme

By Special Correspondent

TradeMalta, in partnership with HSBC, is pleased to announce the launch of its annual Go Global: Internationalisation and Export Management programme. It is designed to assist Malta-based businesses to develop the right skills and competences to grow their business internationally.The 10week intensive training programme, commencing on 4th October 2023, aims to bring fresh and innovative perspectives to novice exporters across Malta and Gozo.

Go Global covers a range of topics, including internationalisation opportunities and risks, international market research, legal issues, and the role of technology in internationalisation. It also includes sessions on networking, relationship management, financing international growth, creativity and innovation management, and using social media for international business.

The programme, which will run on a weekly basis, ending on 6 December 2023, is aimed at novice exporters, export department managers, and business development managers, providing them with comprehensive insights into the intricacies of international business.

The programme is a testament to TradeMalta's commitment to aid companies in taking their first steps into the world of internationalisation. This is made possible through the support of HSBC Malta, which backs TradeMalta in its mission to propel local businesses onto the global stage.

"We are excited to continue our mission to help Malta-based companies succeed internationally with this year's Go Global programme," said Anton Buttigieg, CEO of TradeMalta. "We believe

that through this comprehensive training, business leaders can effectively navigate their internationalisation journeys and create sustainable growth for their businesses."

"The Go Global programme aligns perfectly with our goal at HSBC to facilitate local businesses' growth beyond our borders. We're proud to once again collaborate with TradeMalta on this initiative, offering our financial support and expertise," said Joyce Grech, Head of Commercial Banking HSBC Bank Malta p.l.c.

Interested businesses are urged to apply for this year's edition as soon as possible by following this link:

https://www.trademalta.org/export-assistance/go-globaltraining/#tabs|Name:Applications-2022 or by contacting Richard Scerri on richard.scerri@trademalta.org or sending an email to info@trademalta.org MBR

Credit: TradeMalta

The Go Global programme aligns perfectly with our goal at HSBC to facilitate local businesses' growth beyond our borders.

MAPFRE MSV Life Launches Limited

Time Special Offer on Unit Linked Personal Pension Plans

MAPFRE MSV Life p.l.c. (MMSV), a leading insurance company, is pleased to announce a limited time offer on all new Unit Linked Personal Pension Plans issued between June 23rd and September 30th, 2023. During this promotional period, MMSV will be adding a €175 Top Up to the new Unit Linked Personal Pension Plan when the policy is set up, and the first premium paid by the client is allocated.

The MAPFRE MSV Life Personal Pension Plans are qualifying schemes that enable customers to benefit from tax credits offered by the government, subject to eligibility. In 2023, the tax credit stands at 25% applicable to a maximum contribution of €3,000, resulting in a maximum tax credit of €750 per person.

One of the appealing features of MAPFRE MSV Life Unit Linked Personal Pension Plans is the opportunity for clients to link their pension savings to Lifestyle Funds. Lifestyle Funds, also known as Target Funds, provide a vehicle for investing funds towards a specific retirement goal. These funds offer a combination of conservative, moderate, or aggressive risk allocations based on the saver's stage of life. As the retirement age (Target Date) approaches, the Lifestyle Fund will automatically shift to a more conservative mix of assets under the guidance of the fund manager, without requiring intervention from the investors.

Michael Galea, Chief Business Development Officer of MAPFRE MSV Life, emphasized the importance of saving for retirement and the benefits of the Personal Pension Plans. "Through our special offer, we aim to encourage people to start saving now for the crucial life goal of building adequate savings to support their lifestyle during retirement. Our Personal Pension Plans help individuals accumulate a sum of money that will provide a tax-

free cash lump sum upon retirement, as well as a regular pension income to supplement the State Pension."

Galea further explained that upon accessing a Personal Pension Plan, as per current rules, individuals can withdraw up to 30% of the plan value as a tax-free lump sum, with the remaining balance generating income during retirement.

MAPFRE MSV Life places great importance on offering pension savers the option to invest in a well-diversified mix of major asset classes. Future pension adequacy is not solely based on saving enough, but also saving wisely. "We believe that the MAPFRE MSV Life Personal Pension Plans are ideal to help people save effectively towards their retirement while benefiting from the tax incentives provided by the government," concluded Mr. Galea.

Don't miss out on this limited time offer from MAPFRE MSV Life. Start planning for a better quality of life in retirement by taking advantage of the special promotion on Unit Linked Personal Pension Plans. For more information, please visit www.mapfre. com.mt or contact any of our authorised intermediaries.

If you stop paying your plan before the chosen retirement date, you may not get back as much as you invested. If you invest in this product, you will not have access to your money before the retirement date. The income you get from this investment may go down as well as up. Tax treatment depends on the individual circumstances. Tax legislation and the amount of rebate may change in the future.

MAPFRE MSV Life p.l.c. (C-15722) is authorised by the Malta Financial Services Authority (MFSA) to carry on long term business under the Insurance Business Act. MAPFRE MSV Life p.l.c. is regulated by the MFSA. MBR

Amid the commotion, Europe gives nature a chance

By Jorge Liboreiro

The Nature Restoration Law has pulled through. The future of the draft legislation, which sets binding targets to repair the European Union’s degraded habitats, had for weeks been the subject of feverish speculation, with journalists and experts making bets on whether it would survive or be killed off right in the middle of the hemicycle.

The extreme uncertainty stemmed from an unheard-of opposition campaign launched by right-wing parties, particularly by the European People’s Party (EPP), the parliament’s largest formation.

The EPP has spent the last few months attacking the Nature Restoration Law with a relentless intensity, warning it would devastate the traditional livelihoods of farmers, decrease food production, push prices up for consumers and prevent the deployment of renewable energy.

The claims, which have been widely debunked by environmental NGOs, climate scientists, the wind energy industry and big companies like Nestlé and Danone, took a surprising turn last week with a bizarre-looking tweet that said the legislation would “kick Santa out of his house” by turning the “entire city” of Rovaniemi, Finland, into a forest.

“Withdraw the Nature Restoration bill!” it said.

The EPP’s antagonistic behaviour, more akin to hate-tweeting than policy-making, was met with fierce contestation from leftwing parties, which accused the group led by Manfred Weber of cosying up to the far right and adopting a climate-sceptic stance in the run-up to the European elections, scheduled for June next year. The furious conservative backlash has been linked to the emergence of BBB, an agrarian party that has disrupted Dutch politics with an agenda that defies the European Green Deal.

This profound chasm was vividly exposed on Wednesday, when MEPs gathered in the packed halls of Strasbourg to take a vote on the Nature Restoration Law and express, once and for all, their collective opinion on the contested text.

