THE ECO AND IT ISSUE Issue 08 July/August 2011
CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT
Enduring. Enduring.
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Contents 10 When IT is all there is IT is a matter of creating the right opportunities at the right time for the right people, Minister for Infrastructure, Transport and Communications Dr Austin Gatt tells Vanessa Macdonald.
15 Bright green ideas Predicting parking spaces, on-demand public transport and interactive local maps – thanks to Geographic Information Systems technology, the future is green, Dr Maria Attard tells Veronica Stivala.
18 Keeping a clean sheet The world’s pursuit of more powerful technology comes at high environmental costs. The Cleaner Technology Centre is making sure that local companies are aware of leaner alternative technologies and rewarding those that excel in their efforts. Rachel Agius speaks to CTC Director Anton Pizzuto.
21 Green is grand Turn your brand a richer shade of green by associating it with eco friendly initiatives, says Chris Mifsud.
25 The green colour of money
From ethical investments to green mortgage, green finance is a wise investment for you and for the earth, says Reuben Buttigieg.
26 Spread the word Karl Davies-Barrett went from late nights programming his Commodore Amiga to working as a Developer and Platform Evangelist for Microsoft. Here, he recalls his journey.
29 Only connect The internet is not only one of the most important sources of new talent, but it also makes recruitment an efficient, flexible and cost-effective process, says Matthew Caruana, the E Business Manager at careerpassport.
36 A working environment All it takes is a little bit of planning to turn your office into an eco-friendly space.
38 Electric dreams Paul Bennington gives Money a lift as he goes on a drive towards sustainable mobility.
41 Here comes the sun The sun is an endless source of energy for both residential and commercial needs, says Maria Cachia.
43 Eco-conscious industry Mark Gasan, Managing Director Mekanika, explains why energy efficiency is a top priority.
44 When PIIGS will fly Spain’s 15 years of solid growth were masking serious economic imbalances, says Vanessa Macdonald.
48 A design for life Gozitan born designer Francis Sultana sketches big design notes from a small island.
52 Memory at the gates Transit project observes our reactions to a changing city, says David Pisani.
56 A dessert of a city It’s say hello, wave Dubai for Mona Farrugia.
58 Saving made easy
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Easisave is an innovative banking solution that changes the way you manage your savings.
66 Prints and Patterns Why be ordinary, when you can be extraordinary? Stand out in stripes, checks, florals and graphic and dare to mix prints and clash colours
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68 The thrill of the grill It’s a beautiful BBQ summer thanks to Zammeats.
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Welcome Try and go cold turkey on technology, even for five minutes. Trust me, you won’t manage because you will not resist not answering an SMS, taking a call, switching on the telly or surviving in this heat without air-conditioning. That is the extent to which our life now runs on technology. And that, of course, is not a bad thing because thanks to technology, we can work better, play harder, and stay connected. Of course, there is a cost. Not just a financial cost, but also the strain that we’re putting on our resources. In this issue of Money, we focus on technology and the environment, two issues which ensure both our progress as well as our survival.
Anton Pizzuto, Director of the Cleaner Technology Centre, admits that such technological progress carries a high environmental cost. However, leaner and alternative technologies do exist, and it is the Cleaner Technology Centre’s responsibility to ensure that we are aware of such alternatives. Dr Maria Attard, director of the Institute for Sustainable Development at the University of Malta, gives us a glimpse into the future where, thanks to Geographic Information Systems, transport is more efficient, air pollution is monitored and controlled, and job opportunities encouraged. In this issue of Money, we also explain the concept of green branding, interview industry leaders, meet internationally renowned designer Francis Sultana, and travel to Dubai. Read on and enjoy.
In an interview with Money, Minister for Infrastructure, Transport and Communications Dr Austin Gatt says how technology dissolves Malta’s geographical disadvantages and opens up endless opportunities for education, business and finance.
Meddling with Maltese tourism
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e refer to the article by Victor Paul Borg entitled Shooting at Tourism that appeared in Money magazine, issue 7 (the Tourism issue). If anyone may be regarded as “shooting at (Maltese) tourism”, it is none other than Mr Borg. His article is based purely on false statements (“now Malta is the only country in the EU that allows the shooting down of birds on migration”), assumptions (“if we assume that one bird was downed»), suppositions (“I suppose the hunters also only saw them fleetingly”) and suspicions (“my suspicion is that the police maintain visibility”). Mr Borg fails to deliver on the facts. He does not provide one single shred of evidence to show, let alone prove, that the derogated hunting season of 15 half-days in spring 2011 had an impact on tourism. His piece is merely an expression of his anti-hunting feelings, and barely touches the subject matter.
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It is absolutely not true that the development of an eco-tourism niche for Malta and Gozo is being impeded by spring hunting. The fact is that various travel companies organise eco-tours to our islands irrespective of whether the hunting season is on or off. Mr Borg himself unwittingly admits that one such company circumvents difficulties that might arise by informing its clients that “the itinerary may change in adverse weather conditions or hunting season”. That is as it should be. In short, unlike the writer, such companies acknowledge that on an island of such small size, compromises have to be made. One cannot realistically expect a good proportion of the islands’ natives to give up their treasured way of life in order to pander to the whims of extremists. Mr Borg admits to “fleeting” observations. By contrast, many who were physically present on Gozo in the last days of April, including one well-known bird-protectionist,
were able to watch the passage of hundreds of protected birds on their way north without a single shot being fired at them. There is also no justification for Mr Borg’s criticism of the Maltese Prime Minister. The Prime Minister was obliged to derogate for spring hunting as a consequence of the judgment of the European Court of Justice, a ruling reached after two years of deliberation. The derogation allowing spring hunting followed months of informal consultations with the European Commission, and its framework legislation seriously took into account the minute details of all the conditions laid down in EU law, to the point of extremity. Therefore, it is downright preposterous for Mr Borg to assert that the country is “reckless with European natural heritage.” At the very least, we expect the Malta Tourism Authority to censor Mr Borg for a misinformed and misleading opinion piece based on false perceptions, suppositions, assumptions and suspicions. Mr Borg
should have kept his antihunting bias in check and desisted from writing an article that may have exactly that effect on Malta’s tourism which he seemingly seeks to avoid. Contrary to Mr Borg’s warped ‘reasoning’, if it is to achieve success, the development of an eco-tourism niche has to respect the traditions, customs and way of life of the people affected, that is, the users and carers of the Maltese countryside. Riding roughshod over part of the Maltese population in a blind rush for eco euros can be an expensive, time-wasting, and negative exercise. Mr Borg’s feature is the latest attempt by a biased birder to muddy the waters of Maltese tourism. As in the previous cases, we trust that the MTA will appreciate the negative effects of such write-ups, and effectively put the brakes on the kind of senseless and unsubstantiated propaganda. Lino Farrugia Secretary General - FKNK
When IT is all there is IT is a matter of creating the right opportunities at the right time for the right people, Minister for Infrastructure, Transport and Communications Dr Austin Gatt tells Vanessa Macdonald. Photos by Mark Cassar
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he fact that Austin Gatt is sitting in his new tastefully-decorated office in Merchants Street Valletta is actually quite significant. The IT ministry he heads is now located in what used to be the Public Registry – and the only reason that the building was no longer needed for that purpose is because Dr Gatt’s vision of e-government is a reality. “The take up of e-government has been fantastic and there are tens of thousands of hits every day, from those who access information on a daily basis, all the way to tax services which are only used once a year. The take-up of transactions for things like social services and civil
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status – like birth registrations and death certificates – are so good that we closed a number of front offices because everything can be done by people from their home or office,” he says. This is not an idle boast. Malta has been voted in top position in e-government for two years running and is also doing very well when benchmarked on a number of indicators against other member states. But these things don’t happen by chance. The ministry mapped out an ICT strategy some years ago, setting out literally dozens of targets, and the result has been an economic powerhouse which
has already got around 7,000 to 8,000 people working in it, with the potential for many more in the years to come. It is a strategy based on the realisation that IT dissolved Malta’s geographical disadvantages and was aimed at making sure that there were no other barriers which might hinder the private sector from thriving. Dr Gatt says that the main thrust of the strategy was twofold – to increase the use of ICT, both at a social and a business level. “I think the results speak for themselves. The take-up of ICT in offices, homes and on smartphones is improving tremendously. I think accessibility has
Vanessa Macdonald is a freelance journalist in her spare time, covering a wide range of lifestyle and economic issues.
improved while penetration and usage have increased,” he says. The second thrust will be to maintain the high level of government service, with the first steps now being taken to introduce e-health, which would enable GPs to download information from the health system. The next stage of e-government will be to have a one-stop shop for all government transactions, quite innovate even by international standards. “Obviously the main challenge is now to keep on improving but the higher the standards, the harder it becomes to improve further,” Dr Gatt admits. The third thrust will be to increase the part that ICT plays as an economic generator – it is already the main enabler for a lot of sectors, foremost among them e-gaming and the financial sector. And there are other quantum shifts ahead. The Minister sees the main one as being the shift to cloud computing – transferring services onto the cloud. He explains how government was about to conclude an agreement with Microsoft on how to transfer government services onto the cloud. But Dr Gatt is careful to stress that the agreement with Microsoft will not crowd out other providers, especially open source ones. In fact, the ministry, through its IT agency MITA, has published a whole document on open source software, and tenders are not technology-specific, which has enabled a number of contracts to be won by opensource providers.
centres in disadvantaged areas, which are helping those who need computers for retraining purposes, for access to jobs or for information. The government is working very closely with both international and local NGOs on these projects and has been seeing very gratifying results. The other group which has remained stubbornly resistant to IT is the elderly – by no means a uniquely Maltese problem. Dr Gatt says that those were in their mid-50s when computers became prevalent 20 years ago would be quite comfortable using computers now, but anyone older will probably be stuck on the wrong side of an unbreachable generation gap. To help accessibility, the ministry also rolled out Wi-Fi through 110 points in every main town and village square, and in municipal gardens. These offer basic connections – Dr Gatt admits that for downloads to increase, a commercial solution has to be found, as you cannot sustain free Wi-Fi at the levels being demanded. The government has also seen the number of educational options mushroom, both in the state and the private sector – there are such high levels of interest in staterun courses that demand exceeded supply at one stage, forcing
government to outsource courses to the private sector. “The problem is that, to a certain extent, the private sector is not keeping up with the investment being made by government. We are on the threshold of launching our e-learning solution which will revolutionise all government classrooms. Not only will we have a PC in every classroom, but we are now also using software to teach, with electronic whiteboards in every classroom. We are starting to deploy them in the next few months, and will have the majority done by the end of the year. And we will have dark fibre into each and every school. This will revolutionise the way in which the curriculum is taught. This investment will project Malta as one of the very first countries which has a unique IT system for its education from primary to university level. “It is an exciting time as the tools are in place and now the imagination of the teachers can take over and really make a difference,” he says. This is all particularly relevant because the government firmly believes that investment will start to pick up in the coming months, after two or three years when investment languished because of the international recession.
“We were tied in with Microsoft on Office desktop licensing,” he explains. “We could have gone for open source but the reality is that it does not really make a lot of sense at this point for desktop licensing. But when it comes to hardcore software, we insist that whoever wins the tender has to work to open standards.” The government has a few challenges with regards to people and IT – the digital divide and future IT skills’ requirements. The government tackled social barriers by setting up seven ICT learning
Money / Issue 08 - 11
Expectations are high. Before the last election, Smart City was touted as having the potential to create over 5,000 jobs. Is that target still feasible? “Definitely. There is no way that I can foresee ICT receding, anywhere. It is on the increase everywhere in the world. North Africa will settle down in the future, and considering that it is wholly up-tapped for ICT, and that even southern Europe is changing. All this means that Malta can become a lynchpin now. I see Smart City and Malta as a whole as having a great opportunity concentrating on ICT,” he says.
“We have had some investment but had it not been for the recession, I think we would have done much better,” he says. The IT ministry is now planning a 12 to 15 month schedule of aggressive roadshows starting towards the end of the year, aimed at attracting new companies to Malta. These will target new countries that are facing economic problems, where people are edgy because tax and costs are increasing. Clearly, one of the major projects affected by the downturn was Smart City but Dr Gatt says that the first building is reportedly 80 per cent sold, with work underway on the second and third buildings – a year and a half ahead of schedule. He reassures the sceptics that although some of the tenants were merely relocations from Malta, most of them were new investments with the climate becoming much more “gung ho”, even where the “big boys” are concerned. He also admits that government had also been committed to closing down the sewage outfall at Tal-Barkat – which was done in early June – meaning that the timelines of the project could now start ticking, putting more pressure on Smart City’s investors to deliver. 12 - Money / Issue 08
The e-gaming sector has been a welcome success story with regards to turnover and job creation but Dr Gatt says that there are still problems with latency (in simple terms the delay between user and provider): 0.3 seconds may not sound like much to a casual internet user but to an e-gamer it is an eternity. The only way to solve this would be to supplement the current cables to Sicily with ones further north, like Genoa or Marseilles, but Dr Gatt admit that a telecoms company would only undertake this massive investment when it made financial sense. However, he lauds the current providers, who are investing continuously in numerous services and upgrades of the infrastructure, in spite of the limited domestic market, clearly seeing the potential for future demand. However, he acknowledges that the e-gaming industry was also volatile. “It will definitely move some day. It is not location-based but tax-based so if anyone comes up with a better tax idea than us, they would leave. But this is like everything, from pharmaceuticals to e-gaming. You have some good times but you have to plan ahead. This is why we are looking at new areas like, for example, using ICT for shipping. There is a very big need for superyachts to become more electronic-oriented than they are today, with all systems monitored and controlled remotely. “It is a matter of creating the right opportunities at the right time for the
right people to come. Government’s role is to have the right policies, the right incentives in place and the right infrastructure. And from then on it is up to the private sector.” Looking back, Dr Gatt admits that the strategy never saw certain things coming, from the iPad revolution to cloud computing and Facebook. “Take something like Wi-Fi, for example. Three years ago it was something that only a minority of people had. Now it is hard to find an office which does not have Wi-Fi and 30 to 40 per cent of households have Wi-Fi. These things are moving so fast nowadays that you can’t really predict the future. “I think we need to have direction on what government should be doing, rather than formulating a strategy with a business plan attached to it. We are drafting a new strategy but I am really not sure whether we should do it because it has to be so flexible and vague. You then end up writing a strategy which is non-committal, which ends up a bit like the political manifestos at election time, a sort of a wish list rather than a commitment or strategy,” he jokes.
Opportunities Jobigloo.com allows employers to post vacancies for free and to accept online applications rather than having CVs filling in their inbox. Furthermore, employers can manage applications from one centralised portal and advertise vacancies on social media, as well send e-mails to candidates. Employers can register today to fill in the vacancy details and start advertising vacancies. It just takes five minutes to complete and employers will be using a site that attracted over 11,000 visits in just five weeks.
Interview
Bright green ideas Predicting parking spaces, on-demand public transport and interactive local maps – thanks to Geographic Information Systems technology, the future is green, Dr Maria Attard tells Veronica Stivala. Photo by Christian Sant Fournier is, the integration of telecommunications and informatics. By using the University as a microcosm for Malta, the ICT faculty is studying parking schemes that make car use more efficient. This research could eventually be used to develop applications which can be accessed in almost real time on your phone so you can see the current spaces available. If the system is sophisticated enough, it can even forecast what spaces will be available in the next half an hour or so. Genius. Needless to say, once the system is created, it can easily be set up for parking lots all over the island and, who knows, the rest of the world.
w
ouldn’t it be great if you could decide in advance whether to take the bus or your car to a location by looking it up online and checking whether there are parking places available?
