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A Lasting Legacy

Identifying Long Term Goals

The BOV Valletta Boat Show 2013

Thinking European

Dual interview with CEOs of Cassar Camilleri, Louie Camilleri and Jeremy Cassar, on the recent merger between two leading winemaking companies p.06

An exclusive interview with Bashar Khatib, GlobalCapital plc CEO, on key strategies and trends shaping the life insurance business p.16

A fantastic 32-page pull-out-and-keep BOV Valletta Boat Show Extravaganza for the marine enthusiasts p.21

We meet with Jonathan Shaw, who is fresh, enthusiastic, passionate and set-to-go for the forthcoming MEP lections p.30



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gaMe-changing innovation in the wineMaking industry INTERVIEW OF THE MONTH


A Lasting Legacy

Identifying Long Term Goals

The BOV Valletta Boat Show 2013

Thinking European

Dual interview with CEOs of Cassar Camilleri, Louie Camilleri and Jeremy Cassar, on the recent merger between two leading winemaking companies p.06


An exclusive interview with Bashar Khatib, GlobalCapital plc CEO, on key strategies and trends shaping the life insurance business p.16

A fantastic 32-page pull-out-and-keep BOV Valletta Boat Show Extravaganza for the marine enthusiasts p.21

We meet with Jonathan Shaw, who is fresh, enthusiastic, passionate and set-to-go for the forthcoming MEP lections p.30


Publisher John Formosa Editor Martin Vella Journalist Martina Urso Sales & Publication Manager Margaret Brincat

06 Cover Story: A Lasting Legacy

The Economic Update talks with joint CEOs of CassarCamilleri - Louis Camilleri and Jeremy Cassar about the recent merger between two leading winemaking companies 08 Focus on Business Leaders: Positive Thinking Positive Results

David G Curmi, MSV Life CEO and President of the Chamber of Commerce, Enterprise and Industry maintains that positive thinking leads to positive results 14 Learning Agility is a Must

Graphic Designer Berthrand Pisani

We talk with Antonella Buttigieg, Inbound Marketing Specialist at 6PM, a member of the team behind

Cover photography Network Studios

16 Identifying Long Term Goals

Printing Progress Press Quote of the month:


An exclusive interview with Bashar Khatib, GlobalCapital plc CEO, to see what he had to say on key strategies, trends and issues shaping the life insurance business

“The best ideas emerge when very different perspectives meet.” Frans Johansson For magazine and website advertising enquiries please contact: or call on (+356) 9940 6743 For editorial enquiries please contact: The Economic Update is published by: Network Publications Ltd., Angelica Court, Giuseppi Cali Str., Ta’ Xbiex, XBX1425, Malta Tel: +356 2131 6326/7/8 Fax: +356 2132 3432

Contributors: Juanita Bencini; Anthony Briffa; Conrad Buttigied; George Carol; Michela Fenech;

Curt Gauci; Daniel J Goldsmith;

Ewout Keuleers; Stephen King; Aneta Miliesko; David Pace Ross; Fabiana Porciello; Jeffrey Shaw; Claude-N Sant Fournier; Jason Zammit.

19 Are you a Proud Boat Owner or Thinking of Buying A special contribution by Maria Polidano, Personal Lines Manager with Atlas Insurance Agency 21 Special Pull-out-and-Keep Supplement on the BOV Valletta Boat Show 2013



A fantastic 32-page pull-out-and-keep BOV Valletta Boat Show Extravaganza for the marine enthusiasts 24 KPMG Editorial Juanita Bencini and Claude-AnneSant Fournier discuss the launch of innovative platform aimed at professionals

Special Thanks: BOV; BPC; JP Advertising Ltd; KPMG; MSV Life; Ogilvy PR.

26 Value Proposition – Part 2

Please feel free to email us with your viewpoint, whether

In this second instalment Kenneth Farrugia, Chief Officer Funds Services at Bank of Valletta plc and FinanceMalta Chairman, examines investment risk metric and deliberates on regulation

you agree or disagree with the standpoint of the personalities we interview or the topics we focus on. Your opinion, contribution, concern and feedback on our articles and interviews are welcome. Please include full name, contact details

16 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in The Economic Update are not necessarily those of the editor or publishers. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. The Economic Update is printed by Progress Press and distributed free with The Business Weekly.

Editor’s Note “When life gives you lemons, make lemonade,” goes a saying by Dale Carnegie. Lately I have had the feeling that someone backed a dump truck full of lemons onto my porch. The past couple of weeks in my life have been what you might call…a long story! But first, a little context.

18 21

For quite some time I have believed that those of us in the “employee engagement” field, profession, obsession, infatuation, call it what you will, etc., were “tilting at windmills” in our pursuit of factors to adjust, tweak, revise, and track in pursuit of some evidence of an ability to elevate the level of engagement of our workforce. As each cycle of surveys rolls around we know that “efficiency” is just around the next corner. No it’s not! Even if our scores get better, even if we get into the upper echelons of scores in our business, or whatever other way we choose to measure ourselves. “Efficiency” engagement is not just beyond our reach. In my view until we can recognise that we have yet to truly determine what it is we need to measure we have no lever into reliably influencing levels of engagement. This is not to say that what we have been measuring is meaningless. In my world engagement is a moving target and has more to do with resilience than any of the current popular factors being measured. By resilience I mean the ability to embrace whatever circumstances are being faced without regard to any concern for effectiveness or need to have things be any other way than they are, and the discomfort that accompanies such ambiguity is not paralysing.


Life is frequently ambiguous, the workplace also frequently introduces us to ambiguity and we do not get to vote, we get to deal with it. We do not like ambiguity and we are highly likely to become less than fully effective in the face of the ensuing discomfort. Call it confrontation if you like; say that many people are conflict averse if that seems nobler. What’s true is that we don’t like being in ambiguous circumstances and therefore uncomfortable for any length of time and will go out of our way to minimise discomfort, in fact we are so nuts about the discomfort brought on by ambiguity that we can become overcome traumatised by it, profoundly fearful in its presence. Tough times where outcomes look highly unpredictable and filled with perceived negative consequences have a devastating impact on productivity Earlier I mentioned lemons and the last couple of weeks of my life. What I can say is that I had an object lesson in what I have believed was true about engagement, it has more to do with maintaining a clear sense of what needs to be accomplished in the face of ambiguity than it does any external rightness or wrongness with the circumstances. I made some progress, I didn’t declare victory, I met the enemy and it was me and my sensitivity to discomfort. I stayed engaged, there is no lemonade at the end of this story, just lemons and from what I learn they are sour. The 7th edition of the Bank of Valletta Boat Show will be held once again at the Boilers Wharf in Senglea in September 2013. The Economic Update is featuring a special 32-page pull-and-keep supplement to celebrate Malta’s premier boat show in series of special feature issues that highlight the best of the best. Enjoy this issue, which also brings you high profile interviews with merging wine makers Cassar Camilleri’s Jeremy Cassar and Louie Camilleri, MSV Life’s David Curmi, Global Capital Basher Khatib and an exclusive with MEP candidate Jonathan Shaw.


Martin Vella

30 Thinking European In our first instalment covering the fastapproaching MEP elections, we meet with Jonathan Shaw, who is fresh, enthusiastic, passionate and set-to-go. Let’s meet with the young successful entrepreneur who wants to make it big time

34 Does Technology Makes Investing Easier David Pace Ross talks about why building a well-diversified portfolio of investments is key

37 European Parliament Resolution a Challenge for Malta’s igaming Industry Ewout Keuleers is in Malta as a speaker at the Public Dialogue with MEPs and Industry on Online Gambling. We grab the opportunity to secure an important and exclusive contributioncorrespondent courtesy of EIA

38 Second Edition of Science and the City Presents Full Programme Countdown to the pan-European Researchers’ Night — Science in the City being held on Friday 27th September.


Marsovin Cellars 04 |


A Lasting Legacy By Martin Vella The Economic Update talks with joint CEOs of CassarCamilleri Louie Camilleri and Jeremy Cassar about the recent merger between two leading winemaking companies in Malta, namely Marsovin and Master Group to learn how the two companies combine and are planning to invest around €1.5 million to upgrade their shared facilities. The result: a strong force for organic growth and a marketplace for game-changing innovation in the winemaking industry. BACKGROUND Marsovin was established in 1919 by Anthony Cassar, while Master Group was founded by Madeline Camilleri three years later. Marsovin has a 68% stake in the new joint venture, while the Master Group holds the remaining 32%. To help implement the joint venture between the two winemakers, CassarCamilleri is investing €1.5 million to upgrade Marsovin’s winemaking facilities in Marsa, which now also hosts Master Group’s winemaking equipment, as well as Master Group’s PET production centre in San Ġwann. As a result of this investment, ‘Coolee’ squashes – a Marsovin brand – will once more be produced and bottled in Malta, in the same San Ġwann premises in which Master Group’s ‘Just’ squashes are produced. ‘Fontana’ table water – another Marsovin brand – is also being bottled in San Ġwann. The joint venture is set to retain both parent companies’ household brands for the foreseeable future. Jeremy Cassar, a joint CEO of CassarCamilleri along with Louie Camilleri, described the merger, which took nearly a year to finalise, as an important chapter in the history of Maltese wines. He noted that together, the two companies produce 1.5 million litres of wine annually, which translates to around 60% of local production. TEU: What prompted the merger and what is the strategic fit? JC: The synergies are the strategic fit. There was a necessity due to competition and this led to a strategic fit due to the fact that we are operating in the same business. We are primarily wine producers and Camilleri mainly are importers. The competition is always getting tougher and tougher and basically the fit is down to the fact that both companies have good knowledge of the same market, are capable to increase competitive advantage, cater to consumers we have come to know personally using our experience. Together, we have both created a synergy to be more competitive in the wine market. Master Group had a very strong portfolio in wine importation, which is a very important part of the business. Combined we make 60% of the local wine production. Therefore, we are able to offer a much more reasonable portfolio when it comes to local and imported wine market. Then there is also the non-alcoholic market, were we took use of the facilities already in place and with some improvements we are now able to use this to bottle ‘Fontana’ and ‘Coolee’. Like this we are making full use of the potential for that line, with plans for further innovation in the future as well as cost optimisation options. So having less administration, more centralised in-house production led to reduced costs. I believe we are making progress and we are

well on a path that positions CassarCamilleri for long-term success. “So you may have the financial bandwidth to invest in a merger, but you have to take the final step in the process – and you need the ability to commercialise”

TEU: Being the first merger in the winemaking industry, why do you consider this both as an important move and what are the implications? LC: The implications are that more mergers will happen. So you may have the financial bandwidth to invest in a merger, but you have to take the final step in the process – and you need the ability to commercialise it and exploit its commercial value. If you can’t, the worst case scenario is that you enable your competitor to take over. TEU: What about the marketing aspect - will the two companies have a separate marketing approach or will it be combines? JC: The wines have their own identity and will be produced separately. The brands which the consumer knows will continue to be promoted as they have been marketed before. We want the brands to continue to be successful. From the B2B aspect we are trying to be more efficient and more cost effective, and we will be selling as one.

TEU: Do you have plans for diversifying beyond our shores? JC: The venture in China started together, when we had gone for the same business enterprise jointly selling to the same people. We as Marsovin and Anthony Cassar & Son, have quite a strong export market, on the whole bigger than Camillieri Wines, due to the fact that we have ‘Safari’ as well; which also sells in Libya. The reason is that both companies did not want to get stuck with looking in their rearview mirror and trying to sell everybody it to everybody on how great they are. Thus we agreed on a smart strategy to come together and also compete beyond our shores. TEU: The two companies produce around 1.5 million litres of wine annually which translates to around 60% as you have previously mentioned on the local market? What impact and implications will this result on the total market? JC: I don’t believe there will be any implications different to what there is today. The only thing is that we now own more brands, and the brands are what lead the game. But having more brands on the market would not put us in any advantage when it comes to offering better prices. Producing wine from Maltese grapes is much more costly than producing wine from international grapes such as Italy for example, which is what one or two wineries do in Malta. September 2013 | THE ECONOMIC UPDATE

| 05



Name of Company/Merger CassarCamilleri - Joint Venture Line of Business: Manufacturers, Importers and Distributors Main Products: Wine, Liqueurs, Squashes, Water, Juices Established:

May 2013

Industry/Market: Alcoholic and Non-Alcoholic Beverage Industry Brand Values: This new expansion has been taken on with a clear cut purpose in mind to turn challenges into opportunities and change into growth.We work towards enhancing relationships with our customers and employees, and we focus on ways to grow together for the future. Our Values are embedded in the manner our operation is run: loyalty to our customers,passion for what we create,authenticity in what we do and a Diverse and premium quality products.

Marsovin Cellars So we use Maltese grapes which come at a high cost in Malta, and which makes it difficult to offer more competitive prices. TEU: Looking at investments, CassarCamillieri is investing in 1.5 million to upgrade Marsovin wine-making facilities in Marsa, which is also hosting Master Groups winemaking equipment, the whole project at San Gwann. What do you think you will be achieving from this investment and where do you think you will be positioned as a brand within five years time? JC: As a brand, our aim is not to promote the brand CassarCamillieri - it is only important on a B2B level, so I don’t see the brand changing at all. We are not interested in taking away 100 years of culture and heritage by not using Marsovin, because we will have a lot of sad faces on the market. In the same way I’m not interested in removing Camillieri Wines. CassarCamillieri is purely a mother company which has a logo on an invoice and a business card, with a portfolio to sell; but Marsovin, ‘Fontana’, Camillieri Wines - I’m purely selling the brands what the consumer wants to hear and buy. TEU: How will the joint venture retain both parent companies household brands and do you have a new brand strategy to launch new wines on the market? How will you go about it now that you are not competing as you were before? 06 |

LC: We have a sales structure which has grown to be able to deal with the portfolio and we have a marketing structure which has grown as well, where we have a person dedicated to the portfolio of Master Group. The Marketing Manager will be responsible for the Marsovin Group. So in short term, very little will change in terms of marketing because we are not interested in rocking the boat too much in the eyes of the consumer. In the long term it is more likely to have people dedicated to follow the brands in the market and come up with ideas for the market. “The only way that can work is when the innovation happens at the bottom of the pyramid ”

JC: I believe that some traditions from both sides will have to give a good mix to what the company needs. Marsovin has a very long heritage on the market for producing fine wines and maintaining a consistent quality. Camillieri wines, with their new technologies, purchased just recently, will create a good marriage. On the PET side, there is experience from both sides: Marsovin, through HH Ltd used to be in the PET production for non-alcoholic beverages for many years. They have gone out of the market and have been producing overseas. There is a heritage on liquors, which where born through Louie’s great grandmother Madeline; there we have no experience; - not a very small sector, not a big one either. On

the operational side we have a strong arm in the marketing and sales, with Marsovin taking the lead. So bringing them together with a good work ethic from both sides they tend to fit in quite easily. The only way that can work is when the innovation happens at the bottom of the pyramid because you ensure that you have systems and structures in place to exact the innovation, and the innovation is happening at the customer interface, therefore keeping you relevant as a merger. As joint CEO’s we both have our own areas of specialisation and experience; we help each other through our strengths and weaknesses. TEU: Setting up ventures is not easy because there are a lot of challenges... JC: We have sat down with our employees and got them to understand the changes in the industry. We have done this a number of times. Times have changed and it’s a competitive world, not only in Malta. We are in it together with other European countries. We must work together and work as a team that pulls together and doesn’t stick to our own boundaries and get people to work together and respect one another’s competencies. The fact that we are able to do it propels us to expect everyone else to do it. Always explaining to people that if a job has to be done, then it has to be done realistically, but we have to work efficiently and prepare for the challenges ahead. TEU

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Insurance inerview of the month

Po s i t i v e Th i n k i n g Po s i t i v e R e s u lt s By Martin Vella

Only in the world of mathematics do two negatives multiply into a positive. David Curmi, CEO of MSV Life and President of the Chamber of Commerce, Enterprise and Industry feels that he has always been a very positive person because he simply enjoys what he does and every night looks forward to another day at work. Mr Curmi maintains that positive thinking leads to positive results and that you can’t make yourself feel positive, but you can choose how to act, and if you choose right, it builds your confidence. So let’s ask him about some choices… TEU: How critical is it that the new Chamber’s President recognises the needs of business leaders and maintains the strong public and private partnership? DGC: Recognising the needs of business is what the Malta Chamber is all about. If we lose sight of this, then the Malta Chamber need no longer exist, as it is one of our prime functions to represent business in its needs with the local authorities. As President I am very proud that our long list of members includes business leaders from all sectors of the economy, all of whom recognise the Malta Chamber as the voice of the business community and the correct forum for dialogue with the country’s leaders. For several years now the Malta Chamber has enjoyed a good relationship with successive Governments, Government Departments and agencies all of whom are willing to collaborate with the Malta Chamber for the benefit of the business community and ultimately the entire nation. Within its organisation the Malta Chamber groups members in sectoral groupings from where ideas and concerns emerge. These in turn, are communicated to the authorities in a direct manner or through the various national fora and boards where the Malta Chamber is represented, such as MCESD, Malta Enterprise and the MEUSAC Core Group. 08 |

TEU: You were also active in the merger process between the Malta Chamber of Commerce and Enterprise and the Malta Federation of Industry, particularly in the drafting of the Statute for the merged Chamber. What lessons can you draw from this experience? “I do not only strongly believe in managing by collegiality but I practice it in the company that I run ”

DGC: This was a very enriching and rewarding experience, and when I look back I am indebted to the presidents of the Malta Chamber and the Federation of Industry, at the time, for having given me this opportunity. The merger process spanned almost two years, during which time I led a long and arduous consultation and negotiation process which ultimately led to the drafting of a new Statute for the merged Chamber. The lessons I drew from this experience are many but the following are what I consider to be my key take-always from this experience: do not be confrontational, always conduct yourself in a professional manner, listen seriously, act as a catalyst for problem solving, persevere and never give up and lastly listen to your inner voice to help you do the right thing.

