MONEY MARCH 2016 ISSUE 35

BUSINESS | LIFESTYLE | DESIGN

THE HOMES & INTERIORS ISSUE ISSUE 35

DESIGN ESSENTIALS INTERVIEW:

CHRIS MINTOFF DESIGNING AROUND A VIEW

DOCK 1 REGENERATION PROJECT BUY-TO-RENT INVESTMENTS

The Art of Tailoring Malta Airport BOSS Store MIA Gate 1, Departures Lounge St Julians BOSS Store Malta 2, Ross Street

WELCOME If we had to update the status of our relationship with space, it would be best described as complicated. We hate queues, hog the overtaking lane and proceed to drive at a 30km/h stroll, and elbow our way through a crowd.

We are experts in building illegal structures on public land and spend a lifetime trying to encroach on our neighbour’s garden. And for us, a picnic in the countryside means taking over a patch of land, make it our own and defend it agains the forays of other picnickers.

The reason why our relationship with space is so complicated is that there is not much of it. That is why we are so jealous of our privacy, why real estate remains one of the safest investments, and why our greatest aspiration remains home ownership.

This jealousy also translates into good design. Following the horrible 1970s and 80s, when a lot of our architectural heritage was destroyed to make way for faceless, soulless developments, in recent years, we are increasingly acknowledging the value of good and sustainable design.

In this issue of Money, we interview the Kamra tal-Periti president Chris Mintoff, who describes his profession as a vocation and says that the profession needs to update itself through lifelong learning and more effective communication.

Jamie Iain Genovese meets Konrad Buhagiar and Guillaume Dreyfuss from AP Architects to discuss the Dock 1 regeneration project in Cospicua.

Recently awarded the Prix d’Honneur in the Major Regeneration Project category, this project managed to regenerate the area while maintaining its cultural and historical identity.

In this issue of Money, we also showcase designs by Daniel Scerri, who also discusses how to incorporate views into design, as well as garden projects by Eliza Costabel from Idea Studio.

Good design is critical to the well-being of employees and the productivity and efficiency of an office. We visit the offices of Vodafone Malta, Betsson and Zanzi Homes to see how these companies have invested in innovative design and are reaping the benefits.

Read on and enjoy.

CONTENTS

THE HOMES & INTERIORS ISSUE

MARCH 2016

8 MOORING THE DOCK

Jamie Iain Genovese meets Konrad Buhagiar and Guillaume Dreyfuss to discuss the Dock 1 regeneration project in Cospicua.

12 FIRM FOUNDATIONS

Kamra tal-Periti President Chris Mintoff speaks passionately about his profession. Veronica Stivala learns about his firm belief in the need for the profession to update itself through lifelong learning and for improvements in the way the professionals communicate.

17 VIEW TO A THRILL

44 THE POWER OF EFFICIENCY

Will Germany maintain its status as economic power of Europe?

54 WARM HANDS, WARMER HEART

Baby it’s cold outside. So stay in and enjoy Money’s line-up of warm gifts.

56 HOUSE PROUD

Money’s design essentials are for life.

58 WHO IS DRIVING US?

The Bluesman tries to cadge a lift on New York City’s transport system.

Different views add value to a living space, Daniel Scerri says.

20 IN HER DEPTH

Vera Sant Fournier sketches the main design considerations of a unique dive centre.

28 SEEING THE WOOD AND THE TREES

There is no forbidden fruit in these gardens. Architectural designer Eliza Costabel takes a walk in four gardens designed by Idea Studio.

32 ROOMS FOR RENT

Is buy-to-rent a real investment or are there hidden costs, Reuben Buttigieg asks.

Editor Anthony P. Bernard anthony@moneymag.me Consulting Editor Stanley Borg stanley@moneymag.me Design Roderick Peresso Design Studio m. 99258825 Printing Print It Distribution Mailbox Direct Marketing Group

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37 BUYING INTO THE ISLAND LIFE Dr Doran Magri Demajo explains the conditions that regulate the acquisition of immovable property in Malta by non-residents.

43 A YEAR OF TURBULENCE

A weakening demand for commodities sets the tone for a potential crisis, Alexander Mangion says.

COVER CREDITS Photography Nicky Scicluna Styling Luke Engerer Model Chris from SuperNova models, wearing, Armani Jeans Shirt, €110.00 BHS Waistcoat, €22.00 Calvin Klein Jeans Jeans, €119.00

Money is published by BE Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.

4 - Money / Issue 35

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PROJECTS

MOORING THE DOCK

Jamie Iain Genovese meets Konrad Buhagiar and Guillaume Dreyfuss to discuss the Dock 1 regeneration project in Cospicua.

Guillaume Dreyfuss

Konrad Buhagiar

Photos by AP

I

n November 2015, Din l-Art Helwa awarded AP Architects the Prix d’Honneur in the Major Regeneration Project category. The project did not tackle the regeneration or refurbishing of a building, or a structure, but a public space, a park, that needed to utilise landscaping, remanage utilities into an organised space, while also maintaining the cultural and historical identity of Cospicua’s Dock 1.

It was a project of regeneration and not one of gentrification. In other words, Dock 1 is still Dock 1, and it is its own destination. To

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discuss what any and all of this means, I first meet Konrad Buhagiar to discuss the values of frugality and preservation in architecture.

Buhagiar then directs me to Guillaume Dreyfuss, the full-time historical researcher that formed part of the AP team responsible for the Dock 1 project to discuss the challenges involved.

So I enter a small conference room, occupying a corner space in the AP Architects office in Valletta. Soft light filtering through the balcony, a large table in the middle of the room, lined with dark chairs that are solid and well formed –

no rickety black plastic swivel office chairs with a dark polyester cushion. The walls opposite the window light are lined with bookshelves stocked with magazines and leather bound reference books spanning decades.

Mounted on the walls, in large, thick, wooden frames, under glass held up by bolts, are equally large black and white David Pisani prints that tell you quite a lot about where you are. This is clearly the conference room of an architectural firm, and every little detail reminds me of this. To be even clearer, it

“PLACES CANNOT CHANGE THEMSELVES – THEY ARE CHANGED BY PEOPLE.”

Dutch architect Rem Koolhaas, whose firm OMA boasts an extensive list of acclaimed alumni, and is the author of the 2014 book Preservation is Overtaking Us. Architecture is rapidly becoming conservation, which is in itself a young discipline, birthed from the advent of the industrial revolution.

Preservation is the idea that results from acknowledging the fact that we can’t rebuild a gothic building, so let’s take care of it. This idea even extends to the industrial buildings that have since been vacated by an industrial migration to the east, the factories that no longer produce. A salient example of this would be the Tate installing itself inside Powerhouse, a former Bankside power station. So, where once we were preserving the structures erected hundreds of years ago, we now invest in the preservation of buildings decades old. Or as Buhagiar succinctly put it, “We’re preserving younger, and younger, and younger objects.”

And what does this mean? Probably that we’re going to, I quote, “Preserve the buildings of the future, that don’t even exist yet.”

Understanding the value of preservation, we can appreciate the context in which the concept of preservation is present in the undertaking that was the Dock 1 project. The challenge in taking an industrial location, with its dividing wall between sea and city and sprawling supply and utility lines, the challenge in taking a space that was not inviting people into itself and changing it without changing its identity as Dock 1. The way I understand it is that a man can be a new man, but still be the same person. This wasn’t plastic surgery: it was a haircut, some new clothes, and a bit of life experience.

wouldn’t go amiss on a Pinterest board. Well, mine anyway. Across from me sit Konrad Buhagiar of AP Architects, and we have an espresso each – a good start to an interview.

When working on any space, the temptation is to start off with a clean slate and construct something new – no doubt a reflection on our consumeristic culture, where replacing the old with the new is the norm. What of frugality, of preservation? Proverbs such as ‘necessity is the mother of invention’ and ‘a stitch in time saves nine’ seem to be out-of-place in today’s world.

These quotes, Buhagiar tells me, are favourites his grandmother lived by, but contrast in value to the capitalistic culture we live in.

As a kind of throwaway example, Buhagiar mentions an exhibit at the London Design Museum which featured iPhone designs from five years ago, and how hard it is to not notice how we’re encouraged to update, upgrade, replace the objects in our lives.

Architecture, however, has a different story to tell. This is evidenced by the famed

Places cannot change themselves – they are changed by people. And people have to be mindful of the changes they make. Guillaume Dreyfuss, a resident historical researcher who, Buhagiar tells me, is fantastically knowledgeable, and that ‘nobody knows the archives like he does’.

A big part of the project, as Dreyfuss describes it, was coming to terms with and understanding all the emotional and historical ties to the location, to take all that into every decision being made. The dock would have been an important site for the livelihood of

Money / Issue 35 - 9

PROJECTS

many, with each part of the area bearing a different significance to different people.

What immediately came up was the divisive wall. How do you keep the walls that defined the space, but break down the walls that isolated it? The solution, as Dreyfuss explains, was to use its actual boundaries.

The different coloured sections of the flooring, the pre-existing rails, the green landscaping that, through its soft contours, visually separates pedestrians from the traffic, but not the city. Walking around, one is very aware of being in Dock 1, of its shape and size, where it ends and where it begins, but it keeps you from feeling like you’re a few metres from traffic, which you are.

But there was something else: “Beyond the historical and the visible, it was what’s hidden”.

That is to say the utilities and supplies that were visible and above ground were canalised, but kept accessible, in order to both open up the space and maintain its utility. In both these instances, which still make up a small portion of all the facets of this project, while aspects of the form were revisited, it was the function that was kept alive and well that lent to the strength of this project.

The key, though, is that the project was focused on regeneration, and not gentrification.

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“The project deals with regeneration since it has, at its very core, the memory of Dock 1 to preserve, and uses it as a catalyst to connect this area to other parts of the Three Cities,” Dreyfuss says.

The visual and physical manifestation of this concept of connection is the bridge, which literally connects the cities together, making amenities more accessible.

“While one cannot guarantee that gentrification will not take place, the project itself was concerned with providing existing local residents better connection and public spaces in a dense urban environment,” Dreyfuss adds.

This means that this wasn’t a project used to shoehorn commercial estate and displace an existing population – rather, this was a space designed to serve the local population of Cospicua, a public garden that can be walked through and enjoyed by the people living there.

This was done by mapping the cultural, social, and other various functions of the areas surrounding the dock as well as consulting the various stakeholders involved.

“The initial concept was developed and refined to accommodate the multiplicity of activities already taking place at the boundary of the

dock. For instance, besides all the services and utilities, provisions were made for the poles used during the feast to be installed.”

