On 29 October, Malta Enterprise, Vistage and Up Your Level are bringing the Futurists of Amazon Web Services (AWS) and Futureworld together for a dynamic 1-day summit designed to equip you with the tools and insights to build the future of your business. This isn’t just another conference—it’s an opportunity to future-proof your business.
Why Should You Attend?
AWS Expertise: Learn from AWS how their “Working Backwards from the Customer” approach has successfully propelled businesses into creating impactful new products and services.
Future Thinking Methodology: Gain exclusive insights from Futureworld, a leading global firm, on adopting a future-focused mindset to drive innovation within your organisation.
Product and Service of the Future: Design your future products and services to delight your customers of the future
Industry agnostic: any industry can benefit from this programme
Channel IT, Value Added Distributor for ManageEngine in Greece, Cyprus, and Malta, is proud to announce that for the first time ever, the ManageEngine IT Roadshow will be hosted in Malta.
The ManageEngine IT Roadshow is an annual global series of IT conferences organized by the leading software manufacturer. Designed to showcase cutting-edge solutions and best practices in IT management and security, the event brings together industry professionals from around the world. This year, the roadshow will take place in St. Julian’s on October 1, 2024, from 8:30 AM to 1:30 PM, at the Corinthia St. George’s Bay Hotel.
This highly anticipated event is specifically designed for IT professionals, including Chief Technology Officers (CTOs), Chief Information Officers (CIOs), Heads of IT departments, IT Managers, Systems Engineers, Data Protection Officers (DPOs), IT Security Managers, IT Auditors, and anyone involved in the Information Technology sector. Attendees will gain insights into the latest trends, emerging technologies, and solutions provided by the rapidly expanding portfolio of ManageEngine.
The roadshow will feature six key thematic sessions led by ManageEngine product experts, who will provide in-depth insights into strategies for effective prevention and response to security incidents, network and infrastructure protection, centralized device management, helpdesk optimization, automation, and more. These sessions will also focus on simplifying routine tasks and addressing the everyday challenges faced by modern IT departments.
In addition to these informative presentations, the event will showcase IT leaders from top companies who rely on ManageEngine’s solutions. These executives will share their real-world experiences, demonstrating how ManageEngine products have transformed their daily operations, enhanced efficiency, digitized processes, reduced operational costs, and boosted productivity.
The ManageEngine IT Roadshow in Malta represents an unparalleled opportunity for local IT professionals to stay ahead of the curve, network with industry experts, and explore practical solutions for the challenges faced in today’s IT landscape.
Registration for the event is free, but spaces are limited. Interested participants are encouraged to register as soon as possible to secure their spot. For the detailed event agenda, speaker profiles, and to register, CLICK HERE.
Bank of Valletta is the Official Partner of Special Olympics Malta for the 2024 National Games being held in Malta between the 12th and the 15th September 2024
The National Games will see over 600 athletes with intellectual disabilities from Malta, North Macedonia, the United Arab Emirates and Cyprus compete in five sporting disciplines with the theme of the Games being ‘The Champion Within Us’.
Special Olympics is a global movement that tackles stigma, isolation and injustice faced by people with intellectual disabilities through the transformative power and joy of sport.
Ernest Agius, Chief Operations Officer at Bank of Valletta met with Special Olympics Malta President Dr Lydia Abela, President of Special Olympics Malta together with Ms. Anna Calleja, National Director of Special Olympics Malta to announce the Bank’s partnership with this prestigious event.
‘As an inclusive organisation with over 2,000 employees from all walks of life, we at Bank of Valletta are proud to have Special Olympics athletes whom we call colleagues and friends,’ said Mr Agius. ‘Our support to this event goes beyond financial contributions as we collaborate with Special Olympics Malta to promote inclusivity and community engagement.’
‘We are very pleased to see that this event goes beyond the competitive aspect and places a strong emphasis on promoting the health of its athletes through health screening and educational initiatives that are embedded in the event programme,’ continued Mr Agius. ‘Supporting this event forms part of BOV’s commitment as a citizen of the Maltese Community and we are proud to be associated with this event in the year where we are celebrating 50 years since opening our doors for the first time.’