Launched under two years ago, the Institute for Sustainable Development is brimming not just with ideas but with plans for implementing them and turning them into jobs and businesses.
Thanks to innovative research, bright ideas and a generous helping of enterprising spirit, this could soon be a reality. Maria Attard, director of the Institute for Sustainable Development at the University of Malta, explains how the University is trying to implement a green travel plan. One project employs telematics, that
One of the objectives of the department is to use research to make developments that can help us become greener. This year, for example, one student completed her dissertation on creating an on-demand public transportation system. In an age where life is driven and will be driven by technology, the institute works on the same premise.
One of our objectives is to promote the use and further deployment of Geographic Information Systems and other information systems as a tool for decision support and strategic planning. “One of our objectives is to promote the use and further deployment of Geographic Information Systems and other information systems as a tool for decision support and strategic planning,” explains Dr Attard. It goes without saying that technology is an efficient way of doing things and allows us to look at data in a better way – just think of interactive 3D maps and calculating travel time. “We want to get our researchers to think how they can use technology to solve their problems,” says Dr Attard. To encourage this, a research group was set up a couple of months ago to focus research on, for example, networks, information systems and transport. One current project is the development through GIS of an interactive map of the campus. At its most basic, the map will allow you to type the name of the area or faculty you’re looking for and will then highlight it. “As it progresses, it could be showing you the route and time it takes to get to where you want to go, or even have a 3D model of the inside of the building.” The possibilities are endless and exciting.
Next generation technology services The M. Demajo Group ICT subsidiaries have relocated to one central office at B’Kara Bypass as part of their high level strategy to sustain a Group ICT vision for internationalisation. Apart from fulfilling the need for a bigger office, the move to the Demajo Technology Centre will encourage a more positive working environment. Such high-end technical infrastructure now offers a host of services under one roof, including data centre services, outsourcing services, managed services, cloud computing, business continuity services, test and development services, and in-house training. For more information visit www.computersolutions.com.mt, www.newtechmalta.com, www.exigy.com.mt Money / Issue 08 - 15
Interview
I enjoy that I can give seeds to people and they make trees out of them.
“I enjoy that I can give seeds to people and they make trees out of them,” says Dr Attard. Even her analogies are green. Joking apart, one can understand how Dr Attard encourages creative drive in her students as even during this interview, we discuss creating a database for abandoned and derelict buildings which could then be tapped into by creatives to use as work and exhibition spaces. Indeed one of her projects has made it all the way to London – this month, the institute is presenting a paper at a conference called Geocomputation on spatial temporal modelling of air pollution. In layman’s terms, the paper reveals how, contrary to scientific assumption, adjacent towns and villages have different levels of air pollution. Working with data collected by the Malta Environment and Planning Authority on air quality, engineers discovered that air diffusion monitors gave different readings in practically every location studied. Contrary to Tobler’s Law – which says that the relationship of things is biggest when they are closest to each other – village and town’s idiosyncrasies such as tall buildings and street design led to different readings, even in neighbouring towns like Sliema and Gzira. As a result of this, it could be proven that blanket policies on studying air pollution cannot be successfully implemented. Having been given this information by MEPA, the institute was able to give something back in the form of its discovery.
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“We wanted to be able to support by giving back information that informs decision-making for the future,” says Dr Attard. The institute is thus creating a real output which will inform policymaking. On the same lines, or should I say routes, the institute is currently monitoring the new transport reform. Working in collaboration with government, the institute is following the objectives of modal shifts – people moving from private cars to the bus – to try to see whether they have been achieved with the transport reform over a period of five years. In the light of the recently published data that only 13 per cent of the local population managed to travel less on their own four wheels to lower petrol consumption and cut costs, the institute’s innovative sustainable solutions are strongly encouraged. The institute also extends its sustainable outlook to its students in terms of job opportunities. “We want to attract more people to university and get them to think that the world out there is more than just the jobs waiting for you and that you are empowered to take matters in your hand and start your own business. “The idea is to instill enterprise in our graduates and push them towards bringing out their ideas – that come during the most productive years in terms of thinking – and potentially commercialise them.” The institute is working on setting up an entrepreneurship unit. You cannot have a sustainable economy where you
have business models or a job market which is driven only by what is the norm. The idea is to have a joint collaboration with the corporate research establishment opposite the university which is an administrative arm and work together to have an incubator at university where students’ ideas can be nurtured and subsequently the infrastructure to house the projects. Following the business start-up model, students can learn how to make a business plan, manage their own accounts and apply them first hand in their company. The institute focuses on IT commercialisation because there is a huge potential in students creating pieces of software, novel technologies that unless they have the right support, will shy away. Considering the innovative projects already being worked on, one is curious to see what else the institute will come up with.
The Institute for Sustainable Development, University of Malta in collaboration with the Department of Civil, Environmental and Geomatic Engineering, University College London organises an annual summer school on Spatial Data and Geographic Information Systems. This year’s was held between June 13 and 17.
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Clean Technology
Keeping a clean sheet The world’s pursuit of more powerful technology comes at high environmental costs. The Cleaner Technology Centre is making sure that local companies are aware of leaner alternative technologies and rewarding those that excel in their efforts. Rachel Agius speaks to CTC Director Anton Pizzuto. Photo by Christian Sant Fournier
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he Cleaner Technology Centre was set up in November 1993 as the result of the combined efforts of the then Environment Protection Department, the then Department of Industry and Malta University Services Ltd. The latter offered personnel and office space while the former two contributed to financing. The initial aim of the CTC was to help local industry achieve cleaner production processes with reduced waste production. The CTC currently operates under the auspices and funding of the Ministry of Finance. Now, almost 20 years later, the CTC has broadened both its objectives and its achievements,
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offering services to more entities and being represented on a number of local executive boards dealing with environmental initiatives. “At first, our concern was the manufacturing industry,” explains CTC director Anton Pizzuto. “The focus was specifically on the promotion of production of leaner technology as well as cleaner methods of the production process itself.” The CTC has also expanded its reach, offering consultancy to the services and hospitality industry. “We use our contacts, both within and outside University staff, to help organisations
reach higher standards of clean technology,” adds Pizzuto. The main objective of the CTC is to promote the use of technology and adoption of practices that have less negative impact on the environment. The way this is achieved is through education. “Many Maltese businesses are small, family-run enterprises without much access to information about new developments or indeed new regulations being introduced. This has been especially important since EU accession because these regulations are constantly being updated.”
Seminars, conducted by experts in their field, are organised regularly by the CTC, sometimes even pre-empting new guidelines before they are issued and challenges before they are encountered. Thus, the CTC can provide the local industry with updated and relevant information, ideas and practical techniques. “Our main goal is to make the industry more sensitive to what practices are advised as well as how to adopt them,” says Pizzuto. As is frequently the case, the CTC is restricted by the funding it receives. In spite of this, the CTC does its utmost to help organisations control their environmental impact without reducing their profit. “It is important that companies and other entities realise that becoming more sensitive to the environmental effects of technology and practices does not mean sacrificing revenue. Whenever possible, we offer free consultations and one-onone assistance on particular issues. If the concern cannot be dealt with by us directly, we have an extensive network of contacts that we refer our clients to and who can help in one way or another.” This increased awareness is one of the CTC’s biggest achievements. Through education, the centre has made local industries more receptive towards changes and upgrades of both technology and attitude. The CTC was also involved in training Wasteserv employees, thus ensuring that the waste management company was run by individuals armed with current knowledge. The CTC’s experience within the local community has resulted in a strong rapport with many entities, including MEPA, the Malta Chamber of Commerce,
Industry and Enterprise as well as a number of environmental NGOs. “Because we are not enforcers of any sort of rules, organisations view us in a positive light. When challenges arise, we do not point fingers but rather work together.” One of the CTC’s most prominent initiatives is the Environment Award for Enterprise. This award is held every two years and organisations can participate in a number of categories. These include a category specifically aimed for small and medium enterprises, one for management in sustainable development and another in conservation.
Becoming more sensitive to the environmental effects of technology and practices does not mean sacrificing revenue. A fourth award has also been introduced this year, once again as a joint venture with Wasteserv. The Waste Minimisation Award recognises organisations’ efforts to reduce their waste output. “Winners receive a unique glass trophy, designed for us by Mdina Glass. However, apart from winning one of the awards, there are many other benefits to participation,” explains Pizzuto. Each participating entity receives
recognition for their work as well as invaluable publicity as environmentally friendly organisations, an important image in today’s business sphere which has become more supportive of such ventures. Participation is free and winners also get the chance to compete at EU level, which offers further opportunity for exposure. “Local organisations can only compete for the EU awards through the CTC and it is a great achievement to win.” In fact, in 2002 a Maltese company won the Management Award for Sustainable Development. With admirable accomplishments so far, where is the CTC going next? “We are hoping to create a model project, a small company that runs completely on clean technology and with environmentally sound practices. It would be a sort of template for other companies to follow,” explains Pizzuto. “Of course, funding is always going to be an issue but that has never stopped us from achieving our goals.” Another plan in the pipeline is a possible merger with another institute at the University of Malta. The move needs to be officially formalised but the Centre was given verbal approval by the rector. The offices of the CTC are also due to move from the Aula Magna in Valletta to the Msida campus. “While there is still room for improvement, we are very proud of what we have achieved so far. There has been tremendous progress in waste management as well as reduction of waste production itself. Local organisations have been very motivated to become more environmentally sensitive and this is what the centre was created for after all.”
Go electric The Volvo C30 Electric will be manufactured and delivered to leasing customers throughout Europe, including Sweden, Belgium, the Netherlands and Norway. A Volvo C30 Electric is also part of the ‘One Tonne Life’ project in which a family has been given the task of living as climate-smart as possible for a period of six months. The Volvo C30 Electric project is part of the Volvo Car Corporation’s highly ambitious electrification strategy for the forthcoming years. Gasan Enterprises Ltd sets standards within its industry with a portfolio of world renowned automotive brands that include Ford, Mazda, Volvo and Jaguar.
Money / Issue 08 - 19
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Initiatives
Green is grand
Turn your brand a richer shade of green by associating it with eco friendly initiatives, says Chris Mifsud.
I
t’s warm isn’t it? Yes, apparently it is. Well the issue is not if it’s warm, but if it’s warmer. Global warming, greenhouse effects, melting ice caps – you know the drill. Now put on your suitably concerned face, not too much that you’ll classify as a tree hugger, but not too little as to give the impression of being a fossil fuel burning capitalist who uses polar bear cubs as slippers in winter. The sheer volume of literature illustrating the dangers that our ecosystem faces is mindboggling. In fact, it is almost too much to handle, and can therefore be self-defeating in its purpose to impress us into action. No wonder that most of us have been jaded by eco initiatives and promises of Armageddon if we don’t do anything about it now. And of course if nothing else works, our children are held at ransom since we’re told the planet is after all, like the strap-line for a very well known luxury watch brand, not ours, but merely something we look after until it is passed on to the next generation. It is this very contradiction of facts and figures that removes legitimacy from doomsday statistics. It also has the opposite effect of making few believers see nothing else but the negative, thus doggedly trying to impose impractical alternatives to our lifestyles. So the colossal amount of information from many camps around the globe might have clouded our layman understanding of what is melting and how fast. Cultural movements are sometimes the slowest to shift but are also the ones that have the ability to surprise us and turn paradigms upside down in weeks. One example is illustrated through the passion of Al Gore to produce what is arguably one of the largest ripples in contemporary culture on the seriousness of mankind’s negative impact on the globe (An Inconvenient Truth, 2006). We might not agree with Gore’s zeal and bluntness, but can we really deny that there could be an inkling of fact in there? What it really boils down to is that the planet is an expendable energy source and therefore we need to calculate for how much longer we want to be tenants with benefits.
Chris Mifsud is a director of a marketing communications agency and holds an MBA from SDA Bocconi, Milan.
Geologists have added to man’s self-importance by declaring that we are now living in an age labeled as the Anthropocene, namely, the age of man. This sounds rather self-fulfilling until we realise that the definition means that through our activity in agriculture, transportation and energy necessities, over six billion of us have direct effects on the planet we inhabit. But hey, not much use crying over spilt oil is there, so in the spirit of recycling I shall be re-using a phrase from one of US history’s more celebrated maxims – ask not what your planet can do for you, but what you can do for your planet. However, industry is shifting. Apart from the usual conspiracy theories on how OPEC has enough political clout to drown any fledgling eco dream of powering whole cities through nothing more than peach juice, it is crucial to keep in mind that greater changes have happened before so it is never an excuse to throw the oil-stained towel in. This last century has condensed man’s greatest efforts in improving quality of life, while ironically also delivering serious strain on the planet. What better place to start from than the boardroom? Until a couple of decades ago, most green initiatives were typically taken by the corporate world with a pinch of salt. However, the present day is full of serious evidence of how industry has turned not only to environmental management (such as waste management and impact limitation) as new business models or income streams, but also investment that usually results in cost savings. Now you must understand that me being a grumpy young cynic, it pains me to use a term like this, but here goes – this truly is a win-win situation. Apart from investment in decreasing environmental impact in the corporate world, there is another self-serving external dimension that forms part of a brand’s public relations DNA, namely corporate social responsibility. CSR can be distilled into nothing more than a single layman sentence: ‘My business is to provide a good or service at a profit, I do it with a conscience, a self-regulating mechanism to ensure that what I do does not only follow the rule of law, but an ethical standard that does not impose any negative conditions on the public and the planet.’ Economists have produced a wonderful name for actions they call externalities. The name itself is a self-explanatory one that tells us that whatever the action, it is spilling over and having an impact (negative or positive) on an entity outside the trading route of that business. The most fitting example is pollution. Take the impact of a power station that may be spewing CO2 thousands of miles away from where you live – the negative externality is decreased air quality and ozone damage that you will be subjected to, even though you might never even directly use any energy produced at this plant.
Money / Issue 08 - 21
So, back to CSR and environmental awareness on a micro or corporate level. What is the real motivator? Surely we can’t expect boardroom conscience to be the main driver, notwithstanding all mentions of the planet belonging to our children… yawn. So what comes to mind when trying to find a true driver of change and trying to sift through a myriad of eco trash campaigns? Simple really – don’t bite the hand that feeds you. To save the day is a 21st century super-hero with a large C on his chest. C for conscience you might ask? Nope. C for climate change? Please. C for Consumer. The importance of recognising environmental awareness is now a given, and the practical executions of how to do it are many. Local examples are found in automotive distributors who plant trees for every unit sold. Others encourage recyclable waste disposal to staff and customers, or impose stringent parameters to their suppliers in terms of waste management or emission control. The question to ask is not what tool to use, but to ensure that your brand is associated with reducing emissions or improving the environment around its stakeholders. This means that customers will confidently choose our products over those of less conscientious providers, thus giving us a beautiful natural selection process whereby the customer dictates which product will make it and which won’t, based on the usual factors such as price and distribution, but also on our attitude towards a sustainable business model.
240 Limited now offer 1000m2 of garden furniture and accessories display space featuring the world renowned brands, Cane-line and MBM.
