BUSINESS AGENDA Issue 21

businessagenda

Energy Minister Konrad Mizzi speaks to Business Agenda about the Government’s strategy and initiatives aimed at develop-ing Malta into an energy hub in the Mediterranean. As Govern-ment finalises the details in rela-tion to Shanghai Electric Power’s equity in Enemalta, Minister

Mizzi proclaims that its impact on Enemalta’s as well as the national financial state of affairs will be a positive one: “the agree-ment means that Enemalta will be reducing its debt by half, plac-ing the company on sound finan-cial footing to invest in its infra-structure.”

Speaking of the reduction in tar-iffs for commercial entities as from 2015, Minister Mizzi com-ments that as announced in last year's budget, Malta had the sec-ond highest utility rates for industry – a scenario which hin-dered competitiveness and eroded profitability. “All busi-

nesses will be benefitting from a 25 per cent reduction of their electricity bills and 5 per cent on water, which will translate into a ¤50 million injection into the economy,” he asserts.

Business Agenda – a lead-ing business title and the offi-cial business publication of the Malta Business Bureau pub-lished quarterly – is celebrating its fifth anniversary – an impor-tant milestone in the life of Busi-ness Agenda, as these five years have seen the publication grow in credibility, size and reputation.

Five years ago, the Malta Busi-ness Bureau – the official body that represents the interests of Maltese businesses in Brussels and provides regular informa-tion and assistance to Maltese businesses on business and EU-related matters – and Content House Group – one of the leading media organisations in Malta – joined forces to create Business Agenda, with the aim of provid-ing local businesses with a fresh

and credible source of infor-mation on EU and business related matters.

Joe Tanti, Chief Executive Officer of the Malta Business Bureau, comments on the pub-lication’s importance for Mal-tese businesses: “looking back, when I took over as CEO of the Malta Business Bureau in 2009, the Bureau’s development strategy was realigned primar-ily to strengthen the organisa-tion’s own distinct identity, while focusing at the same time on the expansion of the services portfo-lio. Business Agenda was aimed at being a strategic element of the MBB’s evolving mission func-tion, enabling the organisation to raise its profile and get closer to the business community. I am pleased to say that thanks to

the hard work and enthusiasm of the team at MBB and Content House, Business Agenda has become a cutting-edge business publication with a difference, providing the latest business and EU-related news, analyses, features and interviews that are relevant to the Maltese business community.”

Jesmond Bonello, Managing Director of Content House Group, asserts that “this is an important milestone for Business Agenda. We are very happy that after five years, Business Agenda has con-tinued to grow and has become a strong leading business publica-

tion in the local market. I would like to thank all the team – both at Content House and at MBB – that works on Business Agenda as well as the hundreds of reg-ular advertisers that believe in this successful project.”

Since the Malta Business Bureau is jointly owned by the Malta Chamber of Commerce, Enter-prise and Industry as well as the Malta Hotels and Restaurants Association, Business Agenda is the only business publication that is distributed to all business sectors in Malta – be it retail, tourism and hospitality, services and the manufacturing industry.

THe Official business publicaTiOn Of THe MalTa business bureau

THIS ISSUE neWspaper pOsT

FESTIVE SEASON The run up to Christmas is hectic, but it also provides time for you to take a break in celebration of your

2014 successes. Here’s how to take a load off in the coming weeks.

page 37

INTERVIEWStefano Mallia, Vice President of the Employers’ Group within the European Economic and Social Committee, talks about the committee’s role and its ability to bring about change.

page 5

HUMAN RESOURCES A discussion with stakeholders from the business and youth sectors on the current reality of low skilled youths in Malta and what measures are needed to help them integrate in the world of work.

page 30

TOURISMA look at Malta’s cruise liner industry during 2014, which is expected to be a ‘record year’ of cruise liner passengers.

page 15

EUROPEAN AFFAIRSA closer look at the new College of EU Commissioners and their respective portfolios.

page 33

ISSUE 21 | WINTER 2014 /2015

business agenda Marks iTs fifTH anniversary

“eneMalTa Will be reducing iTs debT by Half” _ energy Minister konrad Mizzi

See full story on page 9.

3.7business

agenda

THe Official business publicaTiOn Of THe MalTa business bureau

ISSUE 05 I DEC - FEB 2011

THIS ISSUE

GEndEr EqUalITy

The Gender pay gap

– how can it be bridged?

page 17

CaSE STUdy

The development of

Smart City Malta. page 25

EU aFFaIrS

How the European Economic

and Social Committee

safegaurds business

interests.page 18

neWspaper pOsT

POlICy

The EU’s Innovation Union

Policy aims to spur economic

growth and job creation.

page 11

ausTeriTY Measures in eurOpe are

necessarY and Will be beneficial

in THe lOng run

eu ciTiZens

WOrKing in MalTa

increase bY 800

per cenT since

MeMbersHip

“THe sTabiliTY and

grOWTH pacT is

as gOOd as dead”

WiTHOuT prOper

enfOrceMenT

See page 15 for the full story.

In an interview with this news-

paper, Malta’s Prime Minister, Dr.

Lawrence Gonzi has expressed his

opinion that the austerity measures

being taken by a number of Euro-

pean countries are necessary and

will help them to get their economies

back on the right track.

He acknowledges the possibil-

ity that such measures are likely to

affect the local economy, but will

benefit Malta in the end, consider-

ing the deep economic and trade ties

that the country shares with its Euro-

pean neighbours.

The Prime Minister also reiter-

ated his stance with regards to fiscal

consolidation, stating that this, along

with job creation, must be Malta’s

priority for the coming year.

According to statistics compiled

by the Employment and Training

Corporation (Malta), the number of

EU citizens working in Malta has

increased significantly in the first six

years of EU membership, amount-

ing to over an 800 per cent increase.

Available statistics show that in

2004, the year Malta joined the EU,

there were 597 EU citizens working

in Malta, while by the third quarter

of 2010, this figure had increased

to over 4,800 workers. The data

also shows that the number

of EU citizens working in Malta

increased substantially each year,

with the only exception being

recorded between 2008 and 2009,

when a decrease of six per cent was

registered.

MEP Prof Edward Scicluna has

stated that the euro area’s Stabil-

ity and Growth pact is “as good

as dead” unless there is proper

enforcement and an agreed set

of sanctions and incentives to go

some way to prevent a future eco-

nomic crisis.

MEP Prof Scicluna voiced this

opinion while speaking to Busi-

ness Agenda about the state of

Europe’s economic governance.

He also stated that Europe needs

a permanent crisis resolution

mechanism which, according

to him, the current Stability and

Growth pact does not provide.

He stated that without these

measures the survival of the

euro area would be uncertain.

See page 7 for the full story.

Sr TECHnICS

A major investor in Malta’s

aviation sector. page 23

See page 5 for full interview.

businessagendaTHe Official business publicaTiOn Of THe MalTa business bureau

THIS ISSUE

neWspaper pOsT

BUSINESS

Discover how you should plan

succession and secure your

company’s future.

page 18

MBBIncoming MBB President

Mario Spiteri talks about future

prospects during his term as

President. page 12

MEPsThe six successfully elected

Maltese members of the

European Parliament express

their ambitions for this new

legislature. page 14

INTERVIEWCEO Christian de Barrin

discusses HOTREC's business

manifesto for the next five

years. page 21

LIFESTYLEThe on-trend colours and latest

technology you should have for

an effective and modern office

space. page 43

ISSuE 19 | SuMMER 2014

MalTese sMes expecTed TO geT

€68 MilliOn in eu funding

Maltese SMEs are expected to be

the recipient of ¤68 million of Eu

funds, according to the Parlia-

mentary Secretary for Eu Funds

Ian Borg. Speaking with Busi-

ness Agenda, Dr Borg announced

that the Government is expecting

that a total of ¤68 million will be

allocated to SMEs under Opera-

tional Programme I (OPI), where

Government has identified a pri-

ority axis specifically for SMEs.

Malta Chamber President David

G. Curmi welcomed the news,

explaining that the private sec-

tor expects initiatives which

guarantee a continued growth

for businesses, enabling them

to remain competitive in the

wake of external factors which

continue to erode their competi-

tiveness. MHRA President Paul

Bugeja agrees that more funds

should be allocated to private

enterprises because the eco-

nomic activity and employment

they generate will have a far big-

ger impact than any other invest-

ment by the public sector.

The diving segment within the

tourism market has grown by

over 45 per cent – from attracting

58,000 tourists in 2007 to 84,000

in 2012, according to the Malta

Tourism Authority (MTA) market

profile survey. In addition to this,

the islands were recently

awarded two top diving destina-

tion awards in London – the Diver

and Sport Diver Awards – which

were voted for by readers of

Diver Magazine, Sport Diver

Magazine and visitors to their

respective websites.

The Maltese diving industry has a

lot to be proud of: clean, clear

waters – in fact Malta has been

rated as having the second-

cleanest waters in the Eu –

excellent schools, sunken

wrecks, and an array of wildlife.

Business Agenda speaks to MTA

and MHRA officials, as well as to

an industry operator for their

views and analysis on the state of

Malta’s diving industry and where

it stands to be improved.

Business Europe’s Senior Policy

Advisor, Mr Christian Feustel,

tells Business Agenda that in

spite of the emergence of a

strong eurosceptic wing in Par-

liament, one must not forget that

two thirds of the 180 million vot-

ers voted for pro-European par-

ties and that the organisation will

predominantly work with those

forces that will shape Eu legisla-

tion, namely the European Peo-

ple’s Party (EPP), the Socialists

and Democrats, and the Liber-

als.