‘The choice of ‘The Champion within Us’ as the theme of these games stems from our commitment that each athlete is a champion and forms part of one team whose aim is to participate together and share each other’s success,’ said Dr Abela. ‘We show gratitude to Bank of Valletta for partnering with Special Olympics Malta on this event and look forward in strengthening our relationship in future initiatives’.
Athletes will be participating over 5 sporting disciplines, bocce, swimming, table tennis, athletics and football and all events will be held at the SportMalta complexes in Cottonera and Marsa.
Good Governance, Structural reforms, Competitiveness, Productivity, Sustainable Growth, and improved Quality of Life featuring on top
“Given the structural issues Malta is currently facing, it is evident that we need a budget that goes beyond rhetoric—a budget that addresses Malta’s immediate problems, which have been left ineffectively tackled for far too long. These issues are now grinding the country to a halt.” This message was conveyed by The Malta Chamber President Chris Vassallo Cesareo during a meeting held at The Malta Chamber in Valletta earlier today with Prime Minister Robert Abela, emphasising the critical need for reforms that have been overlooked for years.
The Malta Chamber delegation highlighted its 12 key strategic priorities that it would like to see Government focus on in the upcoming budget. These are:
1. Competitiveness
2. Fiscal Discipline
3. Utilities
4. Renewables
5. Traffic Congestion
6. Sustainable Tourism
7. Planning and Upkeep of Public Areas
8. Value-Added Employment
9. Third Country Nationals (TCNs)
10. Low Income Earners and Pensioners
11. Public Procurement
12. Proper Enforcement of Laws and Regulations
The Malta Chamber said that for ethical business to keep investing, they need to be confident that they are operating in a country that has a responsive administration, and expressed its concern that only 1.8% of the 219 proposals that it put forward last year have been implemented by government. 18.7% are partially implemented, whereas there are another 74.9% which have not been refused but nothing has been heard yet about their implementation. The country’s economy needs to change its direction – from a labour-intensive economy to one which is based on high-value added.
The Malta Chamber CEO, Dr Marthese Portelli described this shift as “essential to enhance the quality of Malta’s offerings while reducing the strain on the country’s infrastructure, which is now clearly at breaking point”. The Malta Chamber urges government to change its current course, and take the decisions that need to be taken, even if they might be unpopular.
Stressing that the forthcoming budget must be a pivotal moment for tangible, long-term change, Portelli added that this economic shift must be complemented by robust measures to tackle governance failures that have compromised Malta’s security, stability and international reputation. The Malta Chamber delegation openly discussed opportunities and concerns being faced by the business industry in Malta, highlighting key areas requiring urgent interventions and possible solutions. These included:
• Good governance across the board and carrying out the required reforms, including the public procurement reform
• Planning well the necessary investment required to enhance Malta’s productivity and competitiveness
• Rationalising public procurement to avoid unnecessary expenditure and to ensure that all public spending gives good return on investment (R&I)
• Simplification of business processes and making better use of technology across government agencies, authorities, and departments, to improve operational efficiency, reduce unnecessary costs and delays for businesses, as well as to ensure better enforcement
• The necessary and speedy investment to ensure a stable and adequate supply of electricity, water and sewage services that meet the demand
• Finetuning measures to encourage more businesses to adopt green technologies, offering schemes and tariffs that provide a better return on investment than the current ones
• Implementation of a number of measures aimed at addressing Malta’s traffic congestion rather than merely expanding road networks or adopting sporadic measures which in the absence of others end up futile
• Urban planning issues and the importance of embarking on a wider planning reform to ensure a holistic approach which is coherent and respects aesthetics, as opposed to pick-and-choose policy approaches
• The upkeep of public spaces, which should be a priority to enhance the well-being of residents and the country’s attractiveness to tourists.
• Addressing the human resource issue and moving towards more value-added employment.
In response to the Malta Chamber’s proposals, Prime Minister Robert Abela acknowledged the significance of the above concerns and expressed his commitment to considering The Malta Chamber’s recommendations in the formulation of the upcoming budget. He affirmed the government’s intention to foster a more resilient economy, while also ensuring a fair level playing field for business and a good quality of life for all citizens. The Prime Minister highlighted the need for collaborative efforts between the public and private sectors to drive the necessary reforms and achieve sustainable development. The Prime Minister was accompanied by Minister Ian Borg, Minister Clyde Caruana, Minister Miriam Dalli, Minister Silvio Schembri, Minister Chris Bonnett, Minister Clifton Grima, Parliamentary Secretary Andy Ellul, MP Cressida Galea and OPM Chief of Staff Col. Mark Mallia.