So once again, we see that the consumer’s purchasing power will continue to drive change. And isn’t it funny how green is the metaphorical colour of money while also being the hue of choice for the eco armada worldwide? Maybe there is a master plan after all and this is just one big Panda shaped twist in the chapter that we’ve decided to call our lifetime.
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22 - Money / Issue 08
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Finance
Reuben M. Buttigieg is Managing Director of Erremme Business Advisors and is currently Council Member, From ethical investments to green mortgage, green finance is a wise investment for you and for the earth, says Reuben Buttigieg. Honorary Treasurer and Memberships Committee Chairman of the Malta ver the last years we banking. Most of the money made by the various players in products and the supply Institute of Management. have been hearing the financial sector comes from their portfolio ofHe investments chain. Accountants, he adds, is also director of more and more on – however, not all the businesses that they support are have a large role to play as MIM Training and sustainable development and necessarily as eco-friendly as you might like. Ethical accounts they deal with high quality Development Ltd.
The green colour of money
O
the damage we all have been doing to our home, the earth.
However, although we keep talking about the subject, we seem to not be doing enough as climate change seems to be more visible than ever before. It seems that most see the investment in green systems as an added burden that in a moment of crisis is not attractive at all. The reality, however, is that we are not informed on the subject and our finance persons may not be trained well enough on the subject to give us the appropriate advice. Perhaps green finance should be introduced as part of the curricula of business related qualifications. Large worldwide organisations for professionals such as the Association of Chartered Certified Accountants have also been addressing the subject in various manners. However, we have not seen the desired investment in ensuring knowledge within the industry. In fact, Mr Mark Gold, ACCA President, admits that, “To build a low carbon economy we need to measure all indirect greenhouse gas emissions.” In his analysis, Gold also mentions the requirement of more measurement and reporting, including emissions by employee business travel, external distribution, the use and disposal of a company’s
reliable information.
It seems that there has been much focus on the launching of schemes and EU funds to encourage companies to invest in green technology. The European Union has included the green element in various policies and tax measures. The question is whether we have met the expectations and whether the companies investing actually did their homework or was it merely an attraction given the funding available. Indeed, the latter seems to be more common. There is more to the funds and tax incentives made available than companies can do, as highlighted by Mark Gold. We are now seeing options of green financial instruments. There is little escaping the fact that the green mortgage market is a niche. The idea behind green mortgages is simple – a sustainable approach to house-buying that offers environmental benefits. One of the best things about this type of mortgage is that the lenders will often be prepared to look at the sort of eco-friendly building projects that other financiers will not. Projects involving unusual building conversions, the use of unconventional materials and other eco-friendly schemes may well find favour – and financing – with green mortgage companies. Ethical investment lies at the heart of much of green
only put money into the stocks and shares of green companies, with a careful watch being kept to ensure the standards are maintained. We have been hearing about ethical banking and investing on various occasions but is the industry practising what it is preaching?
Islamic finance is an area that puts values into finance. In fact it is only now that the investment in this sector is highly encouraged by Shariah scholars. Certainly the sector needs to be further encouraged. However, there is a general feeling that the major banking groups will come up with major green options if more of us take an interest in it. At the end of the day the banks will only take decisions that are economically feasible for them. However, ethics has become an important factor for the consumers particularly following the financial crisis. Western banks, for example, have resisted Islamic finance for quite a long time yet the popular demand for this type of financing led the major banks to open up their Islamic 0230 Money Issue 03 Septv4.indd 37 finance windows. Green finance decisions are not taken only by finance people. There are many persons involved in business decisions and finance directors also rely on the advice of other persons in different professions. Architects and engineers do have a great role to play in advising the finance people. To a certain extent our fathers may have been friendlier to the environment than we are, particularly in the construction industry. This was based on pure logic. The more recent attitude of architects was the maximisation of space without taking into consideration the sustainability of the infrastructures. Accountants have backed them and pushed them into this. Certainly both professions have a lot to answer for on the analysis on the true business sense in these decisions. Now, things are changing and both professions are slowly changing their views on this as their respective professional bodies are trying to be more and more informative. Locally, however, the professional bodies have not taken such an active role as one would have expected. In most companies, going green is really a strategic decision. Moreover, there is no sufficient knowledge as yet at the decision-making levels. The world needs more information and persons are ready for it. Better analysis may make strategic thinkers look at green issues from a different perspective as they see that it can affect their marketing and their bottom line. And management accountants certainly have to invest more knowledge in studying what green decisions have to be taken.
Money / Issue 08 - 25
Careers
Spread the word
Karl Davies-Barrett went from late nights programming his Commodore Amiga to working as a Developer and Platform Evangelist for Microsoft. Here, he recalls his journey.
a very young age by things I could take apart and not always manage to put back together. In this sense I was very well supported by my parents who were very patient with my efforts. I will never forget the day when our first computer arrived in the post, a ZX81 that my father and I assembled. I remember I had spent hours trying to program it from the various magazines I used to buy. Sometimes typing in endless lines of code would reveal great games and programs or just frustration that led to a determination to find the source of my errors. I must admit I spent hours playing games and understanding how they worked and what made them so addictive. Learning to program my Sharp MZ-700, ZX Spectrum, Commodore Amiga often took me into the early hours of the morning, especially since back then there was no internet and it was difficult to save your work without hardisks or USB drives. What was your first job? KDB My first job actually involved
K
arl Davies-Barrett, 37, grew up in Malta and the UK. He studied at De La Salle College and later pursued his degree at the University of Malta. He was also an active member of the Junior Chamber Malta and the British Computer Society. During the early course of his career Davies-Barrett made it a point to complement his academic achievements with industry certifications and he qualified as a Microsoft and CISCO Certified Trainer as well as certified ISEB Information System Consultant. “This experience,” Davies-Barrett says, “Not only allowed me to integrate into the work place quicker but also helps to differentiate me and add value to the role I worked in.” What initially fuelled your interest in pursuing a career in ICT? KARL DAVIES-BARRETT I’ve always been fascinated with how things work, especially electronics and gadgets. I was very lucky to be surrounded from
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developing and automating a repair report system for a local company. I recall setting up an Access database and building screens to help input the volumes of data so that reports could then be generated to extract trends and market data. After this brief stint as an in-house developer I moved to a local software house developing financial applications and learning about presales, training and support. I learnt so much from that job that I really value it to this day. After a long stay I moved to working as a consultant on euro conversions for large mainframe systems and later opened my own software development and training company. This was not only a great learning experience but also my chance to focus on what I love most – presenting and training. What did your role as Developer Platform Evangelist with Microsoft Malta entail? KDB This role really involves technical marketing to a very diverse audience, so it essentially requires two key skills. First you need to know who it is you are trying to reach and what they are interested in and secondly you need to
be able to engage them at the right level and with a relevant message. This makes the role exciting because it gives you the opportunity to meet and present to very different audiences, such as our technology partners, entrepreneurs and founders of start-ups, customers and also students. My favourite topic is most certainly the cloud and how businesses small or large can leverage it to go to market not only quickly and globally, but also cost effectively. Talking business and technology is an essential part of the job. In the academic space, I managed Imagine Cup, our international student technology programming competition for three years, culminating in sending the three winning local teams to the finals in Paris, Egypt and Poland. The energy and passion of the teams is something that amazed me, especially their creativity to solve some of the world’s toughest problems. Working with students and faculty staff also gave me an opportunity to delve into really fun technologies such as robotics, game development and how to embed the use of ICT to facilitate better education and make learning fun. Lastly, with the help of the local user groups, or ICT communities, we organised an annual event called DevDays, whereby we gathered speakers from within Microsoft and also from local partners and companies in order to share their expertise during the conferences with local developers and IT Professionals. The sense of community and sharing was very rewarding and the networking was not only valuable to me but more importantly to all those involved and attending. What opportunities did this role give you? KDB Apart from expanding my knowledge around Microsoft technologies, being a Developer Platform Evangelist with Microsoft Malta also allowed me to better understand and dig deep into some interesting areas of marketing such as personal branding and social networking. Microsoft values its employees’ career development
and provides many opportunities and information to help you learn and develop new skills. I thoroughly enjoyed networking with local professionals and working as a trusted advisor on software architectures and development. The role also entailed replicating and adapting my activities in Malta to the Cypriot market. What is your present role and where are you based? KDB My current role is a bit of a mouthful – Developer and Platform Evangelist Technical Lead for Central and Eastern Europe. I am based in Munich however I do travel a lot, currently over 15 countries anywhere between Estonia and Albania and also Malta and Cyprus. This year I was in Kazakhstan which was exciting not just from a cultural perspective but also because I was delivering press interviews and presentations to senior government officials about cloud technologies and also supporting a local technical conference for over 200 developers. My role is similar to my previous one, although more geographically diverse now. Also, as a technical lead I get to focus much more on selective technologies such as cloud and building applications for devices. I also work more intensely on researching the markets, gathering statistics, setting country targets, implementing more regional campaigns and overall, helping to manage a team of DPEs across Central and Eastern Europe.
Given the constant evolution of technology, having a career in ICT obviously requires continuous learning and development. What efforts do you dedicate to your development? KDB At Microsoft, keeping current is essential. However, given the role that I have, it is also very much facilitated. Acquiring new expertise and expanding
knowledge follows a simple principle. 80 per cent is acquired on the job – my role allows me to invest time in improving my technology skills and preparing for events and presentations, although this can sometimes be a challenge due to the diversity of the region I work in. The other 20 per cent is facilitated through internal training where I usually travel to Redmond or other dedicated
with Microsoft to the US, where I made it a point to make personal contact and give feedback from the field to many of Microsoft Corporation’s program managers and directors that I had started to work with from Malta. This did involve some very packed schedules and long days but it really paid off. Many of these people are still very important in the work I do today and it’s great to
Microsoft conferences such as Tech-Ed and spend time getting up-to speed and talking to experts. This autumn I will be spending another week in Anaheim, California learning about Windows 8, HTML5, touch-centric user experiences and other topics. I also make it a point to keep in touch with the practical side of things and as a result I develop my own demonstration systems and sample projects so as to try out for myself what it is that I have learnt and will eventually present and share. I am currently working on developing a cloud powered mobile and web solution that will showcase Windows Azure, Windows Phone 7 and HTML5.
be able to just reach out to them with an instant message or a call when I need help. I must say anybody can make a career abroad because I cannot say I was especially privileged. I have met other Maltese working abroad in ICT for companies such as Hitachi and HP who have made a successful career.
Would you consider yours to be a unique story, or are there other opportunities for Malta-based ICT people to pursue their career abroad? KDB I would not say I have a unique story. However I would say I did have a series of events that I made the most of in order to advance my career. I was very privileged to have some mentors that gave me very sound advice that allowed me to see opportunities and amplify the impact that I could have in certain situations. One example was two months into the job, during my first trip
What is the hardest part of your current role, and the one you enjoy most? KDB That’s a tough question especially since I enjoy what I do so much. I love technology and the interaction with people is something that I do enjoy a lot. Meeting so many people from different countries on both a technical and business level, as well as working with all the Microsoft subsidiaries across the region is exciting. There is so much to learn from other countries, both bigger and smaller than Malta in many respects and I would say learning is the part I enjoy most. I was once told that working for Microsoft is like doing an MBA while you work in the real world. I can say that has turned out to be true from my perspective and this has been both a challenge and a great experience for someone coming from a very technical background.
Easy bookings The days of personally visiting newspaper offices to book an advert are over. Perfecta Advertising has launched an interactive website www.perfecta.com.mt through which adverts can be placed in over 50 local media publications in a few easy steps. The service covers the whole range of adverts that appear in local newspapers and magazines. The good news is that the service does not carry extra charges. The rates are the same as those charged by the media, and include any special offers. This new 24/7 facility reflects the ongoing dedication of Perfecta Advertising to providing the best service in the advertising industry. The website provides a wealth of information listing advertising possibilities and their pricing. All this is freely available at the touch of a button, without any registration. The buyer is in control and help is close by with the website’s chat facility to answer any queries. Perfecta Advertising also provides scanned proof of publication of any booked adverts.
Money / Issue 08 - 27
Promo
Only connect The internet is not only one of the most important sources of new talent, but it also makes recruitment an efficient, flexible and cost-effective process, says Matthew Caruana, the E Business Manager at careerpassport. Advertising costs can also be minimised by directing candidates to an online recruitment site linked to a corporate website, while postage costs are eliminated. Environmental concerns are also addressed, as paper usage is significantly reduced. However, the key benefit of using the latest profile-based systems is the efficiency and flexibility derived from the digitalisation and centralisation of candidates’ information. The process becomes efficient and the data produced is accurate, consistent and readily available across the organisation.
T
he last decade has seen the emergence of an increasingly competitive and active job market. Shortage of labour with certain key skills and the need to reduce costs have led companies to turn to a more effective, streamlined approach to recruitment: online recruiting. This revolutionary road began with digital pens, digital paper and on-site terminals. With the internet, companies moved on to develop career sites that gave jobseekers insight into the company’s HR initiatives and allowed them to apply for positions advertised on their job boards. This caused huge data management issues, as CVs were duplicated each time candidates reapplied for new positions. Then, job carts were devised – these enabled applicants to apply for several positions simultaneously, while submitting their CV only once. Nevertheless, duplication remained a problem when candidates revisited the career sites. Undeniably, the business of recruitment has changed almost beyond recognition.
Today, there are few who doubt the internet is one of the most important sources of new talent. However, according to Emma Parry, Cranfield School of Management, “Many organisations are still not taking advantage of the full functionality of this technology to attract, sift, manage and respond to applicants.” The latest technology is profile-based careers sites that allow jobseekers to create and update their profile for use across multiple companies. According to Taleo Research, nearly 80 per cent of Fortune 500 companies will now only accept applications online. Clearly, the days of paper CVs are numbered – the process is too slow and very disconnected for our time poor and connection savvy society.
An example of this latest advance in recruitment is the state-of-the-art Careerpassport. A leading online recruitment management system currently available on the market, it uses modern web technology to organise and minimise the complexities encountered by organisations and candidates during the recruitment process. The system plugs straight into corporate websites allowing employers to accept online applications from various job boards, to track previous applications and to view updates to candidates’ profiles. Employers can also search through the pool of CV texts for key skills, while attaching comments, notes, interview reports and reminders. CVs can also be short-listed using automated pre-set questions. The system includes the functionality to keep all candidates in the loop, facilitating internal message sharing and enabling the creation of customised management reports.
Online recruitment increases the speed of the hiring process and reduces the financial and opportunity costs of unfilled positions. In a time critical environment, careerpassport.eu allows employers to quickly identify top talent and to communicate efficiently and effectively with the best candidates, who have a vast array of options on the job market. For more information visit www.careerpassport.eu
A key reason for the shift towards online recruitment is the need to reduce costs. Online recruitment increases the speed of the hiring process and reduces the financial and opportunity costs of unfilled positions. By recruiting online, companies have access to a far greater talent pool and can maintain data in a centralised portal to be accessed again for future positions.
Money / Issue 08 - 29
Technology
IT is our business
Technology makes the business, services and financial worlds go round. Money talks to leading people in the industry.
M Do your corporate social responsibility efforts also include eco initiatives?
Finding solutions
KZC Today it is easy to get lost in the fast pace of life and forget about the small, yet very important things, which make a difference. Admittedly, we are not a huge corporation, yet we do believe in giving something back. Recently, for example, we sponsored the Malta Arts Festival and developed the website for them.
