Issue link: https://maltatoday.uberflip.com/i/578494
maltatoday, WEDNESDAY, 23 SEPTEMBER 2015 11 Business Today Leading fi duciary and fund serv- ices group, Abacus, are pleased to announce the appointment of Paul Watterson as CEO of Abacus Malta. The appointment forms part of its plans to consolidate management and responsibility of the group and its resources, to further create synergies that support Abacus' focus on new business acquisition and growth. With over 25 years' experience in operations, 20 of which have been spent within the financial services sector; Paul brings a wealth of experience and a comprehensive knowledge of the industries in which Abacus works as well as its own business cultures and operations. Chairman of the Abacus group, Chris Talavera, said, "On behalf of Abacus, I would like to congratulate Paul on his recent appointment to CEO of Abacus Malta. We know that he will be invaluable to our ongoing strategies to drive the business forward as well as our continued efforts to maintain our position as a leader in our field; a large part of which lies in the development of our Malta office and its service propositions." Commenting on his new appointment, Paul said, "Having been with the business for 19 years, I am very much looking forward to my new role and the new challenges it will bring. " "Our Malta office has experienced continued growth since its inception in 2010 and over the last five years we have built up a strong team of multi-skilled and multi-lingual professionals in our Malta office, as well as strong relationships with professional bodies and intermediaries in the local market and further afield. "With these in place, together with our track record of 40 years of excellence in providing fiduciary and professional administration services to a global client base, we couldn't be in a better position to further push our Malta business and its service offering forward." "We are in a very positive place and I look forward to what the future holds for Abacus Malta." Paul joined Abacus in 1996 when it was part of Coopers & Lybrand Isle of Man. In April 2005 he was promoted to Operations Director and was appointed as a Director to the board of Abacus Trust Company Limited and Abacus Financial Services Limited in April 2006. Paul holds a BSc Hons degree in Applied Statistics and Computing, a Diploma in Company Direction and Computing and is a Member of the Institute of Directors and International Compliance Association. www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way New CEO for local fi duciary and fund services provider CSB Advocates hosts seminar on privacy, employment in iGaming The iGaming industry is