MBB Director Dr John Vassallo

expresses his concerns in view of

the protest vote registered in

most Eu member states, while

head of the EP Office in Malta, Dr

Peter Agius, discusses how while

far-right parties present chal-

lenges to the mainstream politi-

cal agenda, from a communica-

tion point of view they also

present a wider set of choices to

the electorate.

diving TOurisM MarkeT

in MalTa increases by

Over 45 per cenTbusiness eurOpe is

‘MOderaTely OpTiMisTic’

On ep elecTiOns OuTcOMe




Tourism Minister Edward Zam-mit Lewis has revealed that Malta’s tourism results during the first seven months of the year show that “almost one mil-lion tourists visited the Maltese islands, meaning a nearly 9 per cent increase over the figures registered in the same period last year. The non-EU mar-ket grew by 15 per cent during the same period under review.” Moreover, during this period, “Malta’s 8.6 per cent growth compares very well with Spain’s 7 per cent, Cyprus’s 5.9 per cent, Turkey’s 6.8 per cent, Morocco’s 8 per cent and Croatia’s 8.1 per cent growth rates. Neighbour-ing Italy reports a more sluggish 2 per cent growth to date. Only Greece (17 per cent) and Portu-gal (13.7 per cent) are register-

ing a performance which super-sedes Malta’s up to the first half of the year.”

Ahead of the Malta Hotels and Restaurants Association’s (MHRA) upcoming forum on Mediterranean Tourism this

November, Business Agenda delves into the current state of the region’s tourism indus-try in light of political unrest in neighbouring countries. MHRA CEO Andrew Agius Muscat and Malta Tourism Authority CEO Paul Bugeja shed light on the

industry’s current state, and how unstable times have contrib-uted towards fluctuations in its growth.

businessagendaTHe Official business publicaTiOn Of THe MalTa business bureau

THIS ISSUE

neWspaper pOsT

TOURISM Are we doing enough to promote

local cuisine as a tourism-friendly product?

page 17

INTERVIEWPresident of BUSINESSEUROPE Emma Marcegaglia discusses Europe’s competitiveness and what can be done to revitalise fledgling economic growth in Europe.

page 13

ENERGYNow that the Energy Efficiency Directive has been transposed into Maltese law, three experts assess the implications for Maltese businesses and how best to tackle them.

page 25

INTERVIEWMalta Film Commissioner Engelbert Grech discusses the local film industry’s vast potential, its recent successes and where he plans to steer its future.

page 20

EUROPEAN AFFAIRSA business perspective on the Juncker Commission.

page 33

ISSUE 20 | AUTUMN 2014

TOurisM up by 9 per cenT – MinisTer edWard ZaMMiT leWis

The amount of plastic waste brought to all of WasteServ’s facilities collectively in 2013 weighs in excess of 1,700 tonnes. WasteServ CEO Tonio Montebello says that “around half this amount is attributed to PET (mainly plastic beverage bottles) while other fractions include the stronger HDPE (such as deter-

gent bottles and plastic crates), bulky items including car bum-pers and outdoor furniture, plas-tic film and even plastic extracted from bulky waste such as wash-ing machines. These materials are sold and exported by the pri-vate sector to recycling facilities overseas.”

Mr Montebello upholds Waste-Serv’s vision to improve the effi-ciency and effectiveness of its operational facilities. As the entity responsible for waste management in the Maltese islands, WasteServ’s priorities, according to the CEO, include “reaching national and EU tar-gets using existing or new infra-

structure, and where possible moving away from being the operator of last resort. We want to take on a more coordinative and monitoring role, while con-tinuing to pursue educational ini-tiatives.”

MalTa generaTes a sTaggering 1,700 TOnnes

Of plasTic WasTe every year



anniversaryTH

2009-

2014

anniversaryTH

2009-

2014

2 BUSINESS AGENDA | WINTER 2014 / 2015

3BUSINESS AGENDA | WINTER 2014 / 2015

Publisher

Content House Group

Mallia Buildings

3, Level 2, Triq in-Negozju

Mriehel QRM3000

Tel: 00356 2132 0713

Email: [email protected]

www.contenthouse.com.mt

Malta Business Bureau

Cornerline, Level 1,

Dun Karm Street, Birkirkara, BKR 9039

Tel: 00356 2125 1719 (Malta Office)

Tel: 0032 4859 81124 (Brussels Office)

Email: [email protected]

[email protected]

www.mbb.org.mt

Editor: Joe Tanti Deputy Editor: Martina Said Design: Nicholas Cutajar

Editorial Team: Omar Cutajar, Daniel Debono, Mark Seychell, Sarah Micallef and Jo Caruana

Publication Sales Manager: Matthew Spiteri

Advertising Sales Coordinator: Lindsey Ciantar

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

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

ediTOrial

EU funds remain to this day among the most critical and sought-after means for busi-nesses to finance projects and initiatives. The EU caters for two types of funds, each with its sep-arate funding streams; indirect funding and direct funding.

Indirect funding can also take the form of financing for regular business investments. EU funds can be allocated to financial intermediaries such as banks to help SMEs source seed money, start up, expand, internationalise and transfer their businesses using equity financing and guar-antees. An example of the latter is the JEREMIE loan guarantee administered by the Bank of Val-letta.

Indirect funding can also be sourced through the Cohesion Policy programmes that are administered by national author-ities. These are referred to as Structural Funds.

In Malta, several national authorities such as Malta Enter-prise, the Malta Tourism Author-ity and the Employment and Training Corporation administer structural funds for training and re-training of employees, as well as offering financing models for expansion and internationalisa-tion through the two main instru-

ments known as the European Social Fund (ESF) and the Euro-pean Regional Development Fund (ERDF).

However, no pot of gold comes without hindrance. The major problem identified by benefi-ciaries and applicants of indi-rect funds lies in the plethora of paperwork that is required and the administrative burden that goes with it. In addition, the demand for these fund-ing streams often exceeds the funds available and this leaves many applicants disappointed for not having benefitted from a grant. On this note, however, authorities must be commended for their admirable attempts to streamline access to structural funds.

Nevertheless, it is important that local businesses are not dis-couraged by bottlenecks in the slow reimbursement of locally administered funds and increase their efforts to tap into direct EU funds.

Direct funds consist of co-financ-ing by the EU for business ini-tiatives from various sectors, whose output addresses the European Commission’s policy objectives. These could range from (and are not limited to) innovative processes to technol-

ogy development, research and development to the green econ-omy, education and more. The objective of the funds invested by the EU would be to help the ben-eficiary to become more com-petitive and through its initiative to potentially open new market opportunities.

There are a number of funding programmes that are centrally administered by the European Commission. Such funds include Horizon 2020, Creative Europe, LIFE+, COSME and Erasmus+, among others.

It is a well known fact that proj-ects funded directly from the Commission are highly com-petitive to obtain, but are more straightforward in the applica-tion and implementation phases. The Commission is usually also very efficient in the disburse-ment of the funds, which helps SMEs avoid cash flow problems.

Yet, the biggest challenge with direct EU funds in Malta is the lack of awareness of their exis-tence within the business com-munity. The second issue is that local SMEs require a lot of knowledge and training to be in a position to maximise on their limited resources in order to tap the right EU funding stream in

line with their project’s objec-tives.

The Malta Business Bureau has been very active over the past years, promoting the limitless opportunities provided by direct EU funds. Unfortunately how-ever, we are very aware that the take-up of funds from local enterprises has been very low. Aware of the pitfalls that SMEs find themselves in on numer-ous occasions when dealing with direct EU funding, the MBB had to act. In fact, we have recently been granted a European Social Fund project by the Planning and Priorities Coordination Division (PPCD) to train managers and executives from the private sec-tor in a bid for them to obtain a better understanding of direct EU funding and put them in a position to develop strong and competitive proposals that would increase their chances of obtain-ing these funds.

Over the next 12 months, the MBB will be focusing and offer-ing master classes on three of the most important EU Pro-grammes: Horizon 2020, Cre-ative Europe and Erasmus+.

Training will be delivered by the key experts of the Brussels based transnational partner, the European Projects Association

(EPA). As part of the training all participants will be expected to develop a simulated project pro-posal with the eventual inten-tion of submitting it in ongoing EU calls. The most competitive proposals will be given further mentoring and training by the MBB and EPA during a study visit in Brussels that will take place in the latter of 2015.

More information will be avail-able in due course on the MBB website www.mbb.org.mt

By Joe Tanti, Chief Executive Officer, MBB

increasing THe Take up Of eu direcT funds



“Often enough, in Malta we get to know about a decision taken at eu level when it is too late to influence it. so we, together with the Meps alert government and employer bodies of upcoming proposals to try and influence the process and make it benefit us too.”

inTervieW

since being appointed as a member of the european economic and social committee four years ago, sTefanO Mallia today occupies the role of vice-president of the employers’ group. He speaks to MarTina said about his role within this official eu institution, his present projects and his commitment to helping Malta make the most of eu membership.

As Vice-President of the Employ-ers’ Group within the European Economic and Social Committee (EESC), Stefano Mallia’s purpose is firm and clear. “The EESC is not as powerful as the European Parliament (EP),” he admits, “for the simple reason that the EP can take executive decisions while the EESC is a consultative body, but it still has the power to influ-ence legislation.” Since embark-ing on this journey as a member of the committee four years ago, Mr Mallia has been driven by the desire to represent local business and to help facilitate change, and works primarily in the sections of external relations, internal mar-ket and economic and monetary affairs.

As an official institution of the European Union, established by the Treaty of Rome, the EESC represents social partners at a European level and is split into three groups: employers, unions and civil society. “The role of the committee is to give its opin-ion on a number of key areas of legislation and policy of the EU.

The European Parliament and the European Commission are obliged to consult with the EESC in a number of key areas of EU policy. The EESC studies the leg-islation being proposed by the Commission and gives its view as civil society or as social part-ners. The other institutions are obliged to take into account the committee’s views, which is why I emphasise with the local authori-ties and the constituted bodies that they should make more use of the EESC,” he explains. “It is not the be all and end all, but the EESC can influence the decision-making process within the EU.”

Mr Mallia explains the process that the committee undertakes when reviewing a proposed leg-islation: “a study group of around 12 people is set up with members from all three groups, and hosts a number of meetings and discus-sions, drafts a report and sends it to the relevant section within the committee, such as internal mar-ket, transport or external policy. The members within the relevant section can then propose amend-

ments to the draft which are then discussed and voted upon. This amended version of the Opin-ion is then presented at plenary where all 353 members of the EESC vote whether such an Opin-ion is to be accepted or not. Once approved the report becomes an official Opinion of the EESC and it is passed on to the other EU insti-tutions, namely the Commission, the European Parliament and the Council for their consideration.”