Kristoff Zammit Ciantar is a business analyst by profession and is Founding Director of Infusion Solutions Ltd.
MONEY What services do you offer, and are these offered to small, medium and large businesses? KRISTOFF ZAMMIT CIANTAR
At Infusion Solutions Ltd., we specialise in web and IT solutions. These vary from flexible websites to fully customisable systems and web applications including online document repositories, time management systems and more. We also provide business and technical analysis and high end IT consultancy. We are able to offer solutions to a business of any size and our focus is to give our clients exactly what they are after as opposed to trying to fit their requirements into the functionality of a ready-made product. We have years of experience in consultancy with large blue chip clients overseas. Our background in consultancy and strong technical architecture allows us to design and tweak solutions for any size of operation. Our solutions vary from very simple brochure type of websites for small start-up companies to a system, which we have built, that is able to return over eight million results in less than a second to be able to compete with established, large, international sites. M To what degree are your solutions intuitive?
KZC: We build every solution with the end user in mind. We give a lot of importance to the user interface element of a solution. UI is not simply an engaging, cool graphic design. Rather, UI is based on human computer interface methodology of functionality weighting. It is more of a scientific process then simply visual design. Our products are
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specifically built to guide the users rather than let them guess what to do next. M Do you also offer app, mobile and tablet-based solutions? KZC We always ensure that any web solution that we create is fully compatible with smartphones and tablets. Considering that the use of these media is increasing drastically we could not ignore the compatibility of such devices.
Smartphones and tablets have also influenced and changed the way users use sites and online applications. Today, when a user gets hold of a handheld device with a screen, they automatically try to click or swipe the screen, not knowing whether the device has touchscreen or not. This obviously has an impact on the way we build applications and sites. We are focusing more on taking advantage of the benefits that touchscreen functionality offers, such as ease of use and of navigation, and ensuring that our sites work fully on smartphones and tablets. The speed with which technology changes within this field obviously presents us with various challenges – however we recognise that this is the future. M What opportunities does the cloud present you with? KZC Even though we must admit that we have not yet taken full advantage of all the benefits of cloud computing as yet, currently the cloud has proved very beneficial in the setup and management of infrastructure for various projects. We can now easily lease a virtual testing environment to test a client application as opposed to having to go down the time consuming and expensive route of having to physically set up such an environment.
On the eco savings front, we adopt a virtually paper-less office approach. All our finance related documents including invoicing and receipts, are digitally stored and accessible throughout our in-house developed online document repository. We also help our clients shape their projects and build eco friendly solutions. Recently, together with design partners Switch, we took the Malta Communications Authority annual report online and provided them with a solution that allows users to browse through the site as easily as possible, while closely mimicking the experience of leafing through the hard copy of the report. We also helped another client – a group of hotels – take their marketing department online. We developed an intranet tool whereby the marketing department at different geographical locations can share all the documentation necessary online with full audit and security features. M What are your plans for the immediate and short-term future? KZC While we will continue to focus on providing our clients with first class service and solutions that really hit the mark, the immediate plan is focused on the finalisation of two major products which are going to be sold on a software as a service basis. Both products are going to be provided online and clients will need no infrastructure or setup costs.
The longer term is focused on going back to our roots – business and technical consultancy and working with our clients to help them shape their projects and leverage the online environment to gain maximum business efficiencies and benefits as possible.
Money matters
Andrew Zarb Mizzi is General Manager and Executive Director of RTFX Ltd, an online forex exchange trading firm with over 11 years of operational history in the global foreign exchange market. Using benchmarks exposes the real significance of our performance during 2010. The gross performance of benchmarks, such as Gold (+28.70% for 2010), or MSE Index (+9.27% for 2010) are all well under the gross non-reinvested performance returned by RTFX of 45.53%. RTFX engaged KPMG who independently checked that this performance is accurate.
MONEY What can you tell us about the RTFX history so far? ANDREW ZARB MIZZI In 2008, Switzerland implemented modifications to its financial regulations infrastructure. These amendments introduced the requirement for all Swiss FX brokers to seek a licence under the Swiss Banking regime, rather than under the Investment Services regulatory structure. Seeing the need to obtain a banking licence to pursue its FX brokerage services as unfeasible, Realtime Forex SA decided to split its activities in an IT development entity and a financial services entity.
RTFX Ltd, the financial services entity, was thus established in Malta in March 2009 and holds a Category 3 licence. It is regulated by the Malta Financial Services Authority under EU Investment Services Regulations. M What are your current operations? AZM RTFX presently operates two main brands, both of which have been enjoying enormous success.
Over the last 11 years, we have been offering our three proprietary online trading platforms (RTFX Trader™, RTFX Web Trader™ and RTFX Mobile™), which are capable of providing our trading clients with consistent liquidity and aggressive trading spreads for all trading volumes under any forex market conditions. These platforms provide investors, who prefer to carry out their own trading, with access to both forex and metals markets. In October 2009, RTFX also launched its Asset Management Service proposition for investors who prefer to leave their investment in the hands of RTFX. In its first full year, this service returned a net reinvested performance of 37.73%.
In April 2011, we augmented this asset management service by launching two additional strategies catering to the demand for a more conservative as well as a more dynamic performance. We are delighted by the performance we have delivered to our customers so far. We also plan on launching smart trading solutions to service our clients’ technology and FX investment needs – these include iPad, iPhone and Android applications. All our platforms enable clients to access live tradable prices, real-time news, advanced charting tools, and online account information. Setting up representative offices in Europe and Asia is part of our medium term commitment. Likewise, in the coming months, we will be launching an FX Hedge Fund. This vehicle is being presented to high net worth and institutional investors who wish to add an element of foreign exchange to their investment portfolios. M What financial markets do provide access to? AZM Unlike many other forex companies, RTFX offers both brokerage services on forex, metals, and shortly CFD Indices, as well as a highly performing asset management service.
We pride ourselves in providing full transparency to our clients. By accessing their online account, asset management clients can view each transaction executed by RTFX on their behalf in real-time. Our asset management service also adopts a high water mark level. This means that, in the event of a negative quarter performance, RTFX would first recover the preceding negative performance prior to earning any commission. Similarly, through their online trading account, our brokerage clients can place positions in the FX markets instantaneously. M What type of traders and investors can benefit from your services? AZM We offer industry leading online trading services built by professional FX
traders but adapted to the needs of both retail and professional FX investors. We employ customer support teams to assist our clients via e-mail, phone and online live-chat in multiple languages from our office in Mosta. Concurrently, we aim to provide a trading environment that suits investors with any level of experience. Investors can open Silver Accounts from a minimum deposit of only €1,000. We also offer Gold Accounts for more experienced FX investors and Platinum Accounts for expert FX investors. Our Asset Management Service is available to suitable investors from a minimum investment of €10,000. M How important has it become for Retail FX providers to be properly regulated? AZM This is one of the most important elements for RTFX. We pride ourselves in being regulated by the MFSA. In this respect, we pull out all the stops to maintain the highest standards of compliance to MFSA regulations. M What educational and product support services do you offer? AZM Our websites are full of comprehensive educational materials as well as real-time news, economic data, technical and fundamental analysis. Additionally our account managers and customer service staff are on hand to assist clients with their trading.
Furthermore, our free demonstration account allows any newcomer to approach the FX market in real live conditions with a virtual capital prior to opening a real account. We also provide a very exciting FX Trading Competition called The Forex Championship. This contest has over 25,000 FX contestants from all over the world, competing to win monthly prizes of €1,000 to €5,000 in Free Margin on a real account. Over the years, RTFX has distributed in excess of €1 million in prizes, convertible to Free Margin on a real account, the profits of which can be withdrawn by the participant. Through this competition, we provide the market with a fun tournament, which prepares investors for a real investment account. After all, who said learning and investing should not be fun? For more information visit www.rtfx.com Money / Issue 08 - 31
Making real savings Nick Camilleri is Managing Director of Avantech Group, which offers a range of products and services to the business community, including bespoke software services. Avantech is also a distributor for consumer products. in equipment damage or lower yield. What is certain is that at home and at the office, users are more aware of their consumables usage, and ultimately that’s a good thing. M Both business and home consumers want IT equipment that has more functions but uses less space. What consumables does Avantech offer that is in line with this trend?
MONEY How have IT consumables changed the way we work and play? NICK CAMILLERI We are dependent on IT consumables for our printers mostly, and our expectations in terms of print quality, yield and reliability have soared as equipment gets better. In the past, every photo taken was printed by film developers, whereas now only the best pictures are printed. This perceived reduction in printing has been offset by the availability of affordable digital cameras and printers to absolutely everyone, so I think the convenience of easy-to-replace IT consumables had completely changed users’ possibilities. M How have consumer patterns, with regards to IT consumables, changed in the past years? NC Like every other consumable item in our lives, IT consumables have rightly come under the spotlight from both the cost and environmental points of view. Consumers are more conscious of how much things cost and their resultant effect upon the environment. In the past users experimented with refilling cartridges and buying cheaper alternatives to originals, but a lot of these alternatives resulted
32 - Money / Issue 08
NC The multifunctional or MFP factor has become extremely popular as it fits more functions into one box, thereby saving desk space and money. However MFP creates savings on another significant consumable – the actual machine casing. When replacing an MFP, you only discard one machine and not three or four. With the exception of one or two very specialised models, all our products can be classed as multifunctional. M How eco-friendly are your products? NC The brands we represent – Canon, Nashuatec and OKI – are all global brands with their own eco programmes, initiatives and designs. In addition, at Avantech we run our own eco-friendly initiatives by collecting used laser printer cartridges for recycling at Canon’s specialised plant in France. We are founder members of Greenpak in Malta, and we strive to be good corporate citizens. M What after-sales services
do you offer? NC While we offer the expected repair service, guarantee support and full service maintenance agreements, we also take our service to our corporate customers further by totally managing the organisation’s printing requirement. This typically results in an immediate 30 per cent reduction in the clients’ print cost within one year, with ongoing incremental savings year on year after that. M What eco-friendly services do you offer?
NC We offer the original manufacturer toners and inks. The reality is that cheaper consumables result in cheaper quality at best, and potential printer damage. There are some good alternative products on the market and the price of these approaches the manufacturer’s original. However the reality is that the ink or toner in your printer is the heart of your machine – using a low-quality alternative is the equivalent of putting paraffin in your car to save on fuel bills. It is false economy. M How would you imagine the future of IT? NC The past 10 years have seen IT infiltrate every aspect of our lives, and the next 10 will give us gadgets, opportunities, conveniences and new ways of working and playing. These will be things most of us cannot even imagine; things that will delight us, help us and challenge us. Consumables will change, but it will always remain our responsibility to be eco-friendly. M Have you moved offices? NC We moved to a purpose-built building in St Julians Road, San Gwann, near Mater Dei hospital. We needed to change our premises as our business has changed – we now have larger customer-facing areas, bigger services areas and increased customer convenience.
For more information visit www.avantech.com.mt.
“The ink or toner in your printer is the heart of your machine – using a low-quality alternative is the equivalent of putting paraffin in your car to save on fuel bills. It is false economy.”
“In the future websites are going to be much more fluid, breaking free from the restrictions of product and brand content.” M How would you advise businesses to maximise their online presence?
MONEY How have website features changed in recent years?
M How have internet user patterns, with regards to websites, changed?
STEVE CASALETTO Website
SC Initially the main function of a
development has changed dramatically over the last few years. In the internet’s infancy the early web pages were exactly that, pages. They were stagnant in their functionality and involved a great deal of expense for the website owner to keep updated. The main focus was on a nice glossy look and feel – the design was the only important thing really.
website was to act as a point of reference. For many companies, a web presence was merely an online brochure – however, this has changed dramatically in recent years. The internet has become an integral part of many people’s lives and confidence in online trading has grown. With a considerable reduction in the risk of fraud, the whole world has become a shop window, allowing customers of all ages to buy products and services easily and effectively. The biggest change is that now you are surprised when a company doesn’t have a website, or has one but doesn’t sell online.
The dynamic driven sites of today are a world apart, allowing the website owner almost full control from anywhere, at any time, as long as an internet connection is available. The content of today’s websites is usually connected to the company’s accounts or stock system and is often a fully integrated system which controls the entire business online – thus, customers can become part of the overall process and control their own orders, billing and deliveries. Another essential integration is linking the website directly to a company’s customer relationship management software, thus allowing a far greater level of information gathering and customer focused marketing. This is a service for which we have had an increasing demand in the past year. In fact, we have delivered a full CRM and web solution for a number of clients as well as integrating with existing CRM systems.
M How has your website development team kept ahead of today’s changing technology? SC Each website is treated as a project in its own right, with a project leader overseeing the whole process with one main priority, which is individually tailoring the site to suit the website owner’s customer base. Notwithstanding this customer focus, the project is shared by the entire technical team, thus allowing a pooling of minds to ensure the best possible outcome. Whenever new features are developed for new customers, at Key Software we ensure that we deploy these upgrades throughout our client base, thus ensuring that each site is kept at the forefront of available technology.
SC Maximising online presence is a complex and time consuming exercise. At Key Services we are fully geared up to offer such consultancy and we have an extensive knowledge base and experienced resources to fulfil our clients requirements. I would recommend that businesses give us a call for a consultation, allowing us to give them advice and recommendations, and thus allowing them valuable time that they can devote to what they do best. M In what ways are companies engaging customers to visit their websites? SC Traditional media such as promotions, vouchers and advertisements are still being utilised to drive traffic to websites, but with the ever growing versatility of online media and online usage increasing every day, more and more companies are diverting funds from traditional media budgets to online marketing and social media like Facebook. M How would you imagine the future of commercial websites? SC In the future websites are going to be much more fluid, breaking free from the restrictions of product and brand content. This new content will flow from social media interactions, blogs, customer recommendations, webinars and even customer-generated videos. The companies’ contact point of reference will change from the point of view of the customer with virtual guides assisting in the interaction with the company’s website blurring the lines of sales, CRM and customer service. The websites of the future will not be driven by what the company wants to show to the public but will instead adapt to each user’s needs and wants.
For more information visit www.key.com.mt
Money / Issue 08 - 33
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All offers are not applicable in conjunction with any other offer or discount. All loans and credit card facilities are subject to normal bank lending criteria and final approval from your BOV branch. The Card offer is only applicable on new, full fee paying, main Visa Flypass Business cards and is not applicable on supplementary cards. The Bonus BOV Points will be credited to the cardholder’s account in the September 2011 card statement. Each Home Loan application is entitled for one refund. APR for a secured Personal Loan of €15,000 at 5.2% for 7 years would be: 5.401%. All offers end on 31st August 2011. Bank of Valletta p.l.c. is an enrolled tied insurance intermediary of MSV Life p.l.c.. MSV Life is authorised by the Malta Financial Services Authority to carry on long term business of insurance under the Insurance Business Act 1998.
Promo
Switched on Switch breathes life into the Malta Communications Authority annual report.
microsite
ANNUAL REPORT & FINANCIAL STATEMENTS [ C LICK HERE TO DOWNLOAD PDF ]
HOME CHAIRMAN’S MESSAGE BOARD MEMBERS MANAGEMENT COMMITTEE GENERAL MARKET OVERVIEW STRATEGIC OBJECTIVES & KEY PERFORMANCE INDICATORS SUPPORTING THE STAKEHOLDERS
2010 MAIN ACTIVITIES ANNUAL FINANCIAL STATEMENTS
PAST ISSUES [ DOWNLOADS ]
[ BACK TO MCA HOMEPAGE ]
ANNUAL REPORT & FINANCIAL STATEMENTS 2002
WELL INTO ITS 10TH YEAR
ANNUAL REPORT & FINANCIAL STATEMENTS
OF OPERATIONS, I FEEL THAT THE AUTHORITY CAN LOOK BACK ON THE PAST
[ C LICK HERE TO DOWNLOAD PDF ]
YEAR WITH SATISFACTION IN WHAT IT HAS MANAGED
HOME
TO ACHIEVE.