In the end, 336 lawmakers voted in favour of the amended law and 300 against, with 13 abstentions in between.

The tally prompted loud applause from progressives, some of whom were wearing “restore nature” t-shirts, and a sigh of relief

from the European Commission, which had struggled to neutralise the EPP’s no-hold-barred narrative.

“Let's talk about the content,” said a visibly happy Frans Timmermans, the European Commission’s executive vicepresident in charge of the Green Deal. “I offer my open hand to the EPP to find compromises that would be agreeable to them as well.”

Meanwhile, in the conservative camp, a reckoning was unravelling. The parliament’s record showed that 21 EPP members, such as Ireland’s Frances Fitzgerald, Finland’s Sirpa Pietikäinen and Czech Republic’s Stanislav Polčák, had defied Manfred Weber’s leadership and voted in favour of the demonised law – a smallsized rebellion that this time felt colossal.

“I fully respect the individual colleagues who have their own opinion,” Weber said in a press conference. “I’m a true parliamentarian.”

The humbling was evident. Weber and his right-hand Esther de Lange spoke of a law that was now “much more workable” due to its watered-down provisions and the inclusion of an “emergency brake” that would suspend its application if food prices increase. They also confirmed that, after weeks of filibustering, the EPP would return to the negotiating table to finalise the file.

“We have fought for our convictions and we came very close,” Weber said.

Then, in what appeared to be an unintentionally ironic remark, the EPP leader decried the “highly politicised and highly polarised” debate surrounding the Nature Restoration Law. “We can only be successful on the Green Deal if we unify,” he added.

It's in the numbers

The European Union’s population grew in 2022 for the first time in three years: there were 448.4 million people living in the bloc on 1 January 2023, up from 446.7 million a year earlier, according to new data by Eurostat. The uptick in population can be attributed to increased migration following the COVID-19 pandemic and the influx of people fleeing the Ukraine war. MBR

Credit: Euronews

THIS COUNTRY HAS THE BEST CYBER SECURITY FOR YOUR BUSINESS

Recent research has shown that 68% of high-revenue growth companies have embraced a hybrid model worldwide. With businesses enjoying remote or hybrid working, benefits including reduced maintenance costs, improved flexibility and extended talent pool, cyber security awareness has become more critical than ever.

With this in mind, Indusface is intrigued to find out the most secure countries for businesses to allow their employees to work from, by creating an index score based on cybersecurity data including DDOS attacks, phishing sites, Malware hosting sites and compromised computers. Venky Sundar, Founder and President of Indusface also provided six tips for small businesses on ensuring cyber security.

Key Findings:

• Finland and Belgium are named the most cyber secure European countries for business to allow their employees to work from, with the cyber security index score of 82.45 out of 100.

• Austria ranks third with an index score of 80.59 and the lowest number of both malware hosting sites and phishing sites in the top 10 European countries.

• The least cyber secure country is Bulgaria with an index score of 51.92/100.

• Venky Sundar, Founder and President of Indusface provides 6 top tips for cyber security when working remotely.

Indusface found out that Finland and Belgium share the title of the most secure European countries for businesses to allow employees to remotely work from, each with a cyber security score of 82.45 out of 100.

Finland has received the second lowest number of DDOS attacks (79) during 2015 to 2021, only 29 attacks higher than France who

has the lowest among the top 10 European countries. This is an important factor for businesses to consider as successful DDOS attacks could block your business sites and bring down all servers and connections you depend on.

Contributing to Belgium’s top ranking is that it has the lowest number of compromised computers per 100,000 internet users (11) in the country. Computers that have been infected with the Gamarue botnet open doors to hackers and make it easier for them to take control of your business data and devices. Belgium also has the joint second lowest malware hosting sites among all top 10 European countries, with an average of 390 sites per 100,000 urls.

Ranking third as the most cyber-secure European country is Austria with an overall cyber security index score of 80.59/100. Boasting the lowest number of both malware hosting sites (34) and phishing sites (260) per 100,000 urls, the country owns less sites that could trick you or contain malware, making businesses less worried about sensitive information being stolen.

In fourth place is Switzerland with a cyber secure index score of 78.09/100. Sweden and Greece rank joint fifth place with a score of 76.31/100.

Full data including all countries can be found here: https:// rebootonline-my.sharepoint.com/:x:/p/ting/EWFRRb_ BS4ZKohDvdZc0feQBXEFuWLdS_BAke4s7m2nxDA?rtime=Cw0qSiM20g

Serbia owns one of the highest number of compromised computers per 100,000 internet users (1,467) which leads to its low cyber security score of 53.83 - ranking as the second least cybersecure European country.

Please find the full data including all countries here. Please find images for editorial use here.

Top 10 most cyber secure European countries to work from

* Total DDOS Attacks were counted between 2015 to 2021.

**Compromised computers = have been infected with the Gamarue botnetPlease see full methodology below

Venky Sundar, Founder and President of Indusface comments on working remotely across the world:

“Attracting top talent through remote work can revolutionise your business. However, it also leaves your sensitive data and assets vulnerable to hackers. Therefore, it is important to be prepared to address remote work security risks. There are a few points when recruiting talents globally:

“Firstly, you could consider which countries are least targeted by hackers and least risk to your cyber security.

“Secondly, look at regulations that govern data security. For example, GDPR is probably the gold standard when it comes to data security.

“Thirdly, research law enforcement. This indicates how quickly people will be punished when committing cybercrime.

“Fourthly, get to know the government grants. Cybersecurity grants are provided to SMBs who tend to be more susceptible to attacks.

“Fifthly, the level of cybersecurity awareness in the generation also affects how likely hackers would commit cyber crimes.”

Venky Sundar, Founder and President of Indusface provides six top tips for businesses who apply remote or hybrid working:

“There is no one way to secure remote working but instead you should make remote work access security an integral part of your employee’s ongoing training and workplace culture. Here are eight best practices for secure remote working within your business:

1. Create strong authentication It starts by identifying the remote worker

before a worker can access corporate data and assets. From this, you can build audit trails of the actions against the identity.

2. Update your systems and encrypt your devices

Outdated technology could open doors to hackers with credential information like credit cards being stolen. Cases like this will have a fatal hit on your business’s reputation as well as cyber security. It is highly recommended that all your devices be updated and encrypted with SSL certificates.

3. Conquer internal security risks

Working habits could lead to malware or ransomware attacks that could put your company and your clients at risk. We really recommend hosting full employee training on cyber security and making it fun. You could get your team engaged in the training by setting up phishing email simulators so they could see the potential dangers in action.

