Have the storms over Cloud Computing blown over since Gmails great outage earlier this year? We look at its prospects. To kick off any discussion on cloud computing, we need to define it. While it seems a newly-coined term, cloud computing has been around in technology parlance since the 1960s. Its roots lie also in the cloud-like diagrams, similar t... [full article]

The maritime sector in Malta has been growing steadily for the past 15 years. However this growth has hit somewhat of a snag recently with the scarcity of space in yacht marinas. A lack of berths directly impacts the boating, as well as other sectors of the local economy in numerous ways mostly in opportunity cost. Boats and boaters are out there, and their... [full article]

JUSTIN TONNA meets Dr Franco Debono, a Nationalist MP and criminal lawyer, to learn about his wide ranging views on party regulation, divorce, the environment and a parliamentary television station... Dr Debono is young the youngest Nationalist MP in fact and communicates with the great passion that characterises his generation. Although he choos... [full article]

Being fined when driving around is a particularly annoying experience with wardens often being receiving the brunt of the frustration even though they are only doing their job. In an exclusive interview with The Economic Update, KDM Group managing director Kenneth De Martino explains his groups strategy in the areas of enforcement and parking, and how they ... [full article]

After almost a year of taking on the helm of the Malta Restaurants and Hotels Association (MHRA), Kevin Decesare speaks to Gerald Fenech on the challenges facing the industry and the prospects which lie ahead. Kevin Decesare is a man who is not afraid to speak his mind he has done so several times in the past and the fact that he has been MHRA Pre... [full article]

Doing business is all about risk. Whether you are accepting new debtors, investing in projects, or even taking on new brands you must analyse and control such risks in order to minimise any potential losses to your business. When it comes to banking, this is even more important Joseph Bugelli is the risk senior manager at Volksbank, a position that... [full article]

In todays modern, fast paced world, the ability to carry our office with us is a definite advantage. It lets us work on the move and prevents wasted time during travel.By Justin Tonna The two most common pieces of equipment for this are the laptop and the PDA (personal digital assistant). We put these two bits of hardware under the microscope and lo... [full article]

All games that can be rigged will be rigged. Unknown The Tinkerbelle effect: we all have heard the official version of events. An army of analysts, politicians, brokers and bankers have tried to explain to us how the crisis unfolded. We have seen people unable to pay their mortgages; toxic assets traded on a massive scale; Wall Street greed; incom... [full article]

Like many other sectors, the global mobile phone market has seen a downturn with a 4.6 per cent drop in handset sales registered in the fourth quarter of 2008. Sound significant? Not really, but perhaps if you put that into monetary terms it may seem much more so. However, if you compare this result to other industries such as the automotive sector then ... [full article]

Now I have often written about the importance of looking for opportunities within the dark days of the financial recession. After all, if the business world has been hit by an economic earthquake, then you should be making sure your enterprise has rock solid foundations to weather the inevitable shockwaves. One such opportunity in all this doom and... [full article]

In a new series for The Economic Update, SARAH PUNTAN-GALEA interviews the prominent ambassadors and high commissioners that are posted to our islands, discovering the people behind the positions, their work and their relationship with Malta. This month she meets the intellectually captivant French Ambassador, Daniel Rondeau. Having lived a life ... [full article]

Nicknamed the Gas Princess and the Handmaiden of the Orange Revolution, the charismatic Ukrainian Prime Minister, Yulia Timoshenko, may be the only one to gain from the recent Russia-Ukraine gas dispute. SERGEI GOLOVKIN explores why. One hazy August morning, a group of armed balaclava-clad officers of the Ukrainian elite police unit Berkut stormed... [full article]

Staying abreast of what is happening locally is time-consuming, let alone keeping up-to-date on international events. Yet no self-respecting businessperson can attend a meeting, or even a relaxed dinner party, without being armed with the latest information about the major goings on from around the world. So let SARAH PUNTAN-GALEA take a look at a three-cours... [full article]

Over the past decades, trends in globalisation led major corporations to extend their operations across the globe, sometimes affecting dramatically the communities and societies in which they operate. Pollution, environmental degradation, deforestation, exploitation of workers, child labour, occupational hazards, animal cruelty theres a long list of evils th... [full article]

Wilh. Wilhelmsen ASA (WW) is a Norwegian maritime giant that is, perhaps, not so well known on our small island. However, with an operating income of USD 3.4 billion and a newly opened office in Balzan, this should change very soon. Thomas Wilhelmsen, group vice president (shipping), sits in contrast to the offices old world feel and dark antique ... [full article]

Diamonds may be a girls best friend, but what actually constitutes a good quality stone? I had the opportunity to meet up with Gaba Diamonds marketing consultant, Louis Olivieri, as well as Lee Satariano, Gabas director and an HRD certified gemmologist, to ask a few pertinent questions about the diamond industry, its potential as an investment vehicle and th... [full article]

Doom, gloom and financial woe seem to be staple fare whenever you discuss business in todays climate. There are slowdowns and shutdowns, making many people wonder when it will all end. So just when will it all end?One man who has a clear grasp of the current situation is Ernst-Antoine Selliere, president of BUSINESSEUROPE, a confederation of business intere... [full article]

For such a small island, Malta is never short of news. And staying abreast of whats happening locally is already time-consuming enough for those devoted to their careers, let alone managing to be up-to-date on international events. Yet no self-respecting businessperson could possibly attend a meeting, or even a relaxed dinner party, without being armed with... [full article]

This year is predicted to see the bottoming out of the recession. Since we cant really know whats in store, most of us start the year with apprehension about our profits, growth and costs. Our natural reaction in a downturn is to go over the minutiae of our businesses, seeking opportunities to cut costs, cull deadwood, streamline, improve our customer serv... [full article]