CHAIRMAN’S MESSAGE
MANAGEMENT COMMITTEE GENERAL MARKET OVERVIEW STRATEGIC OBJECTIVES & KEY PERFORMANCE INDICATORS
In the electronic communications sector, the facilitation of a competitive environment remained the key focus of the Authority’s activities.
SUPPORTING THE STAKEHOLDERS
2010 MAIN ACTIVITIES
We have witnessed positive trends in terms of uptake and usage of all services, the most evident being in the mobile and broadband sectors. Mobile penetration reached 102.1% by the end of 2010 and the impasse in terms of the limited extent of price competition seems to have been broken. Better prices have resulted in an increased number of calls, which totalled 279.4 million. This means that each day, in excess of 765,000 calls were made. In terms of minutes, these have increased by 24.3% to reach 74.9 million.
ANNUAL FINANCIAL STATEMENTS
PAST ISSUES [ DOWNLOADS ]
[ BACK TO MCA HOMEPAGE ]
06
The task As the national regulatory authority for the communications sector, regulating electronic communications (including telecommunications, radio communications and broadcasting transmission) and e-commerce in Malta, the Malta Communications Authority publishes its annual report on a yearly basis.
were taken into consideration, ensuring low amounts of ink usage and reduction of waste during the printing process.
The electronic version
The approach
As opposed to going for the usual interactive CD, Switch proposed launching a dedicated microsite. MCA quickly took the idea on board. Together with their IT and Web Strategic partner, InFusion Solutions, the team created a slick, highly interactive microsite. UI (User Interface) was key to this element of the annual report as it was important to allow the readers to feel as though there were actually leafing through pages of the physical book. The site is fully compatible and accessible via all browsers, smartphones and tablets.
Being very accustomed to pulling out all the stops when working on projects, Switch proposed the idea of taking the “go green” concept to another level so that the final product, in its various forms, would not only look and feel green but also provide cost efficiencies.
In line with some of the latest trends, QR codes linking directly to the micro-site were placed on the reports as well as on annual report business cards specifically created to contain all the necessary information and QR code for anyone to access the microsite.
The hard copy
The results
Without undermining quality in any way or form, the MCA report was printed on more environmentally friendly, chlorine free, uncoated paper of a lower grammage than typically used. During the design process, the document size as well as the amount of ink coverage used for print
“The MCA is always open to innovative ideas or solutions for a more effective and efficient delivery of its ongoing regulatory activities,” says Ing. Philip Micallef, Executive Chairman, MCA.
The task at hand was to produce the MCA annual report in both hard copy as well as an interactive version while at the same time complying with a “go green” concept. As a result of a tender bid, we were brought on board to breathe life into the project.
“The implementation of a fully-fledged
Malta Communications Authority
During the course of the year, the MCA managed to fulfil key elements of its established work programme across all sectors under its responsibility, both in terms of new initiatives and the challenges that these bring with them, as well as with its ongoing regulatory activities.
BOARD MEMBERS
MCA AR + FINANCIAL STATEMENTS
Notwithstanding these very positive ANNUAL REPORT AND FINANCIAL STATEMENTS 2003 results, like all other regulators across Europe, the MCA continues to face not insignificant challenges in seeking to ensure fully competitive markets within this sector. These challenges are the result of inherent difficulties in opening up infrastructure based industries to competition, as well as constraints imposed by the EU mca regulatory frameworks that does not always effectively cater for the Maltese market situation which is dominated by two fully integrated players having fixed infrastructures. The work streams in this regard focused on the refinement of the incumbent’s local loop unbundling reference offer, which allows other undertakings access to the core network. Access to existing infrastructures is essential for competition to thrive. Equally important are fair mobile and fixed termination rates, which were reduced by 30% and 4% respectively during 2010. Furthermore, the MCA published a decision on the methodology to be used to determine both rates in the coming years. The anticipated move to Next Generation Access (NGAs) networks brought about a number of new regulatory challenges. In this regard, the Authority invested considerable effort in drawing up a regulatory strategy aimed at ensuring that while all regulatory measures to encourage the deployment of such networks are in place, the Authority also takes the necessary safeguards so that NGAs do not act as bottlenecks to competition.
The Authority also contributed to the Government’s efforts in evaluating options for securing the earliest possible full coverage of the Maltese Islands by fibre networks by actively supporting the preparation of “A technical and economic analysis for an FTTH infrastructure in Malta and Gozo” which will be presented to Cabinet in 2011.
In this regard, the Authority embarked on a consultation in order to seek views on how spectrum trading can be developed. The eventual introduction of spectrum trading will encourage the efficient use of spectrum by enabling it to be transferred to and used by the user that values it most, thus making it easier for businesses to access the radio spectrum they need to use.
It is clear that for this new reality to materialise there will need to be collaboration between all the main operators, as the business case of such roll-outs depends on strategies that overcome the inherent diseconomies of scale of building a very costly network in Malta.
The test and trial licensing scheme published during 2010 aims, in particular, to support innovative spectrum usages and to attract foreign investment by allowing Malta to act as a test-bed prior to the nationwide deployment of new services. There are two types of licences available, one that covers technology tests and the other covering service trials involving third parties or the public.
I trust that in facing this new reality the market players will consider all options and be willing to think outside the proverbial box. I trust that old competitive strategies can be objectively assessed against alternative and possibly more effective competitive strategies which allow for collaboration between parties where appropriate. I am convinced that this path could bring about economies of scale as well as very significant efficiencies in the roll-out and operation of underlying networks. Such strategies can also lessen the environmental impact of these networks, all in all bringing about very material benefits to the industry players and consumers alike. The effective management of spectrum is also essential for the development of value-added-services and plays a pivotal role in the ensuring continued innovation and the resultant promulgation of competition in the electronic communications sector. It is becoming ever more critical as demand for mobile data services continue grow.
CHAIRMAN’S MESSAGE
online solution for our 2010 annual report and financial statements, together with the use of QR codes – the latest in marketing technologies – was a first for us. So far this solution has been well received amongst our varied stakeholders and our foreign counterparts as it has facilitated access to the report. It is important to keep up-to-date with latest developments in these areas especially if such practices allow us to be more eco-friendly in our operations,” added Ing. Micallef.
Switch believe that creative design is one of the most powerful tools for brands to engage with their customers and provide a specialised and dedicated creative service, obsessively exploring and crafting solutions to make brands more relevant to the consumer. For more information visit www.switch.com.mt Money / Issue 08 07 - 35
The process to re-assign spectrum in the 900MHz and 1800MHz bands continued in full force throughout this past year. The reassignment of spectrum that is already in use for the provision of mobile services on which the entire population depends, presents particular and every significant challenges. The Authority took pains to ensure that it could put in place an assignment mechanism that will enable existing operators to gain access to the spectrum they need to continue their operations, whilst at the same time enabling new entrants to have equal access to the spectrum. The full collaboration and cooperation of existing operators, that we have witnessed so far, is very promising, and I am convinced that the reassignment process will result in a more equitable distribution of this scarce and very
valuable resource amongst all parties concerned. The result should bring tangible benefits to consumers in terms of improvements in the quality of service, particularly indoor coverage. On the Radio and TV distribution front, the MCA continued to work towards the switchover of free-to-air transmissions from analogue to digital format by mid 2011. I am pleased to note that the network which will transmit the national stations meeting general interest objective, on a free-to-air basis, was up and running by the end of 2010. With regard to Internet subscriptions, this sector registered a growth of 7.1%, reaching 119, 379 subscriptions at the end of 2010. Malta today has a broadband penetration rate of 28.5% [as at July 2010], significantly above the EU average of 25.6%. It is interesting to note that 54% of all fixed broadband subscriptions were bundled with some other electronic communications services. With a view to further facilitating competition in this market, the Authority published guidelines, aimed at facilitating consumer switching between service providers, by allowing for the free-of-charge, forwarding of emails to a new email account for a six month period after a consumer switches service provider. It is expected that the provisions in the guidelines will become law when revisions to the telecoms framework due to be discussed in Parliament in 2011 will be adopted.
MCA AR + FINANCIAL STATEMENTS
07
Green Office
A working environment All it takes is a little bit of planning to turn your office into an eco-friendly space.
See the light Green offices use energy-efficient lights and LED desk lamps. Since energy-efficient light bulbs use up to 75 per cent less electricity than standard ones, you can dramatically reduce your electricity bills.
The writing on the walls For your office walls, go for a light, natural palette. Not only does this enhance the feeling of light in your office, but it also helps you keep relaxed during hectic office days.
36 - Money / Issue 08
Don’t light up Make use of the beautiful Maltese sun to light up your offices. Not only is natural light free, but it’s also warmer and kinder on the eyes than artificial lighting. To make the most of natural light, plan your office to have huge windows, strategically placed to maximise light and eliminate glare. Moreover, large windows come with one added bonus – the view.
The alternative way Cut down on your energy costs by giving your office eco credentials, says Dr Maria Cachia, co-founder and Managing Director at Alternative Technologies Ltd. What services do you offer?
Switch off Turn off the lights in unused spaces – if there’s no one in a room, then there’s absolutely no reason to keep lights, and air-conditioning systems, on.
We offer engineering consultancy services in the renewable energy and energy management sectors. Consultancy is normally a first step, followed by a project proposal that includes an investment in energy saving devices, energy management solutions as well as renewable energy products such as solar water heaters and photovoltaic systems. In fact we offer products that are leaders in their respective markets. We offer a personalised service in that we study each case individually and always provide different options to our clients. We do not believe in a one solution fits all mentality as we don’t think this is possible. Why should businesses go green? Businesses and offices should opt for eco-friendly technology because we really have to start caring about our environment. Also, electricity rates have gone up and you can save so much by taking specific actions to reduce consumption without reducing the level of operation or comfort. Up to now we have been used to a system that was quite passive. You switch on the light and you switch it off. And many times the switch controls a whole array of lights. A simple but effective intelligent system can help decide whether there is a real need for artificial light. The same can be said for air-conditioning. Many systems are not properly controlled, resulting in a lot of energy wastage. What savings can be made by going green? Thanks to eco-friendly technology, substantial savings can be made. Installing energy saving lamps in offices can lead to significant savings on the running costs of a company. There is a need for investment upfront but the savings are year on year for many years thereafter. What maintenance do eco-friendly products need?
Office garden Keep your very own indoor garden at the office. Not only does a splash of green help keep you calm, but indoor plants also maintain healthy indoor air that’s free from chemicals.
Maintenance efforts on eco-friendly products vary. We hate it when we hear some suppliers talking about maintenance free systems. Nothing is maintenance free. However, some systems, like photovoltaic panels, can be described as low maintenance. Solar water heaters need a little bit more maintenance. Replacing halogen lamps with LED lamps is an intelligent choice as the lifetime of the LED lamps is 50,000 hours, while that of halogen lamps is 2,000 hours. What is the return on investment? In most cases return on investment for a solar water heater is three to four years whereas for a photovoltaic system, if you avail of the government grant, it is about six to seven years. Without government grants payback on a photovoltaic system can go up to nine years. However a good quality photovoltaic system will continue providing power for 25 years, hence the return on investment is very good indeed. Also, the more electricity prices rise, the more you save, hence over a 20-year period the savings will be substantial.
Money / Issue 08 - 37
Wheels
Electric dreams Paul Bennington gives Money a lift as he goes on a drive towards sustainable mobility.
Toyota believes it is important to follow more than one path towards sustainable mobility, diverse energy sources and battery technology, paving the way for several types of eco cars to coexist in the future. In this context, Hybrid Synergy Drive’s® modular technology makes it the ideal platform for adaptation to use with several different power sources: plug-in hybrid vehicles, electric vehicles and fuel cell hybrid vehicles. What levels of testing does Toyota carry out on hybrid technology?
Since its launch more than a decade ago, what global eco savings has the Toyota Prius contributed to? The Prius has been consistently ahead of its time in addressing not only CO2 emissions, but also air qauality. Even operating in normal drive mode, it generates significantly lower NOX emissions than any comparable diesel or petrol vehicle. In EV mode, it generates zero CO2, NOX and PM emissions. Toyota has already sold over three million hybrid vehicles worldwide, giving the company an unquestionable lead in the drive towards sustainable mobility. These sales account for 80 per cent of all global hybrid sales and, as concrete, tangible proof of HSD’s environmental record, have already contributed to a reduction in automotive emissions of some 12 million tons of CO2. What are the plans for a further improved fourth generation Prius? Toyota has a long-term commitment to the Prius and future models will continue to keep this car at the forefront of low emissions, fuel efficient technology. The next significant step will be the plug-in hybrid Prius. Last year, we introduced the Prius plug-in hybrid through a global limited lease programme. By the beginning of next year, Toyota will bring Prius plug-in hybrid to the mass market. With lithium-ion battery technology and the ability to plug the car into the mains
38 - Money / Issue 08
electricity, the headline CO2 emissions will reduce to a class leading 59g/km, while maintaining the driving range and power performance of a conventional family car. The launch of Prius+, which is the first full hybrid seven-seater in the European market, and the Prius Plug-in Hybrid will make the Prius the first full hybrid vehicle available as a complete, standalone model range. Following the success of Hybrid Synergy Drive® over three generations of Prius, Toyota continues to roll out HSD technology to new market segments through models such as the Auris and Yaris. The Prius itself will remain a showcase for new technologies and further advances in HSD powertrain design. What are Toyota’s commitments to hybrid technology? Toyota remains convinced that hybrid drive is the core technology for the medium-term future. The recent launch of the Auris HSD marks the start of a dramatic expansion in Toyota’s full hybrid model range. It presages the introduction of as many as 11 new or changed Toyota hybrid models globally before the end of 2012, with a target of achieving worldwide annual sales of one million Hybrid Synergy Drive® vehicles within the same time frame. Toyota aims to offer all of its European models with a Hybrid Synergy Drive® powertrain derivative as early as possible in the 2020s.
Toyota was the first company to introduce hybrid technology to the market. Before we could confidently sell this new technology to our customers we had to be sure that it would meet our high standards for quality and reliability. Hybrid technology has been subjected to very stringent testing. The components have been bench tested to check that they meet the design targets, and the full hybrid system has been running in fleet cars for many years, and have been driven to over 300,000km. The proof that this technology has been engineered to very high standards is in the warranty data. The Prius is ranked throughout Europe and the world as one of the most reliable cars that you can buy. What are the benefits of hybrid technology for a small, yet congested, country like Malta? The Prius hybrid system switches off the engine when it is not needed. While sitting in a traffic jam, the engine is not running. The large batteries allow the lights, radio, air-conditioning and other applications to continue to function. When the engine is not running, there are no emissions. Also, if the traffic is moving slowly, the engine is not needed because the car can move using only the electric motor. Compared to a traditional internal combustion engine in the same situation, there is a significant amount of fuel saving and reduction in emissions. It is also interesting to mention noise pollution. When stopped, the engine is off, and under electric only mode, engine noise is almost zero. In the narrow streets of Valetta, this will have a major impact on the quality of life for the residents.
