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Month: October 2023

Supporting Women in Business through the Academy for Women Entrepreneurs

Posted on by Mel Chamber

During the launch of the Academy for Women Entrepreneurs (AWE) on October 12, U.S. Deputy Chief of Mission Ken Toko welcomed over 50 women, who applied for the U.S. Department of State’s 2023 AWE program. Once again, in 2023 the U.S. Embassy partnered with The Malta Chamber of Commerce, Enterprise, and Industry to implement the third iteration in Malta of this global entrepreneurship program.

The AWE program provides women entrepreneurs around the world with the knowledge, networks, and access needed to start and scale successful businesses. Participants will have the opportunity to engage in a competition, pitching business plans they develop through the AWE program for seed funding to invest in their businesses.

In brief comments, Mr. Toko said, “I am honored to join you all today to kick-off our third iteration of the Academy for Women Entrepreneurs in Malta. In Malta, we now have approximately 65 alumnae, who have successfully graduated from the AWE program over these past two years, and we wish this year’s cohort the same success.”

Addressing the newest cohort of aspiring women entrepreneurs, Chris Vassallo Cesareo, President of The Malta Chamber of Commerce, Enterprise, and Industry, said, “You are here because you are ambitious, determined and want to continue climbing the career ladder. You represent the future of entrepreneurship in Malta, and we believe in your ability to make a meaningful impact on our business landscape.”

AWE supports the U.S. government’s National Strategy on Gender Equity and Equality aimed at advancing women’s economic empowerment globally. Implemented in nearly 100 countries, AWE has supported more than 25,000 women entrepreneurs around the world to develop their entrepreneurial ideas and grow their businesses.

The state of the EU Single Market

Posted on by Mel Chamber

DANIEL DEBONO – EU AFFAIRS MANAGER & HEAD OF BRUSSELS OPERATIONS – MBB

The Single Market is the EU’s most important asset, driving economic growth, jobs, innovation, and higher living standards for citizens. It also helps the EU to be more resilient during crises and to address strategic dependencies. The Single Market is based on four fundamental freedoms: the free movement of goods, services, capital, and labour. These freedoms have helped to create an open economic space where businesses and people can operate more freely and efficiently. However, although the Single Market has achieved a great deal over its 30-year history, there is still room for finetuning and further alignment to address barriers to cross-border trade and investment.

These barriers can be caused by a variety of factors, including complex and inconsistent application of EU legislation and a lack of transparency about the rules that businesses need to comply with. The rise of digital technologies and events like the global health pandemic also had a significant impact on the Single Market and the EU needs to continue responding with regulatory frameworks for emerging industries without stifling innovation, as well as to address other external challenges.

Businesses, particularly SMEs, are increasingly struggling to keep up with the regulatory burden within the Single Market’s landscape. Even more, when legislation is not applied consistently, and companies must face complex national rules and procedures which makes it difficult to export goods and services to other EU member states in what should be a seamless process. Moving forward and looking at the new upcoming EU legislative term (2024-2029), firm action is required by the European Commission first and foremost to strengthen the Better Regulation agenda by regulating only what is necessary and to apply a robust ‘Competitiveness Check’. Strongly commit to the 1-in-1-out principle based on proper evaluation of compliance costs and simplification and prioritising leaner implementation of existing legislation before proposing new initiatives.

The Commission should also ensure that EU regulations are coherent and consistent across Member States. By taking these steps, the Single Market would become an enabler for businesses and more attractive for investors, which in turn would boost economic growth and job creation.

The EU must promote and further improve the visibility of information portals such as Your Europe and the Single Digital Gateway that provide information and contact points to companies looking to access new markets or internationalise their business. The National Contact Points and the local Enterprise Europe Network are also there to provide support in this regard. By taking these steps, the EU can make the Single Market more accessible and easier to navigate for businesses of all sizes.

