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MBB EU-project to support manufacturers improve energy management and sustainability

Posted on by Mel Chamber

The Malta Business Bureau, together with its partners from eight other EU member states, has launched a LIFE funded EcoSMEnergy project, focused on promoting the uptake of energy audits and management systems to reduce energy consumption and costs.

The initiative specifically targets manufacturing SMEs across key sectors, including chemical manufacturing, pharmaceuticals, rubber and plastic products, metal products, electronics, electrical equipment, machinery and automotive manufacturing.

The EcoSMEnergy project aims to foster a holistic approach to sustainable energy management.  It provides SMEs with the knowledge and tools to effectively navigate the complex energy landscape through Energy Management Systems (EnMS), energy audits, training, and access to funding opportunities.

“SMEs operating within the manufacturing industry face the significant challenge of high energy consumption, leading to increased operational costs and emissions,” explained Mario Xuereb, CEO of MBB. “EcoSMEnergy guides them towards long-term competitiveness by showcasing energy-efficient technologies and streamlining access to funding.”.

Project Highlights:

  • Implement energy efficiency measures with expert business support.
  • Learn to monitor and optimize energy use through training and e-learning on Energy Management Systems.
  • Access funding opportunities to invest in sustainable energy solutions.

By empowering SMEs to become more energy-efficient, EcoSMEnergy directly supports the EU’s mission to reduce energy consumption and achieve climate neutrality by 2050.

EcoSMEnergy is a collaborative initiative, implemented by Eurochambres (Belgium – Lead), Malta Business Bureau, Chamber of Commerce and Industry (France), The Official Chamber of Commerce, Industry, Services and Navigation of Barcelona (Spain), University of Brescia (Italy), Estonian Chamber of Commerce and Industry (Estonia), Latvian Chamber of Commerce and Industry (Latvia), Cyprus Chamber of Commerce and Industry (Cyprus), Cyprus Energy Agency (Cyprus), EWI Energy Institute for Business (Austria), SEnerCon GmbH (Germany) and EKODOMA (Latvia).

For more information, click here.

The Malta Chamber Welcomes Labour Migration Policy as a Positive Development

Posted on by Mel Chamber

Transparency, Efficiency and Enforcement are Key

The Malta Chamber acknowledges the recently launched Labour Migration Policy as a significant step forward in addressing Malta’s workforce challenges. The policy includes several recommendations that align with The Malta Chamber’s vision for sustainable economic development. For the policy to be effective the labour market must be strengthened through a reduction in public sector employment, more incentives for upskilling and reskilling, and more support for investment in digitalisation to improve productivity. All policies need to be aligned and fully integrated into the Malta Vision 2050, to ensure a holistic and long-term strategy for the nation’s workforce and sustainable economic growth.

While The Malta Chamber agrees with many aspects of the policy, there are certain recommendations that require clarification and adjustment to ensure their effective implementation. These include:

  1. Minimum Termination Rates Per Firm: The recommendation concerning minimum termination rates per firm requires more clarity regarding the determination of employer workforce size. For example, it is not clear how termination rates will be calculated in the case of companies operating under a group structure. Another example that requires further clarity is with respect to termination during the probation period as well as terminations prior to the expiry of a fixed term contract, whether it is a termination by the employer or a resignation by an employee. The seasonality experienced by certain sectors must also be taken into consideration – a one-size fits all approach is not possible. One must also carefully identify those other sectors and specializations which, like healthcare (as duly mentioned in the policy), constantly experience significant and persistent shortages – these need to be pulled out of the one-size fits all approach.
  2. Eligibility for Additional TCNs Based on Workforce Percentage: The policy indicates that employers’ eligibility to apply for additional Third Country Nationals (TCNs) should be determined by a fixed percentage of their workforce. The Malta Chamber seeks clarification on whether this workforce size includes only direct employees or if it also encompasses subcontracted workers through temping or outsourcing agencies. Furthermore, it is understood that temping agencies and outsourcing agencies will be subject to the same criteria applicable to all the companies which do not fall under any special category or exemption. More details on how this criterion will be applied specifically to temping agencies and outsourcing agencies is required.
  3. Seasonal Work Permits: The Malta Chamber suggests introducing seasonal work permits with multi-season renewal options. This would be beneficial to both companies and employees. Companies would benefit because recruitment overheads would decrease whereas employees would benefit from employment security and longer-term employment.
  4. Prioritizing Maltese and EU Nationals: While The Malta Chamber supports the recommendation that employers prioritize hiring Maltese and EU nationals before considering TCNs, one must also acknowledge that, as already highlighted above, certain industries face persistent shortages of local and EU workers. The Malta Chamber recommends revisiting the proposed bands to address this reality While a specific threshold or target is necessary to ensure fairness and balance, the approach must remain flexible enough to account for industry-specific challenges and workforce availability.
  5. Study to Determine Market Wage Rates: Transparency is important when conducting a study to determine wage rates. The results of such studies, along with the methodologies used, should be made public to guide market operators effectively. Additionally, The Malta Chamber suggests assessing wage adequacy with respect to the output expected, as well as to identify, analyse and address other externalities which eat away at the take home pay, such as the high rental prices, regardless of the type of occupation.
  6. Authorities establish tailored MOUs with other countries: The Malta Chamber supports the establishment of Memoranda of Understanding (MOUs) with other countries to facilitate labour migration. This initiative should benefit those companies that operate ethically and have a proven track record of doing so – this should also be applicable to recruitment, temping and outsourcing agencies. Exploitative practices in this sector are the result of years of lack of inadequate regulation regulating outsourcing and temping. Professional private recruiters have consistently highlighted the need for regulation and have been proactive in sourcing top talent ethically. Temping and outsourcing agencies have only started being regulated very recently, after repeated requests by The Malta Chamber to address the issue.