But we can even find examples that go beyond this that show how a space can be utilised to serve the people that use it in several ways, such as the fact that the area, as Dreyfus says, “Was used as a pilot project for the treatment of effluents to be transformed into water for the irrigation of the landscaping.”

People engaging with each other as well as with the memory of the hub that Dock 1 always was has always been an integral part of their goal. This wasn’t a bigger and better replacement of a space – it was one that hoped to restore dignity to an industrial space that had long been neglected.

To close, I ask Dreyfuss about what winning the Prix d’Honneur was like. He tells me that they had the site visit with the jury before the deliberation was held, that is, there was no way of knowing that they had won, and that during that site visit, on a normal weekday morning, they got to see people who live and work around the area walking around the regenerated Dock 1.

That alone already gave them a sense of accomplishment. The prize, I suppose, just added to that.

ARCHITECTURE

FIRM FOUNDATIONS

Kamra tal-Periti President Chris Mintoff speaks passionately about his profession. Veronica Stivala learns about his firm belief in the need for the profession to update itself through lifelong learning and for improvements in the way the professionals communicate.

Chris Mintoff. Photo by Christina Goggi.

Architecture and design constitute a large part of what defines Chris Mintoff. Like most architects, he considers his profession to be a vocation, and it influences aspects beyond his work including hobbies – he’s a huge fan of Lego – and travel.

“It’s quite difficult to stop a perit from completely talking shop,” he confides.

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Mintoff runs a small architectural firm of five people, which was has been operating for over 60 years. As the firm’s director, he is the fourth generation and has had some massive shoes to fill in. The firm has a vast portfolio, but without a doubt his favourite projects involve the conversion and adaptation of old properties, generally as new residential units. Each project

ends up being incredibly unique due to a combination of the existing constraints and the client commissioning the work.

Mintoff is also president of the Kamra talPeriti (Chamber of Architects). The KTP was founded in 1920 and the role of a perit has had to adapt quickly to changing needs. KTP is there to support members of the profession

“Having a more knowledgeable and adaptive profession raises the level and image of all periti, while giving our clients a better service.”

Mintoff also feels the need for better communication within the profession. Soon, KTP will start organising events where periti can present their projects to one another, discuss problems they have faced and share anecdotes from their work.

“I feel that the profession is plagued by a sense of isolation. I want to target that, and I believe the results would be beneficial to the profession,” Mintoff says.

We discuss a number of issues pertinent to Malta’s infrastructure, notably high-rise buildings. Mintoff believes high-rises will be part of Malta’s architectural language.

“The demand on the footprint committed for development is increasing, and since we can’t expand sideways, we can only expand upwards,” he says.

Yet the way high-rise will be accepted locally is yet to be seen and Mintoff knows that such developments will be a cultural change to the Maltese lifestyle.

High-rise developments impose new ways of commuting, of spending your leisure time and the way neighbours interact. There are certain nuances which we might not be able to get used to that easily. As an example, a typical Maltese person has an innate need of wanting to open windows for fresh air upon entering a space – this won’t be possible with high-rises as their ventilation would be completely mechanically controlled. On a macro scale, the idea of trying to drive up to, and park in front of your destination will be incomprehensible with high-rises. These developments will demand a complete rethink of our mass transit system.

Mintoff believes the change required in people’s behaviour is the most interesting variable for Malta’s high-rise future.

in achieving excellence in their practice of architecture and engineering, and it has to do so in the interest of the community.

Mintoff speaks passionately about his remit in this two-year presidency, of which he is halfway through. He is using his position to emphasise the need for the profession to update itself to today’s needs.

“Today’s construction industry could be defined by the overwhelming amount of new materials and technologies which enter the market on a regular basis. No perit can graduate expecting to know all that will be required for the rest of his life,” Mintoff says.

Lifelong learning is essential and Mintoff is trying to make this part of our culture.

“While this new topography of development will need some cultural changes, it will be very interesting to see to what extent they will succeed and how this architecture will adapt to accommodate the Maltese mentality.”

That said, according to Mintoff, high-rise is not the only future for Maltese architecture and he stresses how we must continue incentivising the use of urban conservation areas and village cores. This would decrease pressures to develop new land, and would revive areas which would otherwise fall into disrepair.

Money / Issue 35 - 13

ARCHITECTURE

“Every building that gets revived ends up increasing the visual integrity of its immediate whole area. At the end of the day, the biggest incentive is always an economic one. The reduced tax on purchasing old properties will help, and the Malta Environment and Planning Authority should continue schemes to help fund the restoration of old facades and traditional elements like wooden balconies,” Mintoff says.

Speaking about economic incentives, Mintoff reveals his concerns for the current boom in the property market are that many young individuals are purchasing property with the need to rent it out in order to meet their loan repayments.

“Were the local rental market not as strong as it currently is, many young workers would have certainly bought property which would otherwise be beyond their means. If the rental market were to suddenly collapse, many young individuals would end up in dire straits,” he says.

The next step in this discussion is the aesthetics of our buildings. Mintoff does not shy away from admitting that we have many ugly buildings, which contribute to even uglier streetscapes, which were brought about by many variables and policies. That said, Mintoff believes architects, developers and clients have since come to terms with this reality. The

“I FEEL THAT THE PROFESSION IS PLAGUED

BY A SENSE OF ISOLATION. I WANT TO TARGET THAT, AND I BELIEVE THE RESULTS WOULD BE BENEFICIAL TO THE PROFESSION.” plus side, according to Mintoff, is that this phase has helped create a generation of architects who are making it a point to fix these problems.

This will be especially beneficial in the urban conservation areas, which are the most endangered part of our built environment,” Mintoff says.

So how should we be designing? Mintoff discusses the new development guidelines, issued last year. This document defines what can be developed and how it should be designed.

This means that we have entered a new and interesting era for design. It will be a bit of challenge for architects to shake off the previous limitations which are responsible for many hideous buildings, but it will be even more of a challenge for the authorities to come to terms with policies which do not work with just ticking boxes off a list of requirements, but by understanding what the architect has presented and how this will impact the surroundings.

“While the new guidelines understandably have restrictions, they take the existing context of the development into consideration, and it is up to the architect to make a proposal worthy of consideration.

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On the issue of surroundings, it is imperative to discuss Malta’s very limited natural environment. The biggest threats according to Mintoff are two: firstly the waning interest of young people to become farmers and to grow produce for a living. If these fields are not used, they will become abandoned and would become an eyesore. This is made more difficult by the fact that fields tend to be small and awkwardly shaped, so in some instances they cannot be worked with heavy machinery. This land is consequently mainly affected by socio-political issues and planning regulations will have to try to incentivise this land’s use.

The second prevalent threat is people who claim public land theirs by constructing walls and obstructions. Since we live in a built environment, we must address the many threats to these areas. What Mintoff would like to see aggressively tackled in the coming years are unfinished and abandoned structures – concrete skeletons weathering in our streetscapes are particularly prominent and incredibly hideous.

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INTERIORS

VIEW THRILL TO A

Different views add value to a living space, Daniel Scerri says.

What added value does a view give to a property?

Views extend the property limits in terms of size restrictions and ownership.

Secondly, it gives the owner of the property a feeling of ownership of the view as well, giving an added value that reflects in the price of the property as well.

Firstly, the visual boundaries are subconsciously extended out and a longdistance view relaxes the eyes and soul after a busy day of work. It simultaneously provides a focus, a backdrop and a setting to the property.

Do country and sea views create different moods?

Country views tend to instil in us a sense of oneness with nature, and give us an urge to explore. The different seasons also impinge a different mood onto the viewer.

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Sea views on the other hand instil a mood of dreaming. Views of the sea appeal to the dreamer in us and give us a sense of adventure and the unknown. They can also be more dynamic, with boats passing by.

This, of course, varies from one person to another. To most, however, views create a mood of peace and relaxation from the hustle and bustle of the city. However, for some others on the other hand, an open sea view

Perit Daniel Scerri is a senior architect at Daniel Scerri Periti, an architecture and design firm established in 2004. The firm’s work includes a wide and diverse range of architectural and design projects, from residential and commercial projects, to urban regeneration, cultural and infrastructural projects. DSP have worked on a wide spectrum of project scales, both locally and internationally. The works of DSP have featured in various local and foreign design periodicals, websites and publications.

“THE VIEW OF A SPECIFIC ELEMENT, SUCH AS A CHURCH DOME, CAN BE FRAMED THROUGH AN OPENING FROM A MAIN VIEWPOINT OF A DWELLING.” for example, instils a sense of emptiness and loneliness. For most, however, a view of the sea, country, or better still a bit of both, is an attractive feature.

for instance, in an urban conservation area – an urban view is well perceived by some.

Given our limited landmass, country and sea views come at a premium. However, urban views are not scarce – is there a lack of appreciation of urban views?

Rather than a lack of appreciation of urban views, I think many of our urban views lack balance or articulation.

Views of, for instance, Valletta, Mdina or the Cittadella are a few of the most attractive and photographed views of our islands.

These are, to be fair, a combination of both natural country views with an addition of an urban or artificial landscape, combined with a sense of history and nostalgia, which in turn combine a sense of continuity to the balanced proportions of the view.

Our roofscapes, for example, perhaps as a result of our roofs being usable spaces, are generally cluttered, messy and inconsistent, with all sorts of services and structures sprouting up. This is, many times, not a very attractive view. However, in some cases –

When designing a property, what considerations do you give to views?

In properties with a view, a premium has been paid for the value of this view. It is therefore of utmost importance that this view is enjoyed to its maximum

Money / Issue 35 - 17

INTERIORS

potential from the most possible and feasible parts of the property.

Care and thought should be dedicated to the viewpoints throughout the property as one moves through the property, utilising it as a focal point, a backdrop, or as a point of reference.

A view adds the third focal point to a living room, for instance, a fireplace, television and view. Therefore, care must be taken at design stage for the orientation of the furniture. For instance, the view of a specific element, such as a church dome, can be framed through an opening from a main viewpoint of a dwelling.

When a natural long-distance view is not available, internal views and focal points placed strategically within the building serve a similar purpose.

What design elements can enhance a view?

Many times a view can be enhanced by focusing the visual direction onto the part of the view that is most appealing. For instance, rather than opening up a faรงade completely, one should take note of which parts of the vista need to be covered up and which are to be framed.

The use of portals and frames draw attention to a specific part of the view.

Slit windows are adapt for landscapes.

Unhindered views allow for large floor-to-

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ceiling and wall-to-wall openings, while part views require more direction of attention by using architectural elements and a combination of solid to void proportions.

