BOV Inaugurates Art Exhibtion – “Inwaħħdu xbihat minn kullimkien”

As part of Bank of Valletta’s 50th Anniversary celebrations, an art exhibition titled “Inwaħħdu xbihat minn kullimkien” was inaugurated at the Museum of Fine Arts in Valletta. The exhibition is a showcase of the Bank’s vast collection of modern and contemporary artworks. The title “Inwaħħdu xbihat minn kullimkien” is taken from Achille Mizzi’s poem “Skorfon” (Il-Kantiku tad-Demm), reflecting the vast collection of artwork on display, and drawing its imprint from the nature of the exhibits and the way the Bank’s art collection evolved over the years.

Bank of Valletta’s collection is, by Maltese standards, a very large one, counting over 900 pieces. It is a collection that has evolved rather randomly, with works that were primarily meant to decorate reception areas, offices, and boardroom walls. They largely date from the 1970s to the early 2000s and most works were purchased directly from the artists.

In its vastness, the Bank of Valletta’s collection provides a snapshot of Maltese art, with works by both prominent and less prominent artists. The works reflect the realities of the Maltese art scene and understandably vary in style and significance. The collection is largely composed of landscape paintings and abstract works of small to medium size. They are mostly executed in traditional media, without breaking much into experimental forms.

Whilst inaugurating the exhibition and also welcoming all those present, Dr Gordon Cordina, BOV’s Chairman, stated that the Bank has always been at the forefront in supporting the community at large and supporting the local art and culture scene. “This is yet another event where the Bank is looking to the past but investing in the future, seeking to leave behind a better world for those who come after us. Curator Prof Keith Sciberras did a sterling job in identifying and highlighting the work of the protagonists in a curated display that mirrors much of the artistic concerns and production of modern and contemporary art in Malta.”

Mr Kenneth Farrugia, the Bank’s Chief Executive Officer, said that during its 50-year history, BOV has also provided continuous support to the local artistic scene since this forms part of BOV’s community investment in arts and culture. “As the leading Bank in Malta, we are constantly committed in nurturing artistic talent, for the benefit of the local community. We are proud to host this event and give the visiting public a unique opportunity to experience local art at its best. These initiatives are supportive of our ESG strategy which resides at the core of the Bank’s strategic initiatives. It is the firm intent of the Bank to continue investing in the local talent in the years ahead of us.”

Mr Farrugia continued by making reference to the Bank’s social initiatives, forming part of the Bank’s CSR programme. “These initiatives are aligning with other efforts we are taking to support our ESG strategy to give back to the local community. This is highly important for us, and we will continue to focus our efforts on unique opportunities that will be of benefit to the community that we service.”

During the selection process for “Inwaħħdu xbihat minn kullimkien”, Prof Sciberras identified and highlighted the work of the protagonists in a curated display that mirrors much of the artistic concerns and production of modern and contemporary art in Malta. In their attempt to embrace international references, the works on display dialogue, albeit sometimes hesitantly, with artistic realities primarily in England, Italy, and France, where several of these Maltese artists trained or studied.

Prof. Sciberras stated that “the concept of the exhibition entitled flows through three main chapters, or rooms, set out in the Camerone of MUŻA – the National Museum of Arts, Valletta. They are respectively dedicated to works on paper (Karta / Paper), landscapes (Art / Earth), and abstract works (Ħsieb / Mind). A smaller, but significant, room is dominated by one single, large figurative work by Anton Calleja. The exhibition also combines art and poetry in a dialogue that mirrors the ‘ut pictura poesis’ tradition, where poetry and painting engage in a dialogue or friendly ‘paragon’. The poet of choice is Achille Mizzi, and extracts from his work, selected by Immanuel Mifsud, accompany the titles of exhibition rooms.”

Prof. Sciberras continues that the fifty-eight works from 32 artists on exhibit display considerable visual coherence, but at the same time underline individual interests and idioms. The concerns here are mainly with aesthetics and rendering and notably do not engage in depth with commentary on political and social controversies and debates of that time. Colour, light, form, and expression unite (iwaħħdu) this exhibition. In many ways, this reflects the general character of Maltese modern art.