TEU: How do you believe in inclusive leadership and how do you intend to seek the widest possible participation of Board and Council members in leading and representing the organisation? DGC: I believe that gone are the days when a company or an organisation can be run by one person. I do not only strongly believe in managing by collegiality but I practice it in the company that I run and I intend to do the same at the Malta Chamber. I am committed to running the Chamber in a very transparent, fair and ethical manner by ensuring that anything that requires to be brought to the attention of my colleagues on the Board of Management and Council will be placed on our agendas ensuring as wide a participation as possible in the decision making process of the Chamber. TEU: How does the Chamber offer value-added services in the area of representation of the business community, internationalisation, quality management, business education as well as in actively seek to influence national policy? DGC: Members derive a good return on investment for their membership in the Malta Chamber. To begin with the set-up provides for a number of vertical committees specialising in specific areas

Insurance inerview ofITthe Education month

as well as thematic committees which deal with issues affecting the broad spectrum of business. The committees are composed of members and supported by a member of the Malta Chamber’s staff who carry out research and action the decisions taken by the Committees. Through these Committees the Malta Chamber gathers information and lobbies on behalf of members with Government and various authorities to achieve the best conditions for business. The Malta Chamber also provides value added services particularly in the areas of business education and Internationalisation. In the latter case, it helps members expand their business abroad. The Malta Chamber is also the issuing authority for certificates of origin and ATA carnets. It organises seminars and information sessions on new legislation and current topics as well as a number of networking events. It is the only business organisation in Malta to have achieved ISO 9001 certification. TEU: How tough is it to drive corporate business values throughout the organisation and keep a focused culture? DGC: I strongly believe that for a company to be financially successful the person or persons running such companies must demonstrate at all times that good corporate business values are the cornerstones of the foundations on which the company is built. This is also what stakeholders expect from businesses – no more and no less. In the case of the company that I run, namely MSV Life p.l.c., our success depends not only on the quality of our products and service, but also on the manner in which we conduct our business. If you seek trust and respect from customers, that means you must deliver what you promise. If you seek respect from employees, you must treat them fairly and with dignity. If you seek respect from investors, you must operate with transparency and accountability and so on. Revenues and profits will follow. Earning respect is far more difficult than making money. TEU: Do the corporate responsibility areas you support align with the business? DGC: Most certainly. One of our corporate values is to help our communities be better places in which people can live, work and grow. Our company is very active in the area of Corporate Social Responsibility (CSR). Our CSR policy supports our environment, our people and our communities, through community relations programmes, and our customers. All the initiatives that we take during the year are aimed at adding value to our communities. I believe that the

companies that perform best over time are those that build a social purpose into their operations that is as important as their economic purpose. TEU: Is evaluating and managing risk today more complex than it used to be? DGC: The financial crisis has exposed serious flaws in corporate risk management where even the most venerable and reputable institutions found themselves on the brink of demise within a few days or even hours. “If you seek trust and respect from customers, that means you must deliver what you promise”

The term “risk” has developed more negative connotations in the recent economic climate. The management of risks is a discipline that helps us run our businesses better. We have made it more complex through our own actions, mistakes and excessive risk taking on the part of certain undertakings. The growing complexity of certain enterprises as well as the scale and complexity of their activities have increased their vulnerability to risk. As complexity rises, the need for more effective operational risk programmes becomes more acute. In the financial services sector the management of risks is considered to be a critical function and banks, insurance companies and other financial institutions are obliged to have in place an effective risk management system. TEU: How do you see the potential in things before others do? DGC: Every leader in business has to anticipate. As for myself I find that staying current is very important in my business. One of the risks of failing to stay current is finding yourself in situations you ought to have anticipated. The people who are constantly looking around corners are best suited to leadership positions. I do not only follow developments in the insurance world very closely but I also take an interest in what happens around me since, business leaders are expected to make decisions not only on what is happening internally in their own company but also on what is happening around them. TEU: John D. Rockefeller Sr. once said he would pay more to hire someone who would get along with other people than he would a genius. Would you apply this raison d’etre – teach people to get along with other people?

DGC: Mr. Rockefeller is perfectly right. But I would not spend a lot of time in teaching people how to get along with other people. People who get along well with others must have the right attitude. I much prefer to hire for attitude and spend time training for skill. From my experience people with the right attitude are much better team players and the importance of having the right attitude is much more difficult to teach than skill. TEU

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Editor’s Note Chief Executive Officer of MSV Life p.l.c., Malta’s leading provider of life insurance protection, long term savings and retirement planning. MSV Life p.l.c. is jointly owned between Middlesea Insurance p.l.c. (a member of the MAPFRE Group) and Bank of Valletta p.l.c. David is also Chief Executive Officer and Director of Growth Investments Ltd. a wholly owned subsidiary of MSV Life p.l.c. He currently also holds the following positions and directorships: •

• •

• • • • •

President of the Malta Chamber of Commerce, Enterprise and Industry. Permanent Member of the Malta Council of Economic and Social Development Member of the Board – Malta Enterprise Member of the Board of Governors - Valletta 2018 Foundation Member of the Board Vincenzo Bugeja Foundation Director of Middlesea Assist (a Mapfre company), Director of Plaza Centres p.l.c. Director of Midi p.l.c. Chairman of L.B. Factors Ltd.

He started his career in the insurance industry over thirty years ago during which time he held various senior executive positions with a number of insurance operators. David is an Associate of the Chartered Insurance Institute of the United Kingdom and a Chartered Insurer. He is also a regular lecturer on a various insurance topics at the University of Malta and at the Malta Insurance Training Centre.

September 2013 | THE ECONOMIC UPDATE

| 09

IT Education LAW

Security Interests under Maltese law: an Innovative Dynamic Legal System By Michela Fenech The development of Maltese security law has largely been driven by pragmatic and sectorspecific economic considerations, resulting in a dynamic mixture of security solutions, and has allowed for significant success and economic growth in particular sectors such as shipping and financial services. “With Malta’s growing reputation as a centre of excellence for international business and finance, the next step can and indeed should be towards an open-architecture security system”

Until recent legislative reform, financiers seeking to secure their interests had two effective options for consensual security – pledge and hypothec. Security was understood in terms of limited real rights over the debtor’s property, expressed as a right of preference which restricted the debtor’s rights of disposal over the property. They also had pre-set content to ensure certainty and protection. Pledge was gradually expanded in scope as a reaction to the development of the use of debt, shares, insurance policies and other intangible property as security. However, certain inherent features were considered unsuitable and inefficient when confronted with new objects of property as well as the increasingly complex cross-border transactions found in today’s global economy. The economic imperative of nonpossessory security was first addressed in Malta with the introduction of ship mortgages, through the Merchant Shipping Act, as a special non-possessory form of security. This marked the beginning of Maltese security law’s gradual progression towards the use of ownership as security. 10 |

The Aircraft Registration Act (ARA) was introduced in an attempt to emulate the success reaped by the shipping sector in the aviation context. Both industries are intrinsically international in nature, with assets of high value utilised to grant significant security to financiers. The ARA represents a significant milestone, as with the implementation of the Cape Town Convention (CTC), it introduced various innovations to the general approach to security. The starting-point for the CTC regime was an acknowledgment that aircraft finance is characterised by the high sophistication of its market participants, requiring less protection through mandatory law. Contractual freedom is therefore an important feature of the CTC, allowing parties the flexibility to set out their mutual rights and obligations by agreements tailormade to suit their specific commercial needs. Outside the field of vessels and aircraft, Maltese law did not expressly provide for special nonpossessory security until the recognition of security trusts and security by title transfer in the Civil Code, as well as title transfer financial collateral arrangements through the Financial Collateral Arrangements Regulations. Such title transfer mechanisms create a functional security right limited by contractual and fiduciary rules of loyalty, utmost good faith and specific performance. This is because ownership grants stronger rights than are necessary for the purposes of providing security. The creditor is therefore legally limited to holding title of the asset only by way of security for his claim. The focus thus shifts from limiting the rights of the debtor to qualifying those of the creditor. This illustrates how security involving ownership operates at a fundamentally different level to ‘traditional’ security.

The several forms of security devices under Maltese law, though functionally and inherently different, seem to co-exist well. The juxtaposition of such devices reflects the multitude of competing concerns at constant interaction and tension with each other. Maltese security law has developed into a promising system seeking to allow for the myriad situations it is meant to provide for. With Malta’s growing reputation as a centre of excellence for international business and finance, the next step can and indeed should be towards an open-architecture security system which lays down fundamental principles while unleashing the possibility for relationshipdriven mechanisms to develop in tandem with the emerging global economy. TEU

Editor’s Note Michela Fenech started working at Fenech Farrugia Fiott Legal in 2010, after successfully completing her LL.B. She works in the areas of funds, asset finance and general corporate and commercial law. In February 2012, she underwent a Special Placement at Norton Rose Fulbright and was part of the ship litigation and ship finance teams. Michela submitted her thesis on ‘A Comprehensive Analysis of Security Interests under Maltese Law’ and is pursuing an LLM in Corporate/Commercial Law at Cambridge University.

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Reversal of Fortune

 After years of rapid economic expansion…

Economics global

REVERSAL OF FORTUNE  …emerging nations are facing renewed economic hardship…

From excess liquidity to financial drought in the emerging world

By Stephen King

 …as weak balance of payments positions come theCheap microscope familiar. euros from northern Before the global financial crisis, it was typicallyunder

Stephen King Chief Economist HSBC Bank plc

From excess liquidity to financial drought in the emerging world • • • •

After years of rapid economic expansion… …emerging nations are facing renewed economic hardship… …as weak balance of payments positions come under the microscope When rebalancing is not good news

Europe argued that the world economy needed to poured into southern Europe triggering “rebalance” to guarantee lasting economic domestic demand booms even as structural When rebalancing is noteconomic good news performance worsened. The resulting health. Developed economies had excessive current account deficits while emerging current account deficits could be funded for Before the global financial crisis, it was typically argued that economies had excessive surpluses. If only a while but, with an increase in risk aversion world needed guarantee following thetoonset of the global financial crisis, these imbalancesthe could be economy reduced, the worldto “rebalance” the deficits ultimately economy would lasting be a much happier place. economic health. Developed economies hadproved unsustainable. It turns out that this was too optimistic a The long-term emerging market story remains excessive current account deficits whilesupported emergingby economies positive, a series of encouraging view: imbalances have narrowed but it has had excessive surpluses. If onlysupply theseside imbalances be term, however, been a “recessionary” rebalancing, associated factors. Incould the short current account deficits will with dwindling reduced, demand for emerging market the world economy would be a much happier place.remain in the exports, undesirable monetary policy contagion spotlight. With little improvement so far, the risks of currency higher interest rates and, in some cases, a structural worsening of optimistic It turns out that this was too a view: weakness, imbalances competitiveness. For a while, the promise of and more in the way of disappointing growth have narrowed but itReserve’s has been aremain “recessionary” rebalancing, uncomfortably high. cheap dollars – courtesy of the Federal demand for emerging market printing press associated – maskedwith andwindling underlying deterioration in exports, economicundesirable performance in the policy contagion and, in some monetary emerging world: too much hot money and too a structural worsening little productivecases, investment. The global hunt of competitiveness. for yield encouraged huge capital inflows into Foreven a while, the promise of cheap dollars – courtesy of the emerging nations as their economies began to slow and their labour costs rose. Federal Reserve’s printing press – masked an underlying For anyone who’s spent timeinexamining deterioration economicthe performance in the emerging Eurozone crisis, this story might sound eerily

sal of Fortune 4 September 2013

liquidity to financial Stephen King Chief Economist he emerging world HSBC Bank plc +44 20 7991 6700

View HSBC Global Research at: Issuer of report: HSBC Bank plc


abc Global Research

world: too much hot money and too little productive investment. The global hunt for yield encouraged huge capital inflows into emerging nations even as their economies began slow and economic their labour costs rose. After years oftorapid

For anyone who’s spent time examining the Eurozone crisis, expansion…

this story might sound eerily familiar. Cheap euros from northern Europe poured into southern Europe triggering …emerging nations are facing renewed domestic demand booms even as structural economic economic performance hardship… worsened. The resulting current account deficits could be funded for a while but, with an increase in …as balance of payments riskweak aversion following the onset of the global financial crisis, the deficits ultimately proved unsustainable. positions come under the microscope

The long-term emerging market story remains positive, supported by a series of encouraging supply side factors. In When the rebalancing is not good news short term, however, current account deficits will remain in the spotlight. With little improvement so far, the risks ofthat Before the global financial crisis, it was typically argued currency weakness, higher interest rates and more in the way the world economy needed to “rebalance” to guarantee of disappointing growth remain uncomfortably high.

Disclaimer & Disclosures This report must be read with the disclosures and the analyst certifications lasting economic health. Developed economies had in the Disclosure appendix, and with the excessive current account deficits while emerging economies Disclaimer, which forms part of it had excessive surpluses. If only these imbalances could be reduced, the world economy would be a much happier place.