The COVID-19 pandemic and the war in Ukraine have exposed the fragility of the EU Single Market, particularly its reliance on global supply chains and imports from politically unstable regions, including close to the EU borders. These crises have highlighted the need for EU strategic autonomy. The Single Market Emergency Instrument is one example of the EU’s proactive efforts in providing for a crisis governance framework that aims to preserve the free movement of goods, services and persons. The Critical Raw materials act attempts to ensure EU access to a secure and sustainable supply of critical raw materials counteracting EU supply disruptions. The latter is complemented by the Net-Zero Industry Act which is an initiative stemming from the Green Deal Industrial Plan which aims to scale up the manufacturing of clean technologies in the EU.

Another important element for the good functioning of the Single Market is an integrated European capital market, or as it is better known, the Capital Markets Union (CMU). A fully functioning CMU would make it easier for companies to raise money from investors across different member states, which would also help finance projects that speed the transition to a more sustainable and digital economy. Equity-based financing can be more suited than traditional bank lending for the financing of certain innovative higher-risk growth sectors, such as digital and hi-tech and carbon-intensive sectors developing green technologies. Sourcing cross-border investment would give life to projects that would have otherwise remained on paper at the detriment of the economy, jobs, and climate.

The Single Market is a living project that needs to constantly evolve to reflect the changing global economy and to meet the expectations of EU businesses and citizens. For this reason, it must continue to be at the centre of EU policy making. EU officials should continue engaging with business stakeholders to gather feedback and identify areas where the Single Market can be improved. The Single Market is essential for the future of Europe and must therefore remain resilient, competitive, and a source of prosperity to all.

Daniel Debono is the EU Affairs Manager and Head of Brussels Operations of the Malta Business Bureau (MBB). The MBB is the EU-advisory business organisation of The Malta Chamber and the Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.

This article was first published in The Malta Independent on Sunday on 8th October 2023.

BOV’s intention to sell a part of its non-performing loans

Posted on by Mel Chamber

Bank of Valletta has today announced that it is engaged in advanced negotiations to sell part of its portfolio of long-standing non-performing loans (Portfolio), with a view to strengthening its capital and liquidity buffers. In selecting the Portfolio of non-performing loans, the Bank has followed a rigorous process using predefined criteria.

Whenever the Bank’s customers experience credit financing issues, the Bank always aims to identify workable solutions to reinstate the quality of the borrowings. However, in the case of the loan positions carried in this Portfolio, whilst the Bank has over several years taken several steps to recover the outstanding amounts owed by the underlying borrowers, the clients defaulted on their obligations and agreed terms on multiple occasions. The Portfolio does not include any loans where the underlying borrowers defaulted on their obligations for health-related reasons.

The Bank will keep the market informed of any developments as they arise and will consequently publish further details in due course.

BNF Bank launches Pink October and Movember initiatives during second Town Hall meeting

Posted on by Mel Chamber

Following the resounding success of the first Town Hall meeting held in the second quarter of the year, BNF Bank organised its second Town Hall, with the intention of engaging the team and keeping internal communication channels firmly open.

The Bank’s second Town Hall served to share an operational update with all staff, and to further strengthen the already purpose-driven and empowered organisation by keeping all employees up-to-date with projects. The Executive Committee also reported results, put forward the Bank’s plans for the months ahead on its digital transformation and ESG journey, as well promoting a positive organisational culture.

BNF Bank CEO David Power said “these meetings give management the opportunity to take on direct and challenging questions and open a space for dialogue, feedback, ideas and exchange. Employees are in this way empowered to make faster and better decisions in line with the bank’s values and priorities” He continued that “the culture we build has a tangible impact on our business, our customers, and the community we serve. This investment in a skilled and diverse workforce, coupled with our hefty investment in technology will shape the future of banking in Malta.”