BOV invites the general public to visit this unique exhibition which will be on display until Sunday, 8th September, 2024, at MUŻA, the National Museum of Art in Valletta.

The Malta International Business Awards 2024 Announce Finalists

The Malta International Business Awards (MIBA) 2024 has just revealed the finalists, marking a significant milestone in this prestigious competition. Organised by TradeMalta, the third edition of the MIBA awards attracted an impressive array of entries from Malta-based exporters, highlighting the vibrant and diverse nature of the nation’s international business community.

The quality of the submissions was outstanding, making it a challenging task for the adjudication panel to shortlist the finalists. All entries were meticulously evaluated to ensure they met the application guidelines and criteria. The shortlisted companies were then invited to deliver presentations to the judging panel, who will now be determining
the winners for each category.

The awards feature four categories: Best SME Exporter, Best Large Exporter, Best High Potential Exporter and Best Emerging Markets Exporter. The finalists come from a wide array of industries underscoring the robust capabilities of Malta’s exporters including manufacturing, research and development, training, software, and AI technology, maritime, 3D printing, and web design as follows:

Best SME Exporter: Pet Nutrition House Ltd; International Safety and Training College, IoT Solutions Ltd, MMRTC Co-operative Society Ltd.

Best Large Exporter: Magro Brothers (Foods) Ltd; Simonds Farsons Cisk plc; SIGMA Group; Salvu Grima Group, AquaBioTech Group

Best High Potential Exporter: 9H Digital Ltd; Thought 3D Ltd; EBO Ltd; Central Mediterranean Business School, IoT Solutions Ltd.

Best Emerging Markets Exporter: Pet Nutrition House Ltd; Simonds Farsons Cisk Plc; SIGMA Group; Salvu Grima Group; Central Mediterranean Business School; MMRTC Co. Operative Society Ltd; AquaBioTech Group.

The winners of each category, along with the overall winner, will be announced during a prestigious gala dinner at the Radisson Golden Sands Hotel on Friday, 29 November 2024.

The MIBA awards are organised by TradeMalta, with HSBC Bank Malta p.l.c. as the strategic partner, and Emirates and Grant Thornton as supporting partners. The awards are endorsed by the Ministry for Foreign and European Affairs and Trade, as well as the Malta Chamber of Commerce, showcasing a united front in championing Malta-based businesses trading internationally. The Times of Malta is the media partner.

For more information and updates on the Malta International Business Awards 2024, please click here or contact TradeMalta at info@trademalta.org or call 22472400.

The potential for business growth when investing in technology and digitization cannot be underestimated

During this year’s Tech.mt AGM, CEO Dr Portelli highlighted that Malta is well-positioned to be an incubator for innovative tech ideas. “The small size of the market can be an advantage in this sense. Another advantage is the high degree of diversification of our relatively small economy. This provides endless possibilities for product and service development. Whether it’s tourism, financial services, manufacturing, transportation, media, telecoms, energy, health – the Maltese economy provides ample opportunities for highly diverse economic activities, all of which can be enhanced through creative digital solutions.”

She added that “This does not mean that we do not have our challenges. One of the obstacles to our progress with digitization is a shortage of properly skilled staff in the subject area. Modernising current employment and skills regulations is also critical to meeting the demands of a digitally transformed world. Regardless of the industry or nature of the job, competency with digital tools and services is required. The Malta Chamber argues that one critical prerequisite is for the school system to provide all pupils with a basic awareness of technology, which is unfortunately still lacking today.”

The Malta Chamber has a proven track record of over 176 years representing commerce, enterprise and industry – our commitment remains and we will continue giving all our energy to see continued success.

Balancing Act: Europe’s Strategy for Economic Resilience and Openness

MICHELE AGIUS – POLICY ADVISOR – MBB

In recent years, Europe has faced unprecedented challenges that have tested the resilience and security of its economy. The global pandemic, Russia’s invasion of Ukraine, and escalating geopolitical tensions have exposed vulnerabilities across supply chains and critical infrastructures that Europe had not anticipated. These events have underscored the need for a robust strategy to shield the European economy from external shocks and hostile actions. The European Economic Security Strategy (EESS) emerges as a response to these multifaceted risks, aiming to secure the economic foundations of the EU while maintaining its openness and competitiveness on the global stage.

