Issue link: https://maltatoday.uberflip.com/i/437144
Events 32 maltatoday, Sunday, 21 december 2014 Events Azimut Atlantis 43 in first sea trials Azimut Yachts welcomes the new- est addition to their Atlantis Col- lection and the second in a new generation of yachts launched un- der the Azimut Yachts brand fol- lowing the launch of the Atlantis 50 at the Cannes Yachting Festival last year. The new 43 sets new benchmarks for the market segment and is im- mediately best-in-class in the ma- jority of her feature list. Powered by Twin Volvo Penta D6-400mHp the yacht is extremely economical with preliminary seatrials showing consumption figures around 120li- tres/hour for both engines cruis- ing and 25/26 knots at half load and a top speed of 33/34 knots. Her all-infusion construction from hull to hardtop allows for extreme strength yet lightweight construction. The technology which is now standard across the Azimut Yachts range of Yachts al- lows for the extensive glass apera- tures along the superstructure and shipside which were pioneered and brought to market by the Azimut Benetti Group. The infusion con- structions also allows for the best utilisation of the hull volumes and therefore the new Atlantis 43 boats best in class headroom throughout the vessel from cockpit to master and VIP cabins. Down below the Atlantis 43 gen- eral arrangement is configured with owner cabin in the bow with an en-suite and separate full-size stand-in box shower. The aft cabin is nothing short of impressive, the volumes here coupled by the over- size hull windows place this ahead of all competitors in class with ex- tremely versatile sleeping arrange- ments; two single beds which slide across to form a full-double bed and an additional option for a third separate bed. The cabin is served by a day head which same as the owner cabin also sports a separate full size box shower. The saloon is airy with full size hull windows running along the entire shipped and illuminating a large dinette which seats 6 with a possible 8 with two low stools and immediately opposite is served with optional 32" A/V system and media centre. The dinette also may be transformed into a bed with a filler-cushion bringing accommo- dation up to 7 berths! The galley is roomy with ample work surfaces and a best-in-class full height fridge that one is nor- mally accustomed to find on larger 50/60foot+ models. The exterior spaces are impec- cable with an attention to storage spaces maximised throughout the boat placing the Atlantis 43 best- in-class also for storage. The ten- der garage comfortable fits a 2.2m tender with outboard motor or alternatively may serve as a large storage bay/lazarette for those cus- tomer whom prefer to maximise tender size by storing this on the aft submersible hydraulic bathing platform which has now also be- come a standard affair on all new models launched by the Azimut Benetti Group. The Worldwide Premiere for the Atlantis 43 is set to take place at the upcoming Boot Dusseldorf Boatshow in Germany form the 17-25 January 2005. To mark the occasion of this spectacular yacht Esprit Yachting are offering a 50% rebate on f lights for all registered guests wishing to attend the Dus- seldorf show with direct f lights available on Wednesday, Friday and Sunday allowing for a quick weekday or weekend getaway. The first Atlantis 43 sold in Malta shall also benefit from an all-inclusive berthing, guardiennage and week- ly wash down free of charge for the first season. The Azimut Benetti Group shall also display the Azimut 80 Fly, 50Fly, 55S and Magellano 43. For reservations kindly contact Mr. Ni- ki Travers Tauss on +35699442122 or kindly visit the newly launched www.azimutyachts.com.mt Il-Pjazzetta project gets green light The MEPA Board earlier in the week unanimously approved plan- ning permission for a develop- ment project to be carried out at the Il-Pjazzetta site in Sliema. The approved project will include the retention and restoration of an ex- isting Grade 2 scheduled façade, known as the 'clinic', incorporated within a mixed use development of offices, retail outlets, apartments and underlying garages. The existing triangular open space area in front of the 'clinic' facade will be upgraded into a garden for public enjoyment and will include a kiosk. During the processing of this ap- plication the Superintendent of Cul- tural Heritage was consulted and found no objection to the project including the elimination of a War Shelter situated under the old 'clin- ic'. The height of the approved de- velopment respects the local plan for the area and other related plan- ning policies. The application was also subject to a Traffic Impact Study, which re- port was cleared by Transport Malta subject to a number of conditions. Although the il-Pjazzetta site is outside the sensitivity area of the Ghar il-Lembi and Ghar id-Dud caves, the Authority has taken the necessary precognitions, through a permit condition, that all excavation works are to be carried out using sensitive excavation methodology and under strict monitoring. The Board also approved planning permission for the extension and upgrading of the existing Bernard Hotel in Paceville into a 4 star Hotel Complex and the conversion of the former Bohemia Complex into a 3 star hotel, which two properties will be adjoining through a bridge on the roof level. Both planning applications ben- efitted from the recently approved new Hotels Height Limitation Ad- justment which seeks to facilitate the vertical extension of hotels rated as three star or above by the Malta Tourism Authority (MTA). Through this policy, such hotels, may apply for development permis- sion to increase the height of the hotel building above the height lim- itation permitted in the Local Plan provided that the resultant design features a high quality product in keeping with the urban context. Argus launches comprehensive