4. Avoid weak or duplicate passwords

Many businesses share duplicate passwords for multiple accounts. Research shows hackers rely on weak passwords when brute forcing PoS terminals. Use an automatic password generator to create safe and secure passwords companywide.

5. Only upload files to secure systems

Hackers could upload their own files with malicious code that can be executed directly on your server. Therefore, it is important to avoid storing data in unencrypted storage, leaving data on devices without password protection, and attaching sensitive information directly into an email.

6. Secure web application security

Using a combination of open-source CMS and cloud-based apps increases your remote work risks. It should be considered

as part of your security policy to approve web app purchases and free downloads. We kindly ask that if you use this data you include a link to https://www.indusface. com/, as a linked credit allows us to keep supplying you with data you might find useful. A linked credit allows us to keep supplying you with future content that you may find useful.

Methodology

1. Indusface conducted the following research analysing historical cyber attack data per country to find the most secure countries to work from.

2. Firstly, detected cyber attacks between 2015-2021 were sourced from the Digital Attack Map. The dataset was subsequently cleaned and aggregated by country to find the total number of attacks and the distribution of attacks by attack type.

3. Then, Python data mining tools were used to extract cybersecurity statistics from over 90 Microsoft Security Intelligence reports (2017) resulting in a comprehensive dataset containing the number of phishing sites, malware hosting sites, compromised computers (part of gamarue botnet).

4. Phishing sites and malware hosting sites data collected above was presented on a per 100,000 urls basis, and compromised computers and DDOS attacks were presented per 100,000 internet users.

5. An index score of cyber security score was then computed taking into account the above four factors to assess the favorability of each country as a workation destination.

6. The data was collected in June 2023 and is correct as of then. MBR

Courtesy: Ting | Journalistic.org / https:// www.indusface.com/

Attracting top talent through remote work can revolutionise your business. However, it also leaves your sensitive data and assets vulnerable to hackers.

Artist and illustrator Zack Ritchie has just announced a partnership which is the first of its kind for Malta; a series of contemporary art installations will take permanent residence within the Mercury Towers district of St Julians, which is where he calls home. While details of the creative vision are yet to be released, Zack explains that he aims to enrich the area while making Malta’s heritage more inclusive. His installations promise to help reinvigorate Malta’s cultural heritage.

Through a re-interpretation of traditional cultural icons, Zack and his talented team have come together to create an expression which reflects the visionary approach of the late Zaha Hadid, the global contemporary architect who designed Mercury Towers.

The installations complement and adhere to the landscape scheme of a development of this calibre. By leveraging their creative vision and expertise, the team aspires to elevate urban spaces into dynamic, creative ecologies which provoke thought and inspire a sense of place.

This collaboration aims to transcend boundaries, bridging the past and the future through artistic expressions. The collaboration invites people from all walks of life to engage with their surroundings and become active participants in the cultural transformation of our community.

About Zack Ritchie

Zack Ritchie, a talented 31-year-old illustrator from Malta, has emerged as a notable creative force in the artistic realm. Zack's artistic style is deeply influenced by his child-like approach, with a strong affinity for cartoons that left an indelible mark on his formative years.

The whimsical nature and boundless imagination of cartoons not only brought a smile to his face but also ignited a sense of possibility and positivity within him. Inspired by this, Zack aims to infuse his own work with

AN ODE TO CONTEMPORARY ART & DESIGN: Artist and illustrator Zack Ritchie announces partnership with Mercury Towers

the same joy and inspiration that cartoons imparted to him, creating art that resonates with audiences on a profound level.

Zack’s goal is to capture a new and contemporary view on Malta's Heritage through characters. He is mostly known for exploring the world through the eyes of his cactus character called Beppe. Bep has allowed him to explore styles, materials, narratives and lead him into web3 founding CactiCrew and NFT Club.

For more information about the artist, visit his official site: https:// www.zackritchie.com/

About Mercury Towers

Mercury Towers aspires to create new cultural hub that epitomizes vibrant downtown living. Comprising Malta's tallest residential tower, the luxury ME Hotel by Meliá and a new quarter of retail, public spaces, restaurants, bars, cafes and entertainment, Mercury Towers is an unforgettable farewell from one of the world’s most exceptional architects. The central structure, Mercury Tower soars spectacularly to 33 floors. Notable for a number of reasons, it is one of Zaha Hadid’s last designs before her untimely passing in 2016 and its breathtaking twist mid-way is a work of true architectural genius.

Underpinned by a commitment to art, design and innovation

Mercury Towers has curated the perfect collection of places to shop: from a luxury multi-brand store to lifestyle fashion and global designers.

Through a selection of the international and specially created restaurants, bistro and cafes, Mercury Towers is set to become a new food and drink destination. A diverse culinary culture responds to the growing appetite for delicious and delectable food. Entertainment at Mercury towers reigns supreme at Mercury Towers: whether you ask a thrilling new experience or some wholesome family fun, there is something for everyone at Mercury Towers. MBR

Zack Ritchie, artist and illustrator

Introducing Barlowes A GATEWAY TO PREMIUM FASHION IN THE HEART OF ST JULIANS

Mercury Towers by Zaha Hadid Architects and Scale Limited are excited to announce the upcoming launch of Barlowes, a transformational fashion retail experience in the new, and unique shopping district opening its doors at Mercury in September.

Operated by Scale Ltd, Barlowes, is a joint venture between Bluerock, and Bortex - two Malta-based retail market leaders, in the premium to luxury segment. Their combined portfolio includes over 180 brands, across 5 markets and 40 stores. Barlowes is set to revolutionise the local retail landscape with a distinctive and carefully curated luxury lifestyle concept for both men and women – the first of its kind in Malta.

Spanning over 1,820 square meters, Barlowes will be Malta's largest shop-in-shop concept, meeting the growing demand for more choice, more quality, and more diversity in the premium to attainable luxury segment. The brand selection has been meticulously curated to cater to a contemporary clientele, featuring the timeless elegance of Ralph Lauren, the sophisticated allure of Weekend Max Mara and the Parisian flair of Sandro and Maje. Perennial favourites Gagliardi and Michael Kors will feature alongside the British sophistication of Hackett, Paul Smith, and Barbour. Whether it is the adventurous spirit with Fjall Raven or the edgy, urban gentleman with Emporio Armani and Diesel or even the luxury resort customer with Vilebrequin and MC2 St Barth, Barlowes will cater to a discerning clientele from all walks of life.