The primary aim of the EESS is to enhance the economic security of the EU by making it more resilient to external shocks and reducing dependencies of critical sectors on foreign partners. The strategy is structured around three main pillars, the first of which is to promote the Single Market, by enhancing the EU’s competitiveness and economic resilience through investments in industrial capabilities and the economy of the future, such as advanced semiconductors, quantum computing, biotechnology, and clean energy. Moreover, the EESS includes measures to encourage the extraction, processing, and recycling of these materials within the EU, thereby reducing dependencies on non-EU countries. This approach is expected to strengthen the EU’s autonomy in key technological areas and support its long-term economic security.

The second pillar is to protect the Single Market, and here the EESS focuses on safeguarding the EU’s economic interests by enhancing defences against various economic security risks. Central to this pillar is the strengthening of trade defences and the rigorous application of Foreign Direct Investment (FDI) screening mechanisms, to prevent potentially harmful investors and trade practices that could threaten the national security of Member States. Additionally, it prioritizes enhancing cybersecurity measures across critical infrastructures, employing robust legislative tools such as the ‘NIS 2 Directive’ to bolster digital and physical infrastructures against cyber-attacks and espionage. The pillar also intensifies controls on exports of sensitive technologies and dual-use goods to prevent technology leakage that could inadvertently boost the military capabilities of adversarial states.

Finally, the EESS emphasizes on strengthening international alliances and partnerships by seeking to diversify and secure supply chains through enhanced cooperation with a broad range of countries that share the EU’s economic and security values and concerns. It involves actively pursuing free trade agreements, fostering resilient and sustainable value chains, and ensuring robust economic ties with key strategic partners. Additionally, the EU aims to leverage initiatives like the Global Gateway to invest in secure links worldwide, which support sustainable development and enhance the EU’s influence in shaping the global economic framework.

The discussion around an EESS anchored in the principles of competitiveness and openness is a welcomed development. However, the protection of vital security interests must not serve as cover for disguised protectionism, nor should it endanger the integrity of the Single Market. To ensure the strategy’s success, there needs to be a right balance between economic and national security objectives. This requires a thorough assessment of the different risks identified under the strategy before adopting new EU tools, which must be precise, proportionate, and predictable. These risk assessments should be conducted in close cooperation with business representatives and other key stakeholders.

Collaboration with new non-EU partners is also a very positive development, but each partnership should be carefully assessed to ensure it brings concrete benefits for European business. Benefits such as new international markets and strengthened supply chains, will mitigate the risk of critical goods shortages in essential industries such as automotives and pharmaceuticals. Advanced technology collaborations in industries such as AI, biotechnology, and quantum computing will also reinforce the R&D capabilities of the Single Market in the coming years.

Lastly, renewed partnership and cooperation between the Commission, Member States, and the private sector will be essential. This should come in the form of further intelligence sharing to protect companies from emerging security risks. More coordination and cooperation at EU level is also instrumental in areas such as export controls and FDI screening. One potential option could be the EU setting stricter licensing requirements for exports of quantum computing technologies to countries where there is a risk of these technologies being diverted to develop military capabilities, ensuring that exports do not compromise EU’s strategic interests. Foreign investment in private enterprises operating in critical infrastructure such as energy, telecommunications, and ports, could require thorough assessments to ensure it does not pose a security risk to the strategic autonomy of the EU.

This article was first published on The Malta Independent on the 21st July, 2024.

The BOV Volleyball Marathon in aid of id-Dar tal-Providenza gets underway

H.E. Dr Myriam Spiteri Debono, officially inaugurated the 14th edition of the BOV Volleyball Marathon in aid of Id-Dar tal-Providenza. Forty players, selected from a total of seventy applicants, started the challenge of fifty-three hours of non-stop volleyball for a noble cause.