It turns out that this was too optimistic a view: September 2013imbalances | THE ECONOMIC UPDATE have narrowed but it has been a “recessionary” rebalancing,

| 13


Le a r n i n g Ag i l i t y is a must By Martin Vella

Agility and common sense are absolutely paramount in this day and age. How can your organisation derive immediate business benefits? We talk with Antonella Buttigieg, Inbound Marketing Specialist at 6PM, a member of the team behind

TEU: Let’s start by telling us something about QuickFocus? AB: QuickFocus is the home of Agility and Applied Common Sense – it is an essential online suite consisting of an in-practice knowledge base, training services, selfdevelopment and productivity tools to help organisations develop business solutions within timeframes and to fixed budgets. TEU: Who is it for? AB: QuickFocus applies mostly to Project Managers, workshop facilitators, developers and anyone who is involved in the team that is seeking self-development and ways to improve productivity. This suite applies also to students who are seeking to start a career; employees who want to further their career; professionals who are seeking new skills and corporate clients who are seeking training for their staff. It applies to anyone who wants to continue on the journey of learning and improvement. TEU: How would you outline the difference of your agile methodology to other exciting and popular methodologies available on the market? AB: Delivering business benefit on time and to budget is not easy in today’s dynamic and changing environment. There are various popular agile methodologies in the market such as DSDM Atern, SCRUM, XP, Kanban and others. All of these methodologies simply explain a process. The QuickFocus Agile Delivery framework is an extended wheel built on the popular methodology DSDM (process) with the added benefit that we do not just teach delegates a process but focus more on the attitude and commitment of people - a formula that has led to the success of a number of projects. Based on a simple formula PEOPLE + PROCESS = PRODUCT, projects do not 14 |

fail or succeed because of the process, projects fail or succeed because of the PEOPLE, their attitude and commitment. “Agile People are those people who are continually delving out of their comfort zone ”

The QuickFocus Agile Methodology focuses on the people’s component of the formula as we believe that no matter the process and how good it is unless people have the right mind set and attitude and are committed to themselves in wanting to be great, the output, in other words, the products or services delivered will not be beneficial to the recipient and themselves.

Agile Delivery Framework must be willing to make changes in Organization’s Culture, Skill set and approach on how business challenges are tackled. Over the last 2 years we have witnessed many organisations in Malta taking up Agile as their preferred framework for addressing business challenges. We have witnessed this as we have seen the popularity of our online Agile knowledge base gain popularity and we have delivered several training, mentoring and consultancy sessions. TEU

QuickFocus is not only about Agile the Process. It is predominantly about Agile People. Agile People are those people who are continually delving out of their comfort zone, people that are always standing up and being counted, people that are always striving to pursue their personal journey from destination Good to destination Great. Agile is a way of life rather than a process! TEU: How is the take up of Agile in Malta? The take up of Agility in Malta is on the increase since like everywhere else in the world, organisations in Malta need to do more with less. Agile is the perfect platform for this -while organisations can in effect achieve to do more with less, quality is not compromised. To the contrary, quality is increased. This is the beauty of the QuickFocus Agile Delivery Framework. It is a framework that enables organisations to focus on the “Acquisition” of the desired Business Benefits through the delivery of their business solution. Organisations wanting to introduce and adopt the QuickFocus

Editor’s Note Antonella holds the position of an Inbound Marketing Specialist at 6PM and is currently engaged to work on the www.quickfocus. com project to increase awareness, engage with the audience online and improve conversion rates, as well as measuring and reporting on the ongoing optimization of display ads, bids and landing pages.



We talk with Bashar Khatib, GlobalCapital plc CEO, to hear what he has to say on the significant operational improvements at GlobalCapital, how the company is building strategic value, together with an analysis of the issues shaping life insurance business decision-making today, Mr. Khatib takes us into the cockpit for an inside view on GlobalCapital’s recent improvements. He argues that progress is going to be hard won as the industry flies into striking headwinds that have produced a challenging global economy, low interest rates, higher capital demands, increasing regulatory constraints on business. But GlobalCapital’s core life operations are gliding along a defined path in the right direction with a skilled team at the controls. 16 |

IT Education Insurance

BACKGROUND As an insurance industry management specialist Bashar Khatib has acquired unrivalled insight into the vagaries of the international insurance market in the three years immediately prior to arriving as Group CEO at GlobalCapital. He was General Manger of Takaful Emarat, a UAE listed independent Takaful company focused on Sharia Compliant Health and Life insurance business, and previously as Regional Head of Multi-channel distribution at t’azur, based in Bahrain, a provider of General, Health and individual Life Islamic, Sharia Compliant Insurance Products, both startups with capital ranging from $40,000,000 to $500,000,000. Well manicured and trim, Bashar Khatib is a typically restless insurance entrepreneur.

TEU: You have worked for most of the ‘A-List’ global insurers, what did your time at AIG, Cigna International, Prudential Financial, and Zurich International Life bring to you? BDK: Fantastic experience – these were MultiNational companies with great history and achievements worldwide. I had the privilege to work in various markets and learned to adapt to various cultures and how to contribute to these blue-chip companies’ success in the local markets - helping develop the indigenous staff in these markets. AIG took me to UAE, Oman, Bahrain, Kuwait and Egypt, Cigna took me to Indonesia and back to the USA, Prudential brought me up to date with the USA market, and Zurich took me back to the Middle East. TEU: What is the most important way that GC differentiates itself in the market place at the moment? BDK: GlobalCapital is looking to strengthen its online and protection product suite. We pride ourselves on providing our clients with the best service, the most important product we have. Our basic services and products are distributed differently than anybody else in Malta. We have developed our own tied agency system while most other Companies depend on some form of bank assurance distribution. The outcome of it is basically professionals who can provide exceptional service. Their main mode of operation is to help people identify their financial goals, collect relevant information, analyze the data, provide feedback, make and implement recommended solutions and revisit their clients at least once a year for a review. Anybody representing GlobalCapital has to be very well trained, very well funded and has to have

knowledge not only about the product but also to provide for the end solution in a competitive market. The most important task is to help people identify the medium and long-term goals for the financial security of their families. There exists a top priority in Malta which is what I call total needs analysis. At the end of the day the product for us is the end solution, so what we do is help people understand the various steps needed to achieve their financial goals and their ambitions for themselves, their children, today, tomorrow and in the future. The objective is that the financial wellbeing of the family is in their own hands and not dependent on government programmes, charity, relatives or friends. TEU: Can you highlight the strength of GlobalCapital plc and give us a brief overview of the products and services? BDK: With such a multitude of services available in Malta, it becomes very difficult even for the educated to figure out which products are right for them. We need to advise them depending on which stage of life they are in. The key is communication. It could be technological communication or personal communication. As is evident from our website, I think we’ve been able to communicate in a very simple manner; whether we’re talking about life products or about a specific ‘life stage’. This is what our people try to do consistently when talking with our clients. Of course GlobalCapital as a group provides life and health insurance services and products, complimented by the investment division services. The subsidiaries combine to provide holistic solutions that help people manage their risk, provide for today, and save for the future.

GlobalCapital Life Insurance (GCLI) is a rename of British American Insurance Company as a result of the merger of both companies in 2003. GCLI (previously British American Life Insurance) has been operating since 1965, and as such has a long history of service in Malta. Therefore, we have almost 50 years of knowledge and service in the industry. What GlobalCapital is trying to achieve is basically meeting clients’ benefits when needed most and supplement the savings goals of the future. Life insurance is not a return on investment - it is actually protection of the most valuable asset people have which is their earning power, the ability to provide income. Our job is to make sure that if a family‘s income stops for any of these reasons, premature death, disability, and retirement, there is money working for the family. Our staff recruitment campaign is to find people who are ‘go-getters’, people with ambitions to build a professional career, building a practice serving all people in the community ensuring their financial security and maintaining their desired standards of living. TEU: You are credited with having introduced and developed financial Planning programmes that enhance quality, production and profitability. How do you factor all this into your talent acquisition strategy? BDK: Talent management, growth and development are our key priorities from a people perspective. We plan to further strengthen our sales force this year. Our distribution systems require quality personnel and people who are looking for long-term professional careers. To become effective and successful our business candidate needs time and stability and as such we designed compensation systems that give September 2013 | THE ECONOMIC UPDATE

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them the stability of income and the time to learn the business. This also requires effective financial planning tools that we created and continue to develop to meet the best professional standards. . So at the end of the day, our financial planners are the most important persons between us and the clients. They really should be looking to provide the best services and products that are in the best interest of the client. To develop a good financial planner in a choice market the estimate is between €100K to €150K. Our investment is in the long-term and we are confident about the results in the future. We currently have a core of very good financial planners and we are seeing their effectiveness, efficiency and productivity improving, and our objective is to continue to grow and professionally develop our sales force for the future. TEU: What other clients do you want to attract and what are their financial needs? BDK: Our clients are anybody in this market that needs financial security, and everybody needs financial security, whether they are

lower, middle, or high income earners. We want to work with everybody and our products are designed to meet everyone’s needs. We definitely want to work with households and families. Our objective is also to provide business insurance advice and solutions, such as business continuation plan, business preservation, and succession planning. All of that is part of the remit which we will have within our life insurance solutions that we will provide. TEU: As a leading insurance brand what are your key markets? BDK: The initial part was to consolidate our operations here in Malta, and we now have in excess of 7% market share in our core life business. Right now, we are more reliant on customer acquisition. But, in the future, we are going to be in a business where profitability will be found in managing a larger group of customers, where the critical differentiator will be the ease with which a customer can interact with us. Definitely the future is in expansion beyond Maltese shores, as well as looking into investment opportunities stemming from this growth. At the end of the day Malta is a small market and we would like to explore overseas

markets, and we are building a good IT system that will allow this to happen. We are investing a considerable amount of money in this IT system which will be operable from next January. IT must design systems that provide operational flexibility. Only then can innovative ideas translate quickly to changes in products and services for customers. We are also automating and simplifying our internal business processes with the help of IT. In our business, constant product innovation is important. IT has made a great difference in that: it has assisted productdesign and we were able to launch a number of innovative new insurance protection products in the last 2 years as a result. We have this year commenced doing research about various territories that we will be able to penetrate. We are studying distribution of locally engineered products specifically within the EU and we may also be distributing overseas. TEU: How critical is CSR to the culture of GC brand and how do you decide what areas to support. BDK: We actually participate in a lot of social activities here in Malta, whether it is through blood donations or undertaking collections for charities, or donations to charities sponsored by government. Similarly we sponsor sports and social clubs, such as Marsa Sports Club and Luxol Basketball Club. Through Bupa we also raise health awareness programmes and wellness as part of our values of helping the communities where we are operating from. Besides all of the above Insurance companies provide a sound investment source for the economy creating jobs and opportunities. TEU: Bashar Khatib has an interesting vision and a good brand. What role will you play in GC’s future strategy?

Editor’s Note Bashar Khatib brings over 25 years of Executive Management experience to the fold, having worked in various roles with several multinational organisations across the globe. Some of these organisations are leaders in their own domain such as AIG, Cigna International, Prudential Financial, and Zurich International Life. Mr. Khatib’s expertise includes start-up operations, development, turn around and growth of existing operations. He introduced and developed financial planning programs and sophisticated compensation plans that enhanced quality production and profitability. He also participated in management buyouts and spin offs, including the management buyout of Zurich direct sales force distribution into Nexus, the largest Life Insurance broker in the Middle east. Mr. Khatib studied Electrical Engineering in the USA and did his post graduate industry qualifications which included Fellow, Life Management Institute, Chartered Financial Consultant and Chartered Life Underwriter, he was also NASD member.

18 |

BDK: At this point, with the support of the Board, the strategy is to consolidate the local market and then expansion in the EU and overseas. My most important goal is to grow the value of the company for all the shareholders and all the stakeholders, particularly our clients. If you can have a strong life insurance company with high embedded values it means security for the clients, it means return on investment for shareholders and from a stakeholder point of view it means job security and a good future. Financial security and confidence are generated for the client. I am optimistic of our success in the future and if we can pursue this. I hope that we’ll take this lead and continue to build this stable platform. We have been setting up the fundamentals and structure paving the way for the new generation to maintain our momentum as we move forward. TEU

All rights reserved | Copyrighted

TRUST How good are you at building it?

If you can demonstrate these 4 go-getter qualities, you could be well on the way to gaining our trust and support in promoting your new business venture with GlobalCapital Life Insurance.

1 2 3 4

How pro-active are you? How good are you at making decisions about pursuing your own goals and accomplishing them? How hard working are you? How good are you at facing up to challenges and overcoming them? How persuasive are you? How good are you at persuading people of the value of the services and products you have to offer? Can you build lasting friendships? How good are you at building trust with someone you have not met before and continue to build that friendship into a long-term business relationship?

If you have these four qualities, have previous sales experience and would like to know more about becoming a first-rate Personal Financial Planner with GlobalCapital Life Insurance: Visit our website on Call us on 2134 2342 Email to GlobalCapital plc. is an equal opportunity employer

GlobalCapital Life Insurance Limited is authorised to transact Long Term Insurance Business and is regulated by the Malta Financial Services Authority. Registered address: GlobalCapital Life Insurance Limited, Testaferrata Street, Ta’ Xbiex XBX 1403, Malta.


Fr o m I d e a s t o Met hodologies By George Carol

It is a great benefit for an organisation when the Management reflects the culture of an organisation. Within 6PM management need to be always listening, identifying good ideas and supporting their implementation. John Deguara’s approach to management is to be open to ideas but to be driven by results. Soon after joining 6PM in 2011 as Programme Manager, John became the Managing Director of Agilis6, a Maltese software house within the 6PM Group. Recently he became the 6PM Chief Strategy Officer with the responsibility for the process of productisation within the Group.

TEU: How important is the development and creation of your CSO role from initially bringing Agilis6 back into profit and moving on to bring the focus on products for the 6PM group of companies? JD: One of the key goals of the procurement of Agilis6 (then Softweb Ltd) by 6PM was to acquire a client base and products which 6PM could develop further. Consolidating our own branding, we then had to develop the products within Agilis6 to match the ideas and aspirations we had for the Maltese market. This task was intrinsically linked with the need to return the Company (Agilis6) to profit. Once we achieved a level of success within Agilis6 we turned our focus on product development within the wider 6PM Group. There is always a big shift when moving from a culture of bespoke solutions towards one of developing products. The culture shift is both in the mind set of management as well as in team dynamics. Elements of resistance to change can occur during such programmes, Individuals involved in bespoke development were used to working on a project, finishing it and delivering it. They then moved on to the next project. Now they are developing a product and once it is delivered they will continue to own it and improve on it. This is the mind-set that has to change. And for some it may be a large change, therefore you will always have pockets of resistance within an organisation but that`s natural for any change.

there is a market for that product outside that specific sale. This really needs to be identified immediately. The idea is to look for a solution which will interest a wider client base. If you do something specifically for a single client you can end up in a situation where it can only work in that client’s specific environment. Here we are talking about architecture, we are talking about methods, about how we approach the marketing of the product itself, once we have it, and also about the agreement with the client itself. There are two major work streams required in order to make this process a success. You have the product development itself (which is the creation of the product), and the maintenance of the product as part of a Product Roadmap. These are processes that 6PM has taken time and effort to put in place. It is not just a matter of developing the product and releasing it. You must also have the ability to maintain it, update it and provide the client with value over a period of time. It is is a process that always needs to be adjusted, worked on and developed. It is an interesting and challenging process. TEU: How have the service offerings evolved during this time?

TEU: How do you innovate and create the productisation framework as a matter of converted solutions with prospects of multiple sale and products?

JD: The services evolve all the time and they really depend on what the client needs. Once we sell a product and place it with the client there is a lot of discussion on how the client can further its use and gain more benefits. So there is a lot of discussion about how the product is going to promulgate within the client. This is very much driven by the client’s needs and the business environment, always taking into account the market the product is in.