BNF’s second Town Hall meeting served as a platform to launch the organisation’s Pink October and Movember campaign among staff, promoting fitness and healthy living. With the distribution of a fitness token, BNF staff are encouraged to take the first step towards keeping fit. Donations through the staff-led YourCause initiative are being collected through the months of October and November to support the services offered by Karl Vella Foundation. As per annual tradition and part of this drive, male and female employees within the risk age brackets were offered free mammogram and prostate screening to encourage testing.  Staff will also be able to participate in a nutrition and healthy eating seminar.

Mental Health Matters: Atlas Insurance marks Mental Health Awareness Month

Posted on by Mel Chamber

For the fifth consecutive year, Atlas Insurance is once again holding a series of informative and practical webinars to mark World Mental Health Awareness Month, as it takes part in the global effort to promote mental health awareness, combat the stigma surrounding mental health issues, and enable individuals to assume control over their mental well-being. The webinars that will be held throughout the month of October will be addressed to Atlas Insurance employees, clients and distributors.

Catherine Calleja, Executive Director and Company Secretary of Atlas Insurance, commented: “The mental well-being of Team Atlas is not only a priority within our organization, but also an integral aspect of our corporate culture. It is something that we value and prioritize every single day. As a society we have come a long way in recognising the importance of mental health. However, we acknowledge that there is much more to be done and that mental health awareness must be continuously sustained. Mental Health Awareness Month serves as an opportunity to concentrate and amplify our efforts in this area.”

The first of these webinars is aimed to help the Atlas leadership team to develop the knowledge and skills required to identify and address appropriately the situations of employees who find themselves in crisis or in a vulnerable state. This webinar will be delivered with the assistance of resources made available through ICAS International’s Employee Assistance Programme (EAP), of which Atlas Healthcare has been an introducer since 2019.

The series of webinars proceeds with an information session for Atlas Insurance employees about the impact of nutrition on mental health and overall well-being. The session, also put together by ICAS, includes practical tips on nourishing the body and mind, and will be delivered by experts in behavioural science who designed the webinar in conjunction with other nutritional experts.

The role of emotional intelligence in maintaining good mental health will be addressed in another webinar. The webinar will explore the concepts of emotional intelligence and self-awareness in order to develop an understanding of one’s own emotions and those of others, as well as effective emotional management skills.

The final webinar themed “Building Better Partner Relationships” is intended to help participants enhance their communication abilities by providing a deeper knowledge of relationship development. The webinar delves into the various stages and components that constitute a healthy romantic relationship, offering valuable insights and strategies for effective communication within these contexts.

ICAS is a global 24/7 international Employee Assistance Programme (EAP), provided by Atlas Healthcare, which provides unlimited direct access to psychologists for employees and their families, as well as local face to face counselling, legal and financial helplines and support for HR and line managers.

Atlas Healthcare Insurance Agency Limited (C32603) is authorised under the Insurance Distribution Act to act as Enrolled Insurance Agents for Atlas Insurance PCC Limited. Both entities are regulated by the MFSA.

BNF Bank collaborates with ACT Malta on native flora propagation

Posted on by Mel Chamber

With the aim of fostering a culture of environmental responsibility, BNF Bank is supporting Maltese NGO ACT to increase awareness about the importance of indigenous flora. This collaboration aligns with BNF’s broader dedication to sustainability initiatives.

The partnership featured a successful hands-on educational workshop held with the Banks’ corporate team. The opportunity was then extended to all staff members who showed interest to volunteer. The positive feedback from this initiative was resounding, highlighting the value of the work the NGO is doing in Malta and the Bank’s commitment to jump onboard.

The experience for staff members was an immersive one, as they learnt about the ecological significance of native plant species and the skills required to propagate shrubs and plants as a means to their preservation. “Getting our hands deep into soil as we sowed seeds and planted cuttings gave us a sense of being closer to nature,” said Reuben Ellul, the Corporate Banking team head at BNF Bank. “We learnt how to transform the word sustainability into a tangible measure, by propagating indigenous plants that are unique and particular to Malta. What’s more, it’s a meaningful commitment we can all take up individually and choose local flora for our homes,” he continued.