Present for the inauguration ceremony were Hon. Julia Farrugia Portelli, Minister for Inclusion and Volunteering, Hon. Keith Azzopardi Tanti, Parliamentary Secretary for Youth, Research and Innovation, Hon. David Agius, Deputy Speaker and Shadow Minister for Sports, Hon. Graziella Galea, spokeswoman of the Opposition for the Inclusion of the Voluntary sector, Mr Kenneth Farrugia, the CEO of the Bank of Valletta the main sponsor of the marathon, and Siġġiewi Mayor Julian Borg.

In his welcome speech, Fr Martin Micallef while greeting the President of Malta, on her first visit to Id-Dar tal-Providenza, said that the commitment of the players and volunteers sends a beautiful message to Maltese society that it is rewarding to give.  He added that it is wonderful to see young people filled with a great sense of generosity and altruism, who are ready to commit themselves in favour of initiatives in favour of people who need some kind of support, solidarity, or help. He reminded that Dar tal-Providenza, which this year is on the threshold of its 60th anniversary, needs a lot of funds to continue offering the residential services it offers to people with disabilities. “The help that the Maltese and Gozitan people will be giving through this marathon will continue to fill us with the courage to continue this work in the years to come.”

In her brief address at the opening of the marathon, the President of Malta H.E. Myriam Spiteri Debono mentioned that “by opening the Dar tal-Providenza nearly sixty years ago, Mgr Mikiel Azzopardi filled a significant gap, that existed at the time, in society by providing care and support for people with disabilities and their families.” She said that this started to raise public awareness about the importance of providing the necessary help to these people so that they have an opportunity to reach their full potential. Above all, so that they avoid unnecessary suffering. President Myriam Spiteri Debono explained that the costs are substantial and constantly increasing and appealed to the generosity of the people of Malta and Gozo.

Mr. Kenneth Farrugia, BOV’s Chief Executive Officer, stated that the Bank’s relationship with id-Dar tal-Providenza goes back years, with over 10 years of collaboration, and this year, as part of our Bank’s 50th anniversary, BOV is proud to continue building on this relationship. “As the leading bank in Malta, we are constantly committed in nurturing such partnerships that help the most vulnerable, also as it is one of our main strategic objectives to be more present in our community.

“The BOV Volleyball Marathon is a clear representation of what makes us Maltese, being there for one another through sport. This marathon also represents the power of volunteering, something which we at BOV are also encouraging with the introduction of the Volunteering Leave for all our employees.”

Mr. Farrugia continued that “Id-Dar tal-Providenza provides a vital service to our community and as BOV we want to continue expanding our work with the community to help all our citizens achieve a better quality of life. We truly hope that this relationship can grow further in the coming years and decades to come, and BOV will keep enhancing its CSR programme through such initiatives for the benefit of the local community.”

Mr. Ernest Agius, the Bank’s Chief Operations Officer, commented that “we are incredibly proud to support the BOV Dar tal-Providenza Volleyball Marathon, a remarkable event we have been backing for over a decade. Supporting this Marathon showcases our commitment to the community in which we operate. Continuously we are growing our presence so that we are truly a bank which is made by the people and for the people. This marathon is not just a testament to our community engagement but also demonstrates our ethos, which emphasizes playing an active role in the communities we serve. The work that Fr. Martin and his team do is invaluable, and we are proud to support such organisations. It is heartening to see our people actively participating as players and volunteers, embodying the spirit of solidarity and service that infuse our CSR efforts and embody our Bank’s culture.”

In the evening during the three days of the marathon there will be live music on the main stage. On Friday evening from 9:00 pm to midnight, the band Zone 5 will be invited, on Saturday the band Kantera, while on Sunday, the Spiteri Lucas Band.

The marathon will be broadcast on the local TV channels. The public can help by calling the numbers below, using BOV Mobile Banking or PayPal and Revolut or donating online to Dar’s bank accounts. For more information about this activity you can visit the site: www.sabihlitaghti.org or call one of the numbers below:

€10         5160 2011
€15         5170 2012
€25         5180 2013
€50         5190 2070
€100       5130 2044

Pledge Line: 2146 3686
BOV Mobile  7932 4834

HSBC Malta welcomes summer interns with exciting future skills programme

HSBC Malta recently welcomed this year’s summer interns, providing them with a memorable start to their internship experience. Qualifying students from the JA Malta Foundation, MCAST’s Institute of Business Management and Commerce, and the University of Malta were greeted with a warm welcome that included a delightful breakfast. The interns met members of our leadership team as we shared our values through an induction meeting. They also were taken for a comprehensive tour of the new HSBC Malta HUB offices in Qormi.