With floor-to-ceiling windows overlooking Triq San Gorg, Triq Gort, and the new public piazza at Mecury, Barlowes covers an entire floor lit by natural daylight. It is conceptualised to transform the way clients explore, express, and engage with fashion. The thoughtfully designed space showcases each brand's essence through bespoke concepts, always celebrating individuality, innovation, and diversity. The general design philosophy allows each brand to speak its own language, while remaining true to the overall Barlowes experience and vision.

Barlowes will also feature a highly bespoke and discreet approach to service, breathing life into the concept and delivering a completely innovative and exclusive experience. The complete brand mix includes Ralph Lauren, Weekend MaxMara, Sandro, Maje, Lacoste, Barbour, Vilebrequin, Michael Kors, Paul Smith, Marc Jacobs, Pepe Jeans, Emporio Armani, Gagliardi, Hackett, Fjallraven, MC2 St Barth, Colmar, Diesel, Paul Smith, Max Mara Weekend, Longchamp, Gant, Fynch Hatton, New Balance and Happy Socks.

Introducing Lowes Lounge

Beyond fashion offerings, Barlowes at Mercury Towers introduces Lowes Lounge, a beautiful aperitivo lounge concept. With its elevated status overlooking the Piazza, it is reminiscent of the charm of Milan's Terrace Duomo’s. This innovative space marries flavours with fashion in a laidback, yet sophisticated coffee and aperitivo bar. Artisanal cocktails, fine wines, carefully chosen spirits, mouthwatering appetizers, and light bites, help you unwind, relax and enjoy our stylish ambiance.

With its unique design combining high street shopping and a dedicated lounge concept, Barlowes at Mercury Towers is set to redefine Malta’s fashion landscape. This partnership promises to establish St Julians as Malta’s pre-eminent fashion destination, catering to the discerning needs of both residents and tourists. MBR

GO-TO-MARKET TACTICS THAT WON’T WORK IN A POST-PANDEMIC WORLD

By Anand Thaker

Brands were working on transformative GTM efforts prepandemic. But then many of them, including startups, simply redlined through the crisis at maximum speed. From my analysis, the significant new GTM investments we saw led to severely diminishing returns. And all this at record high costs.

But then we saw savvy enterprises and startups begin to switch gear. They shared our long-term GTM mindset and that helped to make them resilient through the pandemic. Well-strategized, thoroughly researched and carefully tailored GTM efforts provided greater operational advantages.

But it’s of primary importance to avoid mistakes. Below, I share some of the strategies and tactics that were once popular in a well-funded environment, but which are no longer sustainable or deliver reduced returns.

The category creation aspiration failure

Popularized by evangelists from high-growth point solutions, this advice to create a new category was both the least achievable and most costly. In researching ~15k companies for the martech landscape with Scott Brinker, I saw perhaps one in a thousand successfully creating a new category.

Most startups, for example in the ABM space, were really doing no more than magnifying or repackaging existing categories. Tens of millions of dollars in venture investments and enterprise budgets were wasted on failed category creation.

What to do instead…

Try “problem identification.” Focusing on your serviceable addressable market (SAM) will provide guidance for the best use of your resources.

Your SAM is the segment of your total addressable market achievable with your current business model.

Instead of creating clever combinations of terms or names for your offerings, develop narratives that resonate with stakeholders’ identities. If there is a category to be created, let it grow organically rather than try to force it.

Making marketing an afterthought

When marketing is done incorrectly, you can severely injure your brand. When a brand is complacent about marketing, the energy needed to engage customers diminishes. As experiential muscles atrophy, you can see a loss of market share.

Marketing operations has become increasingly critical to a business’s capabilities. It’s not uncommon, however, to target marketing or marketing ops when budget cutbacks are necessary. There’s even an assumption that sales owns enough relationships to sustain a company through hard times. That’s a very high risk strategy.

What to do instead…

A company’s growth and resilience depend on engagement with the customer. Even if you can’t build extra marketing muscle, you still need to remain toned.

Of course marketing budgets will fluctuate. Establish essential core services and operational teams and set expectations of what can be achieved during cutbacks. Also, consider hiring a sales-aligned marketing leader and establish higher-than-average comp for the long term.

Going all-in on growth hacking

In the service of “growth hacking,” companies with an influx of funds rushed to hire fast and recklessly. They applied agile practices without thoughtful direction. Unfortunately, this wasted development cycles, investment, and, most importantly, time.

An early startup I once worked with thought they had found lightning in a bottle. Thrilled with the flurry of growth, they stayed comfortably in their lane. Unfortunately, they never took our longer-term strategic advice to expand their point solution into a platform. By the time they did, it was too late. While still operating, they never really recovered — even after over $100M in more funding.

What to do instead…

Strategic planning and planning for contingencies are back in fashion. We saw companies recalibrate their strategies post-pandemic. Seasoned peers or cross-industry advisors provided the best guidance to recapture market share. We encouraged investment into reviewing their decision-making through Decision Intelligence practices.

Over-engineering the customer experience

CX is one of the most valued company assets in gaining market share and growing margins. But as brands sped up digital transformation, many advisors and evangelists suggested boiling the ocean on customer engagement. This led to over-engineered journey orchestrations and automation that left customers frustrated.

A recently IPOed company brought me and a few other consultants in to help solve a loss in market share. It turned out that massive endeavors in the field of digital transformation and CX were largely undefined and disconnected from specific business goals.

What to do instead…

It was a good attempt. But the new approaches needed more time to marinate with customers, especially for the brand to be able to understand their responses. The accelerated framework didn’t allow this. Together with the CRO and COO, we identified over-engineered experiences. We monitored priority use cases and reactivated customer advisory boards. Many loyal customers attempted to navigate these “innovative” experiences, but due to the implementation speed, the duct-taped, ad hoc solutions created experience doldrums.

While customers remained loyal, LTV:CAC ratio plunged. There was also a drop in average contract value and referrals. It was necessary to rethink rushed experiences.

Third-party Data

Once inexpensive as a build-awareness resource, third-party data has lost its allure especially as it is likely soon to be deprecated from the last major browser that tracks it (Chrome). We have discovered, however, that some brands are paralyzed in transition away from it. They lacked the capabilities, insights, leadership, or talent to adapt. Many of these brands are in wait-and-see mode.

What to do instead…

On the flip side, losing third-party data can be a ripe opportunity to capture market share from the competition. Brands that built genuine customer relationships — including through first-party data — and gain market trust will see minimal impact. Increase the use of and investment in your customer database; and take a fresh look at contextual advertising. MBR

Source: Martech

SIESTAS AND LATE NIGHTS: How heatwaves could revolutionise the way we work

By Giulia Carbonaro

To avoid the brunt of the heat, people might take more breaks, work shorter shifts, or embrace an overnight shift.