BNF Bank and ACT Malta also took to social media to promote the need to focus on locally grown native flora species.  Through this joint effort, a short series of educational facts was also circulated to help empower the public and develop a deeper appreciation and understanding of their surroundings.

This initiative will also be taken to St Clare College, St Julians as part of a project to create more knowledge among children on conservation of the species and environmental duty. The initiative is set to commence at the start of the scholastic year whereby students will be given the tools to grow their very own native plant and care for it throughout the scholastic year, with follow up visits by ACT.

ACT works to serve as an enabler to empower people to learn and do what inspires them, in the context of sustainable progress across all areas of society, through open, constructive dialogue and collaboration.

BOV launches the second series of Investor Education Sessions

Posted on by Mel Chamber

Bank of Valletta launched the second series of investor education sessions across its retail network. These sessions, aimed at the small investor, are intended to equip with basic financial skills for all those interested in this specific area within the financial industry, as well as to explain the basics of the world of investments. These initiatives, together with others already implemented, form part of the Bank’s objective in promoting financial literacy, acting as a catalyst in improving financial knowledge within the local community whilst also providing customers with the necessary financial information when managing their finances.

The sessions kicked off on the 4th of October 2023 at the BOV Cospicua branch. Other sessions will be organised as follows: at the BOV Zebbug branch on the 24th of October and the BOV Attard Branch on the 31st of October respectively.

Speaking about the initiative, Mark Agius who heads BOV Asset Management said, “BOV Asset Management Ltd (BOVAM) has been at the forefront to support financial literacy through investor education initiatives.  We strongly believe that BOVAM is in a unique position to provide financial education aiming to equip individuals with the required knowledge and skills to make smart financial decisions.  In fact, during the last months, we organised a series of investor education evening sessions at our BOV branches, an initiative that we are planning to extend over the coming months, to other locations across Malta and Gozo.”

Kenneth B Micallef, Head of Business Development at Bank of Valletta stated “Educating our customers about the Bank’s products and services is an important investment that we make. We strongly believe that dedicating our time and effort in meetings with customers takes us a long way. It serves the dual purpose of passing on information to customers about how they can make best use of our services whilst we take it as an opportunity to learn about our customers’ evolving needs which help us to continuously develop our service offering to keep it as relevant as possible. Such meetings also help us to strengthen our working relationships with our customers”.

A result of a multidisciplinary collaboration between the Bank’s Business Development arm, BOV Asset Management, and the teams across the Bank’s network of Branches and Investment Centres respectively, these sessions will be delivered in Maltese during which participants will also be provided with the opportunity to raise their thoughts to representatives from BOV Asset Management and staff from the Branch.

For more information, customers may contact the Bank’s Business Development unit at 2275 1122 or by email at businessdevelopment@bov.com

Having a national airline is crucial for the country

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry notes that Government has reached an agreement with the European Commission on the establishment of the new national airline. The Malta Chamber also notes that Government has committed to decision making that prioritizes the national interest and good governance in the running of the new airline.

The Malta Chamber underscores the vital strategic importance of operating a national airline efficiently, to ensure its viability over the long-term after decades of unsustainable practices stemming out of political interference. These practices have cost the country millions and it is hoped that lessons have been learnt once and for all, both with respect to the national airline and other state-owned entities. The Malta Chamber has repeatedly raised concerns about other state-owned entities falling prey to similar extravagances which, unlike Air Malta, are so far not under European Commission scrutiny. Government should not wait to be in a similar predicament with respect to other state-owned entities before taking a serious look at governance, operational efficiency and recruitment practices in other entities.

The projections presented yesterday by the Minister for Finance acknowledge the unique challenges related to our airline’s size and its markets, which also emanates from Malta’s peripherality to the European continent. The commitment to swiftly turn-around the current situation needs to be honoured to restore a firmer standing with the European Commission. This requires the eradication of unsustainable operational practices which costed this country dearly, and a periodic review of routes and frequencies to strike a balance between meeting interests of the general public and the business community, and ensuring long-term viability of the new airline.