One of the day’s highlights saw Matthew Mamo, Deputy Head of Human Resources at HSBC Malta, introduce the interns to the bank’s inaugural Future Skills Intern Programme. Over the summer, the programme will provide the interns with access to mentors, online courses, and numerous opportunities to enhance their skills in alignment with their career aspirations.

Matthew Mamo expressed his enthusiasm for the programme, stating, “At HSBC Malta, we are committed to investing in the future of our young talent. Our Future Skills Intern Programme is designed to provide interns with invaluable experiences and resources that will help them develop the skills necessary for their future careers. We are excited to see the growth and progress of our interns over the summer.”

The success of the welcome day was made possible by the collective efforts of HSBC Malta’s dedicated colleagues. Special thanks were given to Beverley Spiteri for capturing the memorable moments from the day.

HSBC Malta remains committed to fostering the development of future professionals through innovative programmes and supportive initiatives.

PwC Malta enhances its leadership team with four new director appointments

PwC Malta has welcomed four new directors into its leadership team. Effective as from 1 July 2024, Marie Claire Shead and David Gafa have been appointed Directors within the Assurance line of service, Stefan Diacono has been appointed Director within the firm’s Finance and Corporate Managed Services line of service and Etienne Falzon has been appointed as a Director within PwC Digital Services Malta Limited.

“These appointments reflect the continuing diversification of our business, and the multidisciplinary nature of our offerings. This announcement also reflects our unwavering commitment to fostering a culture of development and recognising talent within our firm,’’ said David Valenzia, Territory Senior Partner at PwC Malta. Each of these individuals bring a wealth of Experience and expertise, and their dedication has been instrumental in the operations of the firm. David Valenzia continued by expressing his confidence in each individual and his belief that they will all play an important role in shaping the future of PwC Malta.

Marie Claire joined PwC as an Audit Associate in 2005 after successfully completing her Accountancy degree at the University of Malta. She spent 12 years working on various external audit engagements that vary in size and nature, both locally and abroad at PwC New York and PwC Milan. In 2018 Marie Claire took up the role of managing the day to day operations of the Assurance practice. Her focus is that of providing oversight and managing the operations within the Assurance line of service. Marie Claire is also regularly involved in delivering internal training on external audit standards and processes.

David joined the firm in 2008 after earning a Bachelor of Accountancy (Honours) degree from the University of Malta. As part of the firm’s Assurance practice, he manages audits for listed entities, major private groups and public corporations in various sectors, including manufacturing, pharmaceuticals, energy, real estate and retail. He has also worked in the Assurance departments of PwC in Sydney, Chicago, Boston and San Francisco, supporting clients in financial services, manufacturing, and technology.

Stefan graduated with a BA (Hons) in Management from the University of Malta in 1999 and received a diploma in taxation from the Malta Institute of Taxation in 2015. He began his career at PwC Malta in 1999, later joining a start-up corporate service provider to help establish its Malta office, before he returned to PwC Malta, pushing his career to the next level. Stefan has extensive experience in company accounting, corporate compliance, administrative matters and corporate restructuring. He heads the liquidation team, manages a portfolio of medium-sized and multinational companies and delivers training courses both internally and to clients.

Etienne graduated with a Master’s degree in Business Administration from Henley Business School in 2010 and joined PwC Malta in 2022 after working for more than 20 years in business applications implementation. Etienne has extensive experience in leading global teams and driving complex and challenging engagements, both with local and international clients, and is currently leading the Firm’s Microsoft Business Applications practice.

These appointments serve as further confirmation of PwC Malta’s commitment to invest in differentiating capabilities that motivate the firm and its staff to continuously deliver on its purpose; to be a community of solvers coming together in unexpected ways with the scope of supporting organisations, build trust and deliver sustained outcomes. These appointments demonstrate the sustainability plan of the firm, and reflect its mission to ensure a steady growth path for members of staff on all levels.