JD: You get opportunities to make specific sales and for specific bespoke applications. Once you do you can immediately identify if

We also try to see if there are any offshoots that may result from the product that has been developed. One of the major developing

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arms of the 6PM Group is its Support and Maintenance capabilities which can be quite a specialised service. We have a full team in Malta which supports Documentum for UK clients. We also have contracts to support deployments which other companies decided against retaining this element of the service chain. This is an example of another service which is developed from having to support our own products. TEU: Where will growth for 6PM come from? JD: Our major market is the health sector. The health sector is always looking to find ways to save money. However we are very aware that IT must not be the primary objective of health. They prefer to spend their budget on medicines, on care, etc. So if you have the right mind set, if you have the right dynamics within the organisation and if you have the right capabilities you can always go in and identify areas of integration between systems, between the current ways of working which can provide a very good return on investment, something which 6PM is excellent at. There are some extremely large Companies involved in Health Systems, however, in the end, if you are Agile and you have a dynamic approach, you will always be able to find a niche solution which will sit between these giants. It is in these kind of areas that 6PM is so good at adding value. We have other areas where work has reached a very interesting stage in our development. We have just released Climate-HIV. We are working to develop products related to stroke. We are looking at other areas within health where we can develop new products. It is these elements that instigate ideas for growth and we have to be very open to them. TEU

Malta’s Premier Boat Show BOAT SHOW MALTA 2013


Special Feature: SEPTEMBER 2013

IT Education Special Feature

The BOV Valletta Boat Show 2013 Malta’s Premier Boat Show Welcome to this year’s premier boating event of the BOV Valletta Boat Show! One of the most sought after events to date in Malta’s maritime calendar is back for four days this September for the 7th edition of the BOV Valletta Boat Show.

Boat Show fascia name signs Stand Number


G1, G2

All Winds Yachting


V - Type


Armed Forces Of Malta


Bj Marine

The exhibition is Malta’s premier boat show and is the culmination of a great deal of hard work and dedication from everyone involved. This year we have chosen yet again Boiler’s Wharf for its fantastic harbour setting and for its space – its quay is 240m length – which allows us to put a vast number of boats on display. Being held at Cottonera, the undisputed cradle of maritime Malta, which abounds with traditions dating back over many centuries, this year, the boat show provides four action packed days of fun and excitement for all ages.

G6, G7

Strand Marine

This event has become synonymous with the yachting industry, not only in Malta, but also in international circles as it grows in stature. We would also like to support the government in realising that boating is truly a large industry that deserves investment and nurturing. We would also like to provide government with an impetus to promote the inner harbour area and its regeneration and embellishment. That is why we are promoting this area for our BOV Valletta Boat Show 2013.

G8,G9,G10 Esprit G11

Mersenne Marina


Gatt Enterprises


Macmed Ltd

G14,G15,G16 Sunseeker G17 Sterden G18,G19

Northstar Marine


Medcomms Limited


Mcast Maritime Institute


Oceanus Marina Ltd


Caruana Marine


Petecraft Ltd


Yachting Partners Malta Ltd


Sail Power Ltd


Affinity Management Ltd


Flyboard Malta


U - Group


Mediterranean Yacht Sales

This year the public can step inside a number of sailing boats, power boats and stands. Large vessels from the Armed Forces of Malta and a number of NGOs, private charters and other sea vessels will also be present at the BOV Valletta Boat Show. Beyond the boats and booths, special events, attractions and activities celebrate the boating lifestyle and offer entertainment for everyone.


M.A. Motorcycles Ltd.


Jatco Insurance Brokers Pcc Ltd


Green Marine Systems


Just Ltd


Mna Marine Ltd

As we are just a few weeks away from the opening of the Rolex Middle Sea Race, we feel that with all the preparations and hard work that we have put in we hope this is provides impetus for us to continue acting as ambassadors for the boats and yachting industry, not only strengthening the perceived association between us and our sponsors, but also promoting the company’s core values and the underlying spirit of entrepreneurship and dedication to sailing.

G39 Exante


Transport Malta

An event of this magnitude, is estimated to draw over 20,000 visitors. As the BOV Valletta Boat Show opens its doors, the public are sure to be astounded with the transformation that has taken place at Boilers Wharf. Even if you are not interested in boats, the entertainment programme and fun atmosphere make this an event that should not be missed.


Dive Warehouse

The use of this venue has only been possible with the kind co-operation of the Transport Malta and I would like to take this opportunity to publicly thank the Transport Malta’s Chairman and all authorities involved, including the Senglea Local Council.

John Formosa Director 01 |


Bank Of Valletta

G44 Bicref G45

Arvin Nauticar

G46 Melita

G50 Kombibar G51,G52,G53,G54

Malta Resources Authority


Attard & Co Foodstuffs Ltd


Alvalenti Filu’


Continental Cars Ltd


Cutrico Ltd, Mriehel Bypass, Mriehel BKR 3000, Malta Tel: +356 2149 8658 / 2149 8693 | Email: Cutrico Ltd, Mriehel Bypass, Mriehel BKR 3000, Malta Cutrico Mriehel Mriehel 3000, Malta Tel: +356Ltd, 2149 8658 /Bypass, 2149 8693 | Email: Tel: +356 2149 8658 / 2149 8693 | Email:

special offers on BOV Boat & Yacht Finance At Bank of Valletta we can offer you a fast and flexible solution to finance your boat and yacht. Apply until the 30th November 2013 and you will benefit from: · 0.5% reduction in interest rate · 50% discount on processing fees Your success is our goal.


Loans are subject to normal bank lending criteria and final approval from your BOV Branch. Terms and conditions apply. The term of the loan must not go beyond retirement age. For a BOV Boat & Yacht Finance loan of €60,000 @ 4.95% repayable over 120 monthly repayments of €636.94, the total amount repayable to the Bank is €76,392.80 consisting of €60,000 capital, €16,192.80 interest and €200 charges. The APR is 5.21%. Issued by Bank of Valletta p.l.c. 58, Zachary Street, Valletta VLT 1130 - Malta

Xperformance Shaping the future Following the successful launch of the Xp 50, X-Yachts’ award-winning Xp range is celebrating its latest flagship design. Superb build technology utilising vacuum infused carbon and epoxy, combined with comprehensive attention to detail, truly set the Xp range apart when it comes to sailing qualities. The present range consists of Xp 33, Xp 38, Xp 44, Xp 50 and Xp 55. The New Xp 55 is now available with ”Custom Line” interior options, allowing a unique combination of performance and individually tailored luxury. Photo Xp 55

Valletta Boat Show Senglea Malta 26 to 29 September 2013 Sailpower Ltd Malta +356 7949 4500 / 9936 0901 · /

Special Feature


Cruise or Race? With X-Yachts both are possible – A brief overview of the Xcruising and the Xperformance ranges. X-Yachts launched their first ever dedicated cruising yacht, the Xc 45, in 2008 following a clamour of demands from their client base. The knowledge and experience gained from three generations of performance yacht design saw the Xc 45 awarded the prestigious European Yacht of the Year Title in 2009, while the Xc 38 won the same prize in the luxury cruiser category on her launch in 2011. The Xc 42 and the Xc 50 models complete this market leading range. The latest addition, the Xc 35, will be launched in Spring 2014. The Xcruising range captures X-Yacht’s renowned sailing performance, but with increased interior volume for spacious accommodation. The deeper hull sections allow Xc models to carry additional displacement, but also give a smooth motion in choppy sea conditions. The Xc range retains the X-Yacht’s world renowned reputation for safety, with an immensely strong steel keel

frame structure providing superb resistance to grounding. All models feature a deck layout and sail plan designed for relaxing shorthanded sailing as well as a luxuriously wellequipped interior, ample accommodation and spacious cockpit for sociable sailing with a full complement of family and friends.

X-Yacht’s trade mark steel keel frame structure is replaced with a new carbon/composite grillage which gives an improved strength and stiffness to weight ratio for exceptional hull impact resilience and rig stability, maintaining X-Yachts’ world renowned standards of safety and longevity.

Xcruising Features

The Xp yachts swiftly shift from performance sailing machines to a comfortable post-sailing environment, with numerous bimini and sprayhood options, pop-up cockpit table and folding transom which creates a secure swim platform. The interior is fully equipped and has maximum light and ventilation through stylish, opening coachroof windows and flush deck hatches.

• Moderate Draft for remote anchorages (extra low draft available) • Folding transom to form a swim platform (motorized on larger models) • Excellent cockpit protection, with options including windscreen, sprayhood and bimini • Teak as standard for cockpit, side decks, coach roof, bulwark and swim platform • Airy and spacious interior with choice of layouts and trim options • Generous diesel engine in well insulated compartment For those Yacht owners who also wish to race their cruising boat X-Yachts have developed a fourth generation of cruiser-racers the Xperformance line. These yachts are true dualpurpose designs, developed with both racing and cruising rigs, sail plans and keel options from the outset. They are carefully designed to adapt between short-handed and fully crewed sailing, with asymmetric headsails, under-deck furlers and deck layouts which enable ease of handling and efficiency of manoeuvres.

Launched in 2011 with the Xp 44, the new Xp range now encompasses the high performance Xp 38 and Xp50 models. This year X-Yachts unveiled two new models, the fast and fun Xp 33 and a luxurious Xp 55. Each model is designed with the same key values in mind; to raise the bar for production cruiser-racer yachts in improved build quality, detail of design, innovation, sailing experience and comfort – as well as adding to X-Yacht’s proud heritage of triumphs on the race course. For more details about the X-Yachts models contact Sailpower Ltd – - 79494500. TEU

Semptember 2013 | THE ECONOMIC UPDATE

| 06

A & J Baldacchino Boat Yard Ltd.

Kalkara Wharf, Kalkara KKR1501, Malta. Tel: 21661306, 27661306 Fax: 21690420 Mob: 99425999, 79052471, 99449592

Berthing Assisstance (Direct): 99689794 (24hrs) Email: Website:

Special Feature


Where Architectural Design meets technology – Innovative Solutions for the Marine Industry. By Jeffrey Shaw

3M™ is a global innovation company that never stops inventing. Over the years, 3M innovations have improved daily life for hundreds of millions of people all over the world. We have made driving at night easier, made buildings safer, and made consumer electronics lighter, less energy-intensive and less harmful to the environment. We even helped put a man on the moon. 3M™DI-NOC™Architectural Finishes - is a range of self-adhesive films, which offer unlimited creative flexibility and architectural freedom at reduced cost, compared to traditional materials used in construction, refurbishment, maintenance and repair. It’s possible applications are very diverse and vary, amongst others, from building, hotel and office to public transport and marine. 3M DI-NOC architectural Finishes comprise a wide range of colors, shades, surface textures and finishes, which are capable of fulfilling even the most complex decoration and covering requirements, allowing perfect integration into both new design and maintenance projects. It has excellent resistance to water, dirt, impacts, wear, abrasion and mold. It is flame-retardant and IMO certified for the marine sector. It is amongst the most technologically advanced and prestigious products offered by 3M.

3M™ Fasara™ Glass Decorative Films - is a range of films made of durable polyester with a decorative matte surface, perfect for privacy and decorative applications on glass and windows. It is also an ideal solution for elegant screening of conference rooms, waiting rooms and glass partitions. In addition to a striking visual effect, 3M™ Fasara™ ensure the safety of glass, holding the fragments in case of accidental breakage and reduces UV radiation by up to 99%. 3M™ Sun Control Window Films improve comfort at home or office, recreational buildings and transportation and are designed to reject solar heat, reduce fading and protect the people who occupy them. 3M invented window tint in 1966 and these innovative products have provided protection from the sun’s harmful rays for more than 40 years. 3M™ Scotchprint® Wrap Film Series 1080 sets a new standard in wrap films and gives one the opportunity to create a truly distinctive look for vehicles, trucks or marine craft with this innovative series of satin, matte, gloss and 3-D textured films. After taking the automotive customization sector by storm this film is also being used in the marine industry where it can transform a dull looking yacht into a more modern look in no time. 3M™ VentureShield™ Paint Protection Film is an optically clear and very tough urethane film which will protect any vulnerable painted surface from damage caused by stone chips, environmental elements, bugs, scratches and minor abrasions. It is also used on pleasure boats and super yachts to prevent abrasion from fenders and ropes as well as on the entire length of the hull to protect against paint fading. Limited are the appointed local distributors for 3M™ Commercial Graphics Division, Architectural Markets Division, Automotive Aftermarket Division and Corrosion Protection Products for Building & Construction Industry. For further enquiries please visit our stand at the BOV Valletta Boat Show 2013. 11 |

3M Architectural Markets 3M Architectural Markets

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Markets Business. 3M architectural Markets brings the company’s strong tradition of innovation into the design world to help commercial architects, designers and building owners create amazing spaces. The segments in which 3M offers its technological and design capabilities range from office to hospitality, health care, retail, corporate and even marine.

Trade Enquiries 9921 4514 | 9949 0109

Special Feature




Government is well aware that Malta has a potential to become an excellent leading maritime centre in the Mediterranean. Our geographical position, natural ports and our traditional culture shall serve as a very strong basis on which we can further build and get moving on this ambitious project and objective. Over 500 people already work in this industry or have jobs dependant on it. Marinas, refit and repair, registration, finance, legal and corporate services, marine surveyors, service agents, yacht brokers, management companies, chandlery, supplies and bunkering….the list I must say is endless. One area with excellent potential is definitely the yacht and super yacht sectors. If we make the right decisions now it should be possible for Malta to continue to increase its market share in this sector. Many new jobs would be created across different sectors including engineering, technical, crew 13 |

and management, etc. This sector falls directly under my remit as Parliamentary Secretary for Competitiveness and Economic Growth and I take this opportunity to reinstate our commitment as a New Government to sustain the various entities and operators in this sector to prosper, expand their business and above all employ more people. “The one thing that gives me great confidence about the potential for this industry is the Maltese yachting community gathered here today”

We have the largest shipping register in Europe. We work in the English language. The one thing that gives me great confidence about the potential for this industry is the Maltese yachting community gathered here today – people with passion and expertise…..people who understand maritime law….people who can drive and finance the business.

Political stability and a clear commitment to support business development of high added value services, an attractive fiscal regime, a well respected flag, a robust legislative framework and an efficient administration create the right environment for this industry to be further consolidated and prosper. To this effect, this Government is committed to continue to ensure that yacht owners, especially super yacht owners, view Malta as a highly respectable jurisdiction in fields that although not directly related to yachting are important for them, such as the corporate, legal and financial services. We need a fiscal regime that is attractive to investors. We need good air connections, state of the art telecoms, high speed broadband and satellite communications. I am well aware of the plight of many in the industry constant over a number of years of the need for a connection to the

Special Feature

South of France. I am committed to look into resolving this matter. We also need to maintain a good environment and most of all we need to remember that this is a service industry where quality counts. Policy and regulation have to be developed wisely. This New Administration, from the very first day in office, expressed its clear vision that it intended to continue improving this sector. Keeping all this mind the New Administration has already taken initiatives that support further growth of the super yacht industry in Malta, such as the clarifications to the VAT treatment of short term yacht chartering and the launching of the Global Residence Programme. As mentioned the human resource is the main recourse on our island and we are committed to develop and train people to take up a career in the industry. We need more investment in MCAST to develop more courses relating to the Maritime sector. We then need to get these accredited and recognized internationally to be able to attract youths to attend these courses. We are committed to attract more investment in maritime training with the possibility of leading to the creation of a Maritime Academy. The private sector is important to help us develop this and therefore please come forward with your suggestions as you have done today. While the further development and consolidation of this industry will be driven by the private sector, there is a

role for Government to support policies and initiatives that will stimulate growth and long-term sustainability. “meetings will be set with stakeholders to look into the needs of the super yacht industry and report back to the Committee”

We must ensure that the right infrastructure is in place. In fact, this Government is committed to identifying zones that can be transformed and developed to more modern facilities, related to the industrial services of yachts and super yachts. Moreover, the regenerating project of ‘Port il-Kbir’ and its relevant areas, will set the backdrop for the aforementioned scenario and further investment to take place. In this regard special reference should be made to the recent call for expressions of interest for the development of a maritime hub on the site of the former Marsa Shipbuilding. Another area of priority is to maintain and increase our well deserved reputation as a serious regulatory authority and to continue to offer an added value service to our partners. The objective of our Administration is to reduce bureaucracy and red tape. We will always show a level of flexibility but never and in no way we will ever jeopardise safety and the environment and the welfare of the professionals working within the industry. In recent months we have also had detailed discussions on growth and sustainability of the maritime sector at a policy level, further strengthening an integrated

Exclusive BOV BOAT interview SHOW 2013

national approach to the development of seas and coastal regions and intensifying the debate among maritime stakeholders. It is our belief that we need to ensure the real and perceived participation of all stakeholders in policy making and enhance communication between the maritime community and other involved economic sectors, if it is to succeed. This is in everyone’s interest; we are all dependent on safe, secure and sustainable seas. It is for this reason that in July, I established the National Integrated Maritime Strategy Committee. The key approach to influencing maritime stability is through the implementation of consolidated maritime strategies and policies that positively reflect our dependence on the sea. After today’s event meetings will be set with stakeholders to look into the needs of the super yacht industry and report back to the Committee so that we can take the immediate action as is necessary. The Maltese super yacht industry has all the skills in place. Our challenge now is to build and expand, together with the private sector, in order to promote the niche that surely will contribute towards developing Malta as an excellent leading maritime centre in the Mediterranean This Government and myself in particular, are determined and remain committed to actively promote and support the yachting and in particular the super yacht industry in Malta. TEU

Thank you for your attention.