Conscious of the national airline’s paramount strategic importance, The Malta Chamber emphasises the vital importance of sustainable, uninterrupted air connectivity for Malta, to cater for both business and social exigencies, such as flight operations related to healthcare and Just-In-Time provision of critical medicines.

The Malta Chamber calls upon all stakeholders including politicians, and representatives of both workers and the business community to work together to ensure that our new national airline will really break away from past practices and be sustainable in the long-term, as is in the national interest.

MAPFRE Conference Explores Pensions Sustainability

Posted on by Mel Chamber

In the ever-evolving landscape of financial planning and security, pensions have emerged as a crucial topic of discussion for both individuals and organisations. Recognising this, MAPFRE Middlesea is proud to announce its upcoming conference in collaboration with the University of Malta, where we will delve into the “Current Pensions Landscape and Future Sustainability.” Set to take place on the 27th of October at Valletta Campus, this conference promises to be an enriching event, bringing together experts and stakeholders to address pressing issues in the realm of pensions.

The Significance of Pensions:

Pensions play a pivotal role in securing a financially stable retirement for individuals while also allowing employers to invest in their employees’ future, thereby enhancing their competitiveness in a demanding job market. With the ambitious VOPS (Voluntary Occupational Pension Scheme) initiative on the horizon, it’s crucial to explore the current state of pensions in Malta and chart a course towards future sustainability.

Conference Highlights:

MAPFRE Middlesea conference boasts an exciting agenda, featuring prominent speakers and experts who will shed light on various aspects of pensions:

1. Keynote Speakers:

  • Petra Ellul Mercer & Adrian Sacco (Ministry of Social Policy)
  • David Spiteri Gingell & Dr. Patrick Ring
  • Bernard Attard, and Victoria Muscat (PwC)
  • Eduardo Ripolles de la Pena & Gonzalo de Cadenas (MAPFRE CESGA and MAPFRE Economics)

2. Discussion Panel:

  • Dr Marthese Portelli (The Malta Chamber)
  • Simon Azzopardi (BOV)
  • Amongst others

3. Conference Opener:

  • Dr Gordon Cordina, MMSV/BOV Chairman and Prof Albert Vella, rector of the University of Malta  will  deliver the welcome speeches.

Agenda Overview

The conference will address the following key areas:

  1. Current State of Pensions: An exploration of the existing pensions system in Malta
  2. Outlook for Pensions: A discussion of pensions in light of local and international economic and regulatory developments.
  3. ESG Challenges: An examination of the challenges faced in achieving compliance with Environmental, Social, and Governance (ESG) criteria.
  4. Proposals for Sustainability: Through keynote speeches and panel discussions, the conference will put forth proposals for strengthening the sustainability and adequacy of pensions in Malta.

Target Audience:

This conference caters to a diverse audience, including:

  • Employers
  • Professionals from the insurance and banking sectors
  • Financial services providers
  • Students

CPD Accreditation:

Importantly, this conference offers an opportunity to earn 4 Core CPD (Continuing Professional Development) Hours for Life Insurance and Accounts. These CPD hours are accredited by MARM (Malta Association of Risk Management) on behalf of FERMA (Federation of European Risk Management Associations), making it a valuable event for professionals seeking to enhance their knowledge and skills.

Conclusion:

“Pensions Plans: Current Pensions Landscape and Future Sustainability” conference organised by MAPFRE Middlesea, in collaboration with the University of Malta and BOV, promises to be an informative and thought-provoking event. It serves as a platform for dialogue and learning, aiming to shape the future of pensions in Malta and ensure financial security for individuals and organisations alike. Mark your calendars for the 27th of October and join us at Valletta Campus for this exciting conference. Together, we can navigate the path towards a sustainable pension future.