I believe that a view, whether long- or short-distance is an integral part of any project design, and care must be taken to designing an approach to a building as well as throughout the property to ensure a photographic backdrop or studied viewpoints that enhance the architectural experience of the user.

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DESIGN

IN HER

Vera Sant Fournier sketches the main design considerations of a unique dive centre.

DEPTH What inspired you to pursue a career in interior design?

This may sound somewhat passé but it’s actually quite true: my career development just happened, and by that I mean that all the series of events that took place, from my upbringing to my education choices all through to my employment decisions, simply all led me to doing what I do today: running a unique design studio.

When did you launch your design studio and how has it developed since then?

The story stared when I took the decision to resign from my employment with one of Malta’s leading furniture suppliers - this was about seven years ago. Since then, I have come a long way, starting on my own from one room which I called my studio, my sanctuary to create beauty.

Today, we are three in this one room, until our new studio and exclusive Home Boutique is ready in Ta’ Xbiex.

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Despite the changes and the growth, we are still doing what we do best, but we have stepped it up a notch, from developing green design education and delivering efficient sustainability to homes and commercial projects, to completing my feng shui diploma and winning Malta’s Best in Business Design Company award 2015.

We are also now exclusive agents of fantastic quality brands which will be soon available from our new Home Boutique.

It’s been a great ride and we are all looking forward to what the future holds for the brand: Vera Sant Fournier - Interior Design Studio, Malta.

What are the main considerations when designing a residential and a commercial space?

There are various major differences between residential and commercial interior design

and interior designers must be multifaceted and aware of these differences. Having said that, it seems that commercial and residential design follow the same design principles and processes. Commercial interior design demands for greater building codes, safety and structural integrity from the architect and once these are concluded the interior designer moves in.

The aesthetics of the building is not the only role the interior designer is required

Vera Sant Fournier

“THE CHOICE AND USE OF THE RIGHT MATERIALS WAS KEY TO THE DESIGN EXECUTION.“ to work on - rather, functionality is also an important element. We always incorporate the marketing tactics of the brand or client into our commercial design projects. We study the corporate requirements and branding goals.

We take into account the comfort and ease of operation and usage for the customers, guests and employees in respect of the usage of space.

The lighting design and layout is also very important and should be done working hand in hand with lightning professionals - the mood you create in a restaurant will be different to the mood you create in an auditorium, for instance.

At the end of the day, magnificent and awe-inspiring designs pay tribute to the company that commissioned the project to the professional team.

What were the main considerations when designing the Aquatica Flag Ship Dive Centre and Coffee Shop?

Function and safety, done in style. The major considerations in the design of this project is the systematic way in which a dive centre works. It was our responsibility to work closely

with the client to fully understand and study the operation of how this dive centre operates on a daily basis, at peak season mostly. We spent a lot of time brainstorming with the client to see how to ease the operations of the staff and design all the space with well thought out functions and measurements.

How did the function of a dive centre dictate the materials, colours and forms used?

The choice and use of the right materials was key to the design execution to be fully safe and practical. We sourced several materials together with the client, the material concept and the fact that the design concept was based around organic shapes and forms made it only natural to go for raw materials in the coffee shop such as wood and concrete but also innovative materials such as micro topping.

These all blended and tied together with the romance in copper and a custom wall mural.

On the other hand, the dive centre merged with this concept yet here we made sure that we used anti-slip flooring, water resistant surfaces and other hardwearing materials.

Together with our client we believe that

we executed a fantastic unique style which helps the diver have a warm cuppa and a snack while still being under the influence of a mesmerising diving experience.

What palette did you opt for?

The palette is neutral yet different. We remained true to the newly rebranded Aquatica but we added a splash of colour by using lime stools, grey flooring and walls and copper accents. These all paired perfectly and are a match made in designer heaven. The warmth given by the raw wood made this truly a cosy coffee shop, even though we used concert flooring which may be referred to as a cold material. Palettes need to be balanced in any given project, but in a commercial project you are tied with the corporate colours which should be your source for inspiration.

What added value does the design add to the Dive Centre and Coffee Shop customers?

There is nothing quite like Aquatica out there, and yes the design of their flagship dive centre is the leader in this statement. When having your commercial project professionally designed you are adding many values to your business and unfortunately sometimes this is underestimated.

Great interior dDesign will bring significant business benefits, a well designed commercial property will give clients a reason to choose to obtain products or use your services from you and not from others, your competitors.

Hiring a professional interior design studio will help you source products you would not have been exposed to, helps you maximise the space based on your operation and ultimately helps you stand out from the rest.

Working hand in hand we will make sure that you will adhere to the local rules and regulations while still keeping in total style.

Not hiring a professional interior designer for your business - unless you have the natural flair and knowledge - would probably result in a major business fiasco.

Money / Issue 35 - 21

OFFICES

DESIGN THAT CONNECTS Vodafone Malta’s offices at the SkyParks Business Centre promote the idea that it’s one team working to address customer needs and requirements.

How important is employee well-being to a company’s productivity?

Employee well-being is paramount to a company’s productivity. Vodafone believes this so strongly that the strapline for its new employer brand, launched in 2014, is in fact ‘We’re at our best when you’re at yours’.

There are a number of factors that contribute to maintaining a motivated team. People want to be engaged with what they do. They want to feel that their views count and their efforts valued. It is therefore important to provide a motivating and inclusive workplace where talent is recognised and developed.

Communication is also key, not only in day-to-day operations but also in a more formal way. Vodafone makes it a priority to listen to employees and to understand their views. Through its annual Global People Survey, Vodafone monitors employee engagement and satisfaction and acts on the feedback received.

Another vital area is helping employees balance work and family commitments by providing flexible working arrangements and through forward-looking policies, in areas such as maternity leave, that reduce the common stress triggers that many employees face when juggling work and family commitments.

Lastly, having a structured employee well-being programme in place is also very beneficial, since this can focus on implementing various measures that support employees’ physical and mental health.

In what ways does design lead to employee well-being?

The workplace is where we spend most of our waking hours during a typical working week and the physical environment we work in is a key factor in employee well-being. Providing a comfortable, well-designed and stimulating work space shows that a company values its employees

22 - Money / Issue 35

while at the same time boosts their ability to work efficiently and effectively.

What innovative design elements did you include at the Vodafone Malta offices?

Vodafone Malta’s offices at the SkyParks Business Centre offer Vodafone employees an open plan environment where they are working in a corporate setting that enhances productivity, teamwork and improves organisational communication.

The main objective behind the design of these offices was to have a fluid concept, where the standard office design of cubicles and adjoining but separate rooms was completely eliminated, introducing a totally open plan with no boundaries between different teams and with hot desking as the norm at every level of the company.

Ultimately this is based on the core idea that we are one team working to address our customers’ needs and requirements and this is what the design sought to promote. The design also allows for distinct areas specifically designed for particular uses, from more formal meeting areas to chill-out or thinking zones that cater for more informal meetings or simply provide the right space for individuals or groups to develop or discuss ideas.

“PROVIDING A COMFORTABLE, WELL-DESIGNED AND STIMULATING WORK SPACE SHOWS THAT A COMPANY VALUES ITS EMPLOYEES.”

At the same time the overall design is not bland or clinical, but has touches of colour and character that captures the Vodafone brand in a stimulating way. Environmental concerns were also a priority, and so A+ equipment has been adopted throughout and lighting was specifically designed to reduce utilities usage.

Moreover, offices were designed in such a way as to allow Vodafone to finally achieve the objective of being a truly paperless office. You have also introduced hot desking at your offices. What are the main benefits?

One of the main drivers in moving Vodafone’s offices to SkyParks was to improve organisational communication.

Hot desking removes the silo mentality that many organisations are plagued with since it promotes fluid communication across all internal teams. The concept also supports Vodafone’s commitment to providing flexible working arrangements for all its employees since it is a wireless environment where an individual simply needs to plug in their laptop.

REDEFINING THE WORKING ENVIRONMENT With the Vitra Workbays, Ronan and Erwan Bouroullec have developed a micro-architectural system that redefines the working environment and breaks with the typical rigid planning structure of offices. It also creates distinct areas where individuals or groups can retreat from the general office environment to carry out specific activities and respond to the necessity for noise reduction helping to absorb disruptive sounds in the surrounding environment. They can spontaneously serve as telephone booths, video conference rooms, reading corners, quiet spots for a coffee break or meeting rooms without sending participants behind closed doors. Find the Vitra workbays exclusively at Dex Workspaces, Mdina Road, Qormi.

Money / Issue 35 - 23

OFFICES

THE FREEDOM TO

WORK ANYWHERE, THINK ANYHOW

Hot desking sets people in motion and helps them be more creative, Steve Mercieca, founder of Zanzi Homes and Quicklets, says.

H

ot desking is an office trend that has been sweeping across workspaces, shaking up deeply entrenched links between the physical space occupied by a worker during office hours and their role in the team.

By uncoupling this implicit connection and giving workers greater latitude to work in different places, at different times, with different people, hot desking sets in motion - literally and figuratively - new creative forces within your team and countless opportunities for collaboration and cross-pollination of ideas.

Maltese companies thinking about adopting hot desking can look no further than its implementation at Zanzi Homes in order to get a glimpse of a sustainable model of how to put this approach to work.

“WHEN USED IN COMBINATION WITH REMOTE WORKING AND FLEXIBLE HOURS, HOT DESKING IS UNDOUBTEDLY A CRUCIAL PART OF THE NEW WORKSPACE FOR THE DIGITAL AGE.”

Zanzi Homes is a new residential property sales agency that we launched in December 2015. Our mission is to find top-notch property in coveted locations, so it comes as no surprise that our new Zanzi Homes offices are themselves a desirable and well-appointed working environment. Of particular note is the way we embraced hot desking, which gives Zanzi team members the liberty to work outside office hours and confined spaces.

management, and smoother collaboration, make this approach ever more enticing. When used in combination with remote working and flexible hours, hot desking is undoubtedly a crucial part of the new workspace for the digital age.

The underlying premise of hot desking is that the freedom to work anywhere will encourage the freedom to think anyhow. However, this premise is still rather unconventional in Malta and certainly not without its critics. However, offices that embraced hot desking locally and overseas report a substantial and persistent lift in productivity levels, teamwork, and employee morale.

An incendiary concept like hot desking naturally attracts a fair amount of controversy. Significant concerns have been pointed out about its longterm effects on workers’ physical and mental health due to it encouraging closer proximity between people. Problems include easier spreading of colds and air-borne infections, or exhaustion and lack of concentration due to social fatigue and lack of privacy.

