timesofmalta.com

RS2 Software continues to trade higher

Edward Rizzo — Wed, 22 May 2013 18:24:00 +0200

The share price of RS2 Software plc continued to advance with an increase of a further 1.4 per cent closing today’s session at a new record level of €1.11,5 on heightened activity amounting to 77,200 shares. The equity of RS2 rallied by over 60 per cent since the start of 2013 following the publication of the financial results confirming a 32.5 per cent increase in pre-tax profits to €3.1 million and the new contracts awarded to the company. Moreover, last week, the directors of RS2 revealed that an investor is interested in acquiring at least a 10 per cent shareholding in the company. Malta International Airport plc’s equity closed the day unchanged at the €2 level but the initial trade took place at a new intra-day high of €2.05. A total of 18,250 shares changed hands today. Yesterday, the company held its annual general meeting and the net final dividend of 4c per share will be distributed to all shareholders on June 5. The MSE Share Index shed 0.2 per cent to 3,343.872 points reflecting the minimal share price declines in BOV, MaltaPost and Grand Harbour Marina. After gaining 1.4 per cent yesterday on higher volumes, the share price of Bank of Valletta plc eased by 0.9 per...

RS2 equity gains for third time this week

Edward Rizzo — Thu, 23 May 2013 15:33:00 +0200

The share price of RS2 Software plc extended its recent positive trend with the third increase during the last four sessions of this week. The IT equity gained a further 1.4 per cent to yet another all-time high of €1.13 across two trades totalling 26,600 shares. The licence sales concluded last year and the commencement of the first managed services contract earlier this year coupled with the prospects of other potential licence sales as well as the interest by a new investor to acquire at least 10 per cent of the company helped the equity climb by 62.4 per cent since the start of 2013. Shallow trading activity was evident elsewhere in the local market with Bank of Valletta plc rebounding by 1.1 per cent to regain the €2.23,5 level on volumes of almost 6,300 shares. Meanwhile, HSBC Bank Malta plc eased 0.8 per cent to the €2.63 level across two deals totalling 4,900 shares. This afternoon, the Bank announced that it will publish its half-year results on August 5. In the hotel sector, International Hotel Investments plc maintained the 87c5 level on a small deal of 500 shares. IHI held its annual general meeting this morning and the Chairman reiterated the commitment to dispose of...

Google’s Glass gadget prompts privacy fears

Reuters — Wed, 22 May 2013 00:01:00 +0200

Google staged four discussions expounding on the finer points of its Glass wearable computer during last week’s developer conference. Missing from the agenda, however, was a session on etiquette when using the recording-capable gadget, which some attendees faithfully wore everywhere – including to the crowded bathrooms. Google Glass, a cross between a mobile computer and eyeglasses that can both record video and surf the internet, is now available to a select few but is already among the year’s most buzz-worthy new gadgets. The device has geeks all aflutter but is unnerving everyone from lawmakers to casino operators worried about the potential for hitherto unimagined privacy and policy violations. “I had a friend and we’re sitting at dinner and about 30 minutes into it she said, ‘You know those things freak me out’,” said Allen Firstenberg, a technology consultant at the Google developers conference. He has been wearing Glass for about a week but offered to take them off for the comfort of his dinner companion. On another occasion, Firstenberg admitted to walking into a bathroom wearing his Glass without realising it. Many believe wearable computers represent the next big shift...

Vodafone keeps Verizon payout to make up for European slump

Kate Holton and Paul Sandle, Reuters — Wed, 22 May 2013 00:04:00 +0200

Vodafone will reinvest a $3.2 billion dividend from its healthy US arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group’s main revenue measure. The British firm is trying to decide whether to sell Verizon Wireless, its profitable US unit in what could be the world’s third largest deal to support its struggling core operations. Majority owner Verizon Communications wants to buy Vodafone’s 45 per cent stake but chief executive officer Vittorio Colao once again refused to discuss the possibility, saying that he had nothing new to add. “Verizon is performing well, it’s an excellent investment,” Colao told reporters yesterday as the company reported its results. “If there were anything to announce we would announce it.” The contribution from Verizon and cost cuts elsewhere helped Vodafone, the world’s second largest mobile operator, to offset the increasing economic and regulatory pressures in Europe, to post profits slightly ahead of forecasts. It was also affected by the timing of a leap year last year. But Vodafone posted a 4.2 per cent quarterly fall in organic service revenue, in line with forecasts, but worse than the 2.6...