Transparency Efficiency and Enforcement are Key

The Malta Chamber believes that the success of the Labour Migration Policy depends on three crucial components: transparency in recruitment and data, along with efficiency and enforcement. Without these measures, and unless it is integrated into Malta Vision 2050, the policy will not achieve its full potential. The Malta Chamber insists that any abusive behaviour from both employers and employees should be addressed and brought to justice without any delay.

The Malta Chamber remains committed to working with Government and all stakeholders to ensure that the Labour Migration Policy achieves its objectives, supporting a sustainable and inclusive economic future for Malta.

HSBC Malta Supports St Vincent De Paul Dementia Centre with Essential Equipment Donation

Posted on by Mel Chamber

St Vincent De Paul Residence (SVPR), has received a significant boost from the HSBC Malta Foundation through the donation of essential equipment aimed at enhancing the quality of care for its residents. As part of its commitment to supporting the community, HSBC Malta’s Corporate Sustainability Department has donated a public address (PA) system and wireless headphones to the Dementia Activity Day Centre at SVPR.

The equipment, which is already being utilised by the staff and residents, is set to play a pivotal role in the Centre’s daily activities. St Vincent De Paul Residence is one of Malta’s largest care homes, providing comprehensive services for the elderly, including specialised care for individuals with dementia. The Dementia Activity Day Centre at SVPR is designed to offer therapeutic activities and support for residents, enhancing their quality of life in a safe and caring environment.

The PA system will be used to facilitate announcements, organise activities, and foster better communication within the Centre. The wireless headphones, designed for individual use, will provide residents with the opportunity to engage in therapeutic and recreational activities, such as listening to music, which is known to have a positive impact on cognitive and emotional well-being.

Speaking about the donation, Michel Cordina on behalf of the HSBC Malta Foundation, said: “At HSBC, we believe in making a meaningful impact in the communities we serve. Supporting St Vincent De Paul and its exceptional staff is a testament to our commitment to enhancing the lives of vulnerable groups through thoughtful and practical initiatives. This initiative is part of our ongoing efforts to contribute to the well-being of the community, particularly in areas that promote inclusion and enhance quality of life for vulnerable groups.”

The equipment has made a tangible difference in enhancing the daily lives of residents and supporting the Centre’s dedication to compassionate care. Jorgen Souness, Chief Executive Officer at SVPR said “We express our sincere gratitude to the HSBC Malta Foundation for its generous contribution to our Dementia Activity Day Centre. The provision of essential equipment greatly enriches the quality of life for our residents, allowing us to offer more engaging and impactful therapeutic activities. At St Vincent De Paul, we remain steadfast in our commitment to delivering the highest standard of care to our elderly residents, and this donation exemplifies the vital role of community partnerships in advancing this mission. We look forward to further collaboration with HSBC Malta to enhance the well-being of those entrusted to our care.”

HSBC Malta remains dedicated to its corporate sustainability goals, focusing on initiatives that foster inclusion, health, and well-being within the community. This donation reflects the bank’s ongoing collaboration with organisations like SVPR to address the needs of vulnerable groups and promote a more inclusive society.