The material pluses deriving from the psychological benefits of hot desking, in terms of more efficient time usage, heightened personal autonomy requiring less oversight from

However, it would be disingenuous to shoot down hot desking for these concerns, instead of attempting to make it better by improving the context in which it happens. In this

24 - Money / Issue 35

case, remote working and flexible hours can play a huge role in offsetting any potential downside from hot desking, as would paying greater attention to make offices healthier using natural lighting, better air circulation, plants, sound-proof partitions, and breakout areas that offer greater privacy.

A desk-free world is just around the corner.

Companies that cling to fixed workstations and persist in cutting up their offices into tiny compartments will find this practices being increasingly challenged in the marketplace, which in turn undermines their ability to attract new talent.

Young workers - millennials who are natives in the mobile, wireless and boundary-less world - are entering the job market with a different set of preconceptions of what an office ought to look and feel like. Hot desking ticks the majority of their requirements, providing them with opportunities for focused work, as well as the camaraderie and flexibility that glue together teams in the fragmented digital era.

Inevitably, embracing hot desking also entails welcoming a larger degree of chaos and unpredictability into your company. However, by harnessing these disruptive forces with a system like hot desking, that is flexible enough to adapt to them, yet capable of containing and turning that energy into creative work, the outcome is bound to be a positive one.

Our working environment breathes the very essence of communication, productivity and innovation, says Duncan Attard, facilities and office manager at Betsson Group.

How critical is office design to staff productivity and morale?

Betsson has a commitment towards its 1,500 employees and prides itself in its working environment. Our workspace is the culmination of design, comfort and functionality which spreads over 10 floors of office space. Studies show that a working environment is directly linked to our well-being and impacts our physical and mental capabilities.

It is for this reason that we have invested heavily in our office design.

What were your main influences when designing the Betsson offices?

The brain behind the design of our offices, which are some of the largest on the island, is our CEO, Ulrik Bengtsson, who was inspired by the Google and Air BnB offices. Over €5m were spent on design and decor and this is translated into a modern and functional welcoming working environment which breathes the very essence of communication, productivity and innovation.

How important was it to locate the CEO office at the centre of the building?

The CEO’s office is located in the heart of the building, exactly in the centre. This idea was inspired by feng shui principles and contributes to the achievement of a harmonious working environment with the rest of the 800 people in the building.

Overall, how does your office design contribute towards the Betsson work ethic?

Our workplace is not just for work. We have created various environments which complement each other and add that extra sparkle in the work day. We also have common areas on each floor where people can meet, chat or work. We have 33 meeting rooms spread around the block and these also provide spaces for conferences, meetings, training and quiet working time for all employees. A great feature about these rooms is that they all have a theme for a country around the world, and they are all decorated accordingly.

consoles, a pool table, a DJ car console, foosball tables and ping pong which help to find that needed balance in the work day.

How does the Betsson office contribute towards attracting and retaining talent?

We want people to want to work in our offices. That’s why we try to offer a really pleasant place to work in. We listen to what our employees have to say. We are innovative and we reinvent. We aim high and play fair. The over 50 years’ experience in the entertainment industry contribute to our successes and we will keep moving forward to be the best in the industry and attract and keep the right talent.

How can Betsson staff relax at the office?

The eighth floor, which is designed in a New York loft style, offers a place one can go for a bit of time out. Among others, there are two sunny balconies, eating areas, Playstation

What work practices complement the office design?

We like to say thank you to our employees and we do this in various ways. We have kitchens on each floor with all mod-cons, fresh filtered coffee and tea-making facilities, free daily fresh fruit and vending machines. On top of that we have an on-site cafe with all types of coffee, smoothies, croissants, salads, wraps and sandwiches. We also offer a dinner on Tuesdays and breakfast on Wednesdays is on us and so are beers and wine on Fridays after work.

Money / Issue 35 - 25

INTERIORS

FORM AND FUNCTION

Ultimately, a home should provide comfort, functionality and atmosphere preferably with a dose of good taste, Philip Galea, director at Form Limited, says.

Would you, for instance, be attracted to a good car that has little or no design attraction?

In recent years, there has been an increasing appreciation of design. What has fuelled this change?

Design has always been at the forefront and we have some great examples in Malta in terms of both architecture and interiors. However, while previously it was the rich and the upper crust that pushed and imbibed it, design appreciation is today more generally diffused than in previous decades mainly because today’s generation is better educated and more appreciative of the arts.

not proof that good design is on the increase but that too many homemakers have no interior design awareness and accept anything proposed to them as better than what they could have come up with. This is a very unfortunate reality and needs to be addressed by suitably qualified educators and better discernment of design by the media and what they decide to put across as room sets on television and in print. They often lead by bad example unfortunately and this is inexcusable in today’s day and age.

Design is a form of art and an important subject everywhere, including in architecture courses at university level. Architects aspire to have the chance to come up with important projects that prove their design prowess. This is a dream to some and a number have excelled given that chance. Others have had to work within terrible constraints of limited spaces in lesser areas and the results show but not all can be faulted. As we all know, patronage counts in professions as well as in the arts.

Homes vary in design according to tastes and budgets. However there are a number of key elements in every home - what are these ?

Unrelated to aspects of design, these elements would be the kitchen, a comfortable sofa and armchairs, a good bed and decent wardrobes.

Interior design runs on parallel lines but with a difference. In Malta there is no design academy to speak of and it shows in the many projects featured in the local media.

The emergence of many interior decorators is 26 - Money / Issue 35

As always, quality, price and design come into play in every purchase - however, when you consider that we spend one third of our life in bed and many spend hours watching television daily and on weekends, then we ought to prioritise and ensure that comfort and relax are an important aspect in today’s lifestyle choices. Spending more on these elements is usually accompanied by a dose of good design too as manufacturers are very aware that good design is an attraction in itself.

A kitchen especially to cooking enthusiasts features highly as a priority item and if it looks good, that’s even better. However its functionality and durability also need to be considered. Kitchen design and trends are at an all time high as a result of today’s lifestyle choices and spaces being made available.

Care must be taken to ensure that your kitchen will stand the test of time in view of costs, colour and design commitment.

Rooms are no longer restricted to one use.

Kitchens for instance, are also a space for entertaining. What design changes has this introduced?

This mainly depends on personal preference and space available. In modern apartments, this tendency is prevalent and kitchens form part of the living and dining area. A few years back the living and dining area formed part of the kitchen, so this shift is significant as we are witnessing the era of total use of one’s home rather than the traditional formal rooms which were only used occasionally.

This shift necessitated a more sophisticated design treatment which harmonises three elements, namely the kitchen (necessity as well as an enthusiast’s playground), and the dining and living areas, both of which have a dual purpose: that of daily living and also as

“DESIGN IS NOT FASHION, IT IS NOT TO DO WITH TRENDS. DESIGN IS ABOUT CREATIVITY,HONESTY, ECOLOGY , TECHNOLOGY AND ALSO SUBVERSION“ – PHILLIPE STARCK

merit, quality and the right prices that will appeal to our targeted customers.

It has to be said that ultimately, you get what you pay for. There is just no one highend product at a basement price so every purchase always has to be considered on an evaluation of design, quality and price.

As retailers, we engage in marketing activities to put across the best possible image of Form and set up displays in our showroom to showcase products to their best effect by placing them in context.

In addition, we train our staff continuously so that they come across convincingly with the right product, technical knowhow and detailed information of prevailing trends.

We make it a point that all members of staff owe it to themselves and their customers to learn further about design, technical aspects of products, and interiors in general.

an area for entertaining family, friends and guests. This required an upgrade in outlook that is beyond the abilities of many and hence the resort to professional input.

While it may be true that the majority nowadays are living in apartments and are constrained to adopt the kitchen-living-dining room set-up, there are many who choose to keep the kitchen apart especially if they prefer a different lifestyle or an upscale one. Those whose preferences include art and antiques steer away from displaying them in a kitchen setting. A cursory look at a number of home related mags abroad shows another world apart from the minimalist one so heavily touted here and that it is one that can combine harmoniously old and new, eclectic and traditional. What is definitely to be avoided is the bling one sees so often and which is passed off as traditional, classic or chic in the same way that terms like rustic and country were bandied about not so long ago.

Ultimately, a home should provide comfort, functionality and atmosphere preferably with a dose of good taste if not always good design.

How do you assist clients to invest in the best possible designs based on taste, budget and lifestyle?

The most important element is that as management, we make sure that we keep abreast of what is happening in the main markets abroad and take decisions to engage with suppliers of products that have design

Our salespeople do not claim to be interior designers or decorators - however, they offer suggestions and information to customers based on what they have learnt on the job, from experience, and on what they have read and observed. Some also have flair and good taste which are important elements and they are not restrained from putting their views forward. We always emphasise that staff have to educate themselves for their own sake and that of Form because that is the best way forward to acquire respect and self-fulfillment.

At Form, we consider ourselves to be retailers of furniture, furnishings and accessories and not design consultants. We believe that selling and consulting create a conflict of interest which works to the disadvantage of the client. So we do inform, discuss style and give out loads of information - however, this effort is geared towards giving our customers material to make an informed decision. In no way do we wish to label ourselves as design consultants and we have no professional interior designers on our payroll nor a recommended interior designer list.

That said, we have great respect for bona fide interior decorators and cooperate intensively with them and ethically with their clients.

You are a family run company. What added values does this give you as well as your customers?

Form has a long tradition which started in 1947.

Form first started as a one-man operation selling beds from a small outlet in Msida and today is one of the leading furniture retailers in Malta with a staff complement of 45.

Naturally the involvement of valuable members of the family is an asset of inestimable value because knowledge, experience, taste and instruction have a knack of being transmitted

from one family member to another. However, growth and time have complicated the issue because business has become very technical and depends on many areas of expertise which cannot always be transmitted down the line so outside managers and staff are roped in.

Ultimately much depends on how the passion of the owners is transmitted, how receptive new members of the family are, how much can be handled in view of increased workload, how good outside members are, whether new staff can reach sufficient levels of expertise, how staff can excel in public relations, how much they dedicate to self-education, and how receptive they are to training, their personal development and other similar human factors.

On the other hand, family members are not always necessarily a guarantee of success.

The answer therefore is not easy and depends on many factors too numerous to mention.

We are pleased that the latest generation of family members is acquitting itself admirably and we have full faith in them.

What furniture design and trends are currently popular?

What is currently popular in Malta may not reflect what is generally popular on the mainland, the US and Asia. What is on display in furniture showrooms and in the work of architects and designers shows that customers are very influenced by the media and this does not always give a true and complete picture.