Gerald FenechIt was a defining moment in the history of the United States and the world as a whole. Watching President Barack Obamas speech brought so many things to mind, the sheer delight at a first African-American President, the Democratic Partys return to power after eight hard-fought and wrangled years and a sense of liberation at wise words which tra... [full article]

The Israeli and Palestinian Civilian The New Year has brought with it a spate of issues which unfortunately are becoming standard in the news agenda as perpetrated by the international news agencies. Unfortunately wars and famine are still daily items in the news. I am not one of the residents of Southern Israel, and thus I dont think it would be appropr... [full article]

Gerald Fenech interviews Mario P. Galea, Managing Partner at Ernst Young, Malta on what are the measures which need to be taken to make Malta more attractive and exploit our strengths in the midst of the current economic crisis. As the international recession continues to take shape, it looks like Malta has weathered the first part of this economic... [full article]

Finding cold, hard cash for the growth of your business enterprise can prove to be something of a treasure hunt. Of course, there are a variety of places that you can look for your pot of gold but each one comes with its own advantages and disadvantages. One of the locally lesser known options for a business that is looking for additional financing is equity... [full article]

General Secretary of the Generals People Committee Al-Baghdadi Ali al-Mahmudi (born ca. 1945) was appointed General Secretary of the General People's Committee (prime minister) of Libya on 5 March 2006 in succession to Shukri Ghanem. He has a medical degree and is specialised in obstetrics and gynecology. Mahmudi served as deputy prime minister from June... [full article]

Malta has seen a vast array of developments sprouting up all over the island, although these are not usually specifically targeted towards foreign workers, but rather the local population. However, in Libya there is a growing trend for such properties and, given the size of the foreign workforce, there is certainly a demand for them. This new typ... [full article]

Doing business in a foreign country can be an overwhelming proposition that has many pitfalls. You are not sure of the culture, you may lack the business contacts to break new ground and perhaps most importantly you also need reliable information on the markets that you are targeting. Instead, it would be highly beneficial and advantageous to u... [full article]

Justin Tonna meets with Dr Joseph Cassar, Maltas ambassador to Libya, to learn about the importance of relations between the two countries and how these have impacted commerce. How would you describe Maltese-Libyan relations at the moment? Maltese-Libyan relations have always been and remain extremely important. Since the attainment of Maltas In... [full article]

For such a small island, Malta is never short of news. And staying abreast of whats happening locally is already time-consuming enough for those devoted to their careers, let alone managing to be up-to-date on international events. Yet no self-respecting businessperson could possibly attend a meeting, or even a relaxed dinner party, without being armed wit... [full article]

Barack Obama The song Things can only get better by D:Ream is one of those songs which could have been the perfect soundtrack for President Obamas electoral campaign. It has been presented to us Europeans that the campaigns principal driver and element which contributed towards Obamas election was the distrust and dismay that George W Bush became synonymou... [full article]

We have no solution, you shall continue to live like dogs, and whoever wishes may leave, and we shall see where this process leads Moshe Dayan, Israeli Politician by Sergei Golovkin For over three thousand years Arabs and Jews lived together in the land of Palestine. Together they weathered centuries of foreign domination, resisting the Assyrian, B... [full article]

Tough times never last, but tough businesses do. Businesses are facing a number of economic and commercial difficulties that are affecting their cash flow and profit. Credit is becoming more challenging and difficult to manage, but it is surely critical and remains key in ensuring profitable sales, sound cash flow management and customer loyalty. Tod... [full article]

Just a year ago, Alan Camilleri was immersed in the tasks related to the EURO Change over. A year passed, and with it even Alans role. After the General Election, Camilleri was appointed Chairman for Malta Enterprise. Jesmond Saliba caught up with Camilleri and discussed his new role. Their discussion went on something like this: JS: What was your... [full article]

BOV nominated among finalists for Financial Innovation Awards Bank of Valletta has been selected among the finalists for the prestigious Financial Innovation Awards. BOV was chosen amongst numerous financial institutions and, for the first time, two BOV entries have been nominated for the final award. The first nomination is for Best Market... [full article]

For such a small island, Malta is never short of news. And staying abreast of whats happening locally is already time-consuming enough for those devoted to their careers, let alone managing to be up-to-date on international events. Yet no self-respecting businessperson could possibly attend a meeting, or even a relaxed dinner party, without being armed with ... [full article]

The global fight against climate change may turn into a profitable game that makes the rich richer, and the poor poorer.By Sergei Golovkin A poacher turned gamekeeperTwo hundred years ago, Britain emerged as a global superpower, heralding an almost uninterrupted century of global domination remembered as Pax Britannica. Its merchants, corsairs, s... [full article]

We take our usual monthly look at four figures who are in the international spotlight Gordon Brown The succession of events that took place in Britain in the past 12 months have shown Gordon Browns popularity plummet to incredibly low levels. He was criticised both home and abroad as an antithesis of what Blair was in terms of charisma, the British ec... [full article]

With all the economic gloom currently pervading the worlds business markets, it is heartening to experience some thriving and promising success stories in business, especially with regard to the Small and Medium Enterprises (or SMEs as they are better known). And this is exactly what happened between the September 14 and 16 in Paris where the European Commi... [full article]

Each year, a number of European citizens receive medical treatment in another EU Member State. This treatment has been facilitated by an agreement between the EU members social security systems, creating the European Health Insurance Card (EHIC). Today, four years after its launch, 173 million people have the EHIC. Citizens from 31 countries can... [full article]

Several matters of national controversy have, over the past months, brought the concept of state aid to the fore of our countrys national agenda. Amidst heated discussions on the way the Malta Shipyard should be privatised and whether governments proposal to revise the electricity tariffs should come into force now or be postponed, references to EU state aid... [full article]