Steadfast in its belief that the 2025 budget must be a catalyst for meaningful change, The Malta Chamber looks forward to much more effective dialogue with the government, together with other stakeholders in the ambit of MCESD.
The HSBC Malta Foundation is proud to announce its latest charitable initiative aimed at continuing to support local communities. With the invaluable support and generosity of the HSBC Malta employees and suppliers, the Foundation donated a wide range of essential items to various NGOs across Malta. The initiative focused on providing much-needed supplies to help NGOs assist their service users effectively. The donations included stationery items, refillable and reusable water bottles, food for the Foodbank Lifeline Foundation and Caritas Malta, books for the ALS Malta bookshop, and quilts and blankets for shelters. Additionally, Fondazzjoni Sebħ received a special donation of men’s clothing to distribute to those in need.
HSBC Malta is committed to supporting local shelters by providing quilts and blankets to NGOs such as YMCA, Fondazzjoni Sebħ, RISE Foundation, and Building Bridges for the upcoming Winter season. This initiative ensures that vulnerable individuals have access to warmth and comfort. The bank also contributed food items to the Foodbank Lifeline Foundation and Caritas Malta, addressing food insecurity and supporting families in need across Malta.
In collaboration with the ALS Malta, the HSBC Malta Foundation donated a selection of books to their bookshop, empowering the community through the joy of reading and supporting ALS’s ongoing efforts.
This initiative aligns with HSBC Malta’s Environmental, Social, and Governance (ESG) goals by promoting community welfare, social equality, and sustainable resource use. Furthermore, it supports the United Nations’ Sustainable Development Goals (SDGs), particularly No Poverty, Zero Hunger, Quality Education and Reduced Inequality.
HSBC Malta believes in giving back to the community and making a positive impact on the lives of those around us. We are honoured to support these incredible organisations and help them continue their vital work in our community. This initiative reflects our commitment to corporate social responsibility and our dedication to building a brighter future for Malta.
“We believe in the power of community and the importance of supporting those who need it most,” said Glenn Bugeja on behalf of the HSBC Malta Foundation. “Our initiative aims to provide essential resources that can make a real difference in people’s lives and empower organisations to continue their outstanding work in our society.”
The NGOs that benefited from donations of stationery, water bottles, and other essential items include Inspire, Richmond Foundation, FIDEM Foundation, ALS Malta, MCAST – Outreach Services and Student Affairs Office, LOOP, Building Bridges, Fondazzjoni Sebħ – Shelter Milja, Soup Kitchen in Valletta, Life Network Foundation, St Jean Antide Foundation, Happy Parenting – Malta (For Happier Children), Smiling with Jerome, Dar il-Kaptan, Fondazzjoni Suret il-Bniedem, Caritas Malta, Families Supported by the Missionaries of Charity, Families supported by the Augustine Sisters, Kummissjoni Parroċċa Tfal, The St Augustine Community in Valletta, St Ignatius College, Woman for Woman and YMCA.
PwC Malta has released its second Economic Outlook for 2024, providing insights into global economic trends and projections for the coming fiscal years.
This edition highlights moderate global growth projections at 2.7% and 2.6% for 2024 and 2025 respectively, masking slowdowns in traditionally stronger growth economies such as China and the US, compared with continued robust growth in India and a marginal pick-up in the relatively slower growing Euro area.
Meanwhile, in Malta, official GDP data for Q1 suggest a marginal slowdown in Malta’s Quarterly GDP growth, down from 8.7% in Q1 2022 and 6.4% in Q1 2023, to 4.6% in Q1 2024.
The slowdown in output witnessed in Q1 2024 appears relatively broad-based across sectors, with manufacturing, ICT, professional services and retail all slowing down in this quarter, while real estate and construction registered up-ticks in performance.