PwC Malta announces the appointment of 3 new partners

Posted on by Mel Chamber

PwC Malta is pleased to announce the appointment of Joanne Saliba, Michael Borg and Eric Mackay as Partners within the Assurance, Tax, and Advisory service lines, respectively. These appointments came into effect as of 1 January 2025. Each of these individuals brings a wealth of professional experience and expertise, having participated in and led numerous local and international projects.

“I am proud to welcome these exceptional professionals to our expanding team of partners. As our firm continues to grow, and the nature of our services continue to be multi-disciplinary, it is essential that we empower talented individuals to ensure that the firm continues to meet the needs of its clients. I have no doubt that Joanne, Michael and Eric possess the skill and dedication needed to help our clients navigate both local and global challenges and opportunities with integrity, objectivity, and professional confidence, fostering trust within our firm and the broader community,” remarked David Valenzia, Territory Senior Partner at PwC Malta.

Meet the new partners

Joanne Saliba

Joanne joined PwC Malta in 2002 after graduating from the University of Malta and has since built extensive experience in assurance services, with a particular focus on asset management clients. Throughout her tenure, she has successfully led audit teams, guiding them through complex projects while fostering a culture of collaboration and continuous improvement. As Certified Public Accountant
and a fellow member of the Malta Institute of Accountants, Joanne has also expanded her expertise through international secondments to PwC Washington and PwC Milan, gaining valuable insights and experience in global audit practices.

Michael Borg

Michael joined PwC Malta in 2008 while pursuing a Masters in Business Administration. He is a Chartered Public Accountant and Certified Auditor, and a member of both the Malta Institute of Accountants and the Malta Institute of Taxation. With a diverse background that includes five years in the assurance practice before transitioning to tax and legal services, Michael has been managing a large portfolio of Maltese and international clients, providing comprehensive direct and indirect tax compliance and consulting services. His extensive experience includes managing Tax Due Diligence projects, VAT Health Check assignments, and assisting with VAT and Corporate Tax investigations.

Eric Mackay

Eric holds a Bachelor of Commerce and a Bachelor of Accountancy (Honours) from the University of Malta. He is a Chartered Financial Analyst (CFA), a Certified Public Accountant, and a member of the Malta Institute of Accountants. Since joining PwC Malta in 2011, Eric has assisted clients in the asset management, banking, energy, manufacturing, FMCG, hospitality, and telecommunications sectors with various advisory engagements within the Deals practice. Eric is also actively involved within the PwC network, with secondment experiences to PwC Italy in 2015 and to PwC Australia from 2018 to 2020, and ongoing project collaborations with various PwC network firms.

The Malta Chamber signs Bronze Collaboration Agreement with M. Demajo Group

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry is thrilled to announce the signing of a Bronze Collaboration Agreement with the M. Demajo Group. This partnership represents a shared commitment to strengthening Malta’s business environment, fostering sustainable growth, and encouraging innovative practices among local industries.

Through this collaboration, The Malta Chamber and the M. Demajo Group aim to drive forward initiatives that will support Maltese businesses in adapting to evolving market needs, enhancing their competitiveness, and embracing digital transformation. The M. Demajo Group brings decades of experience and a strong reputation to Malta’s business community, with resources and expertise that will contribute significantly to The Malta Chamber’s mission of advancing sustainable economic development.

“The Malta Chamber is delighted to welcome the M. Demajo Group as a Bronze Partner,” said Chris Vassallo Cesareo, The Malta Chamber President. “Their support will enhance our ability to provide resources, insights, and opportunities that empower Maltese businesses to excel in today’s dynamic landscape. This collaboration underlines our shared commitment to strengthening Malta’s economy and fostering a resilient, forward-looking business community.”

The Malta Chamber plays a pivotal role in shaping Malta’s economic landscape. As the leading advocate for businesses, the Chamber fosters a competitive environment and promotes sustainable growth through favourable regulatory conditions. Influencing policy and economic direction, The Malta Chamber ensures Malta remains attractive for investment. The M. Demajo Group is honoured to sponsor such an esteemed institution, recognizing the Chamber’s efforts in supporting businesses and driving economic progress. Through its advocacy, the Chamber nurtures a thriving business community, directly impacting the nation’s prosperity. “The Chamber’s dedication to supporting businesses and driving economic progress is essential for Malta’s continued success,” states CEO JJ Miceli Demajo. Sponsoring The Malta Chamber, the M. Demajo Group reaffirms its commitment to the Maltese business community, working together for a brighter future.