KSI Malta, currently based in Gwardamangia, is one of the leading medium sized accountancy and audit firms in Malta and is enjoying a sustained and constant expansion. It is currently benefiting from the excellent status that Malta enjoys in the financial services sector that comes with membership in the EU. It is a long established fact that gov... [full article]

By now you will have no doubt had chance to pore over the budget speech and the measures given within it and calculated just how it will impact your finances. And you are probably sitting there with your calculator in one hand and your bank statement in the other thinking about how your family is going to get through another year. Truth be tol... [full article]

For such a small island, Malta is never short of news. And staying abreast of whats happening locally is already time-consuming enough for those devoted to their career, let alone managing to be up-to-date on international events. Yet no self-respecting businessperson could possibly attend a meeting, or even a relaxed dinner party, without being armed with i... [full article]

The Local IT industry has been growing well and the recent signing of a contract between Etihad Airwats, the national airline of the United Arab Emirates, and Megabyte's Airline Route Profitability System ( ARPS ) as well as the provision of related services is a solid example of the indstry's potential. Beating strong international competition for the t... [full article]

Scarce resources are a daily dilemma faced by any business organization. More time, more people, more space, more information would make all the difference! With customers becoming increasingly demanding, and the competition becoming more responsive to the market, it has never been more critical to use the right tools to maximize the performance of yo... [full article]

October brings with it changes in weather that means staying indoors. It is also the month which kicks off the new television programming schedule. Jesmond Saliba took the opportunity to speak with PBSs CEO, Albert Debono, about his role in Maltas broadcasting. Jesmond Saliba (JS): As kid, what was your favourite television show? Albert Debono (AD... [full article]

If there is one lesson that we should learn from todays business climate then that lesson should be: Diversify, diversify, diversify. The danger that comes with putting all of your eggs in one basket should be brutally obvious with the collapse of banks, plummeting share prices and general economic woes. By spreading your interests over a varied field you can... [full article]

Middlesea Insurance plc has recently launched an innovative new service in its health insurance products. Those insured under specific Middlesea health schemes can now benefit from a second medical opinion given by an international panel of medical experts, allowing you to enjoy a sound peace of mind. This new service comes courtesy of an agreement... [full article]

Atlas Group has recently announced the appointment of Mr Richard Clough as its new chairman. Mr Clough brings a wealth of international business experience to the group, and is well known in the United Kingdoms business world for his expertise in private health care homes. By Justin Tonna My association with Malta began in 1974 when I first visited th... [full article]

Educational Evolution Tertiary education in Malta Until a few years ago, tertiary education was only offered through the University of Malta, but has since developed and private organisations are offering courses through recognised foreign universities, thus creating a diverse choice. The introduction of technology in the educational secto... [full article]

Who is in the news this month? We take a look at another four foreign figures that have been in the media spotlight. By Jesmond Saliba Tzipi Livini Following the resignation of Ehud Olmert as Israeli prime minister, the countrys politics has now focused on Tzipi Livini who, in the last weeks of September, has embarked on the arduous task of for... [full article]

The Soviet invasion Almost three decades ago the USSR invaded Afghanistan under the official pretext of a written request by the Afghan government to help quell a rising Islamist insurgency that threatened the stability of the Soviet-friendly regime. Determined to protect their massive economic and military investment in Afghanistan, Soviet planners ... [full article]

The US elections are just around the corner, so this month we put a spotlight on the candidates and look to see what exactly the elections mean for Malta. by Gerald Fenech The elections in the United States may appear to be distant, both in terms of physical separation and political relevance. But as the media attention reaches a frenzied pitch... [full article]

For such a small island, Malta is never short of news. And staying abreast of whats happening locally is already time-consuming enough for those devoted to their career, let alone managing to be up-to-date on international events. Yet no self-respecting businessperson could possibly attend a meeting, or even a relaxed dinner party, without being armed with i... [full article]

The world is on a risky path that may potentially lead to a global catastrophe threatening our very survival argues Sergei Golovkin. He analyses the transition of our planet to a multi-polar world order, during a time when the practice of political brinkmanship is still as dangerous as ever. A dangerous transition The world is on the brink of a n... [full article]

Jesmond Saliba takes his monthly look at four figures that have been in the news recently. Pevers Musharraf This self claimed indispensables time is over. He seized power in his Pakistan in 1999. He was very useful during the war on terror, where he transformed his countrys geo-strategic position to befriend the West in the form of Bushs USA. ... [full article]

In 2007 the education sector represented six per cent of total activity in Malta with a workforce of over 12,000 people. Some 235 million were paid in wages, up by three per cent a year earlier. The public sector dominates the education sector, covering around four-fifths of its total wage bill. As a result, 13 per cent of total government expenditure goes o... [full article]

Gerald Fenech looks at some of the major educational trends across the EU and examines how Malta is faring against the other EU-27 countries. The famous philosopher Plato once said, The direction in which education starts a man will determine his future life. Nothing can be truer than this as education is often the foundation of future careers, Bu... [full article]

As kids, the first week of September meant the beginning of the end of the summer holidays. For teachers, it means the beginning of the preparations for another scholastic year. Parents, however, begin a frantic purchasing of their childrens school necessities. Minister Cristina, is now facing this period for the first time ever as a minister of ... [full article]

Over the past two decades we have seen the Maltese retail sector expanding quickly with numerous operators entering the sector in many different areas. These include a number of large supermarket chains, new retail shops and showrooms in various locations, as well as new shopping malls in a number of strategic points across the island. Maria Magro of Megaby... [full article]