This July is set to be the hottest on record with much of Southern Europe having struggled to cope with scorching temperatures which reached well over 40C. It’s hard to think that, in the face of such extreme heat, we can continue to go on with business as usual, with construction workers heading out to spend hours under the scorching sun and employees being forced into buildings without air conditioning for 8 to 9 hours a day.

According to a 2019 report by the International Labor Organization (ILO) on the impact of heat stress on labour productivity and decent work, temperatures over 39C can seriously harm and kill workers. Last summer, an estimated 61,000 people died in Europe because of the extreme heat, according to a recent report. "Heatwaves cause irritability and people work at a slower pace and struggle with commuting," Julie Davies, a professor at UCL Global Business School for Health, told Euronews.

"They disrupt workers’ concentration levels, cause fatigue, and can be highly dangerous for workers who are operating in safetycritical roles. Businesses might have to close during the hottest hours and lose customers which can exacerbate in-work poverty and business closures and harm economies."

Davies thinks that “we need some urgent changes” in our employment law, "particularly for the vulnerable people who have to go work outside, who have to commute, or are in buildings where there is no air conditioning. Employers already have a duty of care in terms of flexible working and talking to their employers about what works and what can kill them -- but what we need is a legal requirement for maximum temperatures in the workplace," Davies added.

The ‘siesta’ moves up north

While the law around working in the heat hasn’t yet caught up with increasingly higher temperatures in many countries across Europe -- which lack regulations about maximum temperatures in the workplace -- workers around the continent are already making adjustments to safely handle the heat.

German news website RND reported earlier this month that public health officials in the country were recommending workers take a midday break, something like the Spanish "siesta", to avoid the hottest times of the day.

"We should take the approach to work common in southern countries when it comes to heat: getting up early, being productive in the morning and taking a siesta around midday is a concept we should adopt in the summer months," Johannes Nießen, the head of the Federal Association of Physicians of German Public Health Departments (BVÖGD), told the news website.

Changing working hours

People in hot and humid countries are already changing their work schedules to avoid exerting themselves in the middle of the day, the time when usually the risk to our well-being increases. "A colleague of mine in India told me that school kids in some parts of the country now go to school at 5 in the morning and they come back at 9 in the evening to avoid the heat,” Davies said. “You almost become nocturnal."

A heat-friendly work pattern might include more work late at night, and more breaks like the Spanish siesta.A study published in 2021 in Nature Communications found that around 30% of the work hours we’re currently losing due to the heat could be recovered if we changed our schedule to embrace the cooler hours of the day.

"Solutions include national employment legislation to protect workers and to educate line managers about the risks of hyperthermia and their legal responsibilities," Davies said. "We need to invest in infrastructure, climate data analysis and communications, workplace cultures, skills development, and technological improvements to improve how we prevent heat stress," she continued.

"Employers and employees should work together to create space for regular dialogue. Employers need to agree to fair and reasonable adjustments to working hours and other occupational safety, health, and well-being measures when there is excessive heat." MBR

Courtesy: Euronews

Mapfre will approve 14,500 providers with sustainability criteria until 2024

MAPFRE has committed itself to making its supply chain more sustainable, meaning that it will gradually incorporate environmental, social, and good governance practices in all its processes. This will help the company reinforce its relationship with its providers, offer better service to its customers, and promote its commitment to sustainability.

The company pledges to approve 100% of its providers in the primary network for home, motor, and health, and its main purchase providers with ESG criteria in 2024. Between companies and freelancers, this would amount to 14,500 providers that carry out operations in countries like Spain, Germany, the USA, Mexico, Puerto Rico, Brazil, and Peru.

To do this, it has developed its own ESG approval methodology that helps encourage providers to maintain business and support practices that are aligned with MAPFRE’s sustainability strategy.

The model identifies the risk factors of aspects related to compliance with environmental regulations, human rights, worker’s occupational health and safety, corruption, and information security, among others. It assigns a score between 0 and 100, which allows it to establish individualized action plans to speed up the adoption of measures to protect the planet, close social gaps, and promote ethics and transparency. At the beginning

of 2019, the company started an approval process in its primary network, which has allowed it to use ESG criteria to approve more than 5,000 providers so far from various countries. MAPFRE works with nearly 145,000 providers, billing more than EUR 4.44 billion and promoting their ethical and socially responsible conduct.

To achieve this, it has a purchase standard that establishes economic, environmental, social, and governance criteria, as well as the various basic principles they all must comply with, such as rejecting any kind of workplace discrimination, harassment, child labour, and corruption. It also has the Provider Management Operating Model (POM), which ensures supply chain compliance with technical rigor, vocation for service, operational efficiency, and responsibility. It also makes available the training needed for providers to carry out their operations and for them to become companies that are increasingly committed to sustainable development.

MAPFRE has a sustainability strategy that is completely integrated with its business, a strategy that puts people at the center of everything and responds to the needs of all stakeholders. It is completely committed to Agenda 2030 and focuses its commitments on social, environmental, and corporate governance areas, so that it can keep helping to reduce social gaps, promote insurance accessibility, protect the planet, and have a governance structure that promotes ethics and transparency, among others. MBR

MDA calls for More Sustainable Long-Term Government Investment

The Malta Developers Association welcomes the fact that Government has managed to increase its revenues through increased tax revenues. Government now should make sure that this increase in revenue does not go to current expenditure but rather to capital and long term investments.

Sustainability dictates that the infrastructure of the country is of an adequate level. This includes roads, pavements, cleanliness, IT connectivity, clean transport, maritime infrastructure, accessible open areas and air quality related projects amongst others. Such projects are not short term and sometimes governments are not

too keen on them, preferring spending money on projects with no long term economic prospects.

It is the responsibility of Government to couple increased revenue with an increase in its capital expenditure as it is necessary for sustainable economic growth.

In doing so, Government must ensure that it returns to a system where infrastructure projects are completed in short periods as they are now tending to take too much time. As such, Government needs to award bids not solely on price but increasingly on contractor delivery track record. MBR

Reimagining

entertainment for a new era

360 Karting and Mercury Towers join forces to create an exhilarating new hub for entertainment in Malta. It also features an ice-skating rink, hyper reality VR chamber, adventure ropes course, and much more.

Mercury Towers is excited to announce a tantalizing partnership with 360 Karting - the leading provider of thrilling go-karting experiences globally. Once operational, the Mercury Towers district is set to become an extraordinary entertainment destination, welcoming visitors of all ages within a completely unique concept for the Maltese Islands.

