Issue link: https://maltatoday.uberflip.com/i/525174
maltatoday, WEDNESDAY, 10 JUNE 2015 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Business Bureau, University collaborate to offer projects crowdfunding platform Malta Business Bureau president Mario Spiteri and University of Malta rector Prof. Juanito Camilleri have signed a collaboration agree- ment to work on making crowd- funding a reality for hundreds of individuals and entrepreneurs that have brilliant ideas for innovative projects and businesses, but lack the fi nances to make it a reality. Crowdfunding is a fast growing alternative means to raise funding for projects or ventures by raising many small amounts of money from a large number of people. It is a true means of giving buzzing entrepreneurs and start-ups a chance. Explaining MBB's interest in this area, Spiteri said that "the Malta Business Bureau has been keen on introducing crowdfunding to Malta ever since it was recommended in a report it published on market gaps in access to finance in Malta. The outcome of that report clearly showed that the Maltese credit market needs a diversification of financial instruments – particularly for start-ups – because this part of the business lifecycle is not being catered for by the more established credit institutions. "Furthermore the traditional instruments they provide, such as bank loans and overdrafts, are not necessarily the appropriate financing they should be after at this stage of their development," Spiteri said. Camilleri said the University had been following the development of crowdfunding internationally and understood the potential it has to finance businesses at an early stage, when they require it the most. "I am excited to see this project come to fruition as it will complement the University's efforts to encourage entrepreneurship among students, following the successes of the Masters in Knowledge- based Entrepreneurship and the TAKEOFF Business Incubator, launched recently. Crowdfunding will surely boost innovation and entrepreneurship, particularly if the local as well as international community are encouraged to participate actively." Crowdfunding platforms are mechanisms that take the form of a website that allows would-be sponsors to make offers to funders and help the two parties interact. Entrepreneurs and businesses can utilise the platform to promote their ideas, raise funds, conduct market research on their product, and interact with potential customers. In addition to its yearly contribution towards the TAKEOFF Seed Fund Awards, the Ministry for the Economy, Investment, and Small Business saw the potential in introducing crowdfunding to Malta, and will be partially sponsoring the setting-up and running of the platform in its early stages. Currently, a vacancy for the post of Crowdfunding Platform Manager is open until Friday this week. All those interested in learning more about this position are invited to visit www.mbb.org.mt. Bookings for Introduction to Investing course now open A course to explain the basics of how to invest in most popu- lar fi nancial investments will be held specifi cally for those who would like to invest but lack such knowledge. The trainer, Ian Azzopardi, an accountant and auditor by profession, who has 30 years experience, will deliver the lecture. He will explain how bonds and shares work, including other types of investments. Participants will be led through the entire process of investing while learning the basic elementary concepts. He will point out and explain what prospects of gain exist, what mistakes to avoid, and finding the right investment solution. All this will be explained through practical examples. The lectures will be held in Maltese but resources will be provided in English. There will be two sessions of two hours each. Admission is free for MASS members. Non- members pay a fee of €20 and includes a one year membership. Payment by non-members can be done on the day. Booking is required as places are limited. The course will take place at the Malta Council for Voluntary Services Centre, 181, Melita Street, Valletta, on the 25 and 26 June, between 5:00pm and 7:00pm. HSBC to cut 25,000 jobs worldwide HSBC, Europe's biggest bank, is planning to cut a total of 25,000 jobs globally, close to 10% of its 266,000 workers, as it tries to reduce costs and simplify its business. 8,000 jobs will be cut in the UK alone. The cuts will affect both the retail banking operations and the investment bank. The bank will also 'ringfence' its UK operations and sell businesses in Turkey and Brazil, it said yesterday. The news comes ahead of a presentation that chief executive Stuart Gulliver will give to investors and analysts in his second major strategy plan since taking up the role in 2011. "We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organisation," he said in a statement. The 10-point plan aims to cut costs by up to $5 billion and increase investment in Asia, particularly in China. "Asia [is] expected to show high growth and become the centre of global trade over the next decade," Gulliver said. "Our actions will allow us to capture expected future growth opportunities." HSBC's Hong Kong-listed shares rose almost 1% following the announcement, but remain down 9% over the past 12 months. HSBC said it would make a decision on whether to move its headquarters out of the UK by the end of the year. There has been speculation that the British bank may relocate its headquarters to Hong Kong since it announced the review in April. Greece submits new budget plan with three weeks of bailout left Greece submitted fresh proposals to its creditors in a bid to unlock bail- out funds with just three weeks to go before the country's fi nancial safety net expires. Two documents were handed to European Economic Affairs Commissioner Pierre Moscovici to supplement plans set out last week, a Greek official said yesterday. The papers address creditors' concerns about Greece's budget targets and include a proposal to ensure the sustainability of Greek debt, said the official, who asked not to be named in line with policy. "We have received new proposals and we are examining them with diligence and care," European Commission spokesman Margaritis Schinas said at a press conference in Brussels. Almost four months after Prime Minister Alexis Tsipras agreed an extension of Greece's rescue agreement, no new funds have been disbursed and the standoff between creditors and the anti-austerity coalition in Athens risks leaving Europe's most-indebted state unable to meet debt payments. After a series of manoeuvres allowed Greece to stay afloat while shut off from both capital markets and official funding, the end of this month may be the end of the line unless Tsipras accepts the conditions on financial aid. The bailout deal is set to expire as about €1.5 billion of International Monetary Fund payments come due. The Greek proposals consist of two three-page documents, one international official familiar with the matter said. They include a Greek request for funds from the European Stability Mechanism to repay about €6.7 billion of bonds held by the European Central Bank that come due in July and August. The revised Greek plan is a vague rehash of earlier proposals and is still not considered credible, the international official said. Alexis Tsipras, Greece prime minister