The agreement was signed by Chris Vassallo Cesareo, Nick Xuereb and Dr Marthese Portelli, President, Deputy President and CEO of The Malta Chamber respectively, and JJ Miceli Demajo, CEO of the M. Demajo Group.

Bov Bugibba and Ħal Luqa branches reopen with modern upgrades

Posted on by Mel Chamber

Branch in Ħaż-Żebbuġ closes for refurbishment

Following weeks of intensive work, the Bugibba and Ħal Luqa branches have reopened their doors to customers, offering a modern and refreshed environment designed to deliver customers a superior banking experience. These renovations underscore the Bank’s dedication to continually improve its facilities to meet the evolving needs of customers. Meanwhile our branch in the village of Ħaż-Żebbug has temporarily closed following a small fire that developed in the premises. Plans are now in place for a thorough renovation exercise that will results in a new modern branch providing customers with an elevated standard of service and facilities.

New Look for Ħal Luqa and Bugibba Branches

The newly-refurbished Ħal Luqa and Bugibba Branches now feature a contemporary design, including a new colour scheme aligned with the latest standards for the Bank’s refurbished branches. To better serve customers, both branches now include dedicated privacy areas, providing a comfortable and secure setting for confidential discussions. These spaces reflect the Bank’s commitment to ensuring the highest levels of discretion and client care. The Bugibba branch also introduced a new queue management system, designed to streamline service delivery, reduce waiting times, and improve the overall customer journey.

Throughout the renovation period, the Bank prioritised continuity of service from these locations. ATM facilities at both branches remained fully operational during the process, and nearby branches were available to assist customers, thereby minimising any inconvenience caused by the temporary closures.

Customers are encouraged to take advantage of the online appointment booking system for an even more seamless experience. By scheduling an appointment in advance, customers can reduce their waiting times and ensure timely service at their preferred branch. Both Bugibba and Ħal  Luqa branch are available as options on the system, making it easier than ever to plan a visit.

Ħaż-Żebbug Branch Temporary Closed

Following the minor incident experienced on the 28th December, the planned renovations at the Bank’s branch in Ħaż-Żebbug were brought forward to ensure the safety and comfort of both employees and customers. This thorough renovation will deliver the same modern and customer-focused improvements seen in other recently-upgraded branches. During the closure, customers are encouraged to use nearby branches at Rabat, Qormi and Siggiewi.  The closest ATMs are located in Rabat, Qormi, Siggiewi and Attard. For further information, to book an appointment, or to find specific BOV branches or ATMs, one may visit the Bank’s site.

HSBC Malta Foundation spreads Christmas cheer to over 30 NGOs

Posted on by Mel Chamber

This Christmas, the HSBC Malta Foundation has once again embodied the spirit of giving, delivering essential support and festive joy to some of Malta’s most vulnerable communities. Partnering with over 30 non-governmental organizations (NGOs), the Foundation orchestrated its largest holiday initiative yet, transforming its executive boardroom into a bustling hub of generosity and collaboration. This time round the HSBC Malta Foundation apart from a number of HSBC Malta employees was also supported by St Francis Secondary School, Sliema and St. Nicholas College, Rabat Primary School.

From basic necessities like food and personal care items to children’s gifts and educational materials, the initiative addressed many needs and brought the magic of Christmas to life for those who need it most. Contributions poured in from HSBC employees, top HSBC Malta clients, and local schools, creating a powerful testament to the strength of community involvement.

Glenn Bugeja on behalf of the HSBC Malta Foundation, highlighted the significance of this effort, when he said, “We are incredibly proud of the impact this year’s Christmas initiative has had. By working alongside a number of incredible NGOs, we’ve been able to reach countless families and individuals, not only meeting their physical needs but also sharing a sense of hope and joy during the festive season. This initiative captures the true essence of Christmas – giving, sharing, and caring.”

The HSBC Malta Foundation’s initiative united organizations with a shared goal of uplifting lives during the holidays with each entity involved playing a vital role in ensuring donations reached those in need, consequently supporting communities across Malta and helping to spread warmth and positivity across the island.

HSBC employees also took the festive spirit into their own hands and through their acts of generosity and team spirit assisted those in need. At the Gżira branch, staff baked Christmas logs after office hours and donated them to the locality’s Parish Priest for distribution amongst those families most in need.