European Commission proposes upgrade for 319 key seaports

Thu, 23 May 2013 00:10:00 +0200

The European Commission yesterday launched a new initiative to improve port operations and onward transport connections at 319 key seaports along Europe’s coastline. The Commission said that the guidelines and legal changes being proposed will help port operators upgrade their services and facilities and give them more financial autonomy. Seventy four per cent of the goods entering or leaving Europe go by sea, but one-fifth of that amount currently passes through just three ports: Rotterdam, Hamburg and Antwerp. This imbalance between port performance results in congestion and extra costs for shippers, transport operators and consumers. The new proposals could save the European economy up to €10 billion by 2030 and help develop new short sea links. Vice-president Siim Kallas, European Commissioner for Mobility and Transport, said: “Our seaports are vital gateways, linking our transport corridors to the rest of the world. We already have some of the finest port facilities in the world. We need to keep them. But we are facing major challenges in terms of congestion, traffic growth and investment. More of our ports need to reach these high standards. The proposals today will bring...

McDonald’s Malta unveils its biggest restaurant

Thu, 23 May 2013 00:03:00 +0200

McDonald’s Malta recently unveiled its new two-storey flagship restaurant also incorporating a McCafe’ at the Tigne’ Seafront, Sliema. A seating capacity of over 260 including outdoor seating and a large terrace enjoying a breathtaking view of Valletta and Manoel island makes this the chain’s biggest restaurant in Malta. The restaurant showcases McDonald’s premium ‘Wood and Stone’ interior design and is decorated with natural wood and sustainable stone materials. It also includes a number of innovative features including a self-service kiosk together with iPads for customers to use during their visit at this restaurant, free Wi-Fi and a fun and gym room for kids. With a combination of leather sofas, and contrasting wall graphics and finishes, this restaurant creates a laid back and relaxed environment ideal to chill out with friends or enjoy some quality time with family. The inauguration was held in the presence of Melo Hili, McDonald’s developmental licensee for Estonia, Greece, Latvia, Lithuania and Malta and Khamzat Khasbulatov, CEO McDonald’s Russia and president of the eastern division. Mr Hili, said: “After years of consolidation of its business in Malta, McDonald’s Malta...

Yahoo’s rise in Asia offsets risk from Tumblr bet

Alexei Oreskovic, Reuters — Wed, 22 May 2013 00:03:00 +0200

Yahoo Inc chief executive Marissa Mayer’s $1.1 billion acquisition of blogging service Tumblr will be a test of her ability to revive the aging web portal. Luckily for her, her performance may be graded generously. Mayer faces plenty of challenges in her efforts to turn six-year-old Tumblr into a money-spinner, not least among them retaining users while devising new types of non-intrusive online ads outside of Yahoo’s traditional area of expertise. And then there is Tumblr’s hefty price tag: a sum that equates to a fifth of Yahoo’s cash. But some investors and analysts say that Wall Street is more focused on the rising value of Yahoo’s Asian assets, such as its 24 per cent slice of China’s Alibaba, than on actual business operations. That means the 37-year-old executive faces less immediate pressure to prove that Yahoo’s biggest acquisition in years is a profitable one. “Overall, I’m relatively sceptical, but I don’t think it matters much to the stock,” Macquarie Research analyst Ben Schachter said of the deal. “Say they destroy 100 per cent of the value and drive Tumblr into the ground. It’s probably less than a dollar per share in value,” he said. If Mayer’s bet delivers,...

Lead offers training programmes for human resources recruiters

Thu, 23 May 2013 00:05:00 +0200

Lead Training Services in collaboration with the South Africa-based Omnicor company will offer various training programmes in the coming weeks, the first of which is targeted at experienced HR recruiters. Precision Selection Interview Skills is an advanced full-day programme with its foundation in best-practice psychological science, helping experienced job interviewers develop laser-sharp skills and effectiveness. Omnicor was launched in 1998 to provide organisational development through customised, clever people-based solutions. Since then the company has been providing clients with value for money solutions that work. The Precision Selection Interview Skills programme is based on years of practical consulting work and recent science, and is delivered by James Ashton and Cathy Farlam Ashton, the founders of Omnicor. It offers interviewers insights and skills, helping them move their interviews from conversation to analytical process, matching a person’s talents and potential with the needs of the business. Job applicants value winning the job after a tough interview process more than if they feel the process was not challenging. The Precision Interview Skills programme looks at...