Hon Zammit Lewis , Wilfred Sultana - Event organiser, Ing. Joe Degabriele -Transport Malta

September 2013 | THE ECONOMIC UPDATE

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Special Feature


Yacht Insurance Surveys – are they necessary? By John A. M. Ross

Some Owners think that the requirement for a marine surveyor to make a detailed survey of their yacht before an Insurer provides an insurance quote, or continuing cover, is an unnecessary step in the process. But this can be a big mistake. John Ross, Marine Surveyor, explains why insurers – and owners – need to do themselves a favour and seek professional advice – for four reasons. Firstly, without assessing the degree of marine risk, and the market value of a specific vessel, insurers making estimates and assumptions tend to charge much higher premiums, to be on the safe side. A professional insurer will insist on a detailed Condition Survey and Valuation, even if the owners see it as an extra expense and inconvenience. Secondly, as an owner – and/or skipper – if you don’t know about the condition

of your yacht – or only think you do – you could be in big trouble. And the first person to know about your trouble will be your insurer – but then it will be too late. A proficient Surveyor will almost always find some deficiencies during a thorough survey, of even the most meticulously maintained vessel regardless of age. A good Yacht Surveyor will spot serious problems missed by many other so-called ‘experts’. Immediate remedial work may be needed to ensure safety at sea. Thirdly, if the Owner’s yacht is overvalued due to an inaccurate or cursory survey then higher premiums will be charged and, in the event of a loss, the Insurer may pay only the current market value. Conversely, if the yacht is undervalued the owner will lose out financially in a claim. Finally, although insurers may accept a Survey Report to determine a premium,

they will not pay out for defects not noticed by the surveyor. Both yacht Owners and Insurers get what they pay for! About the Author John Ross, BscEng, MRINA, AYDSA, MIIMS, IAMI, Government Surveyor, is the Principal of Malta Yacht Surveys, a Malta-based marine surveying practice operating worldwide. A full range of marine survey services is provided including: Pre-purchase Condition and Insurance Surveys, Valuations, Damage Assessment, NonDestructive Testing, Refit Consultation, Commercial Charter Yacht Coding and Regulatory and Statutory Surveys for the Malta and UK Governments. Website: , E-mail: , Tel: +356 9928 9271 TEU

September 2013 | THE ECONOMIC UPDATE

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WOW!!! FINALLY A ONE STOP SHOP FOR ALL MARINE MAINTENANCE SUPPLIES! Whether its ancient, or a new acquisition we stock all parts for both inboard and outboard engines of any make besides from supplying top notch propellers from Solas and state of the art Seastar hydraulic steering systems and a vast array of Vee Tree instruments. To complement the above, we import Safe antifouling paints, Teleflex controls and cables and hundreds of anodes for both boats and engines. Besides, technical advice comes FREE but actual maintenance has to be PAID!

RESELLERS WELCOME AS WELL. Ronnies Marine Centre, Triq il-Gnien, Gzira. Tel: 21 319 338

Feature ITSpecial Education


Are you a pr o ud bo a t o wn er , or t hin kin g o f buyin g? Makes sense to have proper insurance cover! By Marisa Polidano, Personal Lines Manager, Atlas Insurance PCC Ltd

When buying insurance for your boat, there are a number of factors that you should take into account when choosing the right solution for you. You will find two choices of cover: • Third party liability only: the law stipulates that you must have third party liability cover if the engine of your boat is 9.9HP or over. • Comprehensive cover: this will include liability to others but also damages to your own craft. If you are looking for the best cover, you should ensure that the comprehensive insurance policy you are buying covers your hull, engine/s, auxiliary engine/s, tenders, life rafts, as well as your electronic and navigational equipment. You might also need to cover your personal effects, which may include TVs, life jackets, diving equipment, water-skis and fishing gear, as these will not be automatically covered under a normal insurance policy. Some policies do provide an automatic minimum cover for such items, however, the limit might not be sufficient for your needs.

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The most common damage incurred by speedboats and cabin cruisers is when propellers come into contact with objects in the water, usually a rope or plastic bag. You need to know what cover is being given for this, as policies have varied cover and different limits. Most insurance policies cover fire, explosion, storm, lightning, collision, sinking, theft and malicious damage (vandalism). It pays you to go through these with your Insurer to avoid any misunderstanding in the event of a future claim. Boat chartering is becoming quite popular on our Islands. Should you choose to diversify into this sector, besides having the proper licence from Transport Malta, you should also notify your Insurer as cover will need to change from personal to commercial insurance. Sailing boat racing is also increasing and cover under your insurance policy will need to be extended. Such an extension will cover your sails, masts, spars and standing and running rigging during racing, so you will probably be asked to declare a value for these items. The policy excess will be increased

for this added insurance cover, as well as an additional charge for the increased risk. Also take the time to think about whether your limits for liability cover are adequate. Liability claims (which are related to damage caused with your boat to third parties, both physically and to their property), are on the rise both in quantity and amounts payable. What would happen if you happen to hit another craft, causing substantial damage? Would your current policy limit cover that expense, let alone bodily injury to a swimmer or to a friend who is enjoying a day with you on your boat? Finally, take into account the current situation on mooring and pontoon availability in Malta. Make sure that you inform your Insurer of your berthing location and the dates during which your boat will be in the water, to ensure that you are properly covered especially during the winter months. TEU

For further information, please contact Atlas Insurance on 8007 3434 or




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2X SOFTWARE CELEBRATES 8 YEARS OF EXCELLENCE IN CLOUD COMPUTING LOCAL AND INTERNATIONAL AUDIENCE SETS THEIR EYES ON A PREVIEW OF THE MUCH ANTICIPATED RELEASE OF 2X APPLICATIONSERVER XG VERSION 11 2X Software, a global leader in virtual desktop and application delivery solutions, held a corporate kick-off event for its local and international offices to officially mark eight years of operations and to showcase the new 2X ApplicationServer XG version 11. The event brought together employees from the Malta headquarters, US, UK, Central Europe, Middle East and Australian offices. 2X’s top European distributors were also invited, as well as local companies and government entities.

corporate vision, while 2X CTO Paul Gafa presented the technological vision. The special guest speakers were Dr. Edward Zammit Lewis, Parliamentary Secretary for Competitiveness and Economic Growth and Dr. Stefan Buontempo, Parliamentary Secretary for Research, Innovation, Youth and Sports. On day two, the event was split into two tracks, one focused on sales and marketing while the other was geared towards technical implementation and training.

The two-day event, which focused on how to market, sell and implement 2X ApplicationServer XG, was held at the Palace hotel in Sliema. On day one, 2X CEO Nikolaos Makris discussed the company’s

“It’s exciting to see how much we’ve grown as a company over the last eight years. Working together as a team has allowed us to provide world-class products to an international customer base. The

corporate event was our way of thanking the employees and showcasing what we’ve accomplished, while ensuring we provide full transparency to our employees on where we are heading. Likewise, having our top European partners, local companies and government entities as part of the celebration was the icing on the cake,” stated Nikolaos Makris, CEO, 2X Software. Over the last eight years, 2X has seen considerable growth. The company now employs more than 50 people in Malta and over 80 worldwide. They have seen a steady increase in bottom line revenue and project a gradual, healthy expansion into 2014.

Special Feature


HUGO BOSS skipper Alex Thomson to participate in the 2013 Middle Sea Race By Conrad Buttigieg

HUGO BOSS and its local retail partner VF Group of Companies officially announce the participation of skipper Alex Thomson in the upcoming edition of the Rolex Middle Sea Race. The Alex Thomson Racing 60-foot long monohull racing yacht “HUGO BOSS Imoca 60” will be sailing out of the Valletta Grand Harbour this October 19 at 11:00 hrs. The yachtsman Alex Thomson has recently participated in the prestigious and challenging 2012 / 2013 Vendée Globe race, which he completed after 80 days 19 hours 23 minutes and 43 seconds at sea. He came in third – a phenomenal victory, as the race is one of the toughest races in sailing. HUGO BOSS has been actively sponsoring Alex Thomson Racing since 2003 and is

looking back on a decade-long successful partnership in sailing. The boat also acts as a brand ambassador, not only strengthening the perceived association between HUGO BOSS and sailing, but also promoting the company’s core brand BOSS and the underlying brand spirit of modernity, elegance and confidence. As an internationally successful organisation, HUGO BOSS has become synonymous with fashion and lifestyle. Based in Germany, HUGO BOSS today has a presence that extends around the globe. In Malta, BOSS Stores are located in St. Julians and at the Departures Lounge of the Malta International Airport. The yacht’s participation was made official during a breakfast press conference organised by local retail partner VF Group of Companies

at the BOSS Store of St.Julians in the presence of Mr Josef Formosa Gauci, Chief Executive Officer - Malta Tourism Authority, Arch Godwin Zammit, Commodore - Royal Malta Yacht Club and Mr Vincent Farrugia, Chairman – VF Group of Companies. Ms Michelle Farrugia, Managing Director VF Group of Companies, commented ‘It is with great pleasure, that I officially announce that skipper Alex Thomson has accepted our invitation to participate in the 2013 Rolex Middle Sea Race. On behalf of the VF Group of Companies and HUGO BOSS, I look forward to welcoming the Alex Thomson Racing Crew and the HUGO BOSS Imoca 60 yacht to Malta. It is an honour for us and all Maltese sailing enthusiasts to have Alex compete in Malta’s most prestigious sporting event’. TEU

September 2013 | THE ECONOMIC UPDATE

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Special Feature


Laguna Marina

Laguna Marina is an exclusive, boutique marina on the Valletta waterfront and the only marina in Malta to offer an ‘all inclusive’ service option for its clients. The concept is for the motor yacht owner to find their boat ‘ready to go’, allowing them more time to enjoy the use of their craft, without the usual hassles of ownership. The service provided is personalised, professional and to the highest of standards. Laguna Marina’s location, at the heart of the stunning and vibrant Valletta Waterfront development, offers an all weather marina with safe and secure berths, extending the owners usage time of the yacht throughout the warm winter months. Situated within the capital’s Grand Harbour, the Valletta Waterfront is a historical and sheltered port which is regularly visited by cruise liners and other vessels from all over the Mediterranean. Laguna Marina offers a bespoke service. Installed with floating pontoons and berthing fingers to provide easy access, Laguna Marina offers its clients assistance with berthing, refueling, catering, valet parking, guardiennage, waste collection and a concierge service.

Berthing Laguna Marina is exclusively designed for motor yachts up to 15m with a maximum draft of 1.8m. Berths are on floating pontoons with fingers for ease of access and mooring. The pontoons are installed with metered utility modules offering up to 32 amp single phase supply. WiFi is available throughout the marina. Laguna Marina clients are provided with an exclusive electronic key for access to the utility readings, the marina gate and wash rooms. CCTV cameras are installed, at strategic access points and also cover the pontoons in the marina, for further security. Laguna Marina is within the Valletta Cruise Port facility that provides its own security personnel on a 24/7 basis.

Standard Pack • Yacht washdown (exterior): weekly in • Berthing assistance the summer months and fortnightly • Garbage collection throughout the in the winter months year

Packages Laguna Marina is providing a unique product to its clients, the Standard Service Pack, and the Premium Service Pack. The packs offer an option that will suit your requirements and lifestyle. 25 |

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BOV BOAT SHOW IT Education 2013

Concierge Laguna Marina Concierge services aren’t only about the best care and maintenance of luxury yachts. “Our Concierge Staff will gladly assist with your travel arrangements, chauffeur drive requirements, any preferences as to dining on board or restaurant recommendations and bookings. Think of Laguna Marina as a 5-star hotel for you and your yacht!” Laguna Marina offers two streams of Concierge services, a Standard and a Premium Service package. Both Laguna Marina packages are aimed towards the discerning boat owner who simply does not have the time to care for and maintain their boat. The different packages signify different levels of involvement on the Marina’s part. The Standard package includes berthing at Laguna Marina using unique finger berthing systems, regular cleaning and a maintenance schedule for your yacht which will see it maintained to the highest standard. The Premium Service package includes all of the above as well as added value concierge stream through which they take care of all refueling, lifting, maintenance and other sundry needs your boat might require. As well as the above two Concierge packages, Laguna Marina goes above and beyond in a number of other ways. “We offer airport and hotel pick up and drop off, berthing assistance if required, a specialist on hand to berth the boat should you so wish, as well as provisioning of your vessel. Allow us to provision and stock your boat with your favourite food and drink, as well as newspapers, magazines, books, music and anything else, so that you may find them on board when you arrive.” In order to provide the highest level of service possible, Laguna Marina has created a ‘partnership’ with service providers that have a similar mind set to the Laguna Marina ethos, that is to bring to its clients a high standard of service. Partners currently include:•food and beverage suppliers; •taxi service; •laundry service; •yard facilities; •chandlery; •insurance brokers; •marine engineers; •electronic engineers; •yacht handling instructors; Laguna continue to build up their portfolio of preferred service providers so that our concierge service can adapts to our ever changing clients needs. For more information about Laguna Marina and their services please visit : or contact: Laguna Marina, Mersenne Marinas Ltd., 5/3 Merchants Street, Valletta VLT1171. Tel: +356 2123 0980; +356 9930 2095 Email:

Owners’ Club – Chartering your Boat Laguna Marina clients wishing to include their yacht in the charter pool will be invited to join the Owners Club, that provides exclusive services to the owner. Becoming a member of the Owners’ Club will give you the following benefits: • Berthing assistance • Coordination to Register Commercially • Regular washdown of yacht • Charter Marketing • Interior Cleaning • Concierge service • Garbage Collection • Valet Parking • Refueling • Provisioning service • Coordination of Annual liftout/launch • Charter Pool Facility • Pre Charter Preparation • Coordination of Maintenance • Post Charter Preparation Boat owners whose craft are entered into the pool can benefit from substantial earnings which can be used to offset the costs of berthing and maintenance, all by allowing their boat to be chartered when it would otherwise be idle. The only costs the owner will bear would be the legal, survey or regulatory costs, which rarely add up to over a €1000, as well as costs for any safety equipment. Marketing and paperwork will be borne and handled by Laguna Marina.