Mr Bennington is Principal Project Manager, Vehicle Performance Management at Toyota Motor Europe. How do you envisage the future of mobility? Personal mobility has shaped the society in which we live and will continue to play a central role in our society. However, it needs to do that with a sense of responsibility towards the environment, not only in terms of emissions but also congestion and noise. Integrated transport will be the new standard where cars and public transport work in harmony with each other and complement each other. The cars of the future will be emissions free, and with enhanced communication from car to car and from car to roads, and will also be safer, lighter and more efficient.
Energy is recovered by the hybrid system during braking. As the car slows down, the electric motor becomes a generator and captures the energy that would otherwise be lost in the brakes. What does hybrid technology offer to the younger generations, whose priorities in a car are fun and speed? The hybrid system is designed to offer the same power output as an equivalent internal combustion engine, but with much lower levels of harmful emissions. By combining the petrol engine with an electric motor we achieve 89g/km of CO2 from 100hp. Competitor vehicles with similar power have significantly higher emissions. Because the hybrid system uses an electric motor, the power response of the Prius at initial acceleration is far better then small capacity turbocharged engines. The electric motor has maximum torque at zero speed, so the response to the accelerator is very quick. What are the different advantages of various forms of eco technology – electric, fuel-cell, hybrid, plug-in?
Toyota’s goal is zero emission. There are many technologies that can contribute to this goal. Each has advantages and technological challenges. We are currently selling the hybrid system because we are confident that the technology is robust and offers real world advantages. The next step is to enhance the efficiency of the hybrid system by using a higher capacity battery to allow more autonomy in electric only mode, and by ensuring that the battery is always full by plugging it into the mains electricity. What would the ultimate eco-car be like? The ultimate eco-car would have to be not only zero tail pipe emissions, but as efficient as possible in its energy use. For any given power source, high efficiency is achieved by being as light and small as possible. Since the size depends on the use of the car, there is no single ultimate eco-car. If there is only one person in the car, then the car should be the size needed for only one person. The Toyota i-Real is a good example of this idea. For bigger cars for multiple people or goods, the energy efficiency can be improved by having very low aerodynamic drag and low friction components.
Green gifts Corporate Gifts present the Green Gifts concept, sustainable promotions for a better world and for reducing your energy bill. Add to that the feeling of contributing to a cleaner environment and it all sounds very sensible. Going green is no longer a trend but it’s a reality within everyone’s reach and our responsibility towards future generations. Show your customers your commitment towards a greener planet. Choose pens, pencils, notepads, USBs, bags, clocks, torches, calculators and office gadgets – simple, everyday solutions which can make a big difference to our environment. Curious? Visit the Green Gifts section at www.corporategifts.com.mt or contact Corporate Gifts by Unpaused at info@corporategifts.com.mt or on Tel: 2147 2798.
Money / Issue 08 - 39
Dr Maria Cachia is co-founder and Managing Director at Alternative Technologies Ltd, one of the fastest growing renewable energy engineering companies in Malta.
Promo
Here comes the sun The sun is an endless source of energy for both residential and commercial needs, says Maria Cachia.
W
ith so much uncertainties around us today, it seems that the only thing we can be sure of is that at every break of dawn, every day, the sun is going to rise. Therefore it is no surprise that people are waking up to the idea of tapping into this endless source of energy for their own needs, whether these are residential or commercial. This makes even more sense today since residential consumers are being heavily penalised if the consumption is in excess of 10,000 units a year and even more if they consume 20,000 units per year. There are two ways of tapping into the sun’s energy. One way is to utilise the sun’s energy to heat water, and hence provide hot water, while the second is to use the sun’s light to generate electricity. The concept of changing the sun’s energy into electricity is not new and has been in production for over 25 years. Alternative Technologies Ltd. has teamed up with world leaders in both fields of solar energy
to offer quality solutions to our customers. Actually, the policy of Alternative Technologies directors was and still is to only be associated with top quality products. This approach, coupled with an excellent service and installation team, provides unrivalled service to our customers. For photovoltaic systems, Alternative Technologies Ltd. is proud to be associated with SunPowerTM, the planet’s most powerful solar panels. In fact, Alternative Technologies Ltd. is the local authorised installer for SunPowerTM solar photovoltaic panels in Malta – to date over 300 SunPower panels have already been installed on Maltese rooftops. SunPowerTM solar panels are the most efficient photovoltaic panels on the market today. Utilising innovative back-contact solar cells with an efficiency of 22.4 per cent, SunPowerTM solar panels produce more power in the same amount of space – up to 50 per cent more than conventional panels and up to 100 per cent more than
thin film ones. This makes them the best solution particularly for space constrained rooftops, as fewer panels are required to produce the needed energy. SunPowerTM solar panels possess a superior light capture due to an all back contact design. This results in the highest real-world performance in high temperatures and at low light. In fact, Alternative Technologies recently completed a number of installations on extremely small rooftops using only six 318 Watt solar panels from the SunPowerTM E19 series for a 1.9Kwp system. This panel, with dimensions of 1.5m by 1m and a total conversion efficiency of 19.5 per cent, produces high levels of energy throughout the year. SunPowerTM panels are manufactured with high-quality, premium materials and guarantee decades of reliable performance under all weather conditions. Founded in 1985, SunPowerTM Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet’s most powerful solar technology available today. Residential, business, government and utility customers rely on the company’s experience and proven results to maximise return on investment. With headquarters in San Jose, California, SunPowerTM has offices in North America, Europe, Australia and Asia. With over 25 years of experience, SunPowerTM is in possession of over 120 industry patents. Alternative Technologies Ltd. was set up in 2008 to help people understand the technologies necessary to make the most of available sunshine. The company’s goal is to support customers in making an informed and intelligent decision when choosing a solar system. Alternative Technologies provides evaluation reports, advice on incentives, design and supply of solutions, project management, construction and commissioning as well as an unparalleled level of service for warranty claims, breakdowns and periodic inspections. For more information or a free consultation visit www.alternativetechnologiesmalta.com or call on Tel: 2138 0309.
Money / Issue 08 - 41
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fe
es
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Alternative Energy
Mekanika offers a complete spectrum of services including lifts and escalators, facilities management, HVAC, industrial and commercial products as well as building services contracting. Mark Gasan, Managing Director Mekanika, explains why energy efficiency is a top priority.
Based on your insight, has awareness on eco-friendly products increased in the past years? In the past most clients purchased products solely based on brand, quality and price. Yet increasingly so, clients have added two more criteria when they come to choose a product: energy efficiency and eco-friendly qualities. Since all of our products match the five criteria – products which are a wellknown brand, of very good quality, price competitive, extremely energy efficient and eco-friendly – we have seen an increase in sales. This is especially with Sanyo air-conditioning units that apply both to commercial buildings and households. What related products and services do you offer? Apart from other products and services, we offer Sanyo air-conditioning units, Kone lifts and escalators and BOGE air compressors, which are market leaders in energy efficiency and ecofriendly qualities.
Are your products and services aimed at corporate clients and businesses, or do you also cater for households? Most of our products and services are mainly focused on commercial and industrial businesses. However, we also cater for households with Sanyo airconditioning units, where we offer all types of airconditioning requirements. Are your clients mostly local or have you also expanded your services to include North Africa and Europe?
and specific planning, since every site is different and requires proper thought. Therefore, when we have enquiries we go on site to view the premises, check the specific application for the product and prepare our quotation specifically for those premises. What after-sales service do you offer? We currently employ 60 full-time employees specifically on maintaining the products that we sell, both on preventative and emergency maintenance. We have a 24-hour service, seven days a week, ensuring the best possible service for our clients. How important is energy-saving and eco-friendly technology for a modern business or household? The cost of electricity in Malta has increased substantially and any company or household has to choose a product by looking specifically at the energy efficiency of that product. All our products have extremely high ratings of energy efficiency, while also being eco friendly. For more information visit www.mekanika.com.mt
As Mekanika, we focus solely on the Maltese market, continuing to strive to be market leaders in every sector that we operate in. Do you also offer consultation services? We sell, install and maintain very highly specialised products such as lifts, fork-lift trucks, air-conditioning and aircompressors. Most of these products require engineering
Money / Issue 08 - 43
Country Profile
Vanessa Macdonald is a freelance journalist in her spare time, covering a wide range of lifestyle and economic issues.
When PIIGS will fly
Spain’s 15 years of solid growth were masking serious economic imbalances, says Vanessa Macdonald.
http://ellecidadventures.wordpress.com
Y
ou know you are in real trouble when you turn up in an acronym. Spain shuddered when “S” was one of the countries in the dreaded PIIGS, the expression coined by economic analysts some years ago. As with most watershed moments, the shock of hitting rock bottom (well, almost the bottom – other countries have shown that there is actually a basement level that we would have preferred to pretend did not exist) is immediately followed by a lot of soul-searching and finger-pointing. Perhaps the problem with Spain is that they had it so good for so long. The country had seen 15 years of solid growth, which would be enough to lull the best of us into a false sense of security. But the feel-good factor was masking serious economic imbalances, one of which was the construction sector. Rampant development was fuelling double-digit price increases and when they dropped as a result of the inevitable oversupply that such returns motivate, the ripples extended throughout the economy.
44 - Money / Issue 08
Suddenly, the 12th largest capitalist economy in the world – its GDP per capita is ranked at 48th in the world – started to sputter and by 2007, it was clear that things were no longer rosy. After average annual growth of 3.5 per cent between 1995 and 2007, Spain fell into a recession in late 2008 and it was one of the last major economies to emerge from it, only seeing the downward spiral stabilise towards the end of 2010. The forecast is not particularly inspiring, either. The European Commission is only expecting growth of 0.8 per cent in 2011 and 1.5 per cent in 2012. Spain is still counting the cost of its heady days. Unemployment is currently at 20 per cent – and it has not yet peaked, with jobs still being shed. Needless to say, unemployment – and the uncertainty resulting from job shedding – has a profound impact on domestic demand, and GDP growth in 2011 is not being fuelled by domestic demand but by external demand. In its spring forecast, the European
Commission says that it does not expect InterContinental Hotel domestic demand to pick up for a while – certainly not until next year. But having a job is not enough. There has been tremendous pressure on wages, following a wage cut and then a wage freeze in the public sector. There is nothing like a crisis to focus industrial relations, though, and there have been labour-market reforms, which will eventually make it easier for jobs to be created, hopefully permanent ones. Real unit labour costs fell in 2011 and are expected to fall again next year, all of which will help the country hone its competitive advantage with regards to exports. The woes sparked off by the construction industry clearly affected the banking sector and the shock to their liquidity has, as elsewhere, resulted in a credit crunch, which has in turn forced people to begin to keep an eye on their savings. The savings rate zoomed from 10.7 per cent in 2007 to 18 per cent by 2009 and is still hovering around the 11 per cent mark now.
It now remains to be seen whether the cleaning-up of toxic assets from the banks’ balance sheets is enough to restore confidence in the sector.
And not a moment too soon, as higher interest rates will soon start to bite, especially for those with variable rate mortgages, estimated to be some 85 per cent of borrowers. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. It now remains to be seen whether the cleaning-up of toxic assets from the banks’ balance sheets is enough to restore confidence in the sector. Indeed, the problems in the private sector were exacerbated by the government’s spending, even though this was well-intended stimulus spending – including loan guarantees. The general government deficit was 9.2 per cent of GDP in 2010, down from 11.1 per cent in 2009. But this reduction was not easy to achieve: It was basically due to the increase in VAT rates in mid-2010, hardly a popular move. The debt, in the meantime is still at uncomfortable levels – not anywhere near that in Greece, but at 68.1 per cent in 2011 and 71 per cent forecast for 2012 still enough to force it into the dreaded PIIGS acronym.
Of course, the government is determined to bring this back to within the three per cent target of the Maastricht criteria – but unfortunately, no one seems to have told the regional governments, who were recently rapped on the knuckles by the European Commission because only eight out of 17 reached their targets. The deficit for 2011 is expected to be 6.25 per cent and will reach 5.25 per cent in 2012, unless something changes dramatically. The question now is whether there is the political will to see through the unpleasant changes required – so far, so good – and whether the unexpected surge in exports as Spain’s trading partners came out of recession will raise morale.
Unemployment rates in Spain are currently at 20 per cent, and expected to grow
In the meantime, inflation still hovers on the horizon as a threat. In the first half of 2011, higher oil prices and the result of the July 2010 increase in the VAT rate, coupled with higher excise duty on tobacco, drove headline inflation up to three per cent and it is not expected to fall to the European Central Bank’s two per cent target until the end of the year. Still, when the going gets tough, the Spanish need only look across the Mediterranean to Greece, north to the Celtic Tiger and west to Portugal to know that there really is no option but to be tough.
Putting the pain in Spain The Spanish downfall at a glance Deficit for 2011 is expected to be 6.25 per cent The European Commission is only expecting growth in Spain of 0.8 per cent in 2011 and 1.5 per cent in 2012 Spain’s debt for 2012 is expected to be of 71 per cent
Be my burger Badass Burgers serve uncompromisingly fresh, gourmet burgers made from 100% pure Angus beef. At Badass Burgers, all sauces and toppings are made fresh in house, with ingredients ranging from blue cheese and autumn fruits chutney to saffron and capers sauce. The next step for the Badass brand is Badass Café, a quick service café situated in Old Theatre Street, Valletta. “At Badass Cafe we aim to be pioneers in reasonably priced healthy fast food, from nutritious soups and healthy salads to hot entrees made with whole grains and veggies,” says Managing Director Matt Marshall.
Money / Issue 08 - 45
Launch
Come sail with me Hugo Boss celebrated the pre-opening of the first mono brand store in Malta by welcoming the Hugo Boss racing boat.
H
ugo Boss celebrated the pre-launch of its first mono brand store on the Maltese islands by welcoming the Hugo Boss sailing boat.
The Hugo Boss boat epitomises the brand’s self-assured elegance and sophistication, and the sailing team’s extreme dedication and discipline mark the brand’s confidence and desire to be at the forefront in style and in sport. The boat also encapsulates Hugo Boss’ long-term investments in sponsorships. The brand’s innovative sponsorships include 30 years of Formula One with McLaren and 10 years in sailing with Alex Thomson. This is one of the longest running sponsorships in the world of sailing. The yacht’s stay in Malta commenced with a sailing trip on Saturday morning, where journalists were invited to embark on an exciting adventure with the Hugo Boss sailing crew. They had the opportunity to experience the splendour of the boat with its 500sqm sails and the specialist sailing of the boat and crew. The first trip was followed by lunch at the Royal Malta Yacht Club, where the evening reception also took place with the Hugo Boss boat anchored in front of the club. Upon arrival at the Royal Malta Yacht Club, guests walked down the black carpet and emerged in an open space where they had the opportunity to enjoy Zest’s finest finger food and Moët & Chandon champagne, against the backdrop of the Hugo Boss boat. The up-and-coming Parisian band, White Russian, who flew in specifically for this event, complemented the mood as their jazz sound continued to enhance the elegance of the whole event. The band was followed by Owen J’s deep house music which created a youthful and energetic feel for the evening. On Sunday, guests were again invited to enjoy the beauty of the boat at sea. The select few who had the opportunity to meet the crew and sail on board went around the island on an exciting and adventurous journey during which the favourable wind allowed them to sail at a speed of 15 knots. The sailing team explained the challenge of a world race during which one man sails solo for around three months without the usual comforts of everyday life. Alex Thomson, for whom the boat was designed, leads a fascinating life. He is at the very top of the yacht racing world, and with his boat and team he competes at the very highest level. His stories of battling with the toughest conditions on earth, being alone at sea for months at a time, and his adventures and travels with Hugo Boss are enthralling. Thomson is also the youngest skipper ever to win a round the world race and has broken the world 24 hour distance record twice.