BoV raises profile of its strategic arm

Thu, 23 May 2013 00:08:00 +0200

Bank of Valletta yesterday announced that its strategic management is being given a more coherent structure with the setting up of a dedicated unit to be headed by one of its senior staff members, chief officer Joseph Camilleri. The Strategy and Process Management Department will be responsible for the execution of the strategies approved by the board of directors as well as their periodic updating for the purpose of ascertaining efficient and effective business processes. “The department will provide a crucial link between the strategies outlined by the board and their implementation by the Bank’s team of executives. Mr Camilleri’s broad experience with the bank – particularly his time in IT, human resources and wealth management – will enable him to take a macro view of all the bank’s processes and ensure that these reflect the bank’s commitment to innovation and customer-centricity,” chairman John Cassar White said. Mr Camilleri’s current role as chief officer for human resources will be assumed by Anthony Scicluna, who has been serving as the chief officer for group internal audit. In turn, the internal audit function of the group will be headed by executive head Moira Falzon.

Businesses with effective indirect tax management remain a minority – KPMG

Thu, 23 May 2013 00:09:00 +0200

Businesses are not still prepared to deal with the people, process and technology needs that are essential to indirect taxes, according to the third annual edition of KPMG’s Benchmark Survey on VAT/GST (goods and services tax). The survey shows that 64 per cent of respondents do not have a global head of VAT/GST and there has been no obvious commensurate increase in headcount either at a global, regional or local level in the last year. Moreover, the respondents are responsible to accomplish more with less with 21 per cent (26 per cent in 2012) not having any full-time VAT/GST employees. Many chief financial officers continue to view the effectiveness of their tax department through the lens of corporate tax with insufficient focus on VAT/GST. Eighty three per cent of all respondents (versus 77 per cent in 2012) do not have VAT/GST performance goals visible and meaningful to the CFO. Now, with increasing government focus on taxes calculated on consumption rather than profits, CFOs should consider how their businesses are managing this real-time tax. KPMG said that “on the positive side” there is a slight shift towards tax departments taking stronger ownership and accountability...

New Uniblue CEO to propel company into tablets era

Martin Debattista — Thu, 23 May 2013 00:06:00 +0200

The new chief executive officer of Uniblue Systems Limited, one of Malta’s most successful ICT companies which serves international markets, would like to see more incentives that lead to the better exploitation of the opportunities for education and training in ICT in Malta. “There is a wealth of IT education available and we’d like to see the development of more incentives for individuals and companies to take advantage of this,” 45-year old Christopher Bolin told i-Tech just after taking over the Birkirkara-based company. His background is in software development at startups including Prevx and some of the biggest companies in Silicon Valley like Symantec; he was also chief technology officer at McAfee. He has had extensive exposure to all elements of product operations, business and technology strategy and organic and inorganic growth. This should give Mr Bolin, in his own words, “not only broad experience, but also a broad network of support.” “I have 22 years experience building commercial software products in companies both large and small. I have ‘grown up’ in IT with the best-and-brightest in Silicon Valley and the UK.” Uniblue Systems was launched in Malta by its...

New consumer portal for Nestlé Malta

Thu, 23 May 2013 00:07:00 +0200

Nestlé Malta, the local branch of the world’s leading nutrition, health and wellness products has launched an advanced portal to showcase its vast portfolio of international brands. The portal also gives easy access to customers to interact with the company. The new consumer portal, accessible on www.nestle.com.mt will be regularly updated with all the content in line with new company developments. Designed in conformity with all the Nestlé corporate sites, the portal contains the latest news related to the Nestlé Malta brands as well as local news updates. The portal also contains information about Nestlé‘s history, the company’s Creating Shared Value philosophy, tips on nutrition, health and wellness and other related information. The Nestlé Malta portal is linked to Nestlé’s website network and gives consumers access to other Nestlé portals worldwide. “This portal is yet another way of communicating and providing first-hand information to the Maltese consumers and customers. We have no doubt that it will become an important resource to those wishing to access information about some of the world’s best known Nestlé brands available in Malta,” said Alfred Borg, Nestlé Malta’s...