Moreover, every space demands its own treatment and therefore trends do not necessarily come into play unless you are dealing with the same type of space. One can speak of layout trends in modern settings but these trends are not applicable to decorating a traditional urban or country setting even though new treatments to traditional spaces are possible and have been successfully achieved.

What is wrong most times is what commonly happens, namely the transposition of traditional setting in modern spaces with ghastly curtains, chandeliers, antiques and over the top wood and marble trimmings. Just as bad are minimalist treatments gone wrong because trends have dictated an inappropriate style and design choice and so many end up looking cheap and horrible within too short a time.

What is important is not following trends but rather, being able to combine your preferences to live well in your space. You have to decide what is suitable, how much of it, how best it blends with modern living and examine how to achieve harmony. Trends only offer new choices and options but are not to be adopted at all costs .

Unless this balance is achieved, one cannot speak of well designed interiors.

Money / Issue 35 - 27

Interview GARDENS

SEEING THE

WOOD AND THE

TREES There is no forbidden fruit in these gardens.

Architectural designer Eliza Costabel takes a walk in four gardens designed by Idea Studio.

CONTEMPORARY PROJECT

Our brief for the design of this contemporary garden was to create a water-wise and easy-care scheme. To achieve this goal we emphasised the hardscape design, carefully studied the placement of artificial lighting to add night-time drama, and selected planting material for its bold architectural qualities, screening effect or soft feathery appeal.

Overall our aim was to complement the architecture of the house, fulfil the client’s request for simplicity of style and care, yet creating an outdoor environment in harmony with the natural world, more playful in some areas and more linear where lack of space imposed an organised, minimalistic approach.

28 - Money / Issue 35

Eliza Costabel

Melina Scodanibbio

Douglas Esparza

Idea Studio is a Malta-based multidisciplinary design office offering turnkey landscaping and outdoor space design, urban design and commercial and residential interiors.

It combines the talent and over 15 years’ experience of landscape designer Melina Scodanibbio and interior architects Eliza Costabel and Douglas Esparza who over the

years have completed a vast array of projects both locally and across the globe. The team is dedicated to applying a collaborative approach to the design and implementation process, whether with clients or in collaboration with other design firms in order to create designs which are locally appropriate and true to the spirit of their natural or built environments.

MEDITERRANEAN PROJECT

In this large Maltese garden we wanted to create a succession of living areas that would give people something interesting to look at as they meandered their way through the property.

As in all large projects the layout needed to strike a harmonious balance between the paved surfaces, garden plantings and lawn.

To counterbalance the linearity of pathways and lawn we used a lot of soft feathery plants and brought dynamic change throughout the seasons by mixing Mediterranean evergreens with a variety of plants and fruit trees which bloom at different times of the year.

In the sunniest parts of the garden, we focused on water conservation by placing large boulders over a bed of bark chippings and planted aloe and bougainvillea to create a striking contrast in colour and texture.

Money / Issue 35 - 29

Interview GARDENS

TERRACE GARDEN

The design of this penthouse terrace garden was heavily influenced by the client’s own eclectic style and was carefully curated over a long period to finally achieve a cohesive and balanced composition. Colour and shape is given in equal measure by the wide variety of plants and the stunning glazed pots hand picked in Asia.

Since the clients only visit the property for short breaks during the year, our task was to design the whole scheme with the sole use of maintenance-free succulent plants. We designed compositions of large feature cacti with cascading succulents and

rose shaped echeverias, and balanced the overall look with some pots having attention grabbing arrangements and others with single specimens. A top layer of lava rocks was used to prevent the onset of weeds and to conserve moisture, especially in the hottest summer days. In keeping with the planting theme, we opted for bespoke corten steel succulent sculptures in the inaccessible terraces of the penthouse.

TROPICAL PROJECT

This project was done in a subtropical region where rainy seasons are followed by long periods of drought.

The area to be landscaped was also very extensive so budget was a major issue to keep under tight control.

In tropical gardens, careful layering of foliage size, texture, plant height and colour are essential to create a balanced and impactful design. We used inexpensive, commonly found plants rich in saturated colour and approached the design by creating specific single range palettes for each area.

In the large open spaces, we carpeted the ground with swathes of water-wise plants like bougainvillea and lantana. To further keep watering to a minimum we balanced small pockets of lawn with striking red soil areas where compositions of succulents and boulders are used for their sculptural effect.

30 - Money / Issue 35

Surfaces made for mishaps Surfacing THE MOST BEauTifuL HOMES

The Factory, Mosta Road, Lija. T: 2143 3636 www.halmannvella.com

Money / Issue 35 - 31

Interview FINANCE

ROOMS FOR RENT Is buy-to-rent a real investment or are there hidden costs, Reuben Buttigieg asks.

O

ne of the major challenges that start-ups face is having access to the necessary finance in order to turn their ideas into fruition.

The property renting market in Malta is seeing what may be considered as an unprecedented boom.

There are various factors that led to this. Until the change in Malta’s renting legislation, renting had become a scary matter that everyone avoided, particularly when the prospective tenants Maltese.

With the change in renting legislation, the market started gradually growing again.

This has been certainly complemented by the fact that various Maltese are now looking to renting as they cannot afford buying their own residence. Furthermore, there is a single persons’ market that prefers not to invest at this stage of their life. The change in the family composition has also led to an increase in demand. Our accession to the EU and consequently our adoption of the euro currency

32 - Money / Issue 35

loan payments and that at the end of the repayment period, they will remain with the property in hand. However, there are a few considerations to take into account as the analysis may not be that simple.

complemented by our economy has also led to a number of Europeans coming to Malta and renting places rather than buying.

As a consequence to this increase in demand, various persons started looking at finding ways how to benefit from this market. Indeed, it seems that even the banks had an increase in demand for facilities which were directly or indirectly related, to the extent that they launched products targeting persons who wish to invest in the buy-to-rent market.

However, maybe not all those investing in this activity carry out the necessary analysis of what they are going into.

The rent value of property is generally determined by the market itself. In this context, your rental income will depend on the location of the property itself. Also, assuming you are renting for residential purposes, your rental income is subject to a final withholding tax of 15 per cent.

Also, many reason that their rental income will be enough to cover their

First of all, you will require a deposit on the promise of sale – therefore, you need a certain amount of capital.

Furthermore, the bank will not grant a loan on the duty on documents or the notary fees – for both these expenses, you will need your own capital.

So at this stage we have the following costs: deposit on promise of sale, full payment through bank financing, duty on documents, notary fees and brokerage fees where applicable.

This adds up to what is considered as the initial capital investment. Unless a totally new property is bought, then you also need to consider the capital needed to carry out improvements to the property in order to make it attractive to the potential tenants.

Furthermore, you will need to decide whether the rental property will be furnished or not furnished. Keeping in mind the markets for single persons and foreigners, in most cases, furnished rental properties are preferred – this translates into a need for further capital.

Under Maltese law, the owner of a rental property is responsible for extraordinary

Reuben Buttigieg is director at Erremme Business Advisors.

“IN ASSESSING WHETHER IT IS WORTH BUYING A PROPERTY TO RENT AND WHETHER SUCH AN INVESTMENT IS FEASIBLE, YOU WILL ALSO HAVE TO TAKE INTO ACCOUNT THE ESTIMATED INDUSTRY AND COUNTRY RISK.”

maintenance. This is unless otherwise agreed – however, in most contracts no reference is made to this and consequently the laws apply. Over the years a properties will require such maintenance.

If you had a bank facility to finance this, then on average, you will be paying a five per cent interest rate. Another consideration that many fail to take into account is the time value for money. In essence, the value of money of 25 years ago was different than that of today. A bar of chocolate may have been worth a few cents 25 years ago but today, it is worth a couple of euro today. This means that what you can buy with one euro today is much more than you will be able to buy in 25 years’ time. This is due, among other factors, to inflation. So your rent and your final sale of property will need to factor in these things as well in order to make a profit.

In assessing whether it is worth buying a property to rent and whether such an investment is feasible, you will also have to take into account the estimated industry and country risk. There are indexes that estimate this in terms of percentage. It can vary from time to time but you will obviously take those estimated only for the coming few years or in certain circumstances as they stand today. This

THE GREAT OUTDOORS Onepercent looks ahead to the brighter spring and summer days with the high end outdoor furniture brand Varaschin.

This outdoor brand offers a wide range of products, from sofas, seating, sun-beds, dining and coffee tables to beautiful armchairs to create the perfect ambience in your outdoor area.

The Barcode modular collection shown here is designed by Alessandro Dubino and has a supporting structure in teak wood, also available in a quilted covering version. The seat and arms are made with okoume wood, ensuring that the product is highly resistant and can be left outdoors exposed to the elements even for residences close to the seaside. Varaschin is undoubtedly one of the most stylish and timeless brands for outdoor solutions.

Onepercent looks forward to launching these products at its showroom this April.

on its own could change your final view of whether this investment is feasible or not.

If you eventually decide to sell your buyto-rent property, you have to factor in the costs for rendering the property attractive to prospective buyers. Design changes and what was attractive and modern years ago is not necessarily considered so today.

Your sale will also attract taxes based on the market value or selling value.

When you take into account all these elements, you start questioning whether certain investments are actually feasible and attractive. While this is a healthy process, many do not factor in such considerations – it is only when they start spending money that they actually realise the level of expenses involved.

Those really benefitting in such projects are certainly the banks who carry virtually no risks in the transaction and in many instances the heirs who receive the property or the sum saved with minimal cost for them purposely.

Others should be very careful in assessing the true value of their investment.

A GOOD NIGHT’S SLEEP Undoubtedly the most important bed in the Poliform collection, the Arca bed, designed by Paolo Piva, has a classic solid frame but can also be given a romantic touch when covered in a valance. The headboard can be either high or low, and can be finished in wood, fabric or leather. The Arca bed can interpret many different styles, helping you to create the bedroom you have always dreamt of. Visit the Onepercent showroom in Valley Road, Msida to view this Poliform product.

Money / Issue 35 - 33

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34 - Money / Issue 35

SME Initiative 2014-2020 “Stimulating private sector investment for economic growth” Financed by the European Union European Regional Development Fund

PROMO

A SAFE CALL

Secfone devices offer a higher level of protection, Kevin Buttigieg, chairman, Secfone Malta says.

Kevin Buttigieg

Mobile penetration is increasing year on year, with more users opting to play and work on the go. What added benefits does this have?

Nowadays it’s unimaginable to do almost anything without using our mobile devices.

We are heavily relying on our mobile phones in many aspects of our lives, so in a way they have become more important than any other device or accessory we have, even more important than our wallets.