Spanning over 2,000 square meters, this next-generation arena comes with a number of exciting attractions, including an iceskating rink, ropes course, a mind-blowing VR experience, romp around adventure, dedicated party rooms, concept bar and restaurant, together with a state-of the-art indoor electric go-kart racing track, set to electrify the senses.

360 Karting at Mercury’s entertainment arena

The electric go-kart track covers an impressive area of 1,200 square meters. Designed by 360 Karting, the track boasts a length of 233 meters, offering a racing experience for participants of all skill levels.

Its impressive design features double height volume and an LED lighting scheme, together with dips and inclines that go beyond beyond a simple flat surface, for an adrenaline-pumping adventure like no other.

With a commitment to delivering unforgettable moments that cannot be experienced elsewhere, Mercury Towers delivers its cutting-edge innovation through 360 Karting's expertise in gokarting adventures. This comprehensive entertainment experience at Mercury Towers will complement the overall concept, which once fully operational in March 2024 will also comprise an exciting mix of dining, wellness, and shopping, along with the ME Malta, a disruptive luxury concept by Meliá- the first branded lifestyle hotel of its kind locally, re-establishing St Julians as the go-to place for family fun and overall leisure activity.

More exciting updates and details out soon! Stay tuned. MBR

The world’s most powerful passport has changed for the first time in five years. Japan has been knocked off the top spot for the world’s most powerful passport for the first time in five years. Singapore has taken first place on the latest Henley Passport Index 2023 rankings. Singaporeans enjoy visa-free access to 192 travel destinations out of 227 worldwide.

With Japan falling to third place, three European countries tie in second place: Germany, Italy and Spain with visa-free access to 190 destinations.

How does the Henley Passport Index rank passports?

The Henley Passport Index ranks the world’s most powerful passports and is updated quarterly.

It is based on the number of destinations passport holders can access without a visa.

Global citizenship and residence advisory firm Henley & Partners uses data from the International Air Transport Association (IATA) to rank the world’s 199 passports. The index has been running for 18 years.

Countries score one point for every destination they can visit visa-free. This applies if citizens can obtain a visa on arrival, a visitor's permit or an electronic travel authority (ETA) when entering the destination.

No points are awarded for destinations where a visa is required or the passport holder has to obtain a government approved e-visa before departure.

Which countries have the most powerful passports?

At the start of 2023, Japan held the top spot with visa-free access to 193 countries.

That has now dropped to 189 countries, leaving Singapore in first place. The country has gained visa-free access to an additional 25 over the past 10 years, pushing it five places up the ranking.

The top 10 is rounded out by:

2. Germany, Italy and Spain

3. Japan, Austria, Finland, France, Luxembourg, South Korea and Sweden

4. Denmark, Ireland and the Netherlands and the UK

5. Belgium, Czechia, Malta, New Zealand, Norway, Portugal and Switzerland

6. Australia, Hungary and Poland

7. Canada and Greece

8. Lithuania and the USA

9. Latvia, Slovakia and Slovenia

10. Estonia and Iceland

The UK has risen the ranks from sixth to fourth place for the first time since 2017.

The USA, meanwhile, has continued its 10-year decline, falling a further two spots to eighth place. The country has seen the smallest increase in its score of any in the rankings over the past decade.

In 2014, the UK and USA jointly held first place.

The world’s most powerful passport

By Angela Symons

Singapore now holds the world's most powerful passport.

What are ‘golden visas’ and which EU countries hand them out?

With the EU calling for member states to stop selling citizenship to investors, many countries are now looking to pull the plug or toughen requirements on golden visa schemes.

Getting the right to live and work in another country can be a long and difficult process. But that’s not always the case for those with money to spend.

Golden visas offer the opportunity for wealthy people to essentially ‘buy’ the right to residency - sometimes without even having to live in the country.

And their popularity in the European Union is growing as people look to move away from political decisions such as Brexit that may limit their rights.

With the unsettled political and social environment in the US, applications for golden visas from Americans are expected to increase. In its 2022 report, passporting firm Get Golden Visa predicted: “its busiest year yet.”

But golden visas are now gradually being phased out across Europe. Portugal became the latest country to consider scrapping the scheme in February 2023 - a move that has been fiercely criticised by the autonomous region of Madeira. Now Spain is looking to follow suit and has already proposed toughening the requirements for its own scheme.

So what exactly are these golden visa schemes and why has the EU raised questions about their safety in recent months?

What is a golden visa?

Residence by investment schemes, otherwise known as ‘golden visas’, offer people the chance to get a residency permit for a country by purchasing a house there or making a large investment or donation.

There are also golden passports, known officially as citizenship by investment programs, that allow foreigners to gain citizenship using the same means.

Why is the EU against golden visas and passports?

In 2022, the European Commission called on EU governments to stop selling citizenship to investors.

Though this is different to golden visas, which offer permanent residency rather than citizenship, the call came as part of a move to crack down on this combined multi-billion euro industry. In the wake of the Ukraine war, there were concerns that these schemes could be a security risk.

Brussels also called for countries to double-check whether people sanctioned due to the war were holding a golden passport or visa that they had issued. MBR

Creditline: Euronews Travel

EUROPE HEATWAVE 2023: IS IT SAFE TO TRAVEL AND HOW LONG WILL IT LAST?

By Euronews Travel

Countries across the Mediterranean are in the grip of a record-breaking heatwave as they are hit by the second ‘heat storm’ in a week. Much of southern Europe including holiday spots like Spain, Italy, Croatia and Greece has seen extremely high temperatures that are expected to last for at least another week. Some parts of southern Italy and Greece are expecting highs over 40C as the weather continues to get hotter.

Forecasters have warned that the European temperature record of 48.8C - recorded close to Siracusa in Sicily in 2021 - could be broken. So what does this mean for holidaymakers heading to southern Europe this summer?

Should you cancel your trip due to the heatwave?

Here’s how extreme heat is impacting travellers

Some holidaymakers have cut trips short after experiencing headaches, dizziness and swollen fingers.

Europe’s unrelenting heatwave has prompted travel alerts and weather warnings - but tourists seem undeterred. UK travellers in particular are pressing ahead with holiday plans as the government has issued weather warnings but fallen short of warning against all travel. This means insurance companies are unlikely to cover the costs of a cancelled trip.

Parts of Spain, Italy, Greece and Turkey have been hit by temperatures over 40C in recent days.

Travel companies are informing customers on how to stay safe in the heat, but none contacted by Euronews Travel reported a spike in cancellations.

Can you claim insurance if you cancel your trip due to the heatwave? Unless an advisory is issued against all travel, it’s unlikely that you’ll be able to claim insurance for trips cancelled due to the heatwave. Exceptions to this would be if you are considered medically unfit to travel in the heat and have a doctor’s certificate as proof. Travel insurance is still essentialespecially due to the increased medical risk of travelling during extreme heat.