Money / Issue 08 - 47
Design
A design for life Gozitan born designer Francis Sultana sketches big design notes from a small island.
Photo by Solina Guedroitz
I
t’s been a busy year for designer Francis Sultana. Last autumn, he opened his showroom at 60 Fulham Road, London and introduced a personalised bespoke services division which gives clients the opportunity to commission unique works of design by international artists and designers including Zaha Hadid, Mattia Bonetti, Fredrikson Stallard, Barnaby Barford, and Oriel Harwood – all artists that Sultana worked with when he was Creative Director of David Gill Galleries.
Photo by Kris Micallef
Photo by Kris Micallef
48 - Money / Issue 08
In the meantime, Sultana was also busy curating the ambience in outstanding homes and conceiving striking interiors. His recent projects include a London mansion, a Greek island retreat as well as two Manhattan properties, projects which illustrate Sultana’s love of glamour and luxury.
Photo by Kris Micallef
Then last May, Gozitan born Sultana launched his first furniture collection at the Franch Salon of the Claridges hotel, London. The collection, entitled Homage To The Art Deco, was inspired by Sultana’s early career, when he was Creative Director of David Gill Galleries. For Sultana, Gill was instrumental in
Photo by Kris Micallef
artistically rewinding our focus back onto the masters of the art deco period, long before it became fashionable to do so. In fact, the collection is dedicated to David Gill and to Sultana’s mother Maria who, Sultana says, “Both supported my journey through the world of furniture and interiors.” Homage To The Art Deco includes 38 pieces, which mostly consist of upholstery, tables and lighting. Sultana, who plans to create two collections a year, will introduce cabinetry in his next collection, and will slowly bring in accessories as well. Sultana’s first collection is founded on attention to luxurious detailing, precious and studied craftsmanship and rich materials such as bronze, silver and macassar ebony. Each fabric that was used for the collection was specially commissioned and is unique to Sultana.
Photo by Kris Micallef
Homage To The Art Deco is the embodiment of Sultana’s style, a successful fusion of 20th century and modern furniture design. As World of Interiors noted, “Sultana ardently advocates mixing traditional and up-to-theminute.”
Money / Issue 08 - 49
Design
LL ss, silk shade
ALLEGRA BANQUETTE Pa t i n a t e d b r o n z e l e g s , u p h o l s t e r e d
DAV I D G U E R I D O N Pa t i n a t e d b r o n z e , p e a r l e s c e n t p a i n t , g l a s s
H38.5cm x W130cm x D30cm
0cm
M E L B U RY S O FA La r g e
Nickel plated bronze legs, gilded wood, upholstered
H58cm x D36cm
H78cm x W190cm x D90cm
Small H45.5cm D26cm
How long have you been designing furniture for? I’ve been designing all my life, since I was a teenager.
72 20
62
How important is the detailing in your designs?
L I N DA S Q UA R E G U E R I D O N A N T H O N Y C O F F E E TA B L E Bronze, pearlescent paint, glass
RMCHAIR
Maccassar wood, patinated bronze, gilded glass H45.5cm x W29cm x D29cm
H40cm x W140cm x D110cm
KA R E N S O FA
L I N DA R O U N D G U E R I D O N
ze legs, upholstered
Pa t i n a t e d b r o n z e l e g s , u p h o l s t e r e d
Maccassar wood, patinated bronze, gilded glass
81cm x D81cm
H83cm x W180cm x D90cm
H45.5cm x D29cm
16
22 70
68
ABLES PA N O S C H A I R S
nze, gilded glass
D32cm
Maccassar wood base, upholstered
Pa t i n a t e d b r a s s , p a i n t e d g l a s s
H70cm x W65cm x D73cm
H59cm x D30cm
Where do you feel most comfortable working? I love to work on a plane – that way, I’m never disturbed.
STEPHANE GUERIDON
B O N D C O F F E E TA B L E Gilded wood, shagreen, nickel plated brass
Detailing changes everything so in my work it is very important. The materials and various finishes are meticulously considered and I am involved in every decision taken.
H42cm x W108cm x D60cm
What does the design process involve?
D27cm
The design process itself involves collating inspiration from life, and painting my watercolors as the ideas come to me.
66
32
26
How important is the furniture chosen to complement a building’s interior?
P TO N C H A I R legs, upholstered
5cm x D95cm
6
PETER GUERIDON G L AC É L A M P L A R G E
Nickel plated brass, painted glass
M E L B U RY DAY B E D
Nickel plated brass, gilded glass, silk shade
H59cm x D30cm
Pa t i n a t e d b r o n z e l e g s , m a c a s s a r w o o d , u p h o l s t e r e d
H77cm x W25cm x D25cm
44
H70cm x W200cm x D70cm
24
60
Furniture is very important, as the synergy between furniture and a building’s interior is essential. Other than furniture design, what interests you? Contemporary art is my second passion. What do you find rewarding about what you do?
Unique elegance L’Eau d’Issey Pour Homme has discreetly become a hallmark of unique elegance in the world of men’s fragrances. This powerful yet balanced scent goes directly to the essential. A fresh, vibrant and elegant eau de toilette, L’Eau d’Issey Pour Homme is a timeless fragrance with a very masculine signature that carries the vibrating freshness of yuzu meeting sandalwood. Available in 125ml, 75ml and 40ml. Exclusively represented by C+M Marketing Ltd.
50 - Money / Issue 08
The sense of achievement that comes with creating historical design and something that will stand the test of time. Which designers’ work do you find intriguing? My current favorites are Zaha Hadid, Fredrickson Stallard and Mattia Bonetti. What are your plans for the future? I plan to create two new collections a year and open more showrooms a little further down the line.
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Art
Memory at the gates Transit project observes our reactions to a changing city, says David Pisani.
I
t’s easy to be beautiful at 18. Your body bounces against the gravitational pull, your skin is as finely polished as an apple, and when you walk by, you give onlookers a muchneeded recharge to their batteries. But to be beautiful when you are five centuries old – that is a staggering feat. Despite its age, Valletta is a modern city; a city planned as a city rather than a town which grew, almost organically, into a larger city over the years. And while the dramatic fortifications have preserved the elegance of the capital’s palazzi, the monumental gates, and the streets that lattice its churches, Valletta continues to breathe – it is a living city, constantly changing as it gathers, and tells, stories from its every stocky stone. Everyone has their Valletta story, a precious memory to which we add layers of significance. That first kiss on the Triton fountain and the sound of pigeons making foreplay noises as you walk to your morning shot of espresso. Republic Street at high noon with its hustle and bustle. Or a walk at night, when the streets are so empty that people rattle against the pavement. Metaphors on every corner, waiting to be stumbled upon, and voices spilling out of a window, giving you a glimpse into other people’s lives. And the church bells thundering above your head, making you want to soar above the street, the city, the world.
52 - Money / Issue 08
And because everyone has their Valletta story, everyone nurses a passionate opinion. Renzo Piano’s plans for City Gate have divided opinions. People mentally voted in favour of the new bridge, endorsed the open air theatre, or clamoured against the new houses of parliament. “And yet, the fundamentals were ignored,” says photographer David Pisani, administrator and photographer of the Transit project. “The demolition of a city gate is a very rare thing, and yet no one discussed how this change in Valletta’s main entrance would lead to changes in people’s behaviour. So we found ourselves meeting at Café Prego in South Street and discussing a project that would observe how the demolition of the old City Gate and the building of a new one would trigger changes in people’s behaviour. We also wanted to embark on a project that would aim to heighten the awareness of the link between the build environment and the social characteristics of a city.” Eventually, the project, Transit was born. This project aims to observe and record the human interaction with a landmark site that, for years, was a meeting point and how the change in the physical space of City Gate triggers changes in people’s movements and memory.
“During the works, demolition and construction, we shall also look at how spaces that were once public will be temporarily cordoned off, how these will affect human behaviour around the site and inside the city, how people react to new borders and how, eventually, spaces are reoccupied once the site is re-opened to public access,” adds Pisani. Endorsed by Architecture Project and the Renzo Piano Building Workshop, Transit is also fuelled by the philosophy that good urban planning and design create a better quality of life. It is also inspired by the fact that ruralism is disappearing – more people are moving into cities, and therefore we have to better understand urban living. “As a physical space, the former City Gate wasn’t appreciated. More so as a mental space – any space, including the old City Gate, is embedded in cultural memory. The old City Gate is layered with recollections – in fact, even though only the ruins of the actual gate survive, and will eventually disappear, we still refer to it as City Gate. “This is why part of the project also deals with the process of demolition as an architectural act in itself,” adds Pisani. “We define them as ‘temporary ruins’, fleeting moments in the lifecycle of a building that expose a surprising beauty and a sad awareness of the ephemeral nature of what we wrongly assume is rock solid,” says Pisani. “Yet despite this demolition process, a city like Valletta will always aspire to life. And despite the fact that the old entrance will metamorphose into a new one, and that people will learn to live with the new entrance to the city, the past, represented by the old City Gate, can never be erased and will survive in our collective memory.” Transit, which was recently picked up by a TV5 Monde production on port cities, will end in 2012 with an outdoor and indoor exhibition and a publication.
Part of the project also deals with the process of demolition as an architectural act in itself.
Money / Issue 08 - 53
Art
David Pisani administrator and photographer
Transit – the people
Transit is partly financed by the Malta Arts Fund and is supported by the Ministry for Infrastructure, Transport and Communications and the Grand Harbour Regeneration project. For more information visit http://transitproject.tumblr.com
David Pisani is a professional photographer specialising in architecture and design. He has worked on numerous architectural and conservation projects including commissions by the Government of Malta, the UNESCO World Heritage Committee, the Getty Foundation and the Courtauld Institute. He has lectured at the University of Malta, Faculty of Architecture and is the author of an extensive personal photographic essay on Valletta entitled Vanishing Valletta which in 2000 was included in the permanent collections of the Bibliothèque Nationale de France. Pisani has also produced a photographic essay on the city of Dubai entitled Future City which was acquired by Emirates Airlines for their corporate art collection. Pisani is the founder/director of Sitework, an architectural workshop for children. Dr Elise Billiard, research director Dr Elise Billiard holds a Ph.D. in anthropology from the University of Provence (France). Her doctorate is an analysis of Maltese identity and the evolution of kitchen practices. Her Masters degree in anthropology was a study on the persistence of traditional values and family organisation in the modern houses of the wealthy elite living in exclusive residential areas of Douala, Cameroon. Billiard also attended the Ecole des Beaux Arts in Marseille (France) and has exhibited in several European countries. She is currently a visiting lecturer on Material Culture at the Department of Anthropology, University of Malta.
54 - Money / Issue 07 08
Julia Pallone, guest artist Julia Pallone is a multi-disciplinary visual artist working with a variety of media, ranging from drawing, photography and installations through which she explores a poetic vision of a fragile and vulnerable world. She graduated in 2002 with a Masters degree from the Ecole des beaux Arts in Nantes, and also holds a Masters degree in Italian studies from the University of Nantes. She has exhibited extensively in European countries and has been awarded several art residencies. Born in France and currently residing in Ireland, she is working as an artist facilitator for the Arts for Health programme, Arts Council of Ireland, and teaches art at various levels and age groups. Mark Dingli, sound artist Mark Dingli is a filmmaker. He studied film making at SAE technology college in the Netherlands. During his five-year stay, he worked on documentaries, short films and music related videos including a feature length visual piece A Stillness Made From Speed accompanying a composition by Matt Wright for Vamos ensemble which was premiered at the RNCM in Manchester in 2004. In 2008 he directed and produced his first feature film Kont Diġa which was premiered at St James Cavalier and screened at numerous film festivals including the European film festival Eurocine 27 in Rome, Paris, Madrid and Brussels and at the Gene Siskel European Film Festival in Chicago. In 2010 he participated at the Berlinale Talent Campus and is currently working on his second feature scheduled for production in 2012/13.
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Palm Island
Dubai marina
Dubai
A dessert of a city It’s say hello, wave Dubai for Mona Farrugia.
M
any years ago when I used to film travelogues for the national television (just in case you were thinking of doing it, don’t – you end up subsidising what turns out to be an expensive hobby, and when the excitement levels out after a while, you realise you could be doing the whole thing without a camera chasing you at all times) we chanced upon Dubai as a destination. We were flying with Emirates to Malaysia and Singapore so it made sense to drop by and check what all the fuss was about – at the time Dubai was the hot new destination. So, being sensible, we did. The first thing that hits you, literally, is the dense, throatclamming heat. Actually, the first thing, since you’re still in the airport (ever expanding and now becoming a victim of its own success) is the cold. The UAE engages in this constant duel with the weather – if it’s hot outside then they will make it freezing inside. So, once out of the airport, you can imagine how long that ‘Ah… real temperature’ feeling lasts. I would calculate it at 2.7 seconds at which point you start to sweat profusely and shed every bit of clothing that is culturally acceptable in the United Arab Emirates. This is why, as much as you can, everything you do in Dubai has to take place inside. There are no mad dogs running around
Armani Hotel
56 - Money / Issue 04
so it’s mostly English men and women who will be dotting the beaches. If you want to swim and sunbathe, you are best doing this early in the morning or late in the afternoon. At all other times, ensure that you paste the Factor 50 on or book yourself into a hotel with a chilled pool. Talking of chilled pools, the coolest hotel at the moment is the Armani Hotel, which has 160 understated rooms and suites – for Dubai, that’s boutique. The Dubai Suite, of which there is only one, and which, as you can imagine, is the most expensive in the building, was designed by Giorgio Armani himself. I have not been personally but Mark Zammit, who runs his own company, has. He describes it as, “Style at its best”. The rooms and electronics are all ‘intelligent’ (meaning, you get a touchpad to do practically everything and should you wish, never get out of bed), while everything carries the Armani brand, from the toiletries to the desk and phone. You almost expect Giorgio himself to turn up with your in-room breakfast dressed in his trademark black t-shirt. The Armani Hotel is nestled in the tallest tower in the world at Burj Khalifa, its pool suspended above the spectacular views. This is, in fact, what Dubai is about – its stunning architecture. Back when I visited the first time it was about copying and pasting iconic buildings from all over the world. Today, the Emiratis have carved out their own style. Their idea was always to brand the Burj Al Arab into their own Tour Eiffel and they’ve managed.
The lobby of the Armani Hotel
I find it a little odd (not to mention carbon footprint guilty) to go skiing, which you can do at the Mall of the Emirates. I have no quibble with going shopping though.
Mona Farrugia edits and writes for food, travel and review website www.planetmona.com.
Having a mall
Holiday notes
If you are going to stay mostly inside then you need something to do and Dubai comes up trumps. Personally I find it a little odd (not to mention carbon footprint guilty) to go skiing, which you can do at the Mall of the Emirates. I have no quibble with going shopping though and unleashing my plastic at Harvey Nichols, the first one to open out of London many years ago. It is all, conveniently, over a few floors and the space allocated to each concession is much larger than that in London, which is why you may, erm, come back with more Louboutins and Jimmy Choos than you thought was humanly possible. Or is that just me?