However, does this reliance on mobile phones and devices present risks?

Mobile devices are easy prey for hackers and industrial spies. They offer several points of attack including unsecured connections to corporate networks, infected applications downloaded from public stores and third party providers (like black markets), data which has not been securely stored and protected, and phone calls that are not encrypted.

What are the main risks to individuals and to businesses?

Most companies equip their employees with mobile devices, thus enabling them to access key internal resources such as e-mail, contacts, calendars and business data while on the go. Moreover, vast amounts of data are transferred via public networks and stored on smartphones, tablets and notebooks. These are all opportunities to expose sensitive business information to a malicious environment, where the data is at risk of theft, data interception, loss or destruction. Nowadays even keeping personal information like photos and contacts of friends and families has become a risk.

Heightening the security risk, most users are using their mobile phones and devices for personal and for business use – this creates additional vulnerabilities for the data stored on our devices. In general, people want to use smartphones to access the company e-mail and business data, exchange files and at the same time use it for accessing the cloud, browsing, social networking, GPS navigation and other uses. This dual-use enables threats where the consequences can be serious in financial, legal and security terms.

Another threat to data compromise is the possibility for eavesdropping on calls which may contain valuable or confidential information.

How can one limit these risks?

One way of protecting the confidentiality and integrity of the communication between parties is through encryption of the data transmitted over a secure network. The most commonly used systems are the so-called softwarebased solutions which use an encryption software to convert the data into coded form.

An important aspect of such a solution is the handling of the ‘keys‘ used to encrypt the data which have to be shared between the sender and the recipient of the data over the network especially if the internet is used as the medium of transmission. Protecting the encryption keys is fundamental to prohibit the decoding of the data by hackers. Unfortunately software based solutions always have a back door which can still allow hackers access.

In this respect, Secfone has created a hardwarebased solution which doesn’t have a back door so it offer a higher level of protection. Secfone encryption is where data which is transferred to and from a device is automatically encrypted and decrypted through a cryptochip built on the device. This is much faster and more secure than a software-based encryption system.

How does Secfone address these risks?

Secfone has developed strong, hardware-based encryption solutions without any back doors or other intentional weaknesses. The unique feature of Secfone – differentiating us from other solution providers on the market – is the implementation of our proprietary MVCN™ technology for authentication and encryption key handling which prevents any third party – even us – to eavesdrop on your calls.

“SECFONE HAS DEVELOPED STRONG, HARDWARE-BASED ENCRYPTION SOLUTIONS WITHOUT ANY BACK DOORS OR OTHER INTENTIONAL WEAKNESSES.” What features does Secfone have to help individuals and businesses limit data and identity theft?

Secfone offers a highly secure mobile communication end-to-end between devices and leaves no single point of attack on the network.

How cost effective and user friendly is Secfone?

All calls are voice-over IP based and therefore there are no expenses carried by your mobile provider neared local or overseas enabling, your company to save on calls. Secfone is very user friendly – it’s like making a normal call or sending a normal massage. Apart from that, Secfone provides the best voice quality compared to the solutions available on the market.

What models are available on the local market?

Secfone provides secure VOIP-based mobile communication so you can handle confidential calls securely on your Android and Blackberry phones.

Money / Issue 35 - 35

Interview LAW

Dr Doran Magri Demajo is a Partner at Be Legal Advocates and is primarily responsible for the firm’s corporate and commercial law practice.

BUYING INTO the Island Life

Dr Doran Magri Demajo explains the conditions that regulate the acquisition of immovable property in Malta by non-residents.

T

ownhouses, farmhouses, penthouses, houses of character, villas, bungalows, maisonettes, country views, sea views: you want it, Malta’s got it.

In the world of international real estate, Malta has been making some noise, successfully targeting the cream of the crop – that is, the wealthier foreigner – not only to reside here due to Malta’s many lifestyle perks, attractive residency programmes and tax advantageous regimes but also for investment purposes.

Indeed, property investment, even on a small scale, remains a tried and true means of building an individual’s cash flow and wealth.

So, what does it take for a foreigner to secure their title of ownership and enjoyment over immovable property in Malta, be it for residential or investment purposes?

As soon as the property to be purchased has been identified, the prospective buyer must enter into a promise of sale agreement with the seller, which would contain certain information pertaining to inter alia details of all the parties, a detailed description of the property, the price, the validity period of the agreement, and any other terms and conditions agreed upon between the parties such as works which need to be completed.

The promise of sale agreement is essentially a private agreement which is usually drawn up by a lawyer or the same notary who would be engaged to publish the final deed of sale. Unless agreed otherwise, promise of sale agreements are valid for a period of three months.

Money / Issue 35 - 37

LAW

providing a

safe working

environment is our business

In the transitory period between the signing of the promise of sale and the final contract, the notary, unless exempted from doing so by the parties, carries out the appropriate searches on the property to ascertain that there are no debts encumbering the property and that the seller has good title over the property. Indeed in terms of Maltese law, in spite of the absence of any stipulation of warranty in the contract of sale, the seller is nevertheless bound to warrant to the purchaser against any eviction which deprives them of the immovable property, and against any burdens on the same, claimed by others and not stated in the contract.

The parties may however agree to add to, or diminish the effects of such an implied warranty, or to even stipulate that the seller will not be liable to any warranty whatsoever.

During the period of validity of the promise of sale agreement, the parties must ensure that all the prescribed conditions set out in the said agreement are satisfied. One vital condition would be the issuance by the Minister of Finance of the required permit, in terms of the Immovable Property (Acquisition by Non-Residents) Act (the AIP Act), to acquire the property, which may be applicable if the purchaser is a non-Maltese resident.

Firetech Limited, 99 Mill Street, Qormi, Malta, QRM 3100

As a general rule, European Union citizens who have resided in Malta continuously for a minimum period of five years at any time preceding the date of acquisition may freely acquire immovable property without the necessity of obtaining an AIP permit. Moreover EU citizens who have not resided continuously in Malta for a minimum period of five years are exempt from obtaining an AIP permit if they are purchasing their primary residence or any immovable property required for their business activities or supply of services. An EU citizen who resides in Malta for a continuous period of five years following the acquisition as aforesaid, can then acquire their secondary residence without the need to apply for an AIP permit.

e info@firetech.com.mt w firetech.com.mt

In the case of a non-EU citizen, or an EU citizen who has not resided in Malta for at least five years and is acquiring a secondary residence in Malta, a permit would be required

#BeYourOwnHero

Photo by Frank Bothe

“SPECIAL DESIGNATED AREAS REFER TO THE DEFINED ZONES IN MALTA AND GOZO IN RESPECT OF WHICH THERE ARE NO RESTRICTIONS TO ACQUISITION WHATSOEVER.” and will only be granted if the immovable property is an apartment or maisonette the value of which is not less than €107,670 or any other property the value of which is not less than €179,400 and which is intended to be used by the non-resident as a residence for themselves and their family and such non-resident does not own any other immovable property in Malta, other than immovable property which is exempt, such as property situated in special designated areas.

Special designated areas refer to the defined zones in Malta and Gozo in respect of which there are no restrictions to acquisition whatsoever and are in fact the main areas targeted by foreigners for investment purposes. Consequently both EU and nonEU citizens may acquire one or more units situated in such areas without requiring an AIP permit.

Once a foreigner purchases property in Malta, there are no restrictions for the resale of the property, aside from obtaining the necessary tax clearance from the Inland Revenue Department. Repatriation of the selling price, including profits after tax, is allowed. Moreover, a foreigner who acquires residential property in Malta and uses it as their own residence for at least three consecutive years immediately preceding the date of the transfer and disposes of such property within 12 months of vacating the property, is exempt from any Maltese taxes upon resale.

PROFESSIONAL SECURITY FOR YOUR MOBILE VOICE AND DATA COMMUNICATION GET IN TOUCH e. INFO@SECFONEMALTA.COM w. SECFONEMALTA.COM

tuned to offer regular income Just as playing the piano is the pianist’s culmination of his investment in music, in managing its range of income funds, Valletta Fund Management strives to provide investors with regular income through a portfolio which is principally comprised of debt securities denominated in both Euro and Pounds Sterling.

your success is our goal

INCOME FUNDS

80072344 I vfm.com.mt

BOV Branches/Investment Centres & Licensed Financial Intermediaries

Past performance is not a guarantee to future performance. The value of the investment can go down as well as up and any initial charges may lower the amount invested and the amount received upon redemptions. Investments should be based on the full details of the Prospectus, Offering Supplement and the KIID which may be obtained from Valletta Fund Management Limited (“VFM”), Bank of Valletta plc Branches/Investment Centres and other licensed financial intermediaries. VFM is licensed to provide Investment Services in Malta by the MFSA. The Vilhena Funds SICAV plc is licensed by the MFSA and qualifies as a UCITS. Issued by VFM, TG Complex, Suite 2, Level 3, Brewery Street, Mriehel BKR 3000, Malta. Tel: 21227311, Fax: 22755661, Email: infovfm@bov.com, Website: www.vfm.com.mt. Source: VFM

PROMO

In case of fire exit the building before tweeting about it

Safety and security measures shouldn’t be an afterthought, Danjela Bianchi, operations manager at Firetech Limited, says.

F

rom a shorting cable to a faulty heater in your office or home, these could have devastating consequences and can make for potential disaster traps.

So why are safety and security measures an afterthought for so many homes and offices?

Danjela Bianchi, operations manager at Firetech Limited, is redirecting the company’s focus to address the alarming lack of planning and precautions undertaken when designing home and office spaces.

“We tend to stretch our budget when buying curtains or doing up the office board room because creating an interesting working environment has been proven to increase employee productivity,” she says.

“Yet we do not necessarily think ahead for the unexpected and frequently fail to put measures in place to protect people and their assets by fitting in fire extinguishers, smoke detectors or security measures to create a safe and secure environment. It often seems to be an afterthought,” Bianchi says.

Nowadays we are very much aware of backing up our hard drive on cloud and installing different technologies to safeguard our files, photos and data. Why don’t we dedicate the same importance to safeguarding our homes and offices?

“Everyone should feel like they work and live in a safe and secure environment,” Bianchi says.

Let’s say you manage a towing and shipping company and most of your workforce is tied up in manual labor sectors where lifting, packing and stacking heavy shipments will occur more frequently. Or, at the opposite end of the spectrum, a law firm that houses highly sensitive documents containing confidential client information.

“Facilities managers and building owners can help with internal and external safety and security audits to examine the facilities’ vulnerabilities, and look for ways to maximise safety and security and minimise risk,” Bianchi says.