Premium Pack As standard pack plus: • Guardiennage

• Valet Parking

• Interior Cleaning

• Concierge Service

• Refueling

• Provisioning Service

• Coordination of Annual liftout/launch • Pre Charter Preparation • Coordination of Maintenance

• Post Charter Preparation

September 2013 | THE ECONOMIC UPDATE

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Special Feature


Palumbo Group was established in Naples in 1967 as a small refit workshop for commercial ships. Now, after three generations, it has become the largest marine Group in the Central Med. The shipping refit and conversion business in Italy had rebounded strongly after the 2008 global crisis. As a result, Palumbo was looking for new facilities so, when it took over the Malta Dry docks, it not only inherited a dedicated superyacht yard, it also added four large commercial docks to its portfolio. Accordingly, in 2010 the Palumbo Group reached an agreement with the Maltese government for the privatization of the former British Navy shipping facility in Malta and, in 2011, for the privatization of the nearby Malta Superyacht facility: two of the largest facilities in the Mediterranean. “At the moment, the yard has approximately 300 English speaking craftsmen, naval architects and engineers”

The choice of Malta was driven by the size of the facilities, the strategic location of the island which is key for yachts sailing across the Mediterranean, the safe environment and yacht friendly legislation coupled with good banking services, admin and

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communications, plus the international role that the island has always played in all things maritime. With superyachts getting bigger and more complex, what a better place, Palumbo reasoned, to set up a base that could cater for the largest pleasure craft ever likely to be launched? To date, including the original refit and conversion facility located in the commercial port of Naples, the Group counts a super yacht construction facility in Naples, a shipyard in Messina and two in Malta: a commercial conversion and refit facility and a superyacht repairs and refit facility. Having built a strong reputation on the commercial market, in 2008 Palumbo Group started the construction of its first super yacht under the Columbus Yachts brand in Naples: MY Prima, an immediate success which positioned the Group as one of the most interesting new players in the superyacht market today Palumbo Shipyard now owns 10 dry docks, 1 slipway, berths, mooring docks, warehouses, open equipped working area and storage areas. The Maltese upgraded superyacht refit area covers some 45,000m2, and includes two graving docks, one measuring 160m x 25m with a draft of 8.83m, and a second dock of 140m x 18m and with a retractable roof for

painting. There are also more than 400m of deep water quay for alongside repairs, and a 350-ton floating dock 40.47m long, and with a SPMT (Self propelled Modular Transporter) able to move boats from the dock to the hard standing. Mr Palumbo explained: “A number of areas have already been refurbished to ensure excellent communications, information and office support. In the future, we will keep on investing in facilities to satisfy the needs of each of our clients, but most of all we will be investing in skilled people in order to enlarge our professional and technical team. At the moment, the yard has approximately 300 English speaking craftsmen, naval architects and engineers working quickly and efficiently”. Today Palumbo Group is justly proud of the facilities it has set up since it knows it can compete with the best yards in the world, offering greater value for money and a customized approach which larger yards often cannot provide. Palumbo Malta Superyachts is future oriented, and able to host any size or shape of yacht in its dry docks. It is ISO 9001:2008 and ISO 14001:2004 certified and it is the only yard in Malta with such big facilities, and also one of the major shipyards in the whole Mediterranean sea. TEU












K 385 St.Joseph High Road St.Venera

Tel 21487468


IT Education Special Feature


Marine Services, Repairs and Equipment By George Carol

Developing several brand new innovative strategies to serve the increasing need of asset leasing as well as a need for reliable communications propelled Fabian Enterprises Limited to the forefront of the offshore electronics market. Expanding their service, Fabian Enterprises soon became an industry leader in the offshore and marine markets with offices based in the yachting hub of Gzira, employing some of the most talented sales and service technicians in the industry. Established over 40 years ago Fabian Enterprises Ltd grown to be one of the leading importers of Communications equipment, Industrial and Marine electronic and electrical equipment and spares, test and measuring instruments, soldering/desoldering equipment, electronic and electrical components, and other related products. The appointment as local representatives of Elfa Distrelec strengthens the company’s commitment to the Educational, Prototyping and Maintenance and Repairs Service sector and not only are we increasing stocks locally in order to better assist our clients but, orders are placed every Monday with 3 days transit time. Fabian Enterprises Ltd have extended the range of marine electrical products we and can supply 29 |

a vast range of electrical components from the Blue Sea systems portfolio (circuit breakers, battery isolators, bus bars) Pacer marine-grade cable (single and multicore) , Dolphin battery chargers, Power Master inverters, Scout marine antennas and Marine VHF communications equipment from Standard Horizon. We have also introduced a range of aluminum-framed rigid solar panels. The company also supplies electronic components for industrial, hobby and prototyping, test and measuring instruments, hand-tools, power supplies, DC/AC voltage inverters, DC/DC converters, boat solar panels, screened wire and cable, two-way radio communications equipment, marine VHF transceivers, marine electrical components and GPS. Suppliers include; ELFA AB, Antex soldering irons, Standard Horizon, Pacer Marine Grade Wire, Finder relays, Albrecht, Intek and UNI-T among others. The company can also supply replacement bulbs in 12 and 24V halogen and incandescent and can also offer replacement LED bulbs. TEU

Contact: 18-20, Triq L-Imsida, Il-Gzira Tel: +356 2132 0845; Email:

Fabian Enterprises Ltd 18-20 Msida Road Gzira. GZR1401. Tel: 00356 21313283/21320845 Fax: 00356 21338087 E-mail: Website:

HUGO BOSS International Markets AG Phone +41 41 72 73 800

St Julians BOSS Store Malta 2, Ross Street Malta International Airport BOSS Store MIA Gate 1, Departures Lounge

Central Academy of Ballet combines professional skills & experience to help fulfill the potential of every student CURRICULUM


• Classical Ballet (I.S.T.D) Cecchetti Method • Recreational Ballet starting from 3 years • Classical Ballet open classes for Professional Dancers • Spanish Dance (Spanish Dance Society) • Jazz • Contemporary Dance • Adult Beginners Classes in all Genres • Pilates • Zumba

Mireille Coleiro (L.I.S.T.D) & Monique Pellegrini Petit (L.I.S.T.D)

Central Ballet Academy, 222, St Julian’s Road, Birkirkara

Registrations & Enquiries Tel: 2144 8396 / 2144 1631 Mobile: 7906 8682 / 9943 2604 Email:

Term commences TUESDAY 1st October 2013


Ta kin g t he Lead:

Gaining a Competitive Advantage through IT Infrastructure Optimisation by Curt Gauci In an ever-changing global marketplace, companies are looking for every opportunity to gain a competitive advantage and simultaneously grow revenue, cut costs and increase efficiencies. Within this environment, the role of information technology (IT) is rapidly becoming a key strategic asset which will not only save a business` money but will support and drive innovation, profitability, and customer satisfaction. Business agility is becoming a strategic necessity. Today, an IT disruption can paralyze a company’s ability to make its products, deliver its services, and connect with its customers. Business efficiencies are critical to the success of a business and your IT infrastructure should not be treated any differently. It should be considered as a strategic business asset because an optimal IT infrastructure ensures that your business is always up and running with no down time. IT Infrastructure Optimisation is a structured, systematic process for assessing organizations IT infrastructures across

capabilities to provide an optimization road map that achieves dynamic IT. The road map enables proactive IT management by helping organisations better understand and move towards a more secure, well-managed, and dynamic core IT infrastructure that helps reduce overall IT costs and better use IT resources. These optimisation initiatives also enhance user needs and user experience to increase productivity and amplify the impact of employees. “Optimisation therefore enables businesses to realise the full value of their IT infrastructure investments and establishes IT as a strategic business asset”

Other highly compelling benefits for those that are able to optimize their infrastructure include better alignment between line of business and IT, increased business relevance and increased satisfaction with IT throughout the organisation. Optimisation

therefore enables businesses to realise the full value of their IT infrastructure investments and establishes IT as a strategic business asset that can facilitate innovation and help organisations respond quickly to change. This in turn makes IT Infrastructure Optimization an important asset in a company’s arsenal to gain an advantage relative to its competitors. “Companies that manage their IT investments most successfully generate returns that are as much as 40% higher than those of their Competitors. Chief executives now routinely talk about strategic value of information technology, about how they can use IT to gain a competitive edge.” (Ross, Weill, Six IT Decisions) At Kinetix we can optimize your IT infrastructure to meet your business needs efficiently and cost effectively. We can help organisations better understand and move toward a core IT infrastructure with the end result of making IT a strategic asset for the business with the potential of giving the company added competitive advantage TEU

Editor’s Note Curt is director and co-Founder of Kinetix IT Solutions, a local leading IT Systems Integrator. Kinetix specializes in the design, implementation, support and optimization of ICT solutions for the corporate sector. Kinetix are HP, Cisco, Microsoft, Kerio, Trend Micro and Symantec certified partners.

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launches innovative platform aimed at professionals in AML space By Juanita Bencini & Claude-Anne Sant Fournier

Claude-Anne Sant Fournier is a Senior Manger in the Risk Consulting Advisory Services team at KPMG in Malta As a member of a global network of firms, KPMG in Malta has long embraced new media and new ways in which it communicates within its organisation and also externally with its clients. This prompted the local practice to launch the KPMG AML online forum, the latest addition in the suite of offerings from the Big 4 firm in the AML space. The KPMG AML Forum follows on from the success of the KPMG AML Roundtable, which is now in its ninth year and is a discussion forum strictly reserved for MLROs and compliance officers. The KPMG AML Forum aims to set up and maintain a network of excellence by providing users access to a digital platform, thus permitting AML professionals to communicate amongst themselves and acquire knowledge at an even pace to that at which trends and regulation in money laundering and financing of terrorism unfurl. The principal feature that sets the KPMG Malta AML Forum apart from any other, is the possibility granted to users to maintain a direct line of communication with KPMG AML professionals. Juanita Bencini, Head of Risk Consulting Advisory Services at KPMG, whose team is behind this initiative, outlined that “the MLRO’s life in an organisation can be pretty lonely. The fact that AML procedures are viewed by many as being the brake on more business 24 |

flowing in does not help. As with other AML services we offer, our objective remains the same – that of assisting the MLRO in facing day-to-day situations in the AML space by sharing thoughts and ideas and requesting insight when faced with a challenge”.

In our day, professional development plays an important role in any organisation. KPMG’s objective is to impart knowledge of best practice through the sharing of collective experiences by users of the KPMG AML Forum. Essentially, the KPMG AML Forum builds on the sound principles that have rendered the KPMG AML Roundtable a success, namely that of arming a network of professionals to face market challenges without compromising or exposing the organisations represented by each. KPMG’s name has long been associated with AML efforts in Malta. Over the years KPMG has been involved in training several MLROs and providing ad-hoc training to financial

institutions. The KPMG AML Roundtable keeps on growing from strength to strength and it is quite significant that we will be celebrating 10 years of the Roundtable in 2014. This is yet another initiative to ensure KPMG remains close to our clients and the AML issues that they face. Membership to the KPMG AML Forum gives access to semi-weekly updates, hot topics, articles and discussion forums. Diversity of knowledge, ideas and experiences is the strength behind every professional’s success in the fight against money laundering and financing of terrorism; for this reason, users of the KPMG AML Forum are encouraged to be pro-active members of this digital AML/CFT community by regularly asking questions, exchanging information and observations. Membership to the KPMG AML Forum is open to AML professionals and compliance officers. KPMG will be vetting all applications to ensure that the forum environment is one that generates interest and stimulation. KPMG is also to guarantee that debates in this space are generated by professionals who want to have access to like-minded individuals at the touch of a button. TEU

Contacts: Juanita Bencini, Partner, Risk Consulting, KPMG Advisory Services Tel: 2563 1053 Claude-Anne Sant Fournier, Senior Manager, Risk Consulting, KPMG Advisory Services Tel: 2563 1406 E-mail:

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VALUE PROPOSITION Part 2 By Martin Vella

In this second instalment Kenneth Farrugia, Chief Officer Funds Services at Bank of Valletta plc and FinanceMalta Chairman, discusses investment risk metrics, explains why strengthening regulation is vital and the implications of regulatory changes that the industry is facing. TEU: With regards to your recent investment solutions which have been classified under five pillars, what is the prime reason for this and how does this benefit investors? KF: Investors have different investment objectives, risk profiles and investment horizons. Typically young investors seek long term capital growth whilst investors closer to their retirement start shifting their portfolios to more stable bond based assets to generate interest income. On the other hand, driven by the presence of investors having different risk profiles, investors may seek exposure to a balance of both growth and income generating investments. Since its inception in 1995, VFM has launched on the market various investment solutions denominated in the key international currencies in order to provide investors with exposures to different asset classes covering the Maltese, European, Asian and Global capital markets. “The

UCITS IV Directive was introduced in 2012 with the objective to further enhance investor protection ”

Over the last twelve months, VFM carried out a review of its range of investment solutions and has consolidated its range of funds under five investment pillars these reflecting the key investment objectives of investors. In fact, today, VFM provides investors with a suite of investment funds positioned to address Liquidity, Income, Income and Growth, Growth and Absolute Return. The classification of these funds under the aforementioned pillars is a reflection of VFM’s customer centric strategy and as this makes it easy for investors to identify the investment funds which suit their investment needs. In addition, all the sub-funds of the Vilhena Funds SICAV plc have been assigned a synthetic risk reward indicator which is a measure of the volatility of the fund on a scale of 1 to 7 which is derived from the 26 |

funds’ historic performance. A numeric value of 1 means a low risk/low reward investment while a value of 7 on the scale indicates that the investment carries a high level of risk but has an equally high level of potential return. In this way investors may compare the level of risk and return . TEU: How was your business affected by the current economic crisis and ensuing re-regulation? KF: As a consequence of the financial crisis, the Lehman and Mandoff incidents, the asset management industry is today facing a raft of new regulations which will have a profound impact on all stakeholders. The UCITS IV Directive was introduced in 2012 with the objective to further enhance investor protection and amongst others brought about the Key Investor Information Document (KIID) with the aim to simplify and harmonize the information available to investors. The European Commission is already planning to introduce new changes to the UCITS Directive. In fact the UCITS V and UCITS VI variants are already being discussed. On the hedge front space, the newly introduced Alternative Investment Fund Managers Directive (AIFMD) is another significant development aimed at regulating non UCITS funds. The AIFMD which was introduced on the 22nd July of this year has been structured to regulate all Managers of non-UCITS funds exceeding the minimum of Euro 100 million in assets under management. This Directive has a massive impact on nearly all alternative market players and their existing business models, and will surely bring about a change in the business and competitive landscape apart from inducing significant compliance and reporting obligations. Other new regulations which are also being discussed include the Markets in Financial Instruments Directive

(MiFID), Packaged Retail Investment Products (PRIPS) and the European Markets and Infrastructure Regulation (EMIR) which are also likely to require additional investment by the industry to adhere to the requirements therein. The principal aim of these reforms is to create a uniform regulatory framework across the EU, thereby increasing investor protection and investor confidence whilst safeguarding the integrity of the European asset management industry. “VFM has undertaken an exercise to ensure that its product range is appropriately positioned to meet the requirements of various investor categories”

TEU: How are they impacting the industry? KF: As regulatory deadlines begin to bite, 2013 will be a year that reveals how the industry has responded to waves of pressure from regulators around the world. It is evidently clear that the new regulatory changes and the ones planned going forward, will have a strong impact on the business model of various stakeholders within the asset management industry and will in turn bring about significant changes to the dayto-day operational procedures to ensure that these fully reflect the requirements of the new regulations. Protection of the taxpayers, transparency in the markets, reporting and disclosure requirements and the increased accountability of the financial services industry executives for their activities are a few of the changes that the new regulations will bring about. Despite all these changes that are intended to bring about increased transparency, the performance of most investment products is ultimately dependent on the performance of the respective capital markets and the need to ensure an appropriately diversified investment portfolio which continuously

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reflects the investment objectives and risk profile of the investors is a must. It is my view that the industry needs to do much more on the educational front as there is a dire need to provide investors with increased information on the mechanics of capital markets, the different type of investment opportunities and their respective risk profiles. On this front, since its inception, VFM has launched various educational initiatives using diverse media platforms to include the organisation of various investor education seminars as well as other initiatives through the use of the audio, audio visual and other e-media channels. TEU: What are your views in this regard and what are Valletta Fund Management’s plans going forward?