Meanwhile, team members from the Chief Operations Officer’s Office hosted a bake sale to raise funds for the Malta Autism Centre and the Salesians of Don Bosco. Their efforts raised €2,000, which will go toward purchasing a laptop and two tablets for these NGOs, further supporting their valuable work.

The HSBC Malta Foundation’s Christmas initiative continues to shine as an inspiring example of the difference that collaboration, generosity, and care can make during the holiday season, a real ‘Holiday Tradition of Giving’. By bringing together individuals and organizations, the Foundation has not only provided vital support but also reminded everyone of the transformative power of kindness during this special time of year.

HSBC Malta ready for SEPA Instant Payments

Posted on by Mel Chamber

Starting today, HSBC Bank Malta is fully prepared to receive SEPA instant payments, thanks to significant upgrades to its systems. SEPA Instant Payments allow euro transactions to be completed within just 10 seconds, regardless of the time or day, including weekends and public holidays.

HSBC Malta has met the compliance requirements for SEPA Instant Payments ahead of the EU regulatory deadlines set for 2025. These enhancements ensure payments received during weekends and public holidays will be immediately posted and value-dated, offering seamless and uninterrupted service to clients.

“SEPA Instant Payments mark a significant step forward in creating a more efficient and equitable payment system across the EU. At HSBC Malta, we are proud to be leading this transition. By completing our system upgrades early and finalising internal testing, we can provide our customers with a reliable and modern banking experience that meets their evolving needs,” Geoffrey Fichte, CEO of HSBC Bank Malta, said of the milestone.

The regulation, which comes into effect in two stages – 8 January 2025 for receiving and 8 October 2025 for sending SEPA instant payments – also mandates equal charges for instant payments and standard SEPA transfers.

HSBC Malta remains committed to delivering innovative solutions while ensuring compliance with regulatory standards, helping its customers benefit from the advantages of faster and more transparent payments.

Standard and Poor’s upgrades BOV’s credit ratings

Posted on by Mel Chamber

Rating raised from BBB-/A-3 to ‘BBB/A-2, with stable outlook

In December 2024, S&P Global Ratings raised its long- and short-term issuer credit ratings on Bank of Valletta to BBB/A-2 from BBB-/A-3. S&P Global Ratings also raised the long-term resolution counterparty rating (RCR) to BBB+ from BBB and affirmed an A-2 short-term RCR. The stable outlook reflects S&P’s view that BOV will maintain an additional loss-absorbing capacity (ALAC) ratio well above 4% of S&P Global Ratings risk-weighted assets (RWAs) metrics over the next two years, while preserving the Bank’s dominant market position in Malta and its strong capitalization.

BOV Chairman Dr Gordon Cordina and CEO Kenneth Farrugia expressed their extreme satisfaction on this announcement. Dr Cordina stated, “This upgrade by S&P Global Ratings is yet another testament to the sustained progress that the Bank has been making. A significant part of our efforts has been directed towards restoring sustained profitability and making the BOV Group secure, for the benefit of our stakeholders, shareholders, and the wider community. This upgrade is recognition of this effort, and a reaffirmation that we are on the right trajectory, giving us the confidence to continue along this transformation journey”.

CEO Kenneth Farrugia echoed Dr Cordina’s comments, crediting this positive announcement to the Bank’s clear strategic direction, its transformation program, commitment to excellence and leadership across its operations. In addition, the drive to ensuring that the Bank maintains a strong capital base has been critical in this positive rating. “This upgrade reflects Bank of Valletta’s strong financial position and validates our strategic vision and ongoing efforts to strengthen the Bank’s capital, which will in turn support the growth of our business in the years ahead of us. The very recent successful closure of the €100 million 5% unsecured subordinated bonds (2029-2034), which was fully subscribed within 2 days of its launch to the market, reflects the public’s overwhelming trust in the Bank. This announcement by S&P Global Ratings closely follows the achievement of Company of the Year 2024 awarded by the Malta Stock Exchange in November, which reaffirms the Bank’s position as a leader in the financial services sector and an advocate for sustainability, integrity, and customer-centric values.”

In the update published by S&P Global Ratings, S&P expect the Bank’s dominant market position and strong capitalization to likely continue supporting business stability in Malta over the next few years. Bank of Valletta, it stated, remains the largest bank in Malta with a very strong market share of around 50% in both commercial loans and customer deposits at end-September 2024. It is also expected that the Bank will continue benefiting from supportive economic conditions, marked by solid economic growth.