While the committee’s opinion is still in the process of discus-sion, Mr Mallia makes it a point to touch base with Malta’s Perma-nent Representation to the Euro-pean Union as well as national employer bodies for their views on the topic at hand. “The aim is to obtain various perspectives, what they favour and what they are against, and then it is up to me to push for change with their propositions in mind, propose amendments and defend the amendments,” he says. “We do not have support staff in Malta, and work in the committee is very time-consuming, so a clear line

of communication with other bod-ies is very important to me.” It is also, however, one of Mr Mallia’s chief challenges.

“Communication with local enti-ties is my greatest challenge, but it is also my prime responsibility, which is why I give presentations when I’m in Malta, predominantly to employer bodies, on current issues being discussed within the committee,” he argues. “Often

enough, in Malta we get to know about a decision taken at EU level when it is too late to influence it. So we, together with the MEPs alert Government and employer bodies of upcoming proposals to try and influence the process and make it benefit us too. The agenda at EU level is not always at par with the national agenda, which is a challenge, but commu-nication has improved and so has awareness of the EESC.”

Being solely a consultative body, Mr Mallia says that individuals will have most influence, and can make themselves most rele-vant, if they act as rapporteur of a report or opinion, as they are the ones who set the tone of a report; thoroughly researching it, writ-ing it and defending it when the time comes. “With this in mind, I always try to be rapporteur on issues that are of relevance to Malta and employers, such as immigration and EU funding. I was involved in writing one of the recent opinions of the EESC on the subject of immigration, together with a Greek member, but rather

furTHer ausTeriTy Or grOWTH sTraTegy: THe eu sTill lacks a clear direcTiOn

interview with sTefanO Mallia, a member of the european economic and social committee


inTervieW

than doing things the formal way, we went out of our way to make it as factual and relevant as pos-sible,” he explains. “We went on a Frontex night mission out at sea,

visited deten-tion centres and spoke to Maltese and Greek authori-ties to get var-ied view points on the matter.”

He says that speaking to people in

detention centres sensitised him somewhat, and it so happened that when the time came around to vote for the report in plenary, the Lampedusa tragedy had just

occurred, where close to 400 immigrants died at sea, making the discussion that much more poignant. “You might ask what came out of it – well, we helped influence the process, influence decisions being taken on the mat-ter.”

Among a number of other issues he fronted as rapporteur within the committee was that of online gaming, which proved to be a baptism of fire for him, early on in his involvement within the EESC. “Most of the member states want to restrict online gaming however

there are rules of the game which must be clarified and respected. There was and still is a lot of strong sentiment against online gaming, with a number of mem-bers within the EESC express-ing the view that it is anti-social, addictive and could endanger

minors’ rights. Yet, I also under-stand that this kind of service online is safer than a ‘bricks and mortar’ casino, because there are many more controls and verifi-cations online,” he says. “When many realised the rapporteur was Maltese they were quick to

say I was there to defend national interests, but in my role as rap-porteur what I wanted to do was find a middle ground that was in the best interest of the European Union. What good would it be if the industry is forced to go under-ground? ”

Among the most pertinent issues for Malta currently being dis-cussed within the EESC, says Mr Mallia, are industrial policy and Europe’s direction in view of greater austerity or greater growth. On the former, he says “the future of industry is an ongo-ing debate both in Malta and across the EU, and the EU is try-ing to bring back to Europe some of the industry that has moved to Asia by providing better work-ing conditions and technology.” On the other hand, the issue of whether Europe should engage in further austerity or growth, he says, is still lacking direction at EU level. To contribute to the debate on a local level, Mr Mal-lia did, however, organise a con-ference in Malta on behalf of the EESC on the matter last year, where members from different member states recounted the experiences their countries are facing in view of the financial cri-sis, enabling Maltese and foreign employers and bodies to learn from each other’s knowledge.

On a personal level, Mr Mallia has decided to fully focus on his role within the EESC following his involvement in the MEP elec-tions earlier this year. “After going through it once, I have taken the decision to not continue in poli-tics. I joined the political fray driven by the fact that I want to contribute towards the develop-ment of my country. If I had to be honest I did not feel entirely com-fortable in the political environ-ment. I will be working towards ensuring that Malta continues to make a success of EU member-ship through institutions such as the Chamber of Commerce, the EESC and other similar fora,” he concludes. “I am driven by the fact that we are so small and have so few resources, that every resource we have must be used to push our national agenda. It is what other countries do, and we must do the same but with even more energy, focus and convic-tion due to our small size and numbers.”

“i was involved in writing one of the recent opinions of the eesc on the subject of immigration, together with a greek member, but rather than doing things the formal way, we went out of our way to make it as factual and relevant as possible.”




“Malta believes that the Mediter-ranean region offers an untapped potential in terms of oil and gas, and energy related services,” Energy Minister Konrad Mizzi asserts, pointing to the island’s strategic, geographical and neutral position. “The very idea of creating a Mediterranean Energy Platform is precisely to encour-age more cooperation between

the Mediterranean countries. This is a concept which was born in the Malta Energy Conference of July 2014, and is being explored further under the Italian Presi-dency and with the European Commission,” he says.

Outlining the Mediterranean region’s strategic location in terms of oil and gas services to

the EU, Minister Mizzi explains that not only is it located close to significant gas reserves (with the Eastern Mediterranean and North Africa currently considered prime gas sources); the Medi-terranean region is also among the world’s busiest waterways for global shipping, facilitating trading and possessing a role that is expected to increase over

time. It is for these reasons, he maintains, that Government has forged tangible partnerships with Shanghai Electric Power and World Fuel Services to provide energy related services in the Mediterranean region.

As Government finalises the de-tails in relation to Shanghai Elec-tric Power’s equity in Enemalta,

Minister Mizzi proclaims that its impact on Enemalta’s as well as the national financial state of affairs will be a positive one. “The agreement means that Enemalta will be reducing its debt by half, placing the company on sound financial footing to invest in its in-frastructure,” he maintains. With Enemalta no longer on the brink of bankruptcy, he states that both

cOver sTOry

Much has been said about the government’s vision to develop Malta into an energy hub in the Mediterranean. energy Minister kOnrad Mizzi speaks to saraH Micallef about the government’s strategy and initiatives to achieve this objective, as well as milestones we can expect in relation to the energy sector in the coming year.

Photo by Ray Attard

“THe building blOcks Of Our enTire energy plan are falling inTO place”



the company and the country can look forward to a brighter future: “we have drafted a seven year plan in which Enemalta has to return to profitability. The mas-sive investment into Enemalta will create new opportunities for the company both in Europe and in the region.”

In recent weeks the Government was criticised for the delay in the building of the new gas power

station. Explaining that one of his main priorities was to analyse Enemalta’s finances upon the start of his tenure, Minister Mizzi asserts that his findings revealed a cash flow problem, extensive electricity theft as well as an in-ability to collect dues from utility bills aside from the known ¤840 million in debt. In order to tackle Enemalta’s financial problems, the Government embarked on attracting foreign investment.

“Foreign investment in Enemalta is now secure and Shanghai Electric Power will be acquiring 33 per cent equity in Enemalta – a majority stake in the BWSC along with the financing of the conversion to gas,” he states. “In this respect, it was critical to inte-grate the SEP plan to convert the BWSC plant to gas with the plans of Electrogas (Siemens, SOCAR, Gasol and GEM Holdings). We could have proceeded with the

implementation of the project or take time to secure a ¤320 million investment from a AAA company. We decided on the lat-ter, which ensured we will have a sustainable Enemalta, reduced tariffs and security of supply.”

It has recently been announced that preparations for the closing and dismantling of the Marsa Power Station have been ac-celerated. When asked about this

state of affairs, Minister Mizzi maintains that despite promises by previous administrations that it would be closed down follow-ing investments at Delimara, it has remained in operation. “The problem I can think of for failing to close it down in the past is that to ensure security of supply, you need enough generation capacity equivalent to the largest plant. This was never the case and the power station had to remain in operation,” he says.

So what has changed? “The energy plan we are implement-ing envisages security of supply and alternative energy mix. It is only due to the project we are spearheading that we can safely close down the Marsa power plant.” Speaking of the works in progress, the Energy Minister explains that works in the last couple of weeks have focused on dismantling the old plants, with the removal of HFO tanks visible behind the plant to commence in early 2015.

Moving on to the cable between Malta and Sicily, which will form part of the interconnec-

cOver sTOry

“all the building blocks of our entire energy plan are falling into place, and once completed, we can safely say that we have placed Malta at the forefront of the regional energy infrastructure.”



cOver sTOrytion between the Maltese and European electricity networks, Minister Mizzi asserts that works are progressing well, following the commencement of laying the subsea cable at the end of December 2013. “Most of the 19-kilometre stretch of under-ground cables, from the landing point in Marina di Ragusa to the substation, has already been laid. Final trenching, laying and jointing works are expected to be completed in the coming months. In the meantime, at the Ragusa substation, Enemalta is also finalising the construction of its terminal station, including the installation of shunt reactors and other protection and control equipment,” he affirms.

Speaking of the reduction in tariffs for commercial entities as from 2015, as announced in last year’s budget, Minister Mizzi comments that Malta had the second highest utility rates for industry – a scenario which hindered competitiveness and eroded profitability. “As promised in our electoral manifesto, the reduction of utility tariffs was our main objective and all businesses will be benefitting from a 25 per cent reduction of their electric-ity bills and 5 per cent on water. These reductions will translate into a ¤50 million injection into the economy. We believe that these reductions will trigger a strong multiplier effect which can transform our economy and

turn it into a stronger force in the Mediterranean region,” he maintains.