Security companies will usually carry out this type of audit at no extra cost.

From this information you can reinforce or add security elements to aspects of the building that might be at risk.

From basic safety and security measures like installing a simple fire fighting system, access control or intruder alarm to a fullyfledged fire suppression system, IP CCTV and so much more, these will protect your employees and your environment to help secure your most valuable assets.

Each device has its own function when deployed on its own. However, the biggest benefit is derived when there is a synergistic plan integrated into the whole operation of the building.

A healthy working environment is a combination of installing the right equipment and training

Danjela Bianchi

all personnel on how to use it and how to keep themselves and their belongings safe.

Planning escape routes, knowing how to use a fire blanket and knowing how to react in case of emergency can make or break the situation.

“We launched the #beyourownhero campaign because we believe we all have a role to play in making our environment a more secure and happy place to be,” Bianchi says.

“In the long run, every small, correct act will be a heroic one, if it helps save a life.”

Firetech also plans to team up with companies and schools to plan a series of fire prevention and safety awareness activities throughout the year to encourage people to make a positive difference in reducing risks, protect property and take action to avert serious accidents. Education is key.

Money / Issue 35 - 41

Corinthia St George’s Bay · Corinthia Palace Hotel & Spa · Tigne Point

AT TA R D 42 - Money / Issue 34

T. 2138 5052

S T G E O R G E ’ S B AY

SLIEMA

VA L L E T TA

FACEBOOK .COM/DE ANGER AHAIRCARE

PA O L A

DE ANGER A .COM

MARKET Interview REPORT

Licensed stockbroker Alexander Mangion is Managing Director at MPM Capital Investments since 2009. The company is authorised by the Malta Financial Services Authority (MFSA) to provide financial services in Malta and holds a Category 2 licence.

He holds a Bachelor of Commerce (Hons) degree in Banking & Finance (University of Malta) and a Master of Finance & Investments (University of Nottingham).

A YEAR OF TURBULENCE

A weakening demand for commodities sets the tone for a potential crisis, Alexander Mangion says.

L

ittle or no growth is actually good news: that’s the worrying assessment international firm Goldman Sachs has come up with for the US economy and investors in general for this year.

In forecasting global gross domestic product growth this year of 3.7 percent, down from Goldman’s previous forecast of 4.3 percent, the firm highlighted the fear that has so many investors worried: China’s once highflying economy is slowing down at a much faster pace than Chinese officials – and the investing world – wants to admit.

In the US and Europe, investment levels are low, productivity is weak and the export sector is only providing a small contribution to the recovery. And with geo-political turmoil and a key election coming up in the US towards the end of the year, expecting better would be tantamount to wishful thinking.

There is no beating around the bush: global growth will be weak next year. Furthermore, we are also likely to see substantial turmoil in financial markets. The combination of the recovery in the US and, even if significantly weaker, in Europe, as well as a slowdown in China is creating uncertainty for the financial markets. The extraordinary monetary policy measures, such as the quantitative easing mechanism introduced by the European Central Bank, over the last few years have pumped short-term money into the global financial system. In combination with low liquidity in markets, partly due to the new regulatory structures that are reshaping banking everywhere, this has set the tone for turbulence.

Unfortunately, the concerns do not stop with China. Whichever part of the globe you look at – take Brazil, India, Russia, which are all top economic players – concerns abound as global demand for commodities including oil and

copper weaken. These economies have taken on added importance in recent years, and today account for more than half of the world’s GDP. Investors worry that a continued slowdown in these countries, along with in China, could recreate into a full-blown crisis this year.

Investment billionaire George Soros made a very blunt analysis: the situation the world is going through now is no less serious than 2008, just a few months before the big collapse.

The price of a range of key commodities, such as oil, gas and iron ore, has fallen sharply in the past year, a move that indicates weakening demand in the global economy while oil prices have reached low levels last seen 11 years ago.

So, what to expect in 2016? To take a leaf out of Barclay’s extensive outlook report for 2016: curb your expectations.

A general look at investment advisers, analysts, fund managers and other forecasters shows that they are broadly on the same wavelength: expect lower returns from stocks than in past years. At the same time – and here’s the window of (risky) opportunity, they’re also predicting more severe swings in prices.

But it’s not all doom and gloom.

The good news is that only a few economists are predicting a recession in 2016. Key international institutions are still pointing towards a slow but cautious recovery. That means stocks and other investments can avoid a sustained slide.

Global growth is picking up somewhat after a number of poor years. At 3.5 per cent, the

“THE GOOD NEWS IS THAT ONLY A FEW ECONOMISTS ARE PREDICTING A RECESSION IN 2016.” global GDP growth forecasted by the IMF is better than the average of the past five years.

At the same time, lower oil prices, a weak euro and European Central Bank quantitative easing could boost investment and exports.

The eurozone’s unemployment rate has fallen to its lowest level in four years. Unfortunately, other risks to continued recovery stem from the political arena. Political uncertainty is high in Spain following an inconclusive election last month, and is likely to continue in Portugal and Greece.

This year will also see the start to run-ups to elections due in France and Germany next year, where Chancellor Angela Merkel is under political pressure because of her refugee policies. A British referendum is likely this year on whether the UK should stay in the EU. Independently from the result, a referendum will create disruption on the market and it is hard to predict the impact of these events on the markets.

All being well, the world financial markets and economies may stumble through 2016 in reasonable shape.

But get ready for a bumpy ride.

Money / Issue 35 - 43

COUNTRY PROFILE

THE POWER OF EFFICIENCY

Will Germany maintain its status as economic power of Europe?

L

ove it or hate it, football can act as a metaphor to life: in 90 minutes, 22 players representing club or country defend and attack. It’s a battle between different tactics, systems and cultures. And with every kick, tackle or header, the hopes and dreams of millions of fans soar or shatter.

The last time Germany played against Brazil in a competitive match, it was for the 2014 World Cup semi-final at the Estadio Mineirao in Belo Horizonte, Brazil. On one side, the white shirts were fuelled by strength, determination and efficiency. On the other, the yellow and green shirts fluttered like butterflies, with a creative flurry of step-overs, pullbacks and dizzying dribbling moves.

44 - Money / Issue 34

At the end of the first 45 minutes, Germany was already leading by five goals to nil. And at the final whistle, football fans around the world found it difficult to believe the 7-1 score. Germany – who would go on to lift the trophy – had shown the world a ruthless combination of efficiency and power.

Efficiency is a quality that is frequently associated with Germany. And it’s no surprise because since the fall of the Berlin wall and the country’s reunification, Germany has constantly kept its status as a leading power in Europe and in the world.

At the outset of 2015, it looked like Germany would maintain this status. Forecasts showed that the economy would have a good year with a 1.8 per cent growth despite the slowdown in China and emerging markets.

Unemployment was also set to stay low.

Then two things happened.

First came the refugee crisis. Faced with a wave of immigration, Germany had to dig deep

into its pockets. In order to cope with 2015’s record influx of refugees, Germany budgeted an extra €6bn. To cater for the more than 800,000 refugees, Chancellor Angela Merkel’s coalition also agreed to speed up asylum procedures and the construction of shelters.

Merkel, who in 2015 was marking her 10th year as Chancellor of Germany, and many say of the European Union, handled the crisis well. In fact, she went on to be named as Time’s Person of the Year.

Yet the refugee crisis uncovered a dark underbelly. The New Year’s Eve celebrations in Cologne were marked by ugly incidents

“GERMANY HAS BEEN THE ECONOMIC GIANT OF EUROPE FOR A QUARTER OF A CENTURY.”

during which women and girls were sexually molested. More than 100 women filed sexual molestation charges – including two rapes – against men of north African or Arab origin. Yet the police reported a quiet night.

The police were criticised for the New Year’s Eve incidents and Cologne’s police chief was placed in temporary retirement. Yet this was not enough to counter sharp criticism of Germany’s open door policy on migrants.

Germany also had another crisis on its hands.

When the US Environmental Protection Agency revealed that Volkswagen had manipulated its diesel emissions software, it wasn’t just the German automotive industry that was affected – rather, it was the Made in Germany quality label. Volkswagen admitted its mistakes and rushed to make senior management changes. However, the damage was already done. It wasn’t a light damage, especially when considering that cars and components are Germany’s most successful export, accounting for a fifth of total German exports worth more than €200bn.

Merkel’s reaction was characteristically strong.

“I think the reputation of German industry is not so shaken that we are no longer considered

a good place to do business,” she told public service radio station Deutschlandfunk.

Germany has been the economic giant of Europe for a quarter of a century and can muster all its strength to counter the refugee crisis and the VW incident. Moreover, while popular sentiment may not be in favour of Germany’s refugee policy, it is probable that Merkel has secured labor supply for the coming decades by allowing thousands of refugees from Syria and the Middle East to enter Germany. Let us not forget that the German economic boom in the 1960s would not have been possible without migrant workers. The challenge, however, lies in integrating them.

In the meantime, Germany’s prospects for 2016 look good. Unemployment is at a low 4.5 per cent, domestic demand is healthy, and export and trade figures are encouraging. Moreover, Germany still has plenty of courage left. In 2015, it imposed its will on Europe by keeping Greece in the eurozone on punishing terms and suspending EU protocols to allow thousands of refugees to come to Europe. In 2016, Berlin will continue being the pre-eminent state in Europe.

Employment currently stands at

Germany’s GDP per capita stands at

40.19m

€33,346

largest

Germany has the population in Western Europe and the largest economy. It is also one of the youngest nations in Europe.

.

German is the language with the most native speakers in Europe.

60+

2015 0.3%

, Germany’s In economy grew by just

, mainly due to weak trade.

2/3

Around of the German population are Christian.

1 in 6

people in Germany are employed in the auto industry, either directly or indirectly.

26%

of the German population is over 60 years old.

Money / Issue 35 - 45

WASHED OUT PHOTOGRAPHY

NICKY SCICLUNA STYLING

LUKE ENGERER MODEL

CHRIS

FROM SUPERNOVA MODELS

// Calvin Klein Jeans Jumper, €159.00 // Tom Tailor Jeans, €59.99 // Calvin Klein Jeans boots, €178.00 //

// Calvin Klein Jeans polo, €84.90 // Armani Jeans jacket, €270.00 // Calvin Klein Jeans jeans, €119.00 //

// Calvin Klein Jeans shirt, €99.00 // Tom Tailor jeans, €59.99 //

// BHS shirt, €32.00 // Esprit jacket, €79.99 // Brooks Brothers trousers, €130.00 //

// Calvin Klein Jeans shirt, €84.90 // Armani Jeans jumper, €260.00 // // Esprit jeans, €49.99 // Calvin Klein Jeans boots, €178.00 //

PROMO

A DRIVE FOR EVERYONE

Money drives the Renault Clio, Captur and Kadjar models and gets comfortable in their stylish, distinctive and comfortable interiors.