If you are concerned about travelling during the heatwave, you may be able to change your travel dates or destination through your trip provider.

Is the heatwave changing people’s travel habits?

Soaring summer temperatures across southern Europe could change the face of tourism in the region in future, however. Travellers are likely to start choosing cooler destinations or taking their holidays in spring and autumn to dodge the extreme heat, tourism bodies and experts predict.

The number of people hoping to travel to the Mediterranean region from June to November has already fallen 10 per cent compared to last year, when scorching weather led to droughts and wildfires, according to European Travel Commission (ETC) data.

Destinations like Czechia, Denmark, Ireland and Bulgaria, meanwhile, have seen a spike in interest.

Extreme weather is impacting travellers’ choices

“We anticipate that unpredictable weather conditions in the future will have a greater impact on travellers' choices in Europe,” says Miguel Sanz, head of the ETC. A report by the trade body also shows 7.6 per cent of travellers now see extreme weather events as a major concern for trips between June and November.

Among them are Anita Elshoy and her husband, who returned home to Norway from their favourite vacation spot of Vasanello, a village north of Rome, a week earlier than planned this month as temperatures reached around 35°C.

“[I] got a lot of pain in the head, legs and [my] fingers swelled up and I became more and more dizzy,” Elshoy says of her heatrelated symptoms. “We were supposed to be there for two weeks, but we couldn't [stay] because of the heat.”

Will peak travel seasons shift due to heatwaves?

Tourists in Rome told news agency Reuters they would think twice about booking a trip there again in July as they struggled to drink enough water, stay cool and find air-conditioned spots to rest.

“I would come when it's colder. Only June, April,” said Dalphna Niebuhr, an American tourist on holiday with her husband in Rome this week, who said the heat was making her visit “miserable”. That's bad news for Italy's economy, which thrives on busy summer traffic.

Italy's Environment Ministry warned in a report this year that foreign tourists would in the future travel more in the spring and autumn and choose cooler destinations.

“The balance will be negative, also because part of the Italian tourists will contribute to the flow of international tourism to less hot countries,” the report said. MBR

Source: Euronews

DOMINIQUE LABOUREIX'S SPEECH AT ECON COMMITTEE (18

JULY 2023)

1. Annual Report 2022

I have been invited to speak on the SRB’s annual report for 2022, which was published at the end of last month. There were a number of notable achievements last year, such as successfully dealing with Sberbank, at no cost to the taxpayer, and publishing the resolvability assessment heat map for the very first time. While it is always important to take stock of our performance, I won’t dwell on the past. Instead I will move on to more current items, I mean some lessons on the recent market turmoil, the CMDI proposal, resolvability and the SRM Strategy.

2. Market turmoil

I last spoke here on the 1st of March, and since that time, we have seen major market turmoil in both the US and Switzerland.

It is still difficult to draw final lessons from these cases. There are good elements and bad – among the good, resilience. Among the warning signals: the speed of outflows: once confidence is lost, everything can collapse.

Among the key lessons for the future, is the need for flexibility as well as predictability; but also:

• clear communication;

• strong cooperation and;

• the need for more transfer tool strategies.

I would also add that there is no need to change everything, or to use the English expression, we don’t need to throw the baby out with the bathwater – instead, we must close the gaps in the current framework:

• Liquidity in resolution;

• Scope of resolution / CMDI;

And making sure we have more Banking Union, not less.

In this regard, I welcome the Banking Union Annual Report by MEP Kira Peter-Hansen, which was adopted by the Plenary last week.

Confidence is key – and trust is hard won. We have built up that trust over recent years in the Banking Union, thanks to the pillars of supervision and resolution.

Nevertheless, we must remain vigilant and diligently work to promote financial stability.

3. CMDI

With regard to the CMDI, the proposals are not perfect but they are a step in the right direction. The SRB agrees with much of the ECB’s opinion, which was published two weeks ago.

The SRB, like the ECB, supports the expansion of resolution in parallel with a more realistic possibility of using DGS in resolution. To allow for that, the SRB, like the ECB, supports the removal of the DGS superpriority, the single-tier depositor preference, the harmonisation of the LCT and so on.

This is because the CMDI goes some way towards strengthening the crisis management tool-set, particularly to enact sales or bridge banks, with a potential use of the DGS to bridge the gap to the 8%, if need be, to access the SRF – the Single Resolution Fund. Of course, I would like to have seen the CMDI go further, but let us not have perfect being the enemy of the good. Something important to note on this: one difficulty, or characteristic, of the proposal is that we cannot easily pick and choose what we want to keep and to remove the rest, since the whole proposal is interconnected.

4. Building resolvability

As CMDI is not (yet) in place, my focus today is also on implementing more resolvability under the current framework.

In that regard, despite recent turmoil, MREL continues to be built up. The SRB has decided to maintain its policy on MREL with minimal changes this year. We aim to provide a stable environment in a phase where some banks are still building up their MREL stock ahead of the deadline on 1 January 2024.

We will launch a public consultation on MREL for the 2024 cycle and beyond later this year.

Another important tool to enable resolvability is the Single Resolution Fund. This year, the fund is on track to reach 1% of covered deposits, €77.6 billion.

5. Strategy

Let me finish with a few words on the strategic review of our operations. We are just in the making, with a lot of enthusiasm. Later this year, we will finalise our plan, called SRM: Vision 2028. This will the basis of SRB’s work programmes for the years ahead, which are published annually. This new Vision 2028 will betterequip the SRM to deal with the various challenges, to ensure banks can be resolved. MBR

Creditline: Single Resolution Bank

Dominique Laboureix, Chair of the Single Resolution Board

'WORLD’S FIRST MASS-PRODUCED' HUMANOID ROBOT TO TACKLE LABOUR SHORTAGES AMID AGEING POPULATION

By Roselyne Min with AP, Reuters

The GR-1 humanoid will be able to carry patients from the bed to wheelchairs and help pick up objects.

In China, the number of people aged 60 and over will rise from 280 million to more than 400 million by 2035, the country’s National Health Commission estimates. To respond to the rising demand for medical services amid labour shortages and the ageing population, a Shanghai-based firm, Fourier Intelligence, is developing a humanoid robot that can be deployed in healthcare facilities.

"As we move forward, the entire GR-1 could be a caregiver, could be a therapy assistant, can be a companion at home for the elderly who stay alone," said the CEO and Co-founder of Fourier Intelligence, Zen Koh.