‘Bring your own device’ is here to stay

Thu, 23 May 2013 00:05:00 +0200

The concept of BYOD (bring your own device) is becoming increasingly popular and is quickly becoming widespread across many organisations. According to a Cisco Technology Report, the desire for maximum flexibility in how, where and when employees carry out their jobs is growing thus pointing companies in the BYOD direction. Recent Cisco research estimates that data traffic generated via mobile devices will grow by approximately 26 times in the next five years. The adoption of BYOD has traditionally been equated with headaches for many IT departments. Although there are many advantages associated with BYOD (such as giving the users freedom in the choice of equipment, time and place of access) potential security and network management issues may arise. This is due to the fact that in order for an employee to use a device for both personal and professional use, the employee should be able to operate under different security policies. An integrated technology solution should offer BYOD network access in any form which is wired, Wi-Fi, remote and mobile with simultaneous application of security policies and confidentiality. Furthermore, when the device user connects to a professional...

Shopping online: A luxury of the 21st century

Joanne Bishop Magro — Thu, 23 May 2013 00:01:00 +0200

Online shopping, what would we do without it, nowadays? You can buy anything when you want, be it at midnight, or noon. There is no need to get out of your home or office, no need to drive in the heat or in the rain, no need to find decent parking, no need to walk from one shop to another in search of what you want, no need to find an excuse to tell the sales assistant when you don’t want to take whatever she or he is trying to sell you. The list goes on, and that is why online shopping has become so common and is on an ever increasing growth trend. Online shopping makes our life easier. It will never replace the fun of when you go out on a shopping spree, as a leisure activity, but it does remove the boring out the functional shopping, when you know what you want, and need it quickly and at a good price. Shopping online gives you the facility of looking at the specifications of an item in great depth, read reviews, check for competitive prices, and in most cases have it delivered to your doorstep at no extra charge. There are good shops out there but there are also the bad ones. By taking some preventive measures, we can easily protect ourselves against possible scams or...

European shares stall near peaks

Wed, 22 May 2013 00:02:00 +0200

European shares stalled around multi-year peaks yesterday, bolstered by a crop of upbeat corporate reports but pinned back by concerns about a possible end to the US Federal Reserve remains committed to stimulus policies. Such stimulus by global central banks – including asset purchases and ultra low interest rates – has been the key driver of equity market gains over the past year. Thus, markets have been unsettled by growing talk from some Fed officials – such as Chicago Fed president Charles Evans overnight – that bond buying could end in coming months. The focus is now on Fed chairman Ben Bernanke, due to speak today, to clarify the official policy. “The reaction lower that we’ve seen today reflects these (Fed) comments,” said Myrto Sokou, analyst at Sucden Financial. “Following the high levels that we had recently... there is a modest correction lower in European equities ahead of the Fed tomorrow, with the main focus on Bernanke.” The EuroSTOXX 50 index of eurozone blue chips fell 0.1 per cent to 2,821.65 points, with charts backing the case for a retreat with a ‘hanging man’ pattern – a significant early sell-off followed by a recovery to around opening levels. “The...

Daily currency report

Western Union Business Solutions — Wed, 22 May 2013 00:01:00 +0200

The US dollar slipped on profit-taking and may remain lower ahead of key updates from Ben Bernanke and the Federal Reserve’s latest meeting minutes. The greenback was knocked back on approach to three-year highs on a trade-weighted basis as investors consider the likelihood of Fed chairman Bernanke indicating that an end to bond purchases may be near. Weakness in the US currency is supporting sterling, with the British pound moving above recent six-week lows before UK inflation data and minutes from the Bank of England. Evidence of declining price pressures and a Central Bank more comfortable with the UK economy should encourage traders to buy sterling. The yen was surprisingly lifted by one Japanese official whose comments suggested that the currency’s weakness may have reached its limit. Despite the yen’s more positive tone, the unit may find itself under pressure following the Bank of Japan’s latest monetary policy announcement. Sterling The pound climbed by as much as one per cent against the US dollar, moving clear of Friday’s six-week low supported by strong UK house price data and comments from Bank of England Governor Mervyn King, who said there were signs of a modest...