The Malta Chamber Congratulates Dr Roberta Metsola on Winning EP President Election

The Malta Chamber of Commerce, Enterprise and Industry congratulates Dr. Roberta Metsola on being re-elected as President of the European Parliament. We wish her every success in this esteemed role.

This prestigious appointment is poised to elevate Malta’s profile at both the EU and international levels.

The Malta Chamber looks forward to collaborating in every possible way with President Metsola and the rest of the Maltese Members of the European Parliament, and trust that all our MEPs will set aside partisan bickering and act in the best interests of Malta going forward.

The Health and Safety at Work Act – A Possible Step Forward

The Malta Chamber of Commerce, Enterprise and Industry has repeatedly highlighted the urgent attention that needs to be given to health and safety to effectively prevent accidents and deaths. Laws and regulations need to reflect the nature of the work and the corresponding risk. Laws and regulations must also address abuse, and enforcement must be carried out in a proactive and timely manner.

Apart from submitting its views during the public consultation process and at MCESD last year, The Malta Chamber participated and contributed during the Second Reading Stage at the “Consideration of Bills Committee” in Parliament last week.

Amongst a number of other points, The Malta Chamber called for clarity on the applicability and role of the newly introduced Health & Safety Reporting Officer (HSRO). The Malta Chamber insisted that:

(a) The HSRO role should not be a blanket requirement based solely on the nature of the business and its size as originally proposed, but should be dependent on the risk inherent in the nature of the work and how it is being executed. The original Bill was ushered with the caveat that the HSRO will not apply to all businesses. It hinted at large business and certain industries, without defining large in the context of the Bill, and without specifying which industries. The victims of tragic occupational accidents that we have seen in recent years were, in most cases, working with small companies or in high risk unregulated environments. Risk management requires mitigating measures corresponding to the risks inherent to the operations and the way they are carried out, and this will differ from one company to another depending on competence more than size.

(b) The requirement of an HSRO should be imposed to address repeated abuses and to curb irresponsible practices by high-risk operators who systematically try to get away with it. The Bill as originally drafted would have shifted the burden of policing on the HSRO across the board, which would have been unfair on operators who fully comply with existing health and safety obligations and adopt a proactive approach to risk management. Blanket impositions of the requirement of an HSRO would dramatically increasing personnel costs, especially because the HSRO role will be tough to fill. Proactive and properly co-ordinated enforcement needs to be carried out by the Authority, irrespective of the introduction of the HSRO role.

(c) Clarity is required on how the new role of the HSRO would fit with that of the Health and Safety officer/practitioner which already exists in companies that are in line with current occupational health and safety. Accidents keep happening, among other reasons, because some businesses do not adhere to the existing obligations. The reality is that the majority of the bigger companies are very likely to have an inhouse H&S officer or otherwise have a service agreement with a H&S practitioner/firm. Some smaller companies subcontract external service providers for the number of hours required, depending on nature/risk, for their risk assessments, inspections and follow-ups. It still needs to be seen how the two roles will interact in those companies where the HSRO will be required.

The Malta Chamber positively notes that the HSRO requirement has been amended to reflect “the nature of the work” rather than the nature of the business or its size. Subsequent subsidiary legislation will need to determine where an HSRO will be required subject to the ”nature of the work”. The Authority will also have the right to “order that an HSRO is appointed in relation to a particular employer for such time as the Authority may deem necessary” where there are serious and consistent breaches of the law.

The next steps require government to embark on proactive enforcement including the sharing of pertinent information between government departments, entities, agencies and authorities through proper digitalisation to facilitate enforcement. Government must also ensure that the corresponding legal notices to this enabling law are enacted without unnecessary procrastination.

The Malta Chamber reiterates its position in favour of health and safety regulations and standards that prevent accidents and death. In order to achieve meaningful legislation there must be proper engagement with representatives of both employers and employees, ideally around the same table. The Malta Chamber reaffirms its commitment to participate and engage at all consultation stages, and urges Government to make better use of the MCESD as this is a matter of relevance to both employers and employees, as well as to civil society.