When asked about the Govern-ment's plans in relation to the EU’s Energy Efficiency Directive, Minister Mizzi highlights that the directive sets a target for energy savings by 2020 and puts the compliance responsibility on the State, which in turn has to engage with stakeholders and encourage cooperation. In addi-tion, it lays out basic guidelines for improvements in all sectors of energy consumption, includ-ing an Energy Efficiency Obliga-tion Scheme on distributors and retailers of energy; energy audits and management systems; con-sumer information programmes; qualification and accreditation schemes for auditors and sup-pliers of energy services; and energy performance contracting.

“The Government through MEH, SEWCU, MRA and other enti-ties has already started with a programme of measures in order to make the implementation of this directive as effective and sustainable as possible. More-over, some of the most important actions that are envisaged in the directive were already planned out in the energy roadmap of the present administration. The in-dustry at large, SMEs, non SMEs and residential consumers will, in the coming months and years, be contacted or positively affected

through a variety of schemes and education campaigns in order to encourage the most efficient use of energy on the islands,” the Minister maintains.

Lastly, asked about the Govern-ment’s priorities and milestones in relation to the energy sector for 2015, the Energy Minister reveals an ambitious list, naming the Shanghai Electric Power investment in Enemalta, the re-duction in tariffs for businesses, the introduction of a solar farms policy, the plan for Enemed and the relocation of the Birzebbuga fuel depot, as well as new invest-ments by Enemalta in partner-ship with SEP. “This is an exciting moment for Malta, for our people and for our businesses,” he says, “all the building blocks of our entire energy plan are falling into place, and once completed, we can safely say that we have placed Malta at the forefront of the regional energy infrastruc-ture.”

“These reductions will translate into a €50 million injection into the economy.”



The 2014 cruise season has been a busy one for Malta, and one to be proud of. The number of pas-sengers making their way to our island by sea is expected to be 510,000 on 305 cruise calls by the end of year, which is approxi-mately a 7 per cent increase on 2013 – and that does not even include the arrivals into Gozo.

“Next year is also looking strong, with 520,000 people expected to arrive by cruise ship in 2015,” explains Stephen Xuereb, Chief Executive Officer of the Valletta Cruise Port.

“This is, in part, thanks to the island’s unique selling points. As highlighted by numerous pas-sengers, cruise liners and sea-soned captains, Valletta has one

of the most beautiful cruise ports in the world and that, in itself, is a draw,” he says.

“In Malta you also have so much history concentrated in one area. Across the whole island you can experience the history of human-kind from the prehistoric until the modern age within a one-hour radius. That is unique and people are drawn to it.”

The safety aspect is another key selling point. “Passengers come here and feel safe to explore the islands,” Mr Xuereb contin-ues. “Plus, our unique position in the centre of the Mediterra-nean makes it relatively easy for a cruise line to start a west-ern Mediterranean cruise or an eastern Mediterranean cruise

here, and to then take its pas-sengers off to explore the rest of the region.”

Explaining other key aspects of Malta’s success as a cruise destination, Paul Bugeja, Chief Executive Officer of the Malta Tourism Authority, highlights that our offering is “not con-gested, but is well organised, efficient and well-kept.

“The port also offers competitive berthing rates, short distances to sites and attractions for day visi-tors, as well as quick connectiv-ity with the airport,” he says. “For ‘Cruise & Stay’ and home porting operations, Malta has also now established excellent flight con-nectivity with practically all main European airports, with a mix of

legacy and low cost airlines. This flight connectivity is crucial for further growth in these areas,

including those already in place with well established and inter-nationally-renowned companies such as TUI Mein Schiff, Costa Crociere and other cruise lines.”

Mr Bugeja goes on to explain that in surveys published by different cruise line companies, Malta and the port of Valletta always score very highly and are often picked

out by visitors as the favourite port of call on their cruise.

“Meanwhile, another important factor in this sector is that the private companies that oper-ate in this area are very profes-sional,” he says. “They organise a variety of programmes that allow an efficient flow of visi-tors to different areas, sites and attractions in Valletta, Rabat, Mdina, the Cottonera region and, time permitting, also in Gozo.

“Beyond that, the Maltese islands offer excellent value for money and, thanks to our small size, are also great value for visitors’ hours on shore. Little time is lost travelling between one attraction and another, which is something cruise passengers appreciate. We have also been happy to note that many visitors do return for a longer stay in Malta after sam-pling it on a cruise. All of this has a knock-on effect to other sec-tors on the island – from trans-port companies to restaurants.”But, despite Malta’s success in 2014, the cruise industry in gen-eral did take a hit in recent years – especially in relation to the Costa Concordia incident.

“at valletta cruise port we believe that, in the long term, there should be improvements made in the port infrastructure so as to put us at the forefront to cater for the ever-increasing vessel sizes.” – Stephen Xuereb

With the first nine months of this year attracting a substantial increase of 2.5 per cent more cruise passengers than during the same period in 2013, Malta is certainly doing something right in this sector. JO caruana discovers what’s working, as well as what can be done to boost the industry even further.

TOurisM

cruising TO success

stephen Xuereb


“That came as a big shock to the industry,” continues Mr Bugeja, who explains that that particu-lar accident was then followed by smaller, less serious accidents, which instilled a fear of cruise holidays in many potential pas-sengers. “This in turn reduced demand and forced many liners to lower their prices to fill their cabins, which had its own reper-cussions.

“Cruise line companies also became more cost conscious, and several liners re-designed their itineraries to save on fuel

costs (by lessening cruising time from port to port). Thankfully, the industry has since recovered quite well and we have now seen an increase in cruise holidays

worldwide, as can be noted from international cruise statistics.

“Cruise line companies are, however, still very cost-con-scious and Malta is suffering in this aspect, as some companies are preferring the shorter route to Tunisia, which, apart from the fiscal benefits of less fuel costs for the shorter route, also offers other fiscal benefits in terms of VAT (as cruise line compa-nies can avoid paying VAT if they include a port outside the EU in their itinerary),” Mr Bugeja says.

As a result, and looking to the future, both Mr Xuereb and Mr Bugeja agree that there are aspects that need to be addressed to ensure Malta con-tinues to enjoy success and increasing cruise passenger numbers.

“At Valletta Cruise Port we believe that, in the long term, there should be improvements made in the port infrastructure so as to put us at the forefront to cater for the ever-increasing vessel sizes,” Mr Xuereb says. “We are also in discussions with

the Government about what can be done to further improve our facilities, even though the ser-vices provided by the Valletta Cruise Port are already well rec-ognised internationally. So much so that, for three years running, we were nominated as the best turnaround port by the cruise lines.

“In terms of infrastructure, we are in discussions with the Government about how else to improve facilities in this area too. We are considering fur-ther increasing the lengths of the quays and, perhaps, looking into how to improve the ships’ manoeuvrability when entering through the breakwater in the Port of Valletta. We are also keen to ensure further support from the MTA and other stakehold-ers, because, ultimately, the big-gest beneficiary from the cruise industry is the economy and the community at large.”

Mr Bugeja also has clear objec-tives in mind for the future. “MTA’s, and our industry part-ners’ primary objective is to help set up more home porting oper-ations,” he says. “They would be on the same lines as the suc-cessful Mein Schiff operations of the past few years, which, I am happy to say, have also been con-firmed for 2015 and which will be starting earlier than usual (in April, instead of June).

“Plus, aside from our core mar-kets like the UK and Germany, we’ll also be attracting long-haul markets like the US and Canada, China, Japan, India and Russia.

“With this in mind, the MTA, the Ministry for Tourism and other key stakeholders like Air Malta, the Malta International Airport and the cruise sector agents, are continuously in contact with cruise line companies, exploring ways to strengthen co-operation and grab opportunities as they come along.

“We will also be thinking beyond that to new and important pros-pects that will arise when the sit-uation in North Africa stabilises. We plan to cooperate greatly with countries on the North African coast, so that an important and exclusive new cruise itinerary can be developed to give Malta and its partners a competitive advantage on European cruise destinations,” he adds.

TOurisM

"Our prime objective is to help set up more home porting operations, as well as to attract more long-haul markets." – Paul Bugeja

paul bugeja




fasHiOn

The closer we get to Christmas, it seems, the more our social calen-dars fill up with events to attend and people to network with. With this, in most cases, comes a sense of anxiety caused by a lacklustre wardrobe or simply not enough outfits for too many occasions. Corporate events or straight-

after-work dos can often leave us feeling a little worked up, because striking a balance of smart but stylish is not always that easy.

The thing about networking out-side the office is that it gives you a golden opportunity to meet new people beyond your immediate circle, but it is also a no man’s land when it comes to the dress code. Networking events are not the same as a formal meeting, therefore rigid dress code rules outside of the office do not really apply. However, it is up to the indi-vidual to dress up enough to make an impact – without going over-board so as not to stand out for all

the wrong reasons, and to avoid blending in by under-dressing.

If you are unsure of what other attendees will be wearing, ask around to ensure you are not the only one without a suit or misin-terpreted the dress code on the invite. When in doubt, however,

business casual is always a safe bet. When invited to events that tend to emphasise culture or entertainment, you could afford to be a little more fash-ion forward by don-ning your favourite

colours and some stylish acces-sories, always keeping in mind to keep it tame and classy.

FOR HIMA suit is a wardrobe staple, espe-cially for men in business, and if you tend to wear one often, then

you should own more than one. A classic dark suit is always a winner – nicely tailored with the correct fit, combined with a statement tie and polished shoes, but you could wear it every day at the office, so a change when attending an event would be refreshing both for yourself, and for those who see you often.

When attend-ing a busi-ness lunch, for instance, you could afford to tone it down somewhat and pair dark, smart jeans or trousers with a crisp button-down shirt. There is no need to wear a tie – it would actually be better if you do not so as to keep the mood cool and casual – but a neat blazer to top it off together with a sleek pair of shoes will send just the right message of professionalism backed by a laid-back approach.