YOUNG EXECUTIVE Calvin Klein watch, €350 Armani Jeans laptop bag, €340 Emporio Armani sunglasses, €140

Renault Kadjar DY 1.2 Turbo 130BHP €24,500

52 - Money / Issue 35

Renault Captur 0.9 TCE 90BHP EX €17,700

FAMILY Esprit scarf, €29.99 Calvin Klein hat, €35.94 Calvin Klein bag, €77.94 Armani Jeans handbag, €105

Renault Clio 1.2 AU 75BHP 16V €12,900

YOUNG COUPLE Tommy Hilfiger handbag, €95.94 Calvin Klein sunglasses, €116.00 Tommy Hilfiger mobile cover, €29.94 Esprit purse, €22

All models available from stock at Auto Sales Limited - Kind’s, Mosta Road, Lija, LJA 9011. For more information call 2331 1110.

Money / Issue 35 - 53

Interview IDEAS

WARM HANDS WARMER HEART Baby it’s cold outside. So stay in and enjoy Money’s line-up of warm gifts.

SPACE FOR TIME In creating its first connected chronograph, Breitling has placed the smartphone in the service of the watch so as to enhance its functionality and user-friendliness. The Exospace B55 is the instrument of the future, designed for aviation professionals. Two-way communication enables the two instruments – watch and smartphone – to form a complementary pair in which each is used for what it does best.

SCULPTURAL PERSPECTIVES

RICH AND POUR The art-deco style drinks set by Jonathan Adler is crafted from black glass and finished with 24ct gold.

54 - Money / Issue 35

This spring, BOSS presents a benchmark collection of reworked pieces, with multifunctional looks and ultra-precise cuts.

In redefining luxury, this collection redefines the BOSS man. With a keen focus on avantgarde shapes and materials – think lightweight summer down and taped seams, razor sharp silhouettes and tailored details – wardrobe staples are given a thoroughly contemporary update, yet are still naturally easy to wear.

This new collection is exclusively available at the BOSS Stores Malta of St Julian’s and the Departures Lounge, Luqa Airport. For more information call on 2202 1000 or e-mail BOSS_Store_Malta@vfgmalta.com

DESIGN FOR LIVING Moroso, in collaboration with Diesel, has created a collection of products with a relaxed and comfortable mood. The range takes its inspiration from an informal lifestyle concept, targeting customers who like simple shapes that combine high quality materials with distinctive design.

LOUNGE LIZARD Woven in a timeless checked pattern, this cotton-flannel robe by Sleepy Jones is guaranteed to keep you comfortable from the evening to breakfast.

SHAVE THE DAY

EAT TO READ

Made of striking zebrano wood, the Czech & Speake brush and shaver set includes a badger hairbrush and razor.

Eating with the Chefs by Phaidon takes a unique look at the daily meal shared by the chefs and front-of-house staff at 18 of the world’s top restaurants, including Noma and The French Laundry.

COMFORTABLE FEET The velvet Marphy loafers by Neapolitan brand Rubinacci are leather-trimmed for maximum comfort.

Expertly crafted in Italy, these loafers have a streamlined silhouette and leather piping for a dandy finish.

Money / Issue 35 - 55

Interview DESIGN

HOUSE PROUD

PULP IT The Casa Bugatti Juicer comes in six colours and features an 80W motor that is strong yet silent.

Money’s design essentials are for life.

FIT FOR ROYALTY The Mad Queen Armchair was first presented by Poliform at the 2015 Salone del Mobile and it is now available for order. You can also try the comfort of this armchair at the Onepercent showroom in Valley Road, Msida.

SEE THE LIGHT The pineapple-shaped lamp-stand by House of Hackney is cast in solid brass and adds an interesting focal point to your living space.

This beautiful piece is designed by world renowned Dutch designer Marcel Wanders, who continues to develop a full collection for the Mad series by Poliform, including dining tables and chairs as well as other compliments. Wanders creates this harmonic structure with strong suggestions: the ideal of a design without any material boundaries of great impact, accentuated with an opulent padded velvet fabric that comes in an array of colours.

THE HOUR COMETH The Parmigiani Fleurier Lalique special edition table clock is made of Lalique crystal and rhodium-plated silver. It features a secret key drawer in the rear of the base.

TELLING THE TIME BEAUTIFULLY The George Nelson clock is a fun, 1950s-inspired piece that’s perfect for the office desk or bedside table.

LOUD AND CLEAR The Dynaudio Excite speaker is made of real wood veneer for a perfect sound reproduction.

GETTING THE HIGHEST GRADE Independent market research conducted in Malta by Swiss organisation ICERTIAS has certified Oxford House as the domestic appliances retailer offering the best price-quality ratio in Malta. The research was carried out during October 2015 among 1,200 individuals and professional interior designers using the CAWI – DEEPMA methodology.

Oxford House is a multi-generational family company that has built strong business relationships with top quality domestic appliances brands including Bosch, Dunavox, Domo, Glem, Grohe, Foster, Falmec, Faber and Vestfrost. The company invests heavily in continuous staff training and development to provide the best possible customer service and enjoys a household name status within the market of domestic appliances in Malta and Gozo.

The Best Buy Award blue medal confirms that Oxford House received the highest grades from customers for its price-quality ratio. Products and services receive the award only after being subjected to intensive consumer research and winning first place in their respective categories.

For more information visit www.oxfordhouse.com.mt.

HAVE A DRINK The Rockstar whisky and cocktail bar by Buster + Punch is handmade in the UK using American black walnut and a quilted silk back panel.

Money / Issue 35 - 57

The Bluesman is a Maltese sound engineer working in New York.

Interview NEW YORK

Who is

driving us?

The Bluesman tries to cadge a lift on New York City’s transport system.

T

he seconds ticked on, as they do, changed and eventually five became six. The universe floating in the vastness of space, unlike Atlas, did not shrug.

China did. By the time the Times Square confetti debris had made it to the incinerators, the Chinese markets convulsed, sending world markets into sympathetic dip-rise waves, eventually settling south of expectations to await the opening bell. This is being written on the weekend so bated breath all round.

Speaking of Times Square, an estimated one million people made their way to the symbolic centre of New York City, through the rings of security barricades to stand there all day awaiting the traditional descent of the sparkling ball. The ball is a 12-foot sphere of Waterford Crystal and aluminium. NYPD had stated before the gathering that every attendee could expect to be patted down at least twice. Sorry, no dinner to follow. After the countdown, which Trump, doing the Fox TV countdown, managed to get out-of-synch by a couple of seconds, the event officially ended at 12:15am. Even before bursting bladders were relieved from the day’s production, a fleet of sanitation trucks and crews rumbled up and started cleaning up.

Getting around the city by public transport is increasingly challenging mainly due to poor maintenance and, some would say, skimping on quality parts by the transport powers-that-be. In an attempt to catch up, maintenance work, which used to be performed at night so as not to slow the service during busy times, now takes over a section of one line or another for days at a time. Trains are rerouted, alternatives suggested and occasionally shuttle buses deployed trying commuters’ patience with increased journey times and less frequent trains. Despite this ragged service, Governor Andrew Cuomo saw fit to announce massive prettification of subway stations as opposed to making the service more efficient.

58 - Money / Issue 35

As if in stark reminder of the actual state of the subways, it has been announced that the ‘L’ Train tube under the East River connecting Williamsburg to Manhattan needs attention that would close it for about a year. Shocked dismay among the tribes of hipsters who forced their way in, long-term residents out and rents up, who now figure they’ll have to actually ride their bikes over the Williamsburg Bridge instead of irritating all and sundry by chaining them up to various pieces of street furniture. Still it’s all to be decided yet and hopefully Cuomo’s plan is all pie in the sky.

In the face of this mess, more people are picking cabs. The old stalwart yellow cab in the city has been joined by a lime green fleet specifically to properly serve the outer boroughs seeing as how yellow cab drivers, contrary to regulations, would squirm and try to wriggle out of taking a fare to, say, Queens.

Alongside the yellows, before the greenies came along, were the limo black cabs who one would call for a pickup at a fixed price.

Now a number of privateers led by Über have entered the fray and despite their faults and surprise surges in price, have hung in there and been joined by other platforms. So in NY, the ‘other’ app Lyft has now been joined by Gett promising a $10 fare in Manhattan below 110th street. Having had the pleasure of driving in the City, I’m not sure how they can stick to this promise. It can take 20 minutes just to circle a block. Under pressure of this price squeeze and given that Über drivers keep about 75 per cent of the fare, can driverless cabs be the next step?

Freelancing: the new employment normal.

These taxi apps are just the thin edge of the wedge as far as modern day work habits go, as more and more of the workforce, whether through choice or circumstance, opt to go freelance. Certainly the oft-referenced economic downturn affected jobs through downsizing or just plain disappearing and large numbers discovered that they had

better come up with ways of replacing or augmenting income. Enter the era of the contractor and companies handling contracts.

The most alarming aspect of this is the handing over of the running of prisons to private contractors. In this country with the largest percentage of incarcerated citizens in the Western World, the last thing needed is turning corrections into for-profit hubs if this new bi-partisan initiative to reverse the trend for locking people up for minor non-violent offenses is to succeed.

So what of John Keynes’ prophecy of productivity increasing so much that we’d only have to work 15 hours a week? For a while it did look like the theory was correct as the average workweek in 1930 was 47 hours dropping over the next 40 years to just below 39. Then it stagnated for the next 40 years. Harvard economist Benjamin Freidman reckons that productivity is on track with Keynes’ prediction of an eightfold increase likely be reached by 2029 but leisure time has not kept up. Friedman attempted to come up with an answer. In his paper he first postulates the possibility that people are never materially satisfied. But this wouldn’t account for the first four decades’ workweek decline. Then he considers that, with opportunities for socialising declining people may feel that the workplace has more social value, but didn’t feel there was enough evidence justifying this theory.

More likely, he thinks, the gains of increasing productivity are not widely shared. In other words, most Americans are too poor to work less. This is borne out by the fact that because of the soft labor market brought on by machines replacing humans, the average hourly wage in this decade is five per cent lower than the 1973 level in real terms. So while those whose replacement by machines was harder to affect saw their compensation rise, those in lower paying jobs have no choice but to work more because they need the money rather than because they love their work.

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