From an expenditure perspective, consumption of food and beverages has registered a decline compared to the same quarter in the previous year, similar to expenditure on housing and furnishings. This contrasts with strong growth in spending in restaurants, hotels and recreation.
Furthermore, in line with official GDP data, economic sentiment survey data also point to a less upbeat outlook amongst local businesses in Malta during 2024.
Meanwhile, on the fiscal side, Malta has been running some of the highest deficits in Europe since Covid, and in July the European Commission has recommended an Excessive Deficit Procedure (EDP). However, despite the recommended EDP, Malta’s financial position in terms of the debt-to-GDP ratio remains strong.
Ultimately, forecasts for Malta show a mix of relatively robust, yet slowing – economic growth, with rising consumer pressures and indications of sector-specific slowdowns. This could suggest that while economic activity overall remains relatively healthy, sentiment may appear to be dipping as price pressures begin to affect consumption behaviour in certain local sectors.
Dr Michela Pulis has been honoured with the prestigious BOV Prize in Medicine for 2024, in recognition of her outstanding academic performance. Dr Pulis achieved the highest marks in the final qualifying examinations in Medicine during the Academic Year 2023/2024, securing this esteemed award.
Established in 2006 through a collaboration between Bank of Valletta (BOV) and the Faculty of Medicine at the University of Malta, the BOV Prize in Medicine aims to promote excellence in medical education by acknowledging and celebrating the achievements of exceptional students.
Dr Pulis was presented with a commemorative certificate and a monetary award by Charles Azzopardi, Head CSR (Corporate Social Responsibility) at Bank of Valletta. The presentation took place in the presence of Professor Stephen Montefort, Head of the Department of Medicine and Deputy Dean of the of the Faculty of Medicine and Surgery at the University of Malta.
“We extend our heartfelt congratulations to Dr Pulis for her remarkable accomplishments. We are confident that her dedication and excellence will greatly contribute to the field of medicine and inspire others to strive for higher achievements,” said Charles Azzopardi. “Since its inception nineteen years ago, the BOV Prize in Medicine has been dedicated to fostering academic growth and producing distinguished medical professionals whose expertise will benefit the broader community.”
Professor Montefort also congratulated Dr Pulis on her outstanding results, noting that this award serves as an encouragement for students to push their boundaries and validate their hard work in pursuit of excellence. “Dr Pulis’s persistence, dedication, and genuine interest in the field of medicine have driven her to achieve the top results among 140 students, earning her this prestigious recognition,” remarked Professor Montefort.
The Malta Chamber presents its Pre-Budget 2025 proposals
“The country urgently needs a cohesive Economic Vision with clear milestones and deliverables,” stated CEO Dr Marthese Portelli during the presentation of The Malta Chamber’s Pre-Budget 2025 Document in Valletta, urging the Government to Connect, Plan and Reform.
Accompanied by President Chris Vassallo Cesareo and several Council Members, Dr Portelli emphasized that while economic indicators like GDP growth, per capita income, and unemployment rates are important, they often fail to capture the broader societal costs of pursuing growth at any cost — a hallmark of the current economic model. She stressed the importance of shifting from a superficial assessment of economic performance to a broader and deeper analysis of the population’s well-being, now and in the foreseeable future, to ensure that economic policies prioritise sustainable development and enhance the quality of life for all citizens.
In his opening statement, President Chris Vassallo Cesareo stated that it is crucial to move away from labour-intensive activities to an economic model that is not dependent on population growth. It is also critical to invest in worker training and upskilling, as well as to invest in technology to boost efficiency and increase productivity.
Dr Portelli further highlighted the need for diligent management of taxpayer funds, underscoring the Government’s obligation to ensure a good return on investment and avoid wasteful spending that provides little or no value to taxpayers.
The Malta Chamber has identified 12 key policy areas requiring urgent attention, with three critical proposals outlined for each. A summary of these priorities is presented in the accompanying graphic.
Throughout the presentation, The Malta Chamber conveyed a strong sense of urgency, calling on the Government to move beyond mere listening and adhere to principles of good governance. “The erosion of good governance is severely impacting ethical businesses and society at large. Government must decisively address unethical practices that undermine fair competition due to inadequate enforcement. Ethical businesses have had enough of this unfair competition,” Dr. Portelli asserted.