KF: In spite of the regulatory challenges mentioned earlier, the main objective of VFM is to ensure that it provides its clients with a comprehensive range of investment solutions aimed at meeting their changing needs and objectives. It is clearly evident that as investors progress through their lifecycle their investment needs will equally change. As a result, VFM has undertaken an exercise to ensure that its product range is appropriately positioned to meet the requirements of various investor categories. In effect, today VFM has in place a core range of investment products in the key asset classes beit money markets, bond funds, equity funds and absolute return funds, denominated in various currencies and investing in various international capital markets.

The range of funds managed by VFM allow investors to set a core and satellite investment portfolio, wherein the core products invest in the markets located in developed economies whilst the satellite products provide exposure to specialised markets such as Asia and the Mediterranean Rim region. TEU: Going back on regulatory changes, what impact do you see on the local operations? KF: Regulatory obligations are imposed on the asset management industry as a whole however a number of Directives takes into account the nature, the scale and the complexity of the business. In fact, the UCITS Directive mentioned earlier allows for the adoption of the principle of proportionality which affords the necessary flexibility in the application of a number of rules. The AIFM Directive also has eligibility thresholds based on the assets under management. On this front, given the introduction of a raft of regulations, the Malta Funds Industry Association (MFIA), which represents the interest of local operators, is an observer at the Forum of the European Funds and Asset Management Association (EFAMA) which is the representative association for the European investment management industry. The MFIA is planning to become a full member of EFAMA next year, and will be in a position to present the interest of the local funds industry in a much stronger manner.

Editor’s Note Mr Farrugia joined Bank of Valletta p.l.c. in October 1985, and has occupied various roles within the BOV Group. He currently holds the post of Chief Officer at Valletta Fund Services Limited, Bank of Valletta p.l.c.’s fund servicing arm, and is also a director on the Board of Valletta Fund Management Limited. Within Bank of Valletta p.l.c., he sits on the executive committee of the Group. Mr Farrugia serves as Chairman of the Malta Funds Industry Association and is also a member of the management committee of the Depositor and Investor Compensation Schemes. He was appointed as Governor on the Board of FinanceMalta in 2007 and Chairman of the Board in April 2009.

With regards to VFM, the Company has been in the industry for over seventeen years and the excellent strategic fit between the Company’s shareholders brings a strong wealth of talent and resources and ensures that it is well positioned to meet the challenges of the industry and remains at the forefront in providing investors with a suite of professionally managed investment solutions. TEU

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Thinking European By Martin Vella

As Jonathan Shaw takes the stage at the forthcoming MEP elections, he is entering a territorial political landscape that demands the constant assertion of one’s domain—in person, in subject matter, or even geographically. But Shaw is not the humdrum politician that we have become so used to in on our political arena. From positioning leading quality brands in the retail clothing sector on the local market with remarkable success. His strategy has always been combining meticulous planning with in-depth knowledge and continuous presence – crucial factors of success. TEU: PN contestants went through a lengthy selection process to be eventually selected as potential MEP candidates, Do you think that the tests were aimed at ‘weeding out’ potential 
 candidates who might disgrace the party? JS: The primary objective was that to have an independent body choose, shortlist the best candidates and mix from the list. It’s a similar process to a job interview and its not rocket science, so I don’t think we should over emphasise on this particular process. TEU: As a successful entrepreneur you believe in firmly positioning your product among leading quality brands. How will you strive to ensure that you are firmly positioned among the leading players and what is the differentiating factor between you and the other list of contenders? JS: There are many differentiating factors, but primarily the one that stands out is that I’m a fresh face with no past or political party connection. I will work as I always have done, with the right attitude, driven by accountability and focused on obtaining achievements. TEU: Innovative marketing platforms are essential to connect to today’s customer. Coming from a business development background what are the inventive marketing strategies and proposals you will bring on the EU stage? JS: I have always believed that a positive approach to fulfill my ideas has been my strength. Creativity in business and the constant drive and enthusiasm to improve in problem solving will probably be my trademark way of doing things. TEU: You are best described as an enterprising young man, full of charisma, 30 |

Editor’s Note Jonathan Shaw obtained a Masters in Business Administration and has also worked in business development and the online tourism sector in Malta, Sydney and New York. He is currently a partner in the franchisee for Tommy Hilfiger, Hilfiger Denim and Armani Jeans in Malta. He is also the co-founder of Teatru Unplugged, an annual concert held at the Manoel Theatre since 1998. Jonathan was also a board member on the Film Commission and on the Aviation Supervisory Committee. He is an MEP candidate under the PN ticket.

IT Education Politics

energy and the will to succeed. How do you intend to transfer the business success onto the political arena? JS: It’s nice to know that one has a positive reputation yet it’s also now important that I remain who I am and true to myself. I intend to work with the same values and approach as I did before entering politics. Yet on a political scenario one must also work harder to communicate with a wider audience especially since the MEP elections cover all Malta and Gozo and not just a district. “The top priority for the EU should be the European citizen himself and in my opinion three important topics that affect each one of us on a daily basis are Work, Health and Justice”

TEU: How do you and your work as an entrepreneur intrinsically function in the EU playground? JS: My experience overseas and that of working with European organisations at high management level is definitely an asset on my behalf. We represent a small market yet as most of your readers will attest that foreign organisations always tell us that they wish that we handled bigger territories. Nonetheless, such a reputation is earned over the years and by working effectively. It’s important to be assertive, important to negotiate, yet all this must be done with professionalism and respect. As an MEP this should be my trademark way of doing things. TEU: Can you describe, briefly, what you think the European Union stands for? JS: In layman’s terminology the EU represents a group of countries that around 70 years ago had gone through two world wars. We are now at peace and working together to achieve a better and stronger region making it a better place to live for European citizens and migrants that decide to move to such countries. TEU: If you look at participation during the elections, the European elections are not considered a “popular” election what do you think are the main reasons for this? JS: The last MEP election in Malta had a voter turnout of nearly 79% which is quite high when compared to the European average but less than the turnout at a general election. I think that over the years we will experience a slow yet steady decrease in voter turnout

and this is probably normal when issues are more moderate and less vivid. Politics is about people and as candidates we have an important role to play in all this and we need to make the electorate feel part of the process and eventually inspire them to cast their vote. TEU: Could you name three topics that should have top priority for the EU? JS: The top priority for the EU should be the European citizen himself and in my opinion three important topics that affect each one of us on a daily basis are Work, Health and Justice. TEU: What do you consider the most important European Parliament vote in the 2004-2013 term? JS: Just recently The European Parliament’s plenary voted in favour to a set up a Single Supervisory Mechanism (SSM), the first leg of the Banking Union. This is in my opinion a crucial vote and an effective step for the Eurozone especially when we see what happened within the banking sector in the past years, both within Europe and the United states. TEU: If you had been an MEP between 2004-2013, was there a vote where you would have voted differently from your parliamentary group? Why or why not? JS: Rather than a vote per se I would have been more active and vociferous about the Cyprus issue. In my opinion the critical financial situation in Cyprus was badly mishandled by the European Council and as an EU citizen, my perception of how the EU managed this issue was a wrong one. TEU: Very small businesses and the craft trades account for more than 90 per cent of European undertakings, and are a source of both jobs and innovation. Do you think entrepreneurs of this kind deserve special attention from the Commission, given their importance to the stability of the socio-economic fabric and employment? JS: I think that in today’s economic environment every unit that contributes to the economy in any way possible is vital to be within the ‘radar’ of the commission. Creating jobs and growth are crucial to our short term and long term success and such is a top priority with the EU at the time being. We must also distinguish between a business owner and an entrepreneur. True entrepreneurs find worth in the worthless and possibility in the impossible. This is directly linked to innovation and it’s also

a known fact that a recession stimulates innovation. Hence, if one had to look at it from this angle, the commission and EU country members must ensure that we instill the right entrepreneurial mindset and also create fiscal and policy structures that stimulate and facilitate such and all this with special focus to todays youths. TEU: How will you take and implement measures to promote entrepreneurship and support for SMEs and do you think this should figure prominently in discussions on the next EU financial framework? JS: Through the appropriate committees within the EU structure one will have access to what’s being concluded and what else is being worked upon. As an MEP it’s important that these initiatives and updates are communicated back to the government, opposition and also the electorate. One then will also have his own ideas backed by experience, research and other form of input, such as working groups and the industry itself. Hence, the need for an MEP to work both in Brussels and also have an ear to hear his constituents. “True entrepreneurs find worth in the worthless and possibility in the impossible”

TEU: There are issues you have strong opinions on, some which you may not. Can you address some of these concerns such as green economy, energy, workers rights, illegal immigration and hunting? JS: These issues are complex and delicate and one needs to address them with sensitivity & concreteness. My generic opinion is that on such issues you mentioned there should not be a partisan approach. These are issues that affect everyone, be it a labourite, nationalist or a floater, and we should have the political maturity and strength to think, act and decide and not pass around the issue because whatever is done is measured in terms of votes. I never had a desire to craft legislation, preferring instead to think about the strategy and communications that can help reach legislative and policy goals. Some people think that I should run for MEP because I can put up a business together, but that is a poor way to choose leaders and politicians. I’m in a better place now to be a constructive contributor to political discussions on the European level. September 2013 | THE ECONOMIC UPDATE

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During the Swieqi Business Community visit with Dr. Simon Busuttil and Swieqi Local Council Mayor Noel Muscat. (Image by Jeffrick Chetcuti) TEU: The economy, social justice, solidarity and community involvement have always been important aspects of the PN’s culture. How important is it to drive those initiatives through and what would be your commitment in this regard if elected as an MEP?

On a European level, I would like to contribute towards the realisation of a more practical and flexible approach to European politics. I believe that we should think European but Act local. That way each and every citizen can better feel the benefits of being part of Europe.

JS: It is important so much so that PN MEPS’s are affiliated to the European People’s Party once elected to the European Parliament. Nonetheless, we do have the flexibility to have our own views especially since I always believed that what works overseas does not necessarily mean that works here and vice versa.

“I believe that we should think European but Act local”

TEU: What do you hope to accomplish as a new politician in an EU landscape ridden with socio-economic issues, financial crisis, illegal immigration and bureaucracy? JS: I plan to achieve results through my drive, enthusiasm and commitment to make things happen. This means that whatever the issue that I’m working on I want to accomplish whatever is best and possible on that particular issue at that particular time.

TEU: Which key areas should advocates for the next MEP elections be addressing? JS: MEP candidates should in principle be championing our membership in the European Union and its benefits for the Maltese citizen. Nonetheless, an election brings with it discussions on other issues with some being solely local issues and others being tied up to EU membership. TEU: What would be your top priority to have a strong voice in the European Parliament to make sure Malta gets the best deal and bring jobs and growth? JS: That of working with the right attitude, in full accountability and focus on bringing

achievements for the Maltese team of representatives and our country in Europe. TEU: Why should I vote for you in the forthcoming MEP Elections? JS: By voting for me, anyone reading this article and yourself can be reassured that I will represent you in the best possible means and I will work for the best interest of the country and to achieve more within a national and European context. TEU: What is your outlook for the future from the point of view of a totally new face on the local political scene which you would introduce an own-initiative report for approval by the plenary? JS: The future is always an output of the present. I plan to live in the present at all times and work to the best of my knowledge and capabilities. Nonetheless, knowing my character, I’m sure that I will be enthusiastic to work on various initiatives, both individual but also as part of the full Maltese representation in Europe. TEU

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TEU: What impact does Jonathan Shaw want to have on local and European politics? JS: Locally there is the misconception that one has to be ‘brave’ to involve oneself in politics. Whilst I acknowledge that this perception exists, in reality it is not as gruesome as it’s made out to be. One does not need to be some sort of superman, and I hope that I can also inspire people, who like me were never actively involved, to actually take the plunge and become more actively involved in politics. There is also a positive and challenging side to politics. 32 |

Attending the ‘Women on Boards’ Dialogue organized by the European Parliament Office in Malta

ITTechnology Education & Investment

Does tech n o lo gy m ak es i n vest in g e asi er ? by David Pace Ross

The world we live in is a fascinating place. We marvel at natural wonders and are intrigued by the works of fellow human beings. Technology shapes our contemporary lives in ways which were unthinkable in the very recent past, making adaptation a survival skill in its own right. Technology brings simplicity into our lives, however does it ease complications? This consideration applies perfectly to the concept of putting one’s hard earned money to work. Today, the means and methods applied to invest one’s excess cash have improved drastically when compared to even a decade ago. Gone are the days when financial institutions provided a service to their clientele strictly on a one-to-one basis against the payment of a high commission. Nowadays, markets and financial instruments which were only available to specialized brokers have become accessible to individuals via their mobile devices at a fraction of the cost. And here lies the conundrum, because making money has not become easier! 34 |

It is just as tough making money today as it was in the past, primarily because the underlying principles and concepts of investments have remained the same. Hence, the need of having a personal relationship with a trusted and reputable institution is probably more crucial than ever before, because technological advancements are also improving our longevity, and the financial cost of sustaining longer lifestyles poses a major headache to all forward thinking individuals. The key lies in building a well-diversified portfolio of investments which complements one’s goals and objectives. These will invariably change over time and, to be successful, the investment strategy should be adjusted accordingly. Generally speaking, younger investors can afford to take more risk and invest in a growth-oriented portfolio. For older investors, however, the need to source sustainable income would probably take priority and the switch to bonds and value stocks would be a natural progression. An experienced advisor within an authorized financial intermediary, equipped with an array of research tools, is arguably best

positioned to plan the financial future of investors dipping their pockets into the world of investments for the first time, and may also aid experienced investors who still feel out of their depth in instruments which oil the economy. However this may not necessarily always be the case as more knowledgeable investors can seize opportunities, without the help of an advising broker. Here, the cuttingedge technological advancements and the introduction of electronic brokerage of recent years come in handy –quite literally! In either case, set-backs should always be expected because not all pitfalls can be avoided. Caution is also warranted because notwithstanding that there are reliable sources providing free advice, the inexperienced investor could easily be misled by many other sources that provide ambiguous and incorrect recommendations. Wisdom is a gift acquired through age and pain. Invariably however, the common star factor amongst the most successful portfolios is the range of diversity within –low tech common sense at its best! TEU