The dress code for a cocktail party tends to change a little – mainly for women though – and men are generally still required to wear a suit, but rather than opting for a black suit, change your look by donning a dark blue or grey one. Subtle brown tweed has also made a comeback, and could be matched with a white shirt and burgundy tie. Small print or solid coloured ties are a better choice for an evening cocktail party, and add a matching pocket square for a finishing touch.

If you will be heading to the nearest bar after work, then this is the right time to adjust your daytime look a little without need-ing to head home and change from head to toe. The look for men is quite simple – lose your jacket, roll up your shirt sleeves twice and loosen your tie a little for a laid-back feel. You could also replace your suit jacket with a more casual cover-up, such as a stylish tank top or sport jacket.

FOR HERThe choice of outfits for women – even in the world of business – is always more varied than it is for men. Network ing events could introduce you to your poten-tial business partner or cli-ent, so you should be dressed to make a good impression. A nicely tailored suit or smart trousers with a blouse could just about do the trick, but be sure to opt for colours that you feel comfortable in. Avoid white or cream if you feel self-conscious in light colours, and remember that dark colours can never fail to please anyway. You should, how-

ever, mix and match dark corporate colours with a few of your own favourite ones wherever possi-ble, such as a dark blue trouser suit with a mus-tard blouse, or black trousers with a cream blouse and solid colour blazer.

If you are more into dresses than you are into trousers, however, there are a multitude of options that are appropriate for various busi-ness events. Be sure to choose

a shape that works for your figure, and stick to a flattering palette of black, navy, dark green and grey. For smarter networking events, opt for delicate jewellery and keep it to a minimum, but finish off with a matching blazer and chic tote bag (which can take a few documents besides the bare essentials), and you should be good to go.

When attending a business lunch, you could afford to let loose a little with your choice of outfit – ditch the jacket, large handbag and for-mal heels and go for your favou-rite separates, such as a solid

suiT up!choosing and wearing the appropriate outfit for work events could be a daunting task. MarTina said breaks down the dos and don’ts of dressing for business events ahead of the hectic festive season.


fasHiOn

colour pencil skirt teamed with a printed blouse, and seal the deal with a pretty pair of heels and a smaller pouch bag.

For the cocktail events, a dress is always a good option, but be sure to wear one that exposes just the right amount of skin, therefore avoid plunging necklines, low backs, short hemlines and overly tight dresses. A classic cut that

tends to flatter any woman’s fig-ure is the sleeveless dress with a boat neckline, fitted waist and A-line skirt – it tends to work best in solid colours that look good at night, such as shades of red, blue and grey, rather than fussy prints. Team this look with open-toed shoes, a neat clutch and some eye-catching jewellery, and pre-pare to mingle.

decipHering dress cOdesHow often have you been invited to a business do which stipulates a dress code that does nothing other than confuse you? Here are some of the most common dress codes, deciphered:

BUSINESS SMART/CASUAL:This works for events during the day when guests are popping in from work to attend after-work events. It encourages guests to project a professional image while enjoying more casual clothing, and could include smart jeans, but worn with a smart blazer.

BUSINESS/PROFESSIONAL:Not all business events require a dress code, and for those that don’t – especially for the larger kind of networking seminars – which could involve overseas guests and lots of attendees, it is safest to assume a smart and professional dress code, namely a suit and tie for the men, and a skirt or trouser suit for women.

COCkTAIL:This stipulates a glamorous, party type of outfit, which gen-erally spells dresses for women (although for business-related cocktail parties, avoid too-short lengths) and dark suits with a tie for men.

FORMAL OR BLACk TIE:Black tie simply means traditional elegance, and is a sliver smarter than the formal dress code. A black tie event calls for maximum effort, which is what the organisers do and expect their guests to do the same. This means tuxedos for men, and long dresses or dressy evening separates for women. With formal, below-the-knee formal dresses are accepted, but men still need to wear a suit.




cHivasa nigHT Of WHisky, WaTcHes, and gOOd cOMpany: cHivas 12 ‘Made fOr genTleMen’ by breMOnT launcH parTy

Craftsmanship, style and gen-erosity are at the heart of the recent collaboration between Chivas Regal and award-winning British watch company Bremont. Known for crafting beauti-fully engineered chronometers, Bremont has partnered with Chi-vas to design the latest Chivas 12 Made for Gentlemen by Bremont Limited Edition gift tin. To further commemorate this collabora-tion, 12 handcrafted Bremont Chivalry Limited Edition watches have been created exclusively to feature in auctions around the world to help raise funds for a

selection of charities. The hand-crafted, individually numbered, timepieces feature a piece of oak cask used in the maturation of malt whiskies destined for Chi-vas, the signature of James and John Chivas etched on the rotor of the timepiece and the Chivas crest subtly embossed on the dial. An engraved copper plate, taken from a retired Scotch whisky copper still, sits on the leather presentation pouch.

On 24th October 2014, the first live auction event took place in Malta at VASCAS in Naxxar,

a leading Maltese jewellery retailer and the official agent for Bremont in Malta. Stephen Lee, Area Sales Manager for Bremont, brought watch ‘num-ber seven’ to be auctioned on the night and remained present for the event. The evening, organised by Farsons Beverage Imports Company Ltd and VASCAS Enter-prises Ltd, was a great success, and raised ¤7,800 which will go towards The Malta Community Chest Fund. The organisation, headed by the President of the Republic of Malta, Marie Lou-ise Coleiro-Preca, collects funds

for various philanthropic institu-tions. The organisers of the event will be meeting up with the Pres-ident to present the donation in person. The Chivalry watch was auctioned by Pierre Grech Pil-low from Obelisk Auctions Ltd following speeches by Mark Vas-sallo, Co-Director of VASCAS, Pierre Stafrace, General Man-ager for FBIC Ltd, and Stephen Lee from Bremont.

To mark the special occa-sion, Chivas cocktails were served throughout the night and included the signature Chivas-

Bremont cocktail, ‘The English Quaich’ to commemorate the col-laboration. Food items, catered by Zest, were carefully selected to accompany the three Chivas cocktails: the Cooler, the Chiv-alry and the English Quaich. At the end of the night guests were given goodie bags that included Chivas whisky stones, thus end-ing the perfect evening of whisky, watches and good company.

business updaTe



business newsMbb updaTe2nd OctOber –

MBB CLASSIFIED RUNNER-UP AT THE EUROPEAN ENTERPRISE PROMOTION AWARDS

13th OctOber –

MBB PROJECT MANAGER AWARDED BY EUROPEAN PROJECTS ASSOCIATIONThe MBB’s EU LIFE+ Investing in

Water Project, which was imple-mented over 30 months between 2011 and 2014, classified as runner-up in the ‘Supporting the development of green mar-kets and resource efficiency’ category at the 2014 European Enterprises Promotion Award held during the SME Assembly in Naples.

This was only the second time that a Maltese project has been

shortlisted since the start of this EU initiative nearly ten years ago. The project was led by the MBB in partnership with the Malta Chamber and the MHRA. By the project’s end, enterprises which had adopted water saving measures were saving an esti-mated 141 million litres of water every year – enough to supply the needs of two medium-sized four-star hotels and three large water consuming factories.

The winner of the category was a Portuguese project by the Agency for Investment and For-eign Trade of Portugal, Public Enterprise (AICEP) that imple-mented a project that resulted in greenhouse gas reduction.

The MBB’s participation was sponsored by the European Commission.

MBB project manager Geoffrey Saliba was presented with an award by the European Projects Association for his role in man-aging the EU LIFE+ Investing in Water Project, at an awards event held at the European Par-liament.

This is the fourth consecutive year that the European Projects Awards were held. The awards this year featured 12 examples of excellence in European projects, and rewarded personalities that contributed to the development of the European Union during the programming period 2007-2013.

MBB CEO Joe Tanti said “this award comes after the MBB

won the 2014 National Enter-prise Support Awards, and clas-sified as runner up in the 'green markets and resource efficiency' category at the European Enter-prise Promotion Awards, which was organised by the European Commission.” He also reiterated the MBB’s commitment to con-tinue maximising on EU funding opportunities by submitting new projects, which would benefit the local private sector, the environ-ment and the economy at large.

Mr Saliba was acknowledged for his management and commu-nications role in the successful implementation of the project.

16th OctOber –

MBB OFFICIALS PART OF MALTA CHAMBER’S DELEGATION TO THE EUROPEAN PARLIAMENT FOR ENTERPRISES

MBB President Mario Spiteri, CEO Joe Tanti and Permanent Delegate Omar Cutajar, accom-panied the Malta Chamber del-egation at the European Parlia-ment for Enterprises in Brussels. The Maltese delegation was led by Deputy President Anton Borg and also included members of the Chamber’s Council and Board of Management.

Mr Borg addressed the plenary meeting of the European Par-liament of Enterprises. During his intervention, which focused

on the needs of island states and regions, he explained that the external dependencies and remote insularities of island states and regions such as Malta seriously hamper the capability of such countries to be competi-tive.

He appealed for the adoption of the principle of common but differentiated responsibilities, rather than a ‘one-size-fits-all’ approach, so as to recognise differences between countries’ economic and technical capacity

to address certain inherent dis-advantages.

During the same visit, the del-egation met with the Employers’ Group President of the European Economic and Social Committee (EESC), Jacek Krawczyk.

The meeting was organised by the Maltese employers' repre-sentative, Stefano Mallia.

This visit was partly sponsored by the European Parliament Office in Malta

21st-22nd OctOber –

MBB CEO PARTICIPATED IN A ROUND TABLE DEBATE AT A CEDEFOP WORKSHOP IN THESSALONIKIMBB CEO Joe Tanti participated in a round table debate on emerg-ing new roles of training provid-ers at a CEDEFOP workshop. The event was entitled ‘Designing, implementing and supporting effective work-based learning in continuing vocational education and training’.

With the role of training provid-ers continuously changing and expanding, they are becoming more involved in collaborating with employers in the design of training. Trainers therefore have a key role to reinforce the quality of training and its ability to meet job requirements and firms’ spe-cific needs.