This year, The Malta Chamber’s focus is twofold: first, the tangible transformation of the current economic model into a well-being economy that benefits society as a whole; and second, the elimination of unethical operators whose misconduct is undermining ethical businesses.
The Malta Chamber has consistently raised these issues in various fora year after year. While there have been sporadic improvements, much work remains to be done. The table below outlines the status of the proposals presented in last year’s pre-budget document. Of the 219 proposals submitted last year, only 1.8% have been fully implemented, 18.7% have been partially implemented, while 74.9% remain pending without a decision. Only 4.6% were rejected.
Finally, The Malta Chamber of Commerce, Enterprise and Industry reiterates that over the past years, it has presented numerous documents and proposals, consistently highlighting these concerns and offering solutions. These include:
1. Ethical Business Calls for Change – A Manifesto for Good Governance: A policy document with 60 proposals on good governance and best ethical standards and practices for the country, aimed at guiding necessary political, social, and economic reforms.
2. Time to Step Up – Recommendations for the Next Legislature 2022-2027: A pre-electoral manifesto published in March 2022, featuring 100 recommendations in the lead-up to the 2022 general election.
3. Step Up and Act Now – Prosperity beyond GDP: A pre-budget 2024 proposal document published in September 2023, containing over 250 proposals.
The Malta Chamber of Commerce, Enterprise and Industry insists that “Time is up” and that Government needs to go beyond ‘listening’. Timely action to address genuine concerns is required. Weak policy responses to major red flags have induced a culture of complacency and lack of healthy ambition within the public sector that is impacting the performance of businesses and ordinary citizens as well. Critical issues need to be dealt with expeditiously: CPR is called for.
BOV Asset Management (BOVAM) hosted a seminar for Bank representatives showcasing its latest developments, milestones achieved, and its strategic outlook. Key company figures shared insights into BOVAM’s impressive growth trajectory and future plans.
Mark Agius who heads the function reflected on BOVAM’s journey so far. “From our beginnings as Valletta Fund Management in 1995 to our rebranding in 2016, BOVAM has continually evolved to position itself at the forefront of the local investment landscape”, he said. Listing the key milestones achieved to date he stated, “Achieving EUR 1 billion in assets under management in 2019 and launching our Capital Guaranteed products in 2023 are merely a few of BOVAM’s milestones, a testament to our commitment to innovation and excellence as we continue to push for continued success in the ever-evolving and challenging local financial environment”.
Comprehensive Market Analysis
During the seminar the BOVAM Portfolio Management team discussed the current state of local and global markets, focusing on several key areas. Recent trends in foreign equities were put under the spotlight, highlighting both the opportunities and risks in developed and emerging markets, with a particular focus on market volatility due to the potential impact of geopolitical events, and how BOVAM is positioning its funds to maximize returns while mitigating risks.
Further insight into the fixed income landscape showed how interest rate movements and inflationary pressures are affecting the bond markets, illustrating how BOVAM’S fixed income funds are navigating the current low-yield environment and focusing on selective opportunities in corporate and sovereign bonds.
The Portfolio Management team also reviewed BOVAM’s multi-asset strategies, examining how diversified portfolios are being managed to balance growth and stability. The team highlighted their approach to asset allocation, which is designed to adapt to evolving market conditions and client needs.
Staff Engagement
One of the key initiatives aimed at ensuring engagement of seminar participants in the challenging and complex world of investments was a creative and educational quiz. This was designed to refresh knowledge about BOVAM funds, using interaction and audience participation technique to entice curiosity and disseminate knowledge. The winning team received gift vouchers as a reward, making the event an enjoyable and memorable experience.
Forward-Looking Outlook
The seminar put forward expectations for the remaining part of the year and for the coming year 2025. This emphasised the importance of agility in portfolio management to respond to both anticipated and unforeseen market changes. Reflecting on the seminar’s success, Geoffrey Ghigo, Head Personal Channels said, “This event is a clear example of BOVAM’s unwavering commitment to both our clients and BOV representatives across all BOV Group touchpoints. We believe in investing in our people as much as we do in our products and services, thereby ensuring that we remain at the forefront of this competitive industry.”