Melita have recently announced some major developments: a complete corporate rebranding, a new submarine data cable and, of course, the news that they will be expanding into the local mobile phone services market. Justin Tonna met with Stephen Wright, Melitas chief operations officer, to find out how this activity will translate into tangible benefits for cu... [full article]

Our lives are dramatically affected by the discipline of engineering. The freedoms we take for granted would be lost without the invention of the internal combustion engine or electricity. And where would our modern lifestyles be without the development of telecommunications and internet? Modern technology has come a long way in the last 50 years... [full article]

Nowadays writing a tender is no easy task as the days when one would simply submit a brief description of a product or service with a price have long gone. Request for a tender, especially government tenders, has become very demanding for the bidder with the writing of a proposal for tender becoming more complicated. Michael Camilleri, director of Tender Man... [full article]

Golden Harvest is a bakery with a long history of innovation and has always been at the forefront of the technological revolution. But the company is also committed to going green and its new state-of-the-art factory contains a large number of environmentally friendly measures. Justin Tonna met with Godfrey Camilleri, the quality assurance manager, to find ... [full article]

At a recent press conference announcing the signing of the USA double tax treaty, Tonio Fenech, the minister of finance, pointed out Maltas success in attracting foreign investment. He mentioned numerous international organisations in the financial and manufacturing sectors. In my opinion, little emphasis was placed on the huge achievement in att... [full article]

The Olympic Games is biggest sporting event on our planet. This year, Beijing saw 10,500 athletes from 203 countries participate in 302 events drawn from 28 different sports. Justin Tonna looks at the business opportunities generated by an event on this magnitude. But the games also attract big business. Beijing constructed 31 Olympic venues a... [full article]

Oil Drilling Big Business The world has taken a sigh of relief when the price of oil decreased to USD 122 per barrel on 28 July 2008. Crude prices had reached an all time high of USD 147 earlier in the month. Irans Opec governor on Saturday 26 July 2008 did not hesitate to tell the world that oil prices could reach up to USD 500 per bar... [full article]

European Community Patents Marvin Cuschieri an Executive at Impetus Europe Consulting Group Ltd examines the implications of the patent process within the European Union and tells us why a standardised patent should be high on a European agenda. The idea of a Community Patent, which would allow individuals and companies to obtain a un... [full article]

Go Flexible New tariff plans offer maximum value and flexibility GO Mobile has just launched a new set of contract tariff plans offering absolute flexibility according to the needs of the individual subscriber. The new Pay Monthly tariffs offer three different packages, each focusing on different areas of telecommunications and each o... [full article]

Corporate News Champions For Children Jesmond Saliba has been appointed Executive Representative for the Champions for Children Foundation. A.C. Milans player, Clarence Seedorf, set up the Champions for Children Foundation as an international not-for-profit organization. The Champions for Children Foundation is an international non-... [full article]

Secure Flexibility Maltas main banks are currently introducing new, more secure cards to replace the magnetic strip bank cards in use on the islands so far. The Economic Update spoke to the IT Systems and Card Products head at Bank of Valletta (BOV), and one of the managers in HSBC Maltas Card Services division to better understand the process and... [full article]

Methodical Preparation STC Training is usually associated with IT education. It has a very good reputation in the area, but it has moved into new areas, offering more general management preparation as well. Simon Gatt spoke to Paul Vella, who coordinates STCs project management and IT system management offerings. A lot of Maltese IT com... [full article]

Thoroughbred Workhorses There is no denying that commercial vehicles are todays workhorses. Essential to doing business effectively, the fuel crisis has put new demands on corporate fleets which must now run leaner and cleaner in order to combat rising costs and stringent emission standards. With oil prices unlikely to drop anytime soon a... [full article]

A Bumpy Ride Lawrence Zammit, as Chairman of Air Malta, has piloted the airline through a restructuring exercise which was labelled a rescue plan. In his own words, the departure point of his chairmanship was rather difficult. The restructuring was not dictated by external factors, but by the disastrous financial situation the airline was in 2003. ... [full article]

The Price of War Sergei Golovkin investigates a connection between the global oil and food crisis and the US-led invasion of Iraq. Are we all paying the price of this war? In 1953 former US President, Dwight D. Eisenhower, said: Every gun that is made, every warship launched, every rocket fired signifies in the final sense, a theft from... [full article]

4-in News Jesmond Saliba takes his regular look at four figures that have graced the world headlines this month. Nicolas Sarkozy July marked the beginning of Frances Presidency of the European Union. Nicolas Sarkozy, whose energy contrasts highly with the marked inertia of his predecessor, has managed to spur France back into cent... [full article]

Corporate News Smart Business Following months since the signing of the final agreement between SmartCity and the Government of Malta, in April, 2007, SmartCity Malta Phase One has been launched and is now attracting business partners internationally to operate from Malta. The SmartCity Malta Phase One launch was marked with a ceremony, pre... [full article]

Travel Talk The two most prominent organisations in the Maltese tourism industry the MTAon the public sector side and the MHRA for the private sector, both have newleadership. Kevin De Cesare takes over the role of MHRA President from JosefFormosa Gauci, who has just moved into the hot seat as CEO of the MTA. The moves come at a time whe... [full article]

Decision Making Technology Maria Magro, MES Business Unit Manager at Megabyte Ltd, discusses how Microsoft technology can help organisations make better and more valid decisions. As the end of the first decade of the 21st century approaches, many organisations have realised that simple record keeping business applications are no longer ... [full article]

A Healthy Growth It is a simple fact that Malta, constrained by its small size, simply does not have the space to become a centre for huge scale manufacturing. However, there are certain key areas in which smaller scale excellence can be achieved. These crucial sectors, such as ICT, electronics and mechanical engineering are pushed by the governmen... [full article]

