Issue link: https://maltatoday.uberflip.com/i/1338643
11.2.2021 4 NEWS World's businesses project two- speed recovery from COVID-19 AS the world awaits widespread access to Covid-19 vaccines, a new report from HSBC Commercial Banking signals a two-speed economic recovery spanning several years as the pandemic redefines business success. Drawing on the views of over 10,000 companies in 39 countries and territo- ries, HSBC's annual Navigator survey finds that 8% are more profitable than they were before the Covid-19 outbreak and 45% expect to return to pre-Covid profitability by the end of 2021. How- ever, 28% and 11% of businesses expect it will take until the end of 2022 and of 2023 respectively just to claw back ground lost during the pandemic, while 6% are looking at 2024 or beyond. Although the number of companies projecting sales growth in the year ahead (64%) has dropped 15 percentage points from a year ago, and the propor- tion of zero growth companies has dou- bled (24%), four in ten (42%) businesses are expecting sales growth of more than 5% in 2021. A distinguishing feature of these 'high growth' companies is that near- ly all (89%) are going on the offensive by increasing investment. In contrast, more than half (56%) of the businesses predicting lower sales are planning re- trenchment, with four in ten (42%) ex- pecting to reduce investment in their business. • Digital is key to success during the pandemic, with 'high growth' companies now making most sales online. 32% of high growth firms expect technology-driven efficiencies to be a key driver for their recovery, more so than busi- nesses with lower or no growth. As a result, nearly half (47%) plan to invest in digital only tools and platforms this year, while a third will be introducing new products and services. • Empowering employees: e workforce is a key priority for high growth firms, with 90% plan- ning to upskill employees and to invest in staff wellbeing. • ESG commitment: e vast ma- jority of companies surveyed (86%), from the optimists to the pessimists, think efforts to boost their sustainability performance will help increase sales. ree in four have set environmental, so- cial and corporate governance (ESG) targets, with the greatest focus on environmental and social goals (up 10 percentage points and 12 percentage points respec- tively from 2019). A new report from HSBC Commercial Banking signals a two- speed economic recovery spanning several years as the Covid-19 pandemic redefines business success Farsons and its affiliates present second instalment of €115K donation to Hospice Malta FARSONS Foundation, Farrugia In- vestments and Multigas Limited have recently presented the second instal- ment of their €115K donation to The Malta Hospice Movement. The payment was presented by Louis A. Farrugia, Chairman of the Farsons Group, to Bernadette Bonnici Kind, Chairperson of Hospice Malta, in the presence of Kenneth Delia, Chief Executive Officer of Hospice Malta, Antoinette Caruana, Farsons Group Company Secretary and Melinda Far- rugia, HR Manager at Multigas. This donation will be put towards the establishment of St Michael Hos- pice, the first state-of-the-art complex in Malta dedicated entirely to provid- ing comprehensive palliative care. St Michael Hospice in Santa Venera, formerly known as Adelaide Cini In- stitute, will become the main premis- es for Hospice Malta and is expected to help further enhance the already established community services. The complex will house an in-patient care unit, complementing all the other ser- vices for a more holistic approach. The present-day therapy services will be expanded and a number of out-patient clinics will also be intro- duced. St Michael Hospice will also enhance its educational wing which will open many opportunities to ex- change expertise with other hospices across Europe and beyond. Works are planned to be completed by end 2022. The association between Hospice Malta and Farsons goes back several years. "The work that the Hospice does is of national importance, now made even more complex and challenging due to the COVID-19 pandemic. Through this donation, we are supporting Hos- pice Malta to continue its priceless work for the benefit of Maltese socie- ty," Farrugia said.