Melita supports Malta eBusiness seminar

Thu, 23 May 2013 00:01:00 +0200

Melita recently supported the Malta eBusiness seminar organised by CSB Group in collaboration with the Malta Institute of Management. The aim of the seminar, entitled ‘Ecommerce – The way forward, Opportunities and Implications’, was to explore the benefits and challenges of ebusiness. Addressing the seminar on behalf of Melita Business, corporate services manager Antoine Sciberras said that a good starting point for those seeking to move their business online is to understand that an online business runs on principles very similar to the traditional bricks-and-mortar retail business. “First and foremost you want to make sure that your ‘shop’ is as close as possible to your customers. A business owner also wants to ensure that his outlets can handle the traffic, especially when very busy, without affecting the customer experience.” During his presentation Mr Sciberras guided the audience through the basic steps that a business goes through when moving or expanding to the online world. He stressed the importance of ensuring that business owners should not look only at the aesthetics but also the infrastructure used to ensure that customers can access information quickly and in a...

The new man at the helm of Premier Capital plc

Edward Rizzo — Thu, 23 May 2013 00:05:00 +0200

My weekly articles generally provide readers with updates on various companies that have their shares listed on the Malta Stock Exchange. In the past, I have also written reports with the aim of keeping readers informed of various developments across the local and international financial markets with the ultimate scope of providing timely information and in-depth analysis to investors. However, it is also necessary for investors to keep abreast of developments across bond issuers. As such, following the company announcement issued on April 4 confirming the appointment of Bertrand Attard as the new chief executive officer as well as an executive director of Premier Capital plc, I met up with the new man at the helm of the company responsible for the McDonald’s operations in Malta, the Baltics and Greece. The intention was to obtain a deeper understanding of the 2012 financial performance across the various markets in which they operate and learn more about the plans of the company’s new CEO. At the start of the interview it was immediately evident that although Mr Attard has only been acting as CEO for just over one month, his knowledge of Premier Capital and the McDonald’s ethos...

MIM launches new book on income tax law

Thu, 23 May 2013 00:06:00 +0200

The Malta Institute of Management yesterday launched Principles of Maltese Income Tax Law written by Robert Attard. The book provides an up-to-date discussion of Maltese income tax legislation along with the leading decisions of the courts including substantial extracts from major judgments. Practitioners and students reading law, accountancy, ACCA, ADIT and the MIT diploma can turn to Principles of Income Tax Law for an understandable discussion of two of the most dynamic and controversial chapters in the laws of Malta. Areas of focus include international taxation, tax policy and tax controversy. Principles of Maltese Income Tax Law enhances Principles of Maltese Tax Law published by the MIM in 2008, selling out within a few months from the date of publication. Philip Sciberras, a former judge of the Court of Appeal described the book as “a must-read for all who are either interested or involved in this highly specialised area of law” and described the author as “an expert in his field, without doubt one of Malta’s finest scholars on tax law”. Giovanni Bonello, a former judge of the European Court of Human Rights said that the book is “not just an arid explanation of the...

The Farsons Foundation supports quality in photojournalism

Thu, 23 May 2013 00:04:00 +0200

For the 12th successive year The Farsons Foundation is sponsoring the Malta Journalism Awards’ Press Photography category. “The Foundation notes the constant progress of Maltese press photography as, year on year, press photographers endeavour to set a higher benchmark,” Bryan Gera, chairman of The Farsons Foundation said. “Capturing and presenting news images in an informative, imaginative and visually stimulating way not only updates the public but increases the credibility of the media as a reflection of society,” said Malcolm J. Naudi, chairman of The Institute of Maltese Journalists. “Through their respective submissions in this category, Maltese press photographers are showing how, in an impactful manner, they are mastering the capability to capture strong journalistic contents that reflect the news events, personalities and social issues.” The Malta Journalism Awards consist of 16 categories in print, broadcasting, electronic and general. The awards ceremony will be held at The Palace Hotel, Sliema next month.