An Economic Education Apart from the warm weather, another indication that summer has arrived is the influx of foreign language students to our island. The latest NSO statistics show that this industry is experiencing something of a boom. This industry currently attracts over 86,000 annual visitors to Malta representing 13.5 per cent o... [full article]

The World In Flames In our times, signs of war no longer shock us. Those who, like myself, live in calmer parts of the world not directly exposed to horrors of armed conflict are accustomed to daily news of death, misery and destruction happening somewhere on our television screens. Such news has become a normal, routine part of our lives. ... [full article]

4-In News Jesmond Saliba puts another four political figures under the spotlight to see what the world's movers and shakers have been up to recently. Barack Obama Although Obamas acceptance speech day had been set long before the US election primaries, I doubt whether he had any say in the choice. The day is rather significant in ... [full article]

Quo Vadis, Captives! Collette Mangion, Marketing Executive at PKF Risk Management Services (Malta ) Ltd is pleased that for the second year running her organization has footed the bill to attract and entertain to lunch a number of insurance executives from seven countries. It organized a promotional event to showcase the attractiveness of the islan... [full article]

Trading account Malta's newest bank, The International Banking Corporation (Malta), opened its doors for business on 25 June, 2008. The Bahraini bank's first European subsidiary is operating from a suite with a view on the 20th floor of the Portomaso Business Tower. The bank's top officers were joined by a small group that included the ... [full article]

A Private Education Education is an item that the government has placed high on its agenda and, given the countrys desperate need for skilled labour, this is hardly surprising. Despite this focus, the government continues to give priority to the state provision of education, even though there is an untapped wealth of resources within the private ed... [full article]

The Art and Craft of Business Having won the Malta Association of Women in Business Business Woman of the Year 2008, Joan Haber met with Justin Tonna to explain how she got into business, how she survived over 28 years in the manufacturing sector and what she thinks of women in the workplace. Originally I came from a business family, s... [full article]

A Serious Business Weapons have been around since a caveman first picked up a stick and, given mankinds propensity for warfare, they dont seem to be going anywhere either. However, firearms have more uses that just warfare. Obviously, historical pieces have a place in museums and private collections and represent a very sound investment. ... [full article]

High Oil Prices Are Here To Stay Jean Claude Bugeja, Financial Advisor at Island Financial Services Limited, discusses how rising energy prices is leaving us with less money in our pockets. In previous articles, I have mentioned that oil set a record on the April 28, 2008 having achieved the figure of $119.93. This figure seems somewhat... [full article]

Keep It Safe Occupational health and safety is an important matter, and one in which Malta has a less than glittering record: stories of industrial accidents are, unfortunately too frequent. The situation is improving, and some businesses do take it seriously; too many firms, however, do the minimum required of them by law. The Economic Update spok... [full article]

Ten years after Francis J. Vassallo and Associates celebrates its tenth anniversary this month, mirroring the development of the financial services industry in this country. Simon Gatt spoke to Francis Vassallo for an insight into the developments of the past decade. Mr Vassallo is a former Vice President of Chase Manhattan Bank in Europe... [full article]

And the Clock Keeps Ticking Syam Menon, a Systems Manager with Information Systems Limited, talks about project management and how time is running short for local companies to adapt to this methodology. There is ubiquitous consent that a business primary aim is to provide goods or service to consumers profitably. Goliaths are constantly being chall... [full article]

Stay Liquid Small and medium sized businesses often face the headache of chasing debts. Effectively managing credit and maintaining liquidity are important facets of running a successful business. The Economic Update spoke to Dr Cedric Mifsud, Partner at Credit Solution Limited, to see how credit management companies can help companies stay afloat.... [full article]

by Sergei Golovkin From whence come wars and fighting among you? Come they not hence, even of your lasts that war in your members? Ye ask, and receive not: ye kill, and desire to have, and cannot obtain: ye fight and war, yet ye have not, because ye ask not. James 4:1-2, New Testament NATO, the largest and most powerful military alliance in th... [full article]

Mary Grace Busuttil, a Certified Oracle Consultant with Megabyte Limited, looks at the critical success factors behind a successful Business Information (BI) implementation. There is increasing evidence that the use of business analytics solutions can improve efficiency. The need for improved performance management and compliance is driving investm... [full article]

Affiliate marketing predates the internet, came of age online and is still going strong on websites the world over. In our second article on online marketing, we look at how buddying up with the right affiliate programmes could earn your site extra cash. Affiliate marketing has been around at least as long as insurance salesmen have been knocking ... [full article]

New Technologies impact on Europes labour marketsIt is no secret that technological innovations are constantly changing work profiles and demanding new qualifications and skills, writes Impetus Europes Marvin Cuschieri. One just needs to look the impact of IT in the last few decades, with some jobs being totally revamped, others wiped out and new ones create... [full article]

The public perception of the online gaming industry has seen a marked change in the last three years. Having contributed to a reduction in various illegal forms of gambling by bringing the practice in to the light, the sector is rapidly shedding the activitys connotations of seedy bars, loaded tables and unscrupulous characters. Local operators hav... [full article]

Corporate social responsibility (CSR) is an emerging issue within the business sector that is rapidly turning in to a hot potato. As the long gaze of public scrutiny falls upon industry, doing business in an accountable and transparent manner is more essential than ever before. Operating in todays business market means maintaining a healthy relati... [full article]

Work on the MIDI project is progressing well the Tigne Point has a substantial number of residents, the central commercial areas are taking shape and on Manoel Island, the restoration works are well advanced. Simon Gatt spoke to Ben Muscat, MIDIs CEO at his office on Manoel Island for an update on the project. The building under construction on th... [full article]