The workshop event was addressed to European and national policy-makers, includ-ing social partners and other key stakeholders working in the field

of continuing vocational educa-tion and training (CVET) such as human resources managers, training providers and research-ers. The workshop focused on the effective use of work-based learning in CVET in firms, and how this can be supported through public policies and dif-ferent modes of governance. It aimed to share new knowledge and practical experience in WBL for adults, to discuss their impli-cations for policy and practice, and to inspire action.

Mr Tanti was also invited to mod-erate one of the workshops enti-tled, ‘The emerging new roles of training providers’.

Mr Tanti’s visit was sponsored by CEDEFOP.


24th OctOber –

MBB CEO PARTICIPATES IN PANEL DEBATE ON ACCESS TO FINANCE SEMINARMBB CEO Joe Tanti was invited to participate in a panel debate dur-ing a business seminar hosted by the European Commission Representation in Malta. In this session businesses and public officials received information on the EU financial instruments and had an exchange of views on the situation of access to finance in Malta.

In his intervention, Mr Tanti talked about the MBB report published last year on Market

Gaps in Access to Finance, which for instance highlighted that 72 per cent of SMEs in the start-up phase are currently using ‘tradi-tional’ lending products such as loans and overdrafts when these are not necessarily the best solu-tion for companies that are going through their stage of develop-ment. 30 per cent of local enter-prises also said that they found it difficult to raise the finance required to further their develop-ment.

Mbb updaTe

23rd OctOber –

SME WEEK 2014: BUSINESS SEMINAR ON START UPS AND CROWDFUNDING

The MBB and the Ministry for the Economy, Investment and Small Business organised a business seminar on start-ups and crowd-funding as part of the 2014 SME Week activities.

Among other key note speakers, Oliver Gajda, President of the European Crowdfunding Net-work, addressed the seminar. Mr Gajda discussed the surge of crowdfunding in recent years and how this offered an alternative financing means to start-ups and SMEs at a time when the credit market was slowly recovering from the economic crisis.

The presentation was given in the context of a debate aimed to explore Malta’s potential to attract and nurture start-ups, particularly through business

incubation. It then discussed how crowdfunding can serve as a financing instrument to finance innovative and creative projects that usually find it hard to secure traditional financing such as bank loans.

The seminar was first addressed by Ing. Ray Muscat, who took stock of the start-up offering in Malta and put forward policy rec-ommendations on frameworks as well as incentives required in order to increase Malta’s potential in becoming a regional start-up hub. Dr Anton Bartolo discussed the role of business incubators, particularly of the University of Malta’s Take Off incubator, to support and direct innovative start-ups in setting off to the right business direction.

Vanessa MacDonald, editor of The Business Observer, moder-ated the panel debates with the participation of other speakers including Dr Alexandra Bush from ISIS Innovation – the com-mercialisation arm of Oxford University, George Vella from the Malta Business Bureau, Tyron Lloyd Baron from Inbound Muse – a local start-up, and Kris Micallef who has funded a proj-ect through crowdfunding.

In the introductory note, MBB President Mario Spiteri made a case for the need of varied financing instruments in Malta. “While crowdfunding is buzzing all over Europe, in Malta, it is still rather dormant. Very few have so far sought to use crowdfunding to finance their business initia-tives,” he said. “The Malta Busi-ness Bureau believes now is the opportune time to put this instru-ment on the local credit map and discuss how it can further sup-port enterprises in Malta,” he continued.

The event was also addressed by the Minister for the Econ-omy, Chris Cardona. He noted that “crowdfunding is certainly intriguing – not just because it can be used for market research, financing or marketing. It works at an emotional level too, with funders becoming ambassadors for the project or business they support. And, let’s face it, where a funder brings business skills as well as finance that is to be welcomed too.”

27th OctOber –

INFORMATION SESSION ON THE SME INSTRUMENT

The MBB co-organised a busi-ness seminar with the Malta Chamber and the European Commission Representation in Malta with the objective of pro-viding information on the current EU funding and technical assis-tance opportunities for innovative start-ups and SMEs, particularly through ‘The SME Instrument’.

Pierre Roubaud, Head of Sector Coaching, Reporting and Stake-holders from EASME gave an interactive presentation on the opportunities offered under the SME Instrument through which innovative start-up companies can initially benefit from.

Dr Joanna Drake gave a gen-eral overview of the EU financ-ing programmes for SMEs and showcased the European Com-mission’s initiatives over the last programming period. She reit-erated the Commission’s com-mitment to continue supporting SMEs and explained how enter-prises can benefit from future programmes.

Malta Chamber’s Deputy Presi-dent Anton Borg set off the dis-cussion with a presentation on the need to set up an innova-tion, research and development strategy for innovative start-ups in Malta. The seminar was also addressed by the Parliamentary Secretary for EU Funds, Ian Borg.

Concluding the event, MBB Pres-ident Mario Spiteri said that the EU, hand in hand with business organisations, should do more to help businesses understand the nature of EU funds and how best they can be put to use. He augured that more local SMEs put effort in developing innovative initiatives and successfully man-age to receive funding to imple-ment projects that in the absence of such capital would be very dif-ficult to implement. The session was chaired by Mr Peter Sant from the Malta Chamber.




Mbb updaTe

28th OctOber –

MBB BID TO IMPLEMENT EUROPEAN SOCIAL FUND PROJECT APPROVEDOver the next 12 months, the MBB will be implementing a European Social Fund Project 4.245 entitled ‘Innovation Leaders: Improving Knowledge on EU Direct Funds'. The project has been awarded to the MBB following an open call for applications issued under the Operational Programme II Prior-ity Axis 4, programming period 2007-2013.

The project’s objective is to increase the capacity building within companies by training managers from the private sector to tap direct EU funds. The MBB,

in partnership with the Brussels-based European Projects Associ-ation, will be organising intensive training programmes on three EU funding streams: Horizon 2020, Creative Europe and Eras-mus+.

The training sessions will take place early in 2015. As part of this training, the participants would be expected to develop a detailed project proposal with the inten-tion of submitting applications for EU funding. The most innova-tive proposals will receive further mentoring by the Malta Business

Bureau and the European Proj-ects Association.

More information on the ESF Project 4.245 ‘Innovation Lead-ers: Improving knowledge on EU Direct Funds’ will be forth-coming by the MBB in the com-ing days. Any queries can be directed to the MBB on [email protected] or 2125 1719.

4th nOvember –

MBB PRESIDENT PARTICIPATES IN EUROCHAMBRES PANEL DEBATE IN BRUSSELSMBB President Mario Spiteri was invited to participate in a panel debate by Eurochambres. Mr Spiteri shared his experience as an entrepreneur as well as his views on the challenges of SMEs to access finance.

The workshop’s objective was to come up with a set of recom-mendations for SMEs in gen-eral to improve their prospects

of accessing finance, and for national and EU institutions to set up a vision and introduce effective solutions for SME financing.

During his visit in Brussels, Mr Spiteri had the opportunity to hold other meetings with Ben Butters, a Director at Eurocham-bres; Christian de Barrin, Hotrec CEO; Therese de Liedekerke,

Managing Director at BUSINES-SEUROPE; H.E. Marlene Bon-nici, Malta’s Permanent Repre-sentative to the EU; and H.E. Ray Azzopardi, Malta’s Ambassador to Belgium.

Mr Spiteri was accompanied by the MBB Permanent Delegate Omar Cutajar.

7th nOvember –

PROJECT COORDINATOR JOINS MBBThe MBB is pleased to announce that Karla Chetcuti Bonavita has joined the MBB team as a Proj-ect Coordinator. Her role will be to oversee the implementation of the ESF Project 4.245 ‘Innovation Leaders: Improving Knowledge on EU Direct Funds’.

Ms Chetcuti Bonavita has exten-sive experience working in proj-ect management and co-ordina-tion in the private sector. She has graduated from the University of Edinburgh with a Bachelor of Sci-ence.


While the economic crisis in recent years and slow recovery have contributed to the high lev-els of youth unemployment in the EU, one factor that should not go unnoticed is how more dif-ficult it is for low skilled youths to be able to land a job in order to move forward in life, given this reality. As a result, youths, which should be the most productive segment of the population, are being left idle, with the conse-

quence of increasing pressures on the welfare system.

It is also true that Malta has a lower rate of youth unemploy-ment at 14 per cent; yet the island has one of the highest incidence of early school leavers at 22 per cent, compared to the EU’s 13 per cent. It is safe to say that the majority of early school leavers will be the ones with low or insufficient skills to meet the demands of the modern labour

market. But should the inci-dence of low skilled youth be solely blamed on the failures of formal edu-cation?

In order to address this situation, there is an evident need to first understand the factors keep-ing youths from obtaining suffi-cient skills and then assess what measures are required to offer a second

opportunity that would make them more able and competitive.

Miriam Teuma, CEO of Agenzija Zghazagh, believes that a posi-tive, supportive and encourag-ing home environment is crucial in the development of a young person's self-esteem and in fostering his or her abilities. “If we want young people with high level skills and competences, we have to try and strengthen their socio-economic environment

and foster a learning culture in their homes and communities as well as in the education and training system,” she states.

Ms Teuma notes that, “while the education and training systems have the main role in ensuring effective transfer to the labour market, youth work and non-for-mal learning can play a positive role in supporting young people with low level skills in making the transition.”

“Young people with low level skills often are ill suited to the formal education and training system, they may have a his-tory of low level achievement at school, may have left school early

and consequently have poor self-esteem, lack confidence in their abilities and find it more diffi-cult than their peers to navigate the transition from childhood to adulthood,” she observes.

Assessing the situation of low skilled youths in Malta, Kevin J. Borg, Director General of the Malta Chamber, relates to the issues of skills mismatches and a very low attainment of basic skills and competencies, which is resulting in a very high early school-leaving rate. “Admittedly, over the last decade, the rate has gone down drastically. Yet we are also facing new challenges in relation to those youths who are not in education, employment, or training (NEET),” he says.

