Issue link: https://maltatoday.uberflip.com/i/294639
Events 42 maltatoday, Sunday, 13 aPRIL 2014 Medserv Group has complement- ed its senior management team through the appointment of two new senior managerial roles. Neil Patter- son joined Medserv this month and holds the post of Group Strategic Development Officer whilst Leon- ard Perkins has taken up the post of Group Health, Safety and Environ- ment Officer. Mr Patterson, the most recent addition to the Medserv Executive Management team, will be focused entirely on scoping and developing new geographic areas of business to the Medserv Group. "This new role is central to our expansion and di- versification plans. The board took a strategic decision to bring someone with industry experience and con- nections on a global level on board to focus on geographical growth. "Mr Patterson brings a wealth of experience to the table and we are incredibly pleased to have him on board." commented Mr Anthony Duncan, Executive Director at Medserv Group. Mr Patterson has many years' ex- perience at a senior level with lead- ing companies within the oil and gas industry including Asco Group, where he held the post of Vice Presi- dent Strategic Development, Exel plc where he was Supply Chain Di- rector Energy Sector, and BP plc as Plant Manager. His new role with the Group includes the introduc- tion, development and execution of new geographic areas of business to the Medserv Group. Mr Perkins who has been appoint- ed as Group Quality, Health, Safety and Environment officer is a highly qualified specialist. He is a mem- ber of the Institute of Occupational Safety and Health and of the Inter- national Institute of Risk and Safety Management. His experience in the oil and gas industry covers the provision of services to a number of the world's leading oil and contract- ing companies including Saipem, Petro-Canada, BP and Total and spans over fifteen years. Mr Perkins will be responsible for overseeing and ensuring the Health and Safe- ty Standards deployed across the Group's various bases. FIMBank consolidates stake in factoring joint ventures FIMBank has secured a control- ling interest in factoring operator India Factoring after acquiring Punjab National Bank's sharehold- ing in the company. India Factor- ing is a pan-Indian operation with a head office in Mumbai and eight branches in major cities in India. This transaction follows on the recent announcement that FIM- Bank acquired the shares of Trans Kapital Bank, thereby achieving a controlling interest in its Rus- sian factoring operator FactorRus. FIMBank now has a controlling in- terest in both factoring joint ven- tures, with 79% of the sharehold- ing in India Factoring and 80% of the shareholding in FactorRus. Commenting on these devel- opments, FIMBank President Margrith Lutschg-Emmenegger explained, "Our new reference shareholders and the resources made available to us have enabled us to adopt an alternative strategy which has allowed FIMBank to take a controlling interest in these operations. "This places us in a better posi- tion to drive our international factoring joint venture strategy and control its implementation. It also permits a centralised control of risk management, as now both India Factoring and FactorRus join MENAFactors in Dubai as FIM- Bank subsidiaries". On his part, FIMBank Group Chairman Dr John C. Grech stat- ed, "We understand that profitable revenue growth is the most impor- tant driver of long-term value crea- tion. Our aim is to use the capital provided by our shareholders and lenders as efficiently as possible. By securing a controlling interest in these two factoring operations we will be in a position to consoli- date our position in these markets and create long-term value". For more information about the FIMBank Group, visit www.fim- bank.com. New senior appointments at Medserv Da Vinci to open at SmartCity Malta The Central Bank of Malta's annual report 2013 A new authentic Italian bistro, Da Vinci will be opening its doors at SmartCity Malta this May. Da Vinci will comprise of a 120-cover restaurant with both indoor and outdoor areas, in- cluding an outside terrace over- looking the panoramic Laguna Walk at SmartCity Malta. As the name implies, Da Vinci will be inspired by the great Ital- ian tradition of delectable food. From scrumptious pizza baked in special Italian wood-fired oven to palatable pasta dishes, succulent grills, crispy salads and so many more, Da Vinci's menu items will undoubtedly be appreciated for the fresh Italian produce with which they will be produced, the wide variety of meal options and abundance of mouth-watering f lavours. The bistro will also of- fer a range of culinary options for guests with food allergies or dietary requirements. Da Vinci's rustic and homely interior design will ensure all meals at the bistro are relaxed affairs whereby visitors feel com- fortable and enjoy each other's company as they revel in a meal