Maltas property market is put under the spotlight by Alban Gj. Thika, who gives his opinion on why we need to focus on national interests and opportunity costs. There is a lack of respective government departments to educate the market on the property industry and this has created a sense of uncertainty for both first-time home buyers and those upgr... [full article]

Perhaps the most important part of attending a conference is the networking that goes on. Whilst the speakers are informative and thought provoking, making new business contacts with the other attendees can open doors of opportunity that allow your company to expand in to previously unconsidered markets. Mastering the art of networking is perhaps one... [full article]

Leslie Vela, Director of Marketing Support and Development at the Malta Tourism Authority, looks at the changing nature of the tourism sector and what this portends for those involved within it. In tourism terms, the advent of the 21st Century is not merely a change in date. This century, although still in its first decade, has already been labelled as the... [full article]

Danger lurks everywhere, but some places just seem to have a particularly high concentration of it. Global terrorism casts a dark shadow over some countries, whilst others have seen a collapse of their central government and have devolved into anarchy. Tourists and business travellers now worry less about hijackings and the hostage situations that ch... [full article]

Judie Farrugia, General Manager of the Teatru Manoel, shows us how business and the arts are actually very similar and how the two can work hand-in-hand for mutual benefit.Good business and great art both enrich a society. They can form a partnership, wherein both parties are enhanced by the shared advantages such a union provides. Art can also benefit from ... [full article]

When you are abroad, you simply cannot assume that everyone functions along the same cultural lines as you. Unless you familiarise yourself with at least some of the local customs, you run the risk of offending your business contacts by making a social gaffe. To prevent you from putting your foot squarely in your mouth, we offer a few pointers for ... [full article]

Organising a conference can be a daunting task. Of course, the rewards in terms of promotion and contacts gained for your business can outweigh the hard work it involves. The key to organising a successful conference is careful and meticulous planning. There are many things to consider, from the seating of your guests to the health and safety as... [full article]

Poor record keeping during business trips could be costing you and your company a lot of money. And if you are an employee, then haphazard record keeping could be leaving you out of pocket when you come to recover business expenses. Although keeping track of your business travel receipts can seem like a chore, it is essential to have a record of every sing... [full article]

When travelling abroad, the last thing on your mind are the things which could go wrong. Lost luggage, theft or even an injury can all derail a vital business trip. Obtaining travel insurance before you head abroad is no longer an added extra, but something that should be considered as essential as your passport.Before you rush out to buy a travel ... [full article]

Time is money and business trips often have very hectic itineraries. Combining conferences, meetings and even visits to your suppliers means that you are going to spend a lot of time moving around. The less you pack, the more efficiently you can jump from location to location. The last thing you want is to be dragging huge suitcases between taxis, tr... [full article]

The winter months were busy ones for Air Malta this year. Between November 2007 and March 2008, the airline carried 15% more passengers than it did the previous year. This increase of 60,000 passengers took the number of people the airline carried during the season to more than half a million for the first time ever, the airline announced at a press briefing... [full article]

As Air Malta celebrates its 35th Anniversary, having been established in March 1973, Joe Cappello, the companys CEO, spoke at this months ERA Conference regarding some of the factors that have contributed to the airlines success and the challenges that it still faces. Having emerged from the EU adaptation phase, Air Malta is now showing a strengthe... [full article]

In previous years, Maltese industry was supported by the Business Protection Act (BPA) which was enacted in 2001 and along with its subsequent amendments in 2003, constituted a vital support for Maltas fledgling export industry by offering them fiscal incentives that allowed them to expand their operations. However, the BPA is now being phased out.Re... [full article]

Volksbank has acquired fellow Austrian bank Investcredit, in a move which brings the Austrian cooperative bank access to the corporate finance market. This will extend Volksbanks reach, which so far has concentrated on its core market of small and medium sized businesses besides its network all over Central-Eastern Europe. The take-over began in D... [full article]

When you travel abroad your mobile phone is considered to be as essential as your toothbrush. Whether you use it to message family and friends of your safe arrival, or call a business associate to arrange an airport pickup, your phone is probably the first thing you reach for after you step off the plane. The EU has recognised this fact and forced al... [full article]

Fairplay talk about the mindset needed to be in the gambling business and not in the business of gambling. On with the showIt is not unusual to hear gaming executives speak of gaming as a unique and mysterious product. This notion also manifests itself in how gaming managers think about the business of gaming. Unique, mysterious, unlike any other... [full article]

JULIAN PACE ROSS highlights modern solutions available to businesses that need to efficiently protect an ever growing amount of data. Recently I overheard a local retailer state If anything were to happen to that server, I wouldnt be able to re-build my business! You might think that this is far-fetched, but for many of us it is uncomfortably close t... [full article]

Preparations for the launch of Melita Cable plcs 3G mobile telephony network are well under way, Stephen Wright, the companys COO told the Economic Update. He refused to be drawn into any hard date for the launch of the service, but it is expected to be out on the market by end of the first quarter of 2009. We will be putting a competitive product... [full article]

The last few years has seen Maltas igaming industry moving forward in leaps and bounds, something which has been heavily encouraged by the government. In addition, the branding Malta as the Smart Island, along with the associated projects, is expected to attract additional IT infrastructure to our shores. As our computers are set to overwhelm our ... [full article]

Is Malta on the path to Technology and Innovation Markets? Alban Gj Thika, director of the Malta Agency for Research Commercialisation Limited, ponders the question. The term on the path is not meant to represent a new activity that is developing in Malta, but rather indicates that there is currently a new wave of co-ordination by the government in... [full article]

Websites are everywhere and they are not just for companies anymore because everyone is jumping on the bandwagon. They provide us with the space to air our views and to make our opinions known amongst the global community. But setting up a website can seem like a bit of a daunting task. How do you choose your site name? What charges are there? And... [full article]