family- friendly measures for Malta staff Argus Insurance Agencies Limited (AIAL) has launched a comprehen- sive range of innovative family- friendly measures for staff to assist employees based in Malta in finding the right balance between work-re- lated demands and family needs. The measures cover areas such as maternity and paternity leave, be- reavement, breastfeeding and child- care support arrangements, as well as flexible hours and leave arrange- ments for staff based in Malta who need to care for relatives. Employees in Malta can now also use their own sick leave allocation to take care of children who are sick at home. The need to provide innovative and comprehensive structures to help working parents balance the needs of work and family, and the ways in which Argus could further support developments on this front nationally was one of the topics dis- cussed at a recent meeting between Argus senior management and President of Malta Marie-Louise Coleiro Preca. Other topics discussed included how Argus could further contribute to an inclusive working environ- ment by also setting new standards in providing fulfilling employment opportunities for people with spe- cial needs. The Argus team also took the opportunity to brief Her Excellency on plans to launch new insurance product lines in Malta and to increase their presence with- in the local market. Vanessa Borg, Chief Executive at Argus, said: "Argus has specific ex- perience in working with countries looking to develop and strengthen their private pension and health insurance sectors. This technical expertise is coupled with a com- mitment to support all the com- munities in which we operate to de- velop a more inclusive, flexible and productive working environments. Malta, like other countries, is work- ing hard to sustain a modern suc- cessful economy and holistic public services despite the demographic challenges facing all developed economies. Argus is determined to contribute fully to a successful out- come and future for us all." Accompanying Dr Borg during the meeting with the President were Argus Group Chairman Sheila Nicoll, Argus Group CEO Alison Hill, Argus Group Executive Vice President (Strategic Development) Cindy Campbell, Executive Vice President (Group Actuary) Larry Peck, and AIAL & Argus Insurance Company (Europe) Limited Direc- tor David Crowhurst. Argus Insurance Agencies Lim- ited is part of the Argus Group, an international network offering market-leading insurance solutions. More information can be found at www.argus.com.mt President Marie-Louise Coleiro Preca flanked by (from left) Argus Group's Cindy Campbell and Alison Hill, AIAL's Dr Vanessa Borg, and Argus Group's Sheila Nicoll Financial stability report update for 2014 The Central Bank of Malta has pub- lished on its website the Update to its Financial Stability Report, which covers developments in the first half of 2014. The Update observes that the external macro-financial risks remain elevated, on the back of idiosyncratic risks which developed across different economic regions. Nevertheless, the domestic economy remained resilient, outperforming the euro area average. This, in conjunction with a sound financial system, has ensured and further safeguarded the stability of Malta's financial system. The Update does not identify new risks and vul- nerabilities to financial stability. How- ever, credit risk continued to increase owing to deterioration in the quality of certain assets. The measures iden- tified in the Financial Stability Report 2013, namely to strengthen further capital buffers mainly in view of the more stringent CRR/CRD IV rules and increased loan loss provisioning, remain relevant. During the first six months of 2014, the core domestic banks' balance sheet grew by 4.5%, mainly reflecting higher securities holdings and interbank ex- posures. Placements with the Central Bank of Malta decreased consider- ably as the deposit facility rate turned negative. The loan portfolio, however, remained the predominant asset com- ponent, and continued to be funded by customer deposits. The loan portfolio expanded further, mainly driven by mortgage lending as, otherwise, consumer credit and lending to non-financial corporates declined. The latter, partly reflected credit standards which remained tight with respect to certain economic sec- tors. Core domestic banks continued to maintain healthy liquidity positions and stable capital buffers. The profit- ability of the core domestic banks re- mained strong despite lower reported earnings. The other components of the domestic financial sector, namely non-core domestic banks, interna- tional banks, insurance companies and investment funds are not deemed to pose any risks to financial stability. The key challenge to the banking sector remained the upward trend in non-performing loans. This was part- ly driven by the weak performance of some economic sectors which rely heavily on domestic bank credit. In response, banks increased their provi- sions which resulted in an ameliora- tion of the coverage ratio. The banks also continued to apply conservative valuations of collateral, backing their lending portfolio, and the loan-to-val- ue ratios continued to be kept at a pru- dent level. The balance sheet strength and resilience to certain economic shocks of the banks, which were in- cluded in the ECB Comprehensive As- sessment, were also demonstrated by the fact that following the assessment, their CET1 ratios remained above the baseline and adverse thresholds which were set at 8% and 5.5%, respectively. Looking ahead, external pressures, particularly those arising from weak euro area economic growth, low in- flationary pressures and a prolonged low interest rate environment, may be expected to exert a marginally higher negative impact. The Financial Stability Report Up- date can be downloaded from the Central Bank of Malta's website.