of their choice. The bistro aims to be family and business-friend- ly, and will additionally cater for private parties and functions. Owners Gilbert Portelli, An- tonio Petroni and Marco Timo will be overseeing Da Vinci's operations and customer rela- tions, while working closely with their team to ensure the bistro's quality and consistency create a delightful experience for all visi- tors. Speaking about the opening of Da Vinci at SmartCity Malta, Mr Portelli said: "The Laguna Walk within SmartCity Malta, which will be opening this Spring, will be the perfect destination for families to come together and spend quality time. The design of the area deliberately takes into consideration the surround- ing landscape and gives a lot of prominence to the presence of the sea, thus achieving an au- thentically Mediterranean look and feel which goes hand in hand with our bistro's vision." "Both the Laguna Walk district and Da Vinci will provide a place for respite where families and friends can feel at ease and take in the breath-taking vistas of the lagoon and the sea. Moreover, SmartCity Malta offers several investment opportunities, excel- lent marketing initiatives and an exceptional value proposition, which is why we are very pleased to be partnering up with the project," Mr Portelli concluded. For regular updates, follow Da Vinci by liking their Facebook page at www.facebook.com/dav- incimalta. The Central Bank of Malta has just released its Annual Report for 2013. The Report reviews the Bank's poli- cies and operations during the year and includes detailed financial statements. It starts with a state- ment by the Governor, which is then followed by an analysis of economic and financial developments in Malta and abroad. The Report also car- ries a box on the Bank's estimate of household disposable income. Governor's statement: main policy messages In his statement the Governor notes that even though inflation in the euro area stands below the ECB's objective of less than but close to 2%, there is no sign of deflation. Recent price changes have been positive in all but three countries, meaning that price falls are not widespread. Moreover, price declines were only registered in a small proportion of the components of the HICP bas- ket. Furthermore, there are no signs that low inflation is self-fulfilling, as long-term inflation expectations re- main well anchored. In order to address economic im- balances and to implement struc- tural reforms, various euro area countries have seen lower nominal wages. Unit labour costs in these countries have decelerated and have now moved closer to those in the better performing countries. The improving competitiveness of stressed economies may pose a challenge for the Maltese economy. The Governor stresses that it is es- sential for higher wages in Malta to be sustained by gains in productiv- ity. Malta needs to remain flexible in carving out new niche markets. The quality of human capital needs to meet the changing requirements of domestic and export markets, implying that the education system has to provide the required skills. The authorities also need to extend programmes that attract foreign in- vestment to Malta and improve the business environment. Concrete measures to bring down the debt ra- tio to the 60% benchmark are essen- tial, the Governor argues, as room for fiscal manoeuvre is severely con- strained. Turning to the Maltese banking sector, the Governor notes that this has contributed significantly to the resilience of the local economy to external shocks and to its alignment with the stronger group of econo- mies in the euro area. In terms of the soundness of its banks, Malta ranked 14th worldwide according to the World Economic Forum. The Capi- tal Adequacy Ratio of Maltese banks remains well above the 8% regulatory minimum, while the solvency ratios are, on average, considerably higher than the EU average. Banking sec- tor liquidity is ample. The Maltese banking sector is profitable, with the core domestic banks reporting returns on equity and assets that are better than the EU average. On the funding side, Maltese banks remain reliant on stable sources. On the assets side, while credit to households grew on a year earlier, aggregate credit to the private sector fell in 2013, in part reflecting the or- derly deleveraging of the corporate sector. At the same time, interest rates on loans to business remain high compared with other euro area countries. There appears to be scope for further lowering rates, particu- larly in relation to SMEs, to be more aligned with core country rates. In this regard, the Governor points out that the eventual establishment of a development bank would provide further access to finance and may also complement the banks' funding of larger projects. The Annual Report 2013 is available on the Central Bank of Malta's web- site at www.centralbankmalta.org. 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