Getting into IT can feel like a terribly daunting task. Whilst there is a wealth of courses available, selecting the right one for you can feel like a bit of a lottery, especially as many of them have specialist applications. We offer a quick summary of some the entry level programs for the bewildered, which will help them dip their feet in to the va... [full article]

In todays digital world the risk of information security breaches, leaks or loss of data has never been higher. The volume of data in circulation has increased exponentially and so has the number of ways in which data can be stored and transferred without its owners consent. Data, the lifeblood of every business, is at risk unless companies take adequate mea... [full article]

Although email marketing has been around a long time, its still one of the most useful tools in the emarketers kit. Gege Gatt of ICON Studios puts email under scrutiny to see just how it can help a business grow. Email is the hardy perennial of online marketing. Whether you love it or hate it, email marketing can be an effective tool, if used intel... [full article]

In todays modern, fast paced world, the ability to carry our office with us is a definite advantage. It lets us work on the move and prevents wasted time during travel. The two most common pieces of equipment for this are the laptop and the PDA (personal digital assistant). We put these two bits of hardware under the microscope and look at the pros a... [full article]

The business world is slowly beginning to embrace the concept of employees working from home, although the take up is perhaps a little slow in Malta. But what technologies allow this to become a workable solution for companies and what effect does this have on the staff? One of the most basic methods by which business can be conducted remotely is ema... [full article]

Gadgets are wonderful things and we love them. Not only do they make life so much easier, but they are also great for showing off to friends. But with so many gadgets out there, which ones are essential to add to your coolness factor and which ones are destined to become tomorrows paperweights? What follows is our list of the top ten essential, must... [full article]

Your delicate and valuable computer equipment is very susceptible to being damaged by lightning strikes, power surges and power outages. So how can you protect them from harm? A UPS (an uninterruptible power supply) gives your system a backup power source so that when the power goes off, your system stays on at least for a little while.This time win... [full article]

The vehicles we drive have a considerable amount of computing power under their bonnet. As these become ever more sophisticated, having cars that can actually guide us to our location is no longer science fiction. In fact, vehicle navigation systems are with us now and offer a variety of benefits. These systems work by using military global-positioni... [full article]

We tend to think of computers as a reasonably modern development. Many of us have heard stories about the giant computers of the 1950s and 1960s which occupied an entire room and had the processing power of a modern calculator. But you would be surprised to learn that computers and computing devices have quite a long pedigree. The earliest computers ... [full article]

It is a fact that four out of five new businesses fail within the first year. This terrifying statistic can leave many entrepreneurs cautious about trying out a new business idea. Justin Tonna met Brian Grima, manager of the Kordin Business Incubation Centre (KBIC), to see what success they have had in helping new business ventures gain a foothold in... [full article]

Considering the current turbulent market conditions, being vigilant and up-to-date with the risks and opportunities of moving into and out of bond and equity markets is essential, Martin Scicluna, HSBC Maltas Head of Wealth Management, told a seminar organised for the banks Private Client Managers and Financial Planning Managers. Stephen Pandolfino, ... [full article]

Today, a broad band connection is no longer an optional extra of a luxury for many people. It has become a necessity. Luckily, modern technology allows people the freedom to get connected wherever they are through mobile broadband This is all very well if the laptop has a PC Card slot. But not all do, and this is where Vodafones Plug Play Modem come... [full article]

The final document for the setting-up of SmartCity Malta was signed on 23 April, at a ceremony amid general satisfaction. This paves the way to the actual start of the project. It is now that the real work begins, TECOM executive chairman Ahmad bin Byat reminded all those present The Hobż biż-Żejt, a staple of the Maltese diet, may be at risk as stoc... [full article]

John Dalli has taken on the Ministry of Social Policy in Lawrence Gonzis new, streamlined cabinet. This is a very wide brief, ranging from health care to social services and even employment issues. Simon Gatt met Minister Dalli and discussed the issues with him. Many of the areas Mr Dalli will be dealing with have implications beyond the immediate li... [full article]

Alcatel-Lucent’s Enterprise Forum 2008, held between 20 and 21 February 2008 at the Palais des Congress, Porte Maillot, Paris was a showcase for the telecoms company’s vision of the “Dynamic Enterprise”. Simon Gatt attended the event, and learnt about the converged technologies Alcatel-Lucent is offering, technologies which promise to simplify and streamlin... [full article]

Melita Cable plc is planning its own submarine fibre cable, creating its own international connection to the major European and international networks, the company’s CEO Philip Micallef told the Economic Update. The company is currently drawing up the tender documents and intends to issue them by the third week of March 2008, in order to have a ... [full article]

Put yourself in the position of someone who has spent years building up a career. Finally, after all the work and effort it is all working out well until disaster strikes – an accident or illness  that makes the profession or occupation inaccessible. Income is slashed, prosperity a thing of the past. Can this risk be insured? SMS Insurance Agency has in fac... [full article]

This year Gasan Enterprises Limited celebrated their 80th anniversary of car importation operations. They are marking this event with a series of promotions and events, beginning with the Special 80th Bargain Event in which 80 vehicles were selected and sold at considerably reduced prices. This will be followed up by a series of monthly pr... [full article]

By the end of November 2007, the combined value of Malta-registered funds had grown to €8.08 billion spread over 208 separate funds (both retail, UCITS III funds and PIFs). This number is expected to continue showing robust growth, the Economic Update has learnt. The aggregate net asset value (NAV) of the domestically registered collective investment... [full article]