Mr Borg refers to the recently launched ‘Youth Guarantee Scheme’ and notes that this is a good way to counteract this phe-nomenon. “This initiative helps unemployed youths to either retrain or up-skill themselves. Unfortunately the take-up has been very low. We must ascer-tain that these youths do not reach the age of 16 without the basic skills needed in life,” Mr Borg states.

Joe Tanti, CEO of the Malta Busi-ness Bureau notes that in spite of the schemes and initiatives launched by the authorities to reduce the incidence of early school leavers, unfortunately there will always be a number of students who decide to drop out of the educational system with no qualifications. The probability is that these same students have low skills and struggle to inte-grate in the world of work.

According to Mr Tanti, “the authorities should not give up on their attempt to provide edu-cational opportunities for these individuals, even outside the nor-mal educational structures. This should be done in a more innova-tive and interactive manner.”

HuMan resOurces

bridging lOW skilled yOuTHs TO businesses With around 23 per cent of youths currently unemployed in the eu, education and life skills are key tools to allow them to take on opportunities and have a respectable standard of living. daniel debOnO discusses with stakeholders from the business and youth sectors the current reality of low skilled youths in Malta and what measures are needed to help them integrate in the world of work.

Miriam Teuma

Joe Tanti


“I am certain that when low skilled youths come across the difficulties of the labour mar-ket, particularly at the low skill end, they would at least consider giving education another shot in order to improve their pros-pects for the future. Professional services such as mentoring, for instance, should therefore be in place to act immediately on this possibility,” he continues.

With private sector enterprises striving to retain competitive-ness, what skills do they expect all employees to have, includ-ing those who do not necessarily have any qualifications? Accord-ing to Mr Borg, “it is very clear that employers in general are not requesting specific technical expertise. Indeed several sectors and companies offer in-house or external training in this respect, so technical and specialised training can be a skill acquired on the job.”

“What employers tend to find lacking in new recruits is moti-vation, work ethic, and what are known as ‘soft skills’, which include communication and lan-guage skills, as well as person-ality traits, compared to the pre-vious generation of workers,” he notes. Mr Borg expresses concern that unfortunately such skills cannot be gained at such a late stage in life as these need to be inculcated from day one and parents and educators have a strong role to play in this regard. Making reference to Malta Chamber’s recently published Economic Vision for Malta, Mr Borg notes the point on ‘incul-cating a culture of excellence’ across our population, as a new mind-set that is needed across the board. He also conveys the Chamber members’ fear that what has made us competitive in the past, namely our work-force flexibility and the excellent command and proficiency of the English language, have slowly eroded over the last decades.

On this subject, Mr Tanti states that businesses have a commer-cial activity to run and therefore expect their employees to dedi-cate their utmost for the enter-prise to achieve its objectives. “Two virtues that are expected from all employees, irrespective of their skill levels, are a positive attitude and loyalty. Employees should appreciate the risk taken by the employer to invest per-sonal capital to run the business. A negative attitude and lack of commitment will turn away cli-ents and may risk the very work-place of the same employee.”

Ms Teuma sees an important role for the private sector in helping to bridge youths to businesses. “The private sector needs to tai-lor its training and support to the particular environment in which it operates; be it the family, the community or the school. In the non-formal education sector, for instance, the private sector could provide appropriate work placements for young people that facilitate the development

and practical expression of their basic skills and competences,” she suggests.

On his part, Mr Tanti believes that the private sector has an impor-tant obligation towards its work-force and a good employer is expected to invest in the employ-ees; first of all so that they can offer a value-added service to the business, but also to improve the career prospects of the indi-vidual, which in turn would keep them motivated.

“Training and opportunities to move up the ladder – no mat-ter at which level – within the company is of the utmost impor-

tance. We are aware that there are many good employers in Malta that do so already, and the positive outcome in their busi-ness operations is very evident,” Mr Tanti notes.

Mr Borg agrees that the private sector has a strong role to play in this respect. He refers to the German and Austrian models of the vocational education system that places work exposure at the heart of the learning process. “The Malta Chamber believes that the current apprenticeship scheme needs a major overhaul.

Specific schemes for low-skilled youths are also warranted, but first and foremost we need to attract these youths back to school so that they can up-skill themselves. We cannot have thousands of inactive youths, especially given our ageing pop-ulation. The Maltese economy does not have the luxury to lose these youths. Therefore the pri-vate sector is willing to collabo-rate with the authorities in any way,” Mr Borg concludes.

HuMan resOurces

kevin J. borg



eurOpean affairs

by OMar cuTaJar, Mbb’s permanent delegate in brussels

The new European Commission headed by Jean Claude Juncker, officially took over the steward-ship of the Commission as of 1st November following its success-ful endorsement by the European Parliament in a plenary vote on 22nd October. The resound-ing backing offered by MEPs strengthens the institutional credibility of the incoming Com-mission, whilst it lends a political legitimacy to the political man-date which President Juncker had already expounded through his political programme unveiled earlier on this summer.

President Juncker’s new team comes in with significant expec-tations to deliver a new start to EU politics and deliver practical benefits to companies, workers and on a wider scale to the Euro-pean citizenry. President Juncker is on record having stated that this is a ‘last-chance Commis-sion’, whereby his primary con-cern is to win over the citizens, governments and social partners of Europe.

Significant efforts have been channelled to present the new Juncker Commission as a heavy-weight Commission, composed of senior and experienced poli-ticians from the EU member states. This enhanced political dimension is bound to rectify the perception that EU Commission-ers in recent years were some-how reduced to being spokes-persons flagging the policies and

repeating the mantras contrived by the overtly bureaucratic Euro-pean civil service.

President Juncker has often stressed that his Commission will be ‘very political’, even pub-licly stating in his speech at the European Parliament prior to the investiture vote, that “all the Commission Directorate-Gener-als will have to obey to the orders of Commissioners, and not vice-versa.”

NEW STRUCTURAL GOVERNANCEBeyond the political grandstand-ing, the new Commission is already acknowledged that for all intents and purposes it will focus much more than the outgoing

College, on better regulation and better law-making. This is the spirit underpinning the new gov-ernance structure of the Euro-pean Commission.

Breaking with past conventions, President Juncker has created the post of First Vice-President – a position occupied by Frans Tim-mermans, who has already been billed as Mr Juncker’s right-hand man and gate-keeper to the Commission President him-self. Although the scope of Mr Timmerman’s position remains unclear, it is evident that in over-seeing better regulation and inter-institutional relations, his functional perimeter is rather wide and encompasses a range of policy areas beyond the imme-

diate reach of his official portfo-lio.

Besides the position of First Vice-President, the new Commis-sion structure envisages a total of seven vice-presidents, each leading a ‘project team’ mirror-ing a flagship priority of Junck-er’s political guidelines: Energy Union; Jobs & Growth; Foreign Affairs; Digital Single Market; Euro & Social Dialogue and Bud-get & Human Resources.

This new structure has attracted considerable criticism and the occasional sceptical observa-tion that it is bound to generate operational difficulties as a result of a ‘de facto’ new layer of gov-ernance, further fragmenting the

work and command chain within the College of Commissioners. Inevitably, there are overlaps between the different portfolios and it is far from clear how coor-dination will work in practice.

From a business perspective, the potential pitfalls of such an approach are too evident not to miss! For instance, one sensi-tive area of risk lies with the gov-ernance of the Economic and Monetary Union (EMU); there are at least three Commissioners responsible for this remit: VP Val-dis Dombrovskis (Euro & Social Dialogue), VP Jyrki Katainen (Jobs & Growth) and Pierre Moscovici (Economic & Finan-cial Affairs). Another trouble spot could lie with the responsibilities

THe neW Juncker cOMMissiOn: Will iT ‘Make iT’ Or ‘break iT’?

“breaking with past conventions, president Juncker has created the post of first vice-president – a position occupied by frans Timmermans.”


entrusted to Elzbieta Bienkowska – Commissioner for Internal Market, Industry, Entrepreneur-ship and SMEs, who will have her work coordinated by no less than four Vice-Presidents.

President Juncker has aptly countered criticism by claiming that the new governance struc-ture does not create a hierarchy where Vice-Presidents would be super Commissioners, but that their role would be to ensure cohesion and coherence in their respective areas. Despite the evi-dent merits of such a viewpoint,

the new structure is a double-edged sword and whilst it could indeed focus the Commission’s work to keep it in line with Presi-dent Juncker’s priorities, it could also create unnecessary havoc and consequently undermine the proper functioning of the EU’s executive arm.

DELIVERING ON SUBSTANCE – THE EUROPEAN INVESTMENT PLANThe real litmus test for the Juncker Commission will ulti-mately be its ability to deliver. The biggest expectation is on the

delivery of the so-called ‘Invest-ment Package’ worth up to ¤300 billion, aimed to re-launch the EU economy whilst acting as pallia-tive to the rigour of financial aus-terity that many are increasingly seeing as a dangerous spiral of permanent economic stagnation and structural unemployment. Questions and doubts about the ‘Investment Package’ are plenty. To start with, it is unclear how and from where the money will be put together. The package is meant to be a mix of public and private investments.

Clearly, the largest chunk will be derived from the EU budget itself, mostly from unspent funding lines but also critically from the European Investment Bank (EIB). This will however depend on the member states’ will and ability to increase the EIB’s capital and the investment proposition that the EIB will put forward in order to entice private investors to part-ner on such new project initia-tives mostly of a cross-border infrastructural and digital nature. Responsibility for a swift delivery of this investment package has been delegated to VP Katainen and its adoption is expected already before the end of 2014.

Targeted public investments are desirable from a business per-spective to create a multiplier effect and to generate consumer trust, thereby stimulating con-sumption. What is more impor-tant than simple public spend-ing is however the efficiency and the quality rationale of the pub-lic investments at EU level. Con-versely, public investments at member state level should focus on those structural factors that are considered the fundamen-tal ingredients for ensuring sus-tainable growth in those sectors demonstrating clear, evidence-driven prospects for success. In practical terms, this means that in the case of the ICT industry, investment in broadband infra-structure is key but not enough for ensuring success.