FIMBank global head office inaugurated By Jason Zammt

Prime Minister Joseph Muscat with FIMBank’s Chairman, President and members of the Board Mercury Tower, the building which hosts the new global head office of trade finance specialist FIMBank plc, was inaugurated on Friday 6th September by Prime Minister Joseph Muscat during a ceremony held to mark the occasion. Addressing the guests attending the inauguration ceremony, Dr Muscat said, “It is with great pleasure that today I inaugurate FIMBank’s head office in Malta. With its strong international banking network, the bank is today a global player on the world stage, thus I am delighted that such an institution chose our country to service its large network of international offices across the globe. Malta, which has a millennial tradition for trading is a perfect location for a bank which specialises in trade finance. Our banking system stands on solid ground given the sound financial services regulations. My government is committed to ensure the best setting for foreign investors who chose our country as we want Malta to be a key global player in areas such as the financial services sector. The time is right to expand beyond European shores, thus FIMBank’s Group strategy falls within my government’s vision for this country”. Speaking on the occasion, FIMBank Group President Margrith LutschgEmmenegger said that: “This new global head office is another landmark in FIMBank’s success story. Being firmly rooted in Malta, our ambition is to see the island become a centre of excellence 36 |

in trade finance. As we have always done in the past, we will continue to promote Malta as a strategic location at the centre of the Mediterranean, one which offers a stable environment, a pool of highly educated bankers, a strong regulator and a financial services model that has bipartisan backing.” The Mercury Tower development consists of over 8,000 square metres of modern office space and includes sophisticated installations, including superior external thermal insulation, high performance glazing, building management system, intelligent lighting, reverse osmosis and airconditioning heat recovery units. The Bank also constructed a reservoir for the harvesting of half a million litres of rain water. Whilst describing the various environmentally friendly installations within the building, Ms LutschgEmmenegger stated that; “FIMBank has been very proactive in designing an energy efficient office to reduce its environmental impact, and the Bank is committed to review its performance and implement more eco-friendly business practices in future.” TEU

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European parliament resolution a challenge for malta’s igaming industry cluster says egba’s ewout keuleers, who reinforces how important the igaming industry is for maltese jobs, the local economy and its place in the european digital economy. By Ewout Keuleers Nobody knows the challenges facing Malta’s igaming industry cluster better than EGBA’s Ewout Keuleers, who is in Malta as a speaker at a Public Dialogue with MEPs and Industry on Online Gambling being held at Europe House on Friday, September 20, another landmark event in the series launched last this month by the European Parliament Information Office in the run-up to the European Parliament Elections on May 24 next year. Mr. Keuleers is General Counsel to Malta-based Unibet Group Plc and member of the Board of Directors of the European Sports Security Association (ESSA) and the European Gaming and Betting Association (EGBA). The EGBA was first established in 2003 as EBA with its main objective to promote fair cross-border competition for licensed EU operators and consumer choice within the European Internal Digital Market and to call for sustainable regulations that address public order objectives such as consumer protection in the most efficient manner, Mr. Keuleers argues that the local igaming industry cluster provides quality jobs and a very tangible “trickle-down” effect that keeps the hospitality sector ticking over, real estate rentals up, IT firms on their toes and a host of other multipliers in the local economy, worth at least 8% of Malta’s GDP. Top audit firms and most commercial lawyers together with a multitude of other professional services providers are also beneficiaries of the large industry cluster here on Maltese soil. With over 400 LGA licences issued and a growing number of other operators using Malta as basis to operate other EU issued licenses, the igaming industry cluster is an established one and the recent resolution by the European Parliament could prove to be challenging for the industry that is so well seeded here in Malta, which faces stiff competition from other jurisdictions such as UK, Dublin or non-EU jurisdictions such as the Isle of Man and Channel Islands, amongst others. The Maltese industry has been helped by a complimentary structure of gaming tax tariffs which is competitive even with the traditional Caribbean countries where regulation is less austere than that which has evolved in Malta. Mr. Keuleers says that Malta has, due to its pioneering work in the area of remote gambling and being the 1st Member state to implement specific igaming rules, enjoyed a unique advantage in Europe as most EU member

States operated their own gaming monopolies and prohibited applications for remote gaming licenses, but are now moving towards controlled re-regulation of their national laws. Such national process should, however, be in line with EU law and its fundamental freedoms. For this reason, EGBA welcomes the European Parliaments’ call on the European Commission to fulfill its role of guardian of the European Treaties and ensure adherence to the rule of law. On 10 September the European Parliament voted on a resolution on online gambling where MEPs, by a vote of 572 to 79 (with 61 abstentions), called on the European Commission to pursue enforcement action against member states whose online gambling regimes fall foul of Internal Market rules, while simultaneously upholding the right of member states to limit market access on grounds of morality or public order as interpreted in that Member State. “the local igaming industry cluster provides quality jobs and a very tangible “trickle-down” effect that keeps the hospitality sector ticking over”

The resolution calls for member states to share more information towards gradual progress on areas relating to consumer protection, in particular on player identification and selfexclusion lists. The resolution reaffirms the present situation as arising out of the decisions of the European Court of Justice which leaves it up to Member States whether they accept the online offer coming from an operator established and licenced in another Member State. As a leading figure in both ESSA and EGBA, Mr. Keuleers says that the present situation is expected to allow Malta to continue to act and grow as a corporate and operational “igaming hub” within the EU with significant contributions to its GDP. He also encourages the Maltese Government to use its unparalleled expertise of over 10 years in regulating remote gaming as a positive contribution to policy efforts on an EU and national level. In this context, he says, the resolution includes an explicit call for closer cooperation between Member states. On a cautious note Mr. Keuleers points out that while paying tribute to the material achievements of Malta as a pioneer of remote regulations in the EU, including the

early on recognition of the need to ensure effective digital consumer protection by adopting adequate regulations, the country needs to remain vigilant and ensure that the increasing challenges are met in a pro-active and horizontally consistent manner, Mr. Keuleers says that Malta must engage pro-actively on all relevant processes and forums, including the CJEU and Council. Mr. Keuleers has seen the importance - present and future - of the remote gaming industry to Malta as a cornerstone of the Maltese digital knowledge service industry, and he questions whether, “Malta can afford not to put in place a long term integrated strategy” at this stage. EGBA and ESSA see Malta very much at the forefront of the debate in the EU and do recognize its significant and pioneering efforts within the EU configuration to protect Maltese industry interests. “While we have come a great way, the challenge is not becoming any less. On the contrary, the industry today is facing more and bigger challenges, which one way or another, will almost certainly negatively impact the Maltese economy if not pro-actively and adequately met,”. Survival of the fittest is not about being the strongest, but about tapping the capacity to turn the EU challenge into an opportunity. TEU

For further information about the Public Dialogue with MEPs and Industry on Online Gambling at the European Parliament Information Office in Valletta please visit or visit the facebook page at to watch the proceedings streamed live online and to participate in the discussion through the social media page.

Ewout Keuleers is in Malta as a speaker at the Public Dialogue with MEPs and Industry on Online Gambling at Europe House on Friday. Mr. Keuleers is General Counsel to Unibet Group Plc and member of the Board of Directors of the European Gaming and Betting Association (EGBA) and the European Sports Security Association (ESSA).

September 2013 | THE ECONOMIC UPDATE

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Dr Edward Duca announcing the Science in the City programme with Wilfred Kenely and Prof Alex Felice.

Second edition of Science in the City Countdown to the pan-European Researchers’ Night — Science in the City — being held on Friday 27th September. The science and art festival that brings these together for everyone to enjoy, showing how science is fun and relevant to our everyday lives. From 6 pm onwards, a number of young scientists, researchers and artists will be welcoming the public to a festive evening that will include music, demonstrations, debates, scientific cafes, hands-on experiments, street art, exhibitions, films, children’s shows and many interactive activities. The full programme was presented today to the news media and festival contributors by the consortium led by the University of Malta Research Trust (RIDT) and the Malta Chamber of Scientists. The activities will be held at selected locations and venues in Valletta, running from the Upper Barrakka, Castille and St James Cavalier, down both Republic Street and Merchant Street to St George’s Square and the Old Market Square, respectively. “Science in the City aims to create curiosity towards science, innovation and new technology,” said Professor Alex Felice, the Project Coordinator. “We would like to show the public that there is a fair amount of high quality research happening in Malta. We have very valid research projects going on at our University. Science in the City is bringing the researchers closer to the public and highlighting how Maltese society is benefiting from the results of their research and scientific work.” Wilfred Kenely, Chief Executive of the Research Trust, said: “Science in the City is also serving as a platform for the University’s Research Trust. The Festival Dr Edward Duca, Project Manager of Science in the City, gave an overview of this year’s 38 |

programme. “On entering Valletta from City Gate, the EU Corner set up by the Malta EU Steering and Action Committee (MEUSAC) will be filled with scientists explaining how the earth moves by getting kids to shake the ground and a Malta custom-built Formulastyle racing car will greet car enthusiasts,” introduced Dr Duca. Research and innovation in the EU will be brought to life. Conrad Attard, Logistics Manager and Technology Coordinator of Science in the City, commented “if you’re feeling lost with all the events we’re organising just visit the various i-points and speak to our young scientists who are there to help you out.” Science in the City will premiere a 3D architectural light show on the facade of Auberge de Castille. Entitled VRBE NOVA, a collaborative project between Valletta 18 Foundation, Notte Bianca and Science in the City. It is coordinated by the musician and composer Ruben Zahra. At the Upper Barrakka Gardens, visitors can join Lyanne Mifsud’s interesting interactive installation ‘Light up my house’. A set of six foot high ‘humanized fruit flies’ by Liliana Fleri Soler will be exhibited, while Cocktail James will run a science themed bar for those who would like to grab a molecular drink or food, and enjoy the view and artworks. St James Cavalier Centre for Creativity will house a number of activities. The exhibition Will love tear us apart – a world first, curated by Rachel Formosa; a recital-dialogue between Music and Technology conducted by pianist Tricia Dawn Williams and electronic musician Giogio Nottoli; and a tv documentary series on the amazing stories and bizarre animal behavior. Malta’s very first science TV documentary, produced by Where’s Everybody, will take visitors on a journey into Malta’s best kept secrets: Maltese researchers. Merchant Street will be full of activities for children and adults. At Palazzo Parisio (Ministry for Foreign Affairs) there will be a treasure hunt by 5¼ Games, a science play and other fun activities for children of all ages.

At the Auberge d’Italie, The Malta College of Arts, Science and Technology (MCAST) will be exhibiting an ‘infectious’ exhibition. Scientist and artist Ira Melkonyan will present rubberbodies collective’ performance, “Grandma, Temi and the Crimean Fever” at Palazzo Castellania (Ministry of Health). Merchant Street will also stage impressive science-based street art installations. These include the ‘Popcorn’ Public Artwork Project by Rune Bo Jakobsen with a ‘popmachine’ giving out free popcorn, a 10 foot tall sculpture of a butterfly by Stiefnu Debattista, aided by entomologist Dr David Mifsud, and ecological street furniture by Sarah Maria Scicluna with the advice of Dr Sandro Lanfranco. The artists and scientists will be on hand to chat about these pieces. At the Old Market Square, comedians will perform science stand-up comedy for adults at the City Pro Café. In Strait Street, artist Xaxa Calleja presents a powerful series of paintings exploring the human form as transmogrified in trees at The Splendid. St George’s Square will host Science: Up Close and Personnel — an event with kids’ quizzes, talks, animators and a spectacular dance show put up by the Malta Council for Science and Technology (MCST). Accompanying music shall be provided by the “Valletta Ensemble”. Families will be also treated to a science-inspired carnival parade of Maskri Grotteski starting at 7pm from Castille Square to St George’s Square. Science in the House will showcase local research. It has been set up in the House of Representatives under the auspices of the Office of the Speaker. It will provide a unique opportunity for members of parliament and the public to meet and learn about research being conducted by Maltese scientists and how it might be helpful to society at large. The programme can be downloaded from or festival updates followed on Facebook at: The festival is co-funded by a competitive award from the EU’s FP7 Programme and the Malta Arts Fund. TEU

Assurence and tAX NEWSMAKERS

EU’s skills mismatch has to be addressed. “The implementation of the European Youth Strategy will for the first time provide us with the opportunity to make good use of tools that can have an impact on the lives of young Europeans today”, stated Mr Casa

HSBC Malta employees complete triathlon in aid of L-Istrina

MEP David Casa was speaking during the plenary session of the European Parliament in Strasbourg during a debate on the state of youth unemployment. Mr Casa stressed the need to continue fostering and nurturing the entrepreneurship spirit among youth. This should include ways of encouraging young people to use their talents to work for themselves, to provide financial assistance and to provide tax incentives for start-ups”, stated Mr Casa. The Maltese MEP said that it is imperative that the mismatch between workers’ skills and the requirements of the labour market is addressed. “This means that there has to be better coordination between employers and education / training institutions which would enable young people to improve their employment prospects”, he concluded. Despite high levels of unemployment across Europe, a substantial number of positions remain vacant even today because it is difficult to find persons with the right skills to fill such positions. Mr Casa explained that initiatives taken at EU level, such as the launch of the online tool ‘EU Skills Panorama’, are steps in the right direction but he said that there still remains a lot more to be done. For more information:

More integration of the EU services market is needed. The European Parliament voted in a number of recommendations of how the EU Services Directive could be implemented fully and introduced novel ways of pushing further integration in this domain. During his speech in plenary, MEP David Casa welcomed the call for further integration of the services sector. He was speaking on behalf of the European Parliament Committee on Employment and Social Affairs as its rapporteur. “During this period of high unemployment in Europe, it is of paramount importance that we unlock the full potential of the Internal Market so as to foster growth and create more and better jobs. Because of the harsh economic realities in many member states, implementing such changes in a timely manner is fundamental”, stated Mr Casa.

Acting President Dolores Cristina greeting participants of the HSBC Staff Triathlon held in aid of L-Istrina, together with HSBC Chief Operating Officer Ranjit Gokarn. A record number of 100 HSBC Malta employees ran, swam, cycled, and walked their way across the Maltese islands for the 5th annual HSBC triathlon challenge. Organised by the HSBC Malta Foundation together with the Bank’s Sports and Social Committee, the triathlon raises funds in aid of the Malta Community Chest Fund’s L-Istrina. Volunteers chose to either run, swim, cycle, or walk, collectively covering a distance of around 50 km, with the athletes’ cumulative distance totalling 1,400km - 200 km of running, 100 km of swimming, 900 km cycling and 200 km walking. The freestyle triathlon started with a run in Gozo, from Għarb to Ħondoq ir-Rummien, after which participants swam through the Fliegu, from Ħondoq in Gozo to Malta through Comino, and then finally cycled from Ċirkewwa to Ta’ Qali National Park. A “cool down” walk from Ta’ Qali brought participants to the President’s Palace at San Anton where they were greeted by Acting President Dolores Cristina, HSBC’s Chief Operating Officer Ranjit Gokarn and representatives of the Malta Community Chest Fund. “The annual triathlon challenge which has now entered its 5th year is a great team building activity that brings HSBC employees and their family members together for an extremely worthy cause: L-Istrina.” said Mr Gokarn. “L-Istrina is very close to the heart for all of us at HSBC Malta, and special thanks go out to all those who show such dedication to support this important fund-raising. We thank the President and Acting President for their generosity in greeting us at the Palace, and everyone else involved in making this day very special in our calendar. We wish L-Istrina every success.”

He also welcomed the emphasis given to the Points of Single Contact, which have proven to be beneficial for start-ups. He emphasized the need of introducing the second generation Points of Single Contact that are more user-friendly. The Report was adopted with a strong majority during this week’s plenary session of the European Parliament in Strasbourg. Services are considered to be fundamental to the European economy and account for over 60 % of the EU GDP. The Services Directive covers services accounting for 45% of EU GDP. These include business services, real estate, wholesale and retail distribution, construction, tourism and entertainment. Other services, such as financial services, transport, telecommunications network services, gambling, health and certain social services are excluded from its scope. The Services Directive has reduced obstacles to trade in services through the simplification of administrative procedures in the Single Market. The Directive also requires the establishment of the Single Points of Contact, intended to support businesses in meeting their administrative obligations, also via online portals.

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Over 100 HSBC employees participated in this year’s HSBC Staff Triathlon to raise funds in aid of L-Istrina.


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Shaping the Future of Financial Services in Malta

26 November 2013

KPMG’s Biennial Financial Services Conference

Hilton Hotel Conference Centre St. Julian’s - Malta


© 2013 KPMG, a Maltese civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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