The Maltese Government recently received an annual grant from Microsoft Malta Ltd of €55,171. This donation, consisting of software valued at €24,137, as well as a cash donation of €31,034, was presented by Country Manager of Microsoft Malta Limited, Pierre Mallia to the Minister for Investment, Industry and Information Technology, Dr Austin Gatt. “... [full article]

The Malta Stock Exchange has recently announced a pre-tax profit of €1.3 million (Lm560,000) for 2007, representing a 15% increase over 2006. Trading in Government stocks and treasury bills increased markedly, whilst equities and corporate bonds fell. In fact, 2007 saw two equity listings, nine corporate bonds, nine government bond issues and 22... [full article]

Aristocratic Predicting how IT and the web will shape our businesses, short or long term, is one of the more difficult areas for those of us in business to get our heads around. Should we be investing more in data-mining tools, spending to upgrade our website this year, increasing our IT staff complement or outsourcing some of our IT? GEGE GATT highlig... [full article]

So what exactly are lead markets? And why is the European Commission so keen in pushing this initiative? Lead markets are markets in which EU industry can develop a global competitive advantage provided that it gets support from the public sector as regulator, customer and facilitator. They mainly consist of high-growth potential markets for research and i... [full article]

The high volatility during the last quarter of 2007 continued into January 2008. The sub prime crisis and the economic health of the United States has continued to torment investors. Most of the indices fell quite heavily during January’08 in comparable to those experienced in Sept11, although the situations then and now are not comparable. To name a few i... [full article]

The high volatility during the last quarter of 2007 continued into January 2008. The sub prime crisis and the economic health of the United States has continued to torment investors. Most of the indices fell quite heavily during January’08 in comparable to those experienced in Sept11, although the situations then and now are not comparable. To name a few i... [full article]

At a recent news conference, Minister Austin Gatt reported that over 5,000 people took advantage of the new blueskies scheme. This Government sponsored opportunity allowed subscribers to join the online community at a subsidised rate. Minister Gatt also noted that, because some people were unable to register for the scheme, the registration period h... [full article]

  The potential of the Information and Computer Technology (ICT) sector to generate economic development and create pathways for a region in the knowledge economy has become widely accepted.   Clustering is defined as a process of firms and other actors co-locating within a concentrated geographical area, cooperating around a certain functional nic... [full article]

The recently published ICT Strategy includes the target of 200 new ICT companies in Malta till 2010. The Start-up Aid Programme will provide a holistic framework to help ICT start-ups begin with low costs and overheads. The assistance will include fiscal incentives, legal assistance, escrow services, intellectual property advice, business space and trainin... [full article]

We have had to combat the swings brought about in the recent events through the dot.com era in 2000, the effects of 9-11 in 2001 and 2002 and more recently the sub-prime credit crunch debacle. As a measure of risk, the volatility index (VIX) has fluctuated between the levels of 20 and 44 in this recent 10-year period. Over these past 10 years investors... [full article]

More education and awareness will be needed so organisations, management and users will understand the boundaries within which they can and should apply discretion in the use of information. Most business risks will have an impact on IT, and there will be greater appreciation for the fact that all IT risks are business risks. As information technology ... [full article]

“The bank was only founded in late 2002. So it’s still in its infancy and has been growing quite rapidly,” Mr Macleod began. “As part of its five-year strategic plan, there is a desire to expand geographically into areas where it has – and could develop – counterparty business.” On these lines, TIBC has just opened a representative office in Singapore, and... [full article]

Mr Wess, Group Chief Financial Controller of Österreichische Volksbanken AG in Vienna until his retirement and well known for his expertise in tax matters, was the person who originated the idea of opening a Volksbank branch in Malta. “Volksbank Malta was originally set up as an offshore bank on 1 September 1995,” Mr Wess explained. Volksbank Malta has ... [full article]

These firms perform audits of financial statements that are, or may be used across national borders. The Forum’s goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide. PKF International announced on 24 January 2008 that it has been named one of the first full members of the Forum of Firms. The ... [full article]

The reception was followed by the Annual Offsite Meeting for FIMBank Group. Managers from the group subsidiaries and joint ventures, hailing from New York, Sao Paolo, London, Moscow, Istanbul, Dubai, Mumbai, Cairo and Singapore. They joined local managers to review the group’s performance and discuss new strategies and policies. On 11 January 2008 FIMB... [full article]

In a recent interview with the executives at Sparkasse Bank Malta, the Managing Director, Mr Paul Mifsud and Director of Banking and Operations Mr David Cauchi were proud to announce that the bank was successful in obtaining a Category 4 licence from the MFSA. This, they said, was crucial for the further development of the bank’s wholesale and support servi... [full article]

“Under the current regulations we are unable to call it a pension plan,” Mr Fairbairn began. “The legislation is not all in place yet. When they introduced the revised Social Security Act in January 2007, there were two paragraphs there which authorised the Minister of Finance to issue the legislation to govern second and third pillar pensions. There was n... [full article]

London welcomes thousands of visitors during the third week of January for the International Casino Conference (ICE) at the massive exhibition centre in Earls Court. This is another reason why the combined Mobile and Legal Summit Conferences are held two days prior to ICE. There was a wintry wind blowing through central London right next to High Street... [full article]

Gejtu Vella, Secretary General of the UHM has a number of concerns. However, he is most worried about what he calls the confusion there is at the moment between the management of public bodies and authorities, and their political and strategic direction. “There are too many cases where the two sides are confused,” he said. “In too many of the authorities, ... [full article]

Dr Vassallo told the Economic Update that AD has identified the issues it will be insisting in the coalition negotiations it hopes to make necessary by acquiring representation in parliament. First, the party will be seeking to get the environment into the centre of policy. So far, he said, the two main parties have not given this the attention it deserves... [full article]