In short, the new Juncker Com-mission has several daunting and pressing challenges in the imme-diate short-term, with the effi-cient testing of its own internal working structure, the launch of the so-called ‘European Invest-ment Plan’ and the activation of a social dimension to EMU gov-ernance being the most oft-cited instances of such trials.

The first months of the Juncker Commission will therefore pro-vide the first test-cases and early indicators as to whether the new Commission will either break it or make it in the long term.

eurOpean affairs

“The real litmus test for the Juncker commission will ultimately be its ability to deliver.”




Christmas is a time to relax and rejuvenate.

Now, I know what you are prob-ably thinking: ‘what rubbish! Christmas is a time for running around like a headless chicken and ticking madly at my to-do list, not relaxing and kicking-back.’ Indeed you are right. The stress-

ful thing about Christmas is that it feels like one long race towards 25th December – work backlogs to sort, shopping to do, events to attend and oh-so-many presents to wrap. But you do need to add one more item to that list, and that is you.

“You service your car every few months to keep it on the road, so how can you expect to keep working without servicing your body and mind at some point?” Pat Vella, the spa manager at the Athenaeum within the Corinthia Palace Hotel & Spa, Attard, asks with a smile.

“It is extremely difficult to focus on anything, whether at work or home, if you are stressed. After a while, the body gets used to the chemical signals of stress and it gets more difficult for you to relax, which makes things even more challenging. So making time to relax is not a luxury but a necessity – and this time of year provides the ideal opportunity.”

With spas in mind, a day of shameless pampering provides the ideal opportunity to switch your phone off, disconnect from technology and commit to some serious relaxation.

Before you dismiss the idea of the spa as too frivolous when com-pared to all the important things you need to do, think again. As Pat explains, stress is often associ-ated with major health complica-tions, such as heart disease, and therefore it must be addressed if you wish to move into 2015 with

the strength to achieve more suc-cess.

“When you experience anxiety, your body produces a lot of the stress hormone cortisol,” she says. “Having a massage, for instance, lowers cortisol levels and also gets rid of the muscle tension caused by anxiety disor-ders. Using massage on a regu-lar basis creates a domino effect of positivity for your whole body. It will help you to reduce stress, sleep better and focus more eas-ily – which is hardly something that should be overlooked!”

Beauty specialist and owner at Alfie’s Hair and Beauty, Franc-esca Scerri Rizzo, agrees that Christmas gives the perfect excuse to rebalance body, mind and soul.

“Everyone needs a getaway at some point, and even a trip to the spa or salon can give your life the balance back. Therapists today offer an array of holistic therapies to release tension, help you de-stress and reenergise, which is especially handy during the busy festive season. It is important to book in with a therapist who will give you the privacy to discuss your needs and achieve what you really want out of the ses-

fesTive seasOn

The run up to christmas may be hectic, but it also provides time for you to take a break and relax a little in celebration of your 2014 successes. JO caruana looks at the best ways for you to take a load off in the coming weeks.

TiMe TO unWind

“Making time to relax is not a luxury but a necessity – and this time of year provides the ideal opportunity.” – Pat Vella

Photo by Paolo Meitre LIberatini - viewingmalta.com


sion – ideally with gentle music, light therapy and aromatherapy to help maximise the benefits of your ‘you time’.”

During this busy period, Franc-esca recommends that everyone should commit an hour-or-so each week to pampering them-selves. It might not be salon time, but a swim in a heated pool, or a

long walk instead, but it is some-thing that will ensure you stay on the right track.

“A good grooming session could also give you a boost,” she says with a smile. “This could be a new hairstyle to usher in the festive season, a fresh make-up look, or a facial. Even if you just give yourself an at-home pampering session, the time you invest will doubtlessly prove invaluable in ensuring you feel great through-out the festive season, and prog-ress strongly into 2015.”

fesTive seasOn

QuickTipsfOr insTanT relaXaTiOn• Don’t feel like you have to do everything. Sometimes, even simply saying ‘no’ to an invitation, request or event will take the weight off your shoulders and free up some time in your schedule.

• Book a break. Giving yourself something excit-ing to look forward to will extend your holidays into the New Year. There are some great deals available on city breaks (especially to lesser known destinations), and a few days off from the world after the festive rush will do you a world of good.

• Even when your calendar is overflowing, make time for exercise. It could just be a walk along the seafront or a quick jog round the block, but your body will get a valuable boost of endor-phins (the ‘happy hormone’) to help you feel great. Ide-ally, commit to exercising for at least half an hour three times a week. Yoga, pilates and tai chi are all good choices for this.

• Have some fun. In between all the things you have to do, it’s easy to for-get the things you want to do. Each week in the run up to Christmas take a couple of hours off from the world to do something you really love – even if that’s just div-ing between the sheets and catching up on your favou-rite box-set. You deserve it!

“even when your calendar is overflowing, make time for exercise. it could just be a walk along the seafront or a quick jog round the block.”




business updaTe

Head Of glObal banking & MarkeTs aT Hsbc bank MalTa, JaMes WOOdesOn On MalTa Trade fOr grOWTH iniTiaTive

Malta is at the cross roads of contrasting economies, cultures and natural environments. Its strategic location on the cusp of Europe and Africa has attracted visitors for years. Building on this unique geographical advan-tage, we launched the Malta Trade for Growth (MTFG) initia-tive to encourage Malta-based companies to expand their inter-national business.

Through the initiative, we have offered a range of incentives spe-cifically designed to help compa-nies bolster their international portfolio. HSBC Malta’s drive to encourage and support inter-national trade continues and we are actively considering a further multi-million injection to the ini-tial ¤50 million MTFG fund.

Additionally, as an emerging markets-led and financing-focused business that provides tailored financial solutions to government, corporate and insti-tutional clients worldwide, we at HSBC Global Banking and Mar-kets serve our clients by teams that bring together relationship managers and product special-ists to develop financial solutions that meet individual client needs.

Further, HSBC’s Capital Financ-ing provides clients with a single integrated financing business, focused across a client’s capi-tal structure, while HSBC’s Debt Capital Markets group takes a holistic approach to providing financing and related services to a broad range of corporate, financial institutions, and pub-lic sector clients globally in the developed and developing world.

Malta today is ranked as one of the most stable economies in the region. This is a result of a pru-dent, long-term vision of trans-forming the destiny of the coun-try. Importantly, this vision has allowed Malta to serve as a reli-able and trusted centre of excel-lence on the international stage for years to come.


business updaTe

cleland & sOucHeT Opens a neW c&s Wine cafÉ aT Mia

Cleland & Souchet, the lead-ing lifestyle retailer and wine merchants, have opened their second C&S WINE CAFÉ outlet in the departure lounge of the Malta International Airport to rave reviews. They have designed their area with the same distinc-tive orange umbrellas and styl-ish bar counter as their original outlet in Portomaso, and they offer an incredible selection of their quality wines and tasty light meals. “We have tried to remain as close to our original C&S WINE CAFÉ concept as possible and we are delighted with the positive response from both local and foreign travellers at the air-port,” declares Richard Cleland with a beaming smile. “Over the coming weeks, we shall be intro-ducing a new range of healthy meals and non-alcoholic drinks in both outlets and we are look-

ing forward to the feedback of our clients.”

With over 20 quality wines and champagnes available by the glass and delicious fresh sushi and sashimi on the menu, the C&S WINE CAFÉ has certainly introduced an exciting new dimension to the catering avail-able at the airport. Richard plans to open a third outlet next year in yet another prime location on the island which will make it easier for all to experience the flavours and service that are the trade-mark of the Cleland & Souchet brand.

Middlesea’s sMe insurance pOlicy

Embarking or growing a business ven-ture involves hard work, dedication and ongoing investment. Your hard earned achievements should be accompanied by an insurance policy to help to safe-guard yourself, your enterprise and your employees.

Middlesea’s Insurance Policy for Small and Medium enterprises is a tailor-made and flexible insurance business solution to protect your business risks. It is ideal for restaurants, bars, offices, retail outlets and other service providers which provide a service from their premises.

The Middlesea SME policy includes a number of benefits to ensure your busi-ness is properly covered if something goes wrong. It provides cover for Prop-

erty, Stock and other Trade Contents, Public and Products Liability, Employ-ers Liability, Loss of Income, Money and Personal Accident Cover, Fidelity Guar-antee, Equipment Breakdown as well as an Annual Travel Cover for the insured or any other employees. The SME Policy also includes as standard cover, the Business Emergency Assistance to cater for all your emergency needs 24 hours a day 7 days a week through our Call Centre.

For more information call us on 2124 6262 or contact any of our authorised intermediaries. You may also visit our website at www.middlesea.com. middlesea Insurance p.l.c. (c-5553) is licensed by mFsA.

QualiTy recOgniTiOn fOr resTauranTsRestaurants in Malta and Gozo can soon get recognised on a national level for their overall quality offer following the recently launched Malta Tourism Authority Qual-ity Assured seal. This recognition scheme will also assist both locals and tourists in making an informed decision when selecting a place to eat.

The criteria were developed following extensive research and consultation with MHRA, the industry and Visit Scotland. The latter are also involved in training the mystery guests who will be assessing the restaurants. The criteria cover quality of food, service, hospitality and ambience, together with less visible aspects of the restaurant.

The QA seal is assessed through a system of points which takes into consideration the budget category of the restaurant, thus allowing all classes of restaurants the opportunity to be recognised.

Restaurants will gain extensively from this initiative – both structured feedback from the mystery guest as well as exten-sive publicity. Indeed, a promotional cam-paign on local media is planned following

the first award ceremony, together with a dedicated Facebook page, exposure on the Visitmalta website, and exposure at MTA Tourist Information Offices with the possibility of a brochure naming all the quality restaurants.

Only a few days are left until the applica-tions close and so far the MTA has already received a good number of applications from all types of restaurants vying to be recognised by this national symbol for quality.

For more information on the QA seal contact the Quality and Industry hr Unit on t: 2291 5272; e: [email protected] or visit www.mta.com.mt/quality-seal



Documents

BUSINESS AGENDA Issue 21