The two things that everybody will tell you about Dubai, especially all those expats who live there (the percentage of Emiratis hovers at around 10 out of the entire population) are that you need to be a little careful with your clothing and your behavior in public areas. No obvious public displays of affection as they can land you in jail and that’s no joke.
For those who love a bargain, head to Karama. I avoid, at all costs, the shops selling copies. I mean, what exactly is the point of a fake Louis Vuitton? Even if you are wearing a real one, unless the rest of your clothing and demeanour screams ‘rich’ and ‘stylish’ everybody will think you’re carrying a fake anyway. Head to the back of the building where immigrant Indians, Pakistanis and Kashmiris have set up tiny stores selling beautifully beaded and soft pashminas and slippers. And never, ever, buy electronics from the airport duty free unless you’re absolutely desperate for a charger. The service is slapdash, especially at peak hours, which is when the flight to Malta arrives and departs, and the prices sometimes higher than those in Europe. If you want electronics, go downtown where you can bargain.
The second is the traffic – it is horrendous. If you are planning a few days in the city before or after you fly off to Mauritius or other picture-perfect destinations where you cannot shop, plan well. Otherwise you may find yourself spending half your days in taxi air-conditioning with the sun beating through the windows. One last pointer – if you have the money, buy a first class ticket on Emirates. The cabins are lovely but the highlight is the First Class Lounge at Dubai International airport. You can also get yourself a massage or a manicure while you are there – it’s ‘free’. The first time I went to Dubai, back in 1999, I was not too impressed with this city. On my second, third, fourth and fifth visits (at some point I lost count) I started to understand it and make the best of it. The Maltese television viewers though, adored it then and still love it now. Pull these two pages out of this magazine and the next time you’re in Dubai, keep your cool in all senses and follow my trail.
Mona Farrugia edits and writes for food, travel and review website www.planetmona.com.
Gold on a plate
Dubai is very much about eating out. My favourite is Indego, one of Vineet Bhatia’s first forays out of London. The ambience is chic, the service is amazing and the food is inventive and very modern Indian from all parts of the sub-continent. In true Dubai style they have a gold-leaf dessert. Go for it. It is not cheap, but no good restaurant is, and there are many of them. If you’re a little broke, head for the Pakistani immigrant areas, but beware – eating with hands is normal, so brush up on the modus operandi before you sit down at one of the rickety tables.
Money / Issue 08 - 57
Banking
Saving made easy Easisave is an innovative banking solution that changes the way you manage your savings.
What was the perceived need for which the Easisave product was developed? The development of this product follows FIMBank’s overall strategy to develop innovative quality banking solutions in order to seek new and alternative sources of funding.
higher return on their savings and don’t wish to tie these funds up for a fixed term now have now an alternative option to consider. How does FIMBank guarantee complete online security for its webbased product?
Easisave.com is the first local online savings account denominated in Euros to be offered entirely over the internet. The product is modelled on similar online products which have been launched in Europe over the last few years and which are transforming the way consumers manage their savings. With Easisave we are in a position to offer superior returns because we do not need to depend on an expensive branch infrastructure.
Although Easisave has its own brand identity, it is a FIMBank product and falls under the bank’s umbrella security policy that applies for protection of unauthorised access, confidentiality and integrity of information. Naturally the regulatory and legislative framework which oversees the bank’s operations also applies to Easiave. FIMBank has a high level of secure protection systems in place, all managed by the bank’s own IT Department.
Which customer group has the Easisave product been mostly developed for?
How do Easisave interest rates compare with other savings interest rates?
Easisave was specifically developed for customers who do not wish to tie their funds for a fixed term yet expect better interest rates on their savings account balances. It was developed for individuals who prefer to manage their savings from the comfort of their home or wherever they have access to the internet.
Easisave is offering an interest rate of 2.5 per cent per annum which when compared to other savings account is significantly higher. This rate, coupled with the fact that the bank does not levy any fees, charges or commissions, has generated considerable interest from both small and large investors.
The fact that we have set a first time minimum deposit at only €50, with no subsequent balance limits, effectively makes the service available to everyone, whether one wants to set up a savings account for a dream holiday, a new car or a future home. All those who want a
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What are the main advantages that Easisave offers? The superior interest rate, currently at 2.5 per cent gross per annum on funds that can be withdrawn on demand (no fixed term) is a significant advantage. Moreover, the fact that banking with
Easisave is free of charge and that there is no need to call at the bank’s premises are also positive attributes of this product. Undoubtedly, many customers will probably be drawn to Easisave by this product’s user-friendly and easily accessible nature, further enhanced by the support they can receive from a dedicated helpdesk. All in all, this is a savings product which lies within everyone’s reach. Are there plans to further develop Easisave offerings for joint or business accounts? We intend to continually update, develop and enhance the Easisave account. The planned developments will be mostly in line with the feedback that we are receiving from our customers in order to make this product more efficient and tailored to the needs of our customers. Will FIMbank also be marketing this product internationally? In view of FIMBank’s standing as a financial institution on the island, our marketing efforts will initially be focused on Malta, although the product is also open to individuals who have bank accounts in the European Economic Area. It is our intention to readily market and develop this product in other countries particularly within EEA countries. Our experience so far is that Easisave is proving to be quite appealing to customers wherever they are located and this is due to the flexibility and practicality that it offers.
Neutral Grounds Photography: Kris Micallef / Creative Director : Luke Engerer / Model: Hector at models.com.mt
Mexx shorts - €42.95 Timberland shirt - €100.00 Massimo Dutti bag - €295.00 Timberland boots - €160.00 Ralph Lauren belt - €61.00
Hilfiger Denim shorts - €79.90 Mexx t-shirt - €32.95
Timberland trousers - €100.00 Massimo Dutti shirt - €49.95 Mexx scarf - €22.95 Pikolinos shoes from Ecco - €99.90
Esprit blazer - €189.95 Esprit trousers - €89.95 Hilfiger Denim scarf - €69.90 French Connection sandals - €58.00
Massimo Dutti jacket - €135.00 Esprit t-shirt - €9.95 French Connection shorts - €49.00 Timberland boots - €160.00
Tommy Hilfiger shorts - €90.00 Hilfiger Denim t-shirt - €49.90 Timberland boots - €160.00
Prints and Patterns Why be ordinary, when you can be extraordinary? Stand out in stripes, checks, florals and graphic and dare to mix prints and clash colours – so 2011. Photography: Tonio Lombardi / Stylist: Kira Drury
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66 - Money / Issue 08
Opposite 01. Orsay bow jacket, €34.95 / 02. French Connection cream embroidered dress, €199.00 / 03. Mexx purple and cream t-shirt, €22.95 04. Carpisa bag, €29.90 / 05. Esprit polka dot shirt, €35.95 /06. Tommy Hilfiger print dress, €160.00 / 07. Esprit sandals, €139.95 01. Tommy Hilfiger hawaiian shorts, €65.00 / 02. Mexx stripe t-shirt, €42.95 / 03. Mexx white t-shirt, €17.95 04. Mexx purple t-shirt, €17.95 / 05. French Connection army shorts, €63.00 / 06. Ecco shoes, €114.90 07. Ralph Lauren floral polo-shirt, €88.50 / 08. Tommy Hilfiger blue and pink checked shirt, €90.00 / 09. French Connection navy checked shirt, €55.00 / 10. Tommy Hilfiger stripe shirt, €100.00 / 11. Esprit checked shorts, €54.95
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Money / Issue 08 - 67
Cuisine
The thrill of the grill It’s a beautiful BBQ summer thanks to Zammeats butcher’s shop and delicatessen at Arkadia Food Store, Portomaso.
Grilled halloumi You need • Halloumi • Lemon Method Slice the halloumi, halve the lemon and brush each side of the lemon with olive oil. Turn on the grill to medium-high heat and put the halloumi and lemon slices directly on the grill. The halloumi will be ready in about three minutes. Plate the cheese and squeeze the lemon lightly on top. Serve immediately.
Zammeats cheese board You need •C omté, a hard cheese made from cow’s milk •O ssau-Iraty, an appellation d’origine controlee cheese made from sheep’s milk •B rillat Savarin with papaya, a rich, creamy cheese with the added surprise of sweet papaya •V alencay, a classic yet versatile young goat’s cheese
Photos by Christian Sant Fournier
Serve with artichoke hearts and fig compote.
The finest foods All the fine cheeses and ingredients used in these recipes come courtesy of the Zammeats butcher’s shop and Zammeats delicatessen at the Arkadia Food Store, Portomaso and Zammeats butcher’s shop at Giuzeppe Calleja Street, Swatar. Zammeats are the top local importers and distributors of quality meats, including Charolais, Aberdeen Angus and other premium meats from France and Italy. Zammeats also import and distribute Wagyu-Kobe beef, renowned for its texture, tenderness and flavour. The Zammeats delicatessen stocks the finest foods, including quality hams, salamis, foie gras, compotes and the best cheese selection on the island. At Zammeats, food just tastes better. For more information visit www.facebook.com/Zammeats, send an e-mail at zammeats@onvol.net or call on 7940 5205. 68 - Money / Issue 08
Grilled Aberdeen Angus beef rib eye
Method
For the grilled Aberdeen Angus beef rib eye, you need • 350 gr beef rib eye from Millers of Speyside, imported by Zammeats • 5 tbsp olive oil • Salt and pepper
Season the steak well then grill over a high heat. Allow three to four minutes on each side for medium to rare cooking, and five minutes for medium cooking. Rest for about five minutes. As an optional accompaniment, you can do a bordelaise sauce.
For the confit tomatoes you need
iced water. When cool, remove from the iced water and pat dry. Peel off the skin.
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1 clove garlic 10 sprigs thyme 10 tomatoes Extra virgin olive oil Salt and pepper
Method Preheat the oven to 120 degrees. Peel and finely slice the garlic and break up the thyme sprigs. Then bring a mediumsized saucepan of water to the boil. With the pointed end of a small sharp knife, cut out the core of the tomatoes and lightly mark a cross on their undersides. Drop the tomatoes into the boiling water for 10 seconds, lift out and plunge into
For the bordelaise sauce, you need • 40 gr shallots, finely chopped • 8 white peppercorns, crushed • 200 ml red wine • 300 ml veal stock • 1 small bouquet garni • 200 gr beef marrow, soaked in iced water for four hours • 30 gr butter, chilled and diced Method
Brush the tomatoes with olive oil and lay them out on a baking sheet so the insides are facing up. Put a slice of garlic and thyme in each cavity. Season lightly with salt and pepper. Cook the tomatoes in the oven for about 30 minutes.
Put the shallot, peppercorns and red wine in a saucepan, set over high heat and reduce by one third. Add the veal stock and bouquet garni and bubble gently for about 20 minutes. Pass through a sieve into another saucepan. Drain the beef marrow and cut into small pieces. Place in a saucepan, cover with a little cold water and salt lightly. Set over medium heat and bring to the boil. Then turn off the heat immediately, leave the marrow for 30 seconds, and drain carefully. Season the sauce to taste, whisk in the butter, add the well-drained beef marrow and serve immediately.
Zammeats also stock French readymade confit tomatoes
For the twice-cooked chips you need
Slice the tomatoes in half lengthways (vertically) and scoop out the seeds. Dab the insides dry with kitchen paper. Leave the tomatoes on a few sheets of kitchen paper to allow them to dry.
• Two large local potatoes • Salt For the stuffed mushroom, you need • 2 large flat mushrooms • 1 tbsp olive • Salt and pepper Method Wipe the mushrooms with a damp piece
of kitchen paper to remove the grit, but don’t wash. Cut out the stalks. Place the mushrooms on a flat tray, drizzle with olive oil and season well with salt. Cook the mushroom at 160 degrees for 5 minutes. Stuff the mushroom with any filling you want.
Method Cut two clean potatoes into wedges. Steam the wedges for about 15 minutes and when cooked, place the chips in the fryer on a high temperature and cook until crispy. Season before serving. Money / Issue 08 - 69
Web Mr Raab is Head of Digital and Social Media at Ogilvy Malta and a Digital Marketing Consultant.
Thank you, come again Online loyalty pays for both businesses and consumers, says Amit Raab.
L
oyalty schemes come in all shapes and sizes, from docile to extreme, like the San Francisco establishment which offered free food for life to all its customers who were willing to tattoo the restaurant mascot, Jimmy the Cornman, on their body. Some brands don’t need to work for their customers’ loyalty. Recently, a couple in Israel named their newborn child ‘like’ after the Facebook sentiment, saying they wanted a name that was, “Unique, creative and totally new.” I think we can agree it is all three, but this doesn’t say much for the child’s future in the playground. Traditional businesses have developed many types of loyalty schemes over the years. The coffee shop I go to for my daily hit of caffeine has a loyalty card – a delightfully designed piece of paper with 10 slots for stamping – which, when I remember, I get stamped. If I don’t lose this card or die of an espresso overdose by the time I reach 10 cups, I receive one free. But how do we translate the traditional methods of customer retention to the online market? Some brands have taken a direct translation. Tasti D-lite, a frozen desserts chain in New York, lets their smartphone savvy customers earn extra loyalty points by tweeting or using Foursquare every time they make a purchase. Another familiar mimic of an old 70 - Money / Issue 07 08
loyalty scheme can be found online with web miles, a new phenomenon similar to the traditional air miles we all know and love. When customers purchase goods from online traders that are affiliated with the web miles scheme, they receive points. Once they rack up enough points, they can then purchase flights and other goods from a select catalogue. However, with new mediums come new rules. A recent study by POPAI showed that when shopping online, only half (53 per cent) of Americans who are members of retail loyalty rewards schemes visit websites of retailers where they can earn discounts and rewards, before looking elsewhere. Today’s online consumers expect more than a plastic card to keep them engaged with a certain brand. We can learn a valuable lesson from one of Malta’s most popular websites, Planet Mona. Planet Mona is not a retail site. However, the skill of interacting and knowing your consumers is one that is key to the increasingly social medium of online sales. If you take a look at any of Mona’s channels, Facebook, for example, you can see that she knows her readers, a lot of the time, by name. They come back to her site not only because of its quality content but because they can discuss what they are reading and know that Mona and the other readers will join in the conversation and respond to them individually and personally.
Our colleagues at Ogilvy in the US used this interaction with consumers to not only increase brand value and keep visitors coming to Walmart.com, but also to boost revenue for Walmart. Walmart recruited 20 influential bloggers, all with blogs targeted at mothers, to be a part of its ‘Walmart Moms’ scheme. Bloggers would be under no obligation to blog about Walmart but they would get to try out new products and hear about deals as well as participating in special Walmart events. All this in the hope that they would write about their new experiences. By giving these familiar and popular online influencers a chance to be a part of Walmart’s business, the supermarket giant increased its brand status in the mother community. It gave itself a human and trustworthy face and channelled influence from around the web on to its site, making sure mothers would stay on the Walmart page longer and come back for any products or queries. The ways to inspire loyalty in customers are ever evolving with exciting new online platforms and growing scales of consumers. Whether you are an electrical goods retailer or a travel writer, your method for customer and visitor retention online needs a good deal of thought and consideration and a little creativity and innovation. And don’t forget your cafe’s loyalty card, because a free coffee is a free coffee.
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Summer Collection 2011
Summer Collection 2011 01.06.11 17:30