Standing 1.64 m tall and weighing 55 kg, GR-1 can walk, avoid obstacles and perform simple tasks like holding bottles. "The system itself can achieve self-balance walking and perform different tasks. We can programme it to sit, stand and jump. You can programme the arms to pick up utensils and tools and perform tasks as the engineers desire," said Koh.

Though still in the research and development phase, Fourier Intelligence hopes a working prototype can be ready in two to three years.

Once completed, the GR-1 will be able to carry patients from the bed to wheelchairs and help pick up objects.

Humanoid bots for rehab

The company has developed technology for rehabilitation and exoskeletons and says that the patients are already familiar with using parts of robotics to, for example, support the arms and legs in physical therapy.

Koh believes humanoid robots can fill the remaining gap. "Eventually they [patients] will have an autonomous robotics that is interacting with them".

GR-1 was presented at the World AI Conference in Shanghai along with Tesla’s humanoid robot prototype Optimus and other AI robots from Chinese firms.

Among those was X20, a quadrupedal robot developed to replace humans for doing dangerous tasks such as toxic gas detection.

"Our wish is that by developing these applications of robots, we can release people from doing dreary and dangerous work. In addition to the patrol inspection," said Qian Xiaoyu, marketing manager of DEEP Robotics.

Xiaoyu added that the company is planning to develop X20 to be used for emergency rescue and fire detection in future, something “technically very challenging” according to him. MBR

Creditline: Euronews

SINGLE RESOLUTION FUND GROWS BY €11.3 BILLION TO REACH € 77.6 BILLION

The Single Resolution Board (SRB) has announced the amount of contributions being made by banks to the Single Resolution Fund (SRF) for 2023. All banks in the Banking Union and some investment firms are required by law to pay annual levies into this emergency fund. In 2023, banks are paying €11.3 billion into the SRF.

The target size of the SRF is set at 1% of covered deposits by the end of this year (2023). The Fund has been built up over the past eight years and will reach around €77.6 billion, taking into account the current annual growth in covered deposits.

The SRF is just one of the tools of the financial stability architecture that was put in place in the wake of the 2008/2009 banking crisis. It started being built up in 2015 and this year will reach its target amount. The SRF can be used to support the effective resolution of a failing bank, if needed.

“With these contributions, we continue to build up the SRF which is on track to be fully stocked by the end of this year. The growing capacity of the Fund, improves SRB’s ability to preserve financial stability and to protect tax payers from bail-outs,” said Dominique Laboureix, Chair of the SRB.

The SRF is made up of contributions from 2 777 credit institutions and investment firms in the EU’s 21 Banking Union countries. These contributions were calculated according to EU law and collected via the national resolution authorities, with the money then being transferred to the SRF, which is managed by the SRB. Year-by-year collected funds in national compartments of the SRF are step-wise mutualised. Already 98.3% of the funds are mutualised and full mutualisation will occur in the future. The SRB will continue to monitor the fund and will make sure it always covers at least 1% of covered deposits. MBR

Courtesy: SRB

In Tunis, the EU pays a high price

By Jorge Liboreiro

Does the end justify the means? Ask Brussels. Following weeks of febrile speculation and whispered rumours, the European Union has finally signed its memorandum of understanding with Tunisia. The deal, whose presentation was delayed several times, is structured around five thematic pillars: macro-economic stability, trade flows, the green transition, people-to-people contacts and migration.

“In times of geopolitical uncertainties, it is important to deepen cooperation with our strategic partners,” Ursula von der Leyen, the president of the European Commission, said after a meeting in Tunis with President Kais Saied.

For the occasion, von der Leyen was joined by Italian Prime Minister Giorgia Meloni and Dutch Prime Minister Mark Rutte, giving a strong hint of the raison d'être behind the memorandum.

While the text still needs to be fleshed out into concrete proposals, some initial figures have emerged: as part of the deal, the EU has committed to providing €150 million in budget support for the Tunisian government, €105 million for migration management, €307.6 million for the development of a transmission line for renewable electricity and up to €150 million for the construction of a submarine fibre cable.

The eye-popping numbers – more than €700 million across several years – could be topped up with a €900-million envelope of macrofinancial assistance, although this last part, which featured heavily in the reports that preceded the announcement, did not make it into the final wording as it depends on a separate loan that Tunis is negotiating with the International Monetary Fund.

In short, big money is on the table. But for the EU, a self-proclaimed advocate for human rights, the trade-off is more than financial.

Tunisia, the only country that moved closer to democracy as a result of the Arab Spring, has in recent years taken a sharp turn towards authoritarianism under the rule of Kais Saied, a man who two years ago staged a “self-coup” that dissolved parliament and expanded his presidential powers. Since the dramatic day, Saied has overseen a pronounced democratic backsliding, cracking down on civil society, undermining judicial independence and repressing freedom of speech.

Equally worrying, Saied has leaned heavily on racist narratives against black Africans. Earlier this year, Said drew a stark rebuke from the United Nations after he claimed that “hordes of illegal migrants” arriving from Sub-Saharan countries were part of a “criminal plan to change the composition of the demographic landscape of Tunisia” and were the source of “violence, unacceptable crimes and practices.”

The hateful rhetoric, reminiscent of the far-right conspiracy theory known as “great replacement,” has helped fuel a wave of violence against black people inside Tunisia, with multiple incidents of SubSaharan migrants left abandoned in the desert and pushed to the Libyan border. According to Human Rights Watch, documented abuses include “beatings, use of excessive force, some cases of torture, arbitrary arrests and detention, collective expulsions, dangerous actions at sea, forced evictions, and theft of money and belongings.”

Needless to say, none of this was addressed by von der Leyen, Rutte and Meloni during their joint trip to Tunisia, even if the brutal situation is actually contributing to the problem – uncontrolled migration flows – that they are trying to mitigate. Instead, the three leaders were all smiles during their photo-op with President Saied, hailing the memorandum as a diplomatic triumph.

Speaking on condition of anonymity, a senior EU official admitted the memorandum does not include additional guarantees on human rights and the migration funding will not be linked to the completion of any annual target. “We do not wire money to authorities to do as they please,” the official said, noting the majority of the €105 million for migration will be channelled through international organisations, with the rest going to the border guards in the form of vessels and radars.

However, as several MEPs pointed out during a tense hearing in the European Parliament, the EU will send €150 million in budget support, a large sum that will be injected directly into the government’s coffers and might prove hard to track down.

“It's very clear: a deal has been made with a dictator who’s cruel and who’s unreliable,” said Sophie in 't Veld, a Dutch lawmaker who sits with the liberal group. “President Saied is an authoritarian ruler, he's not a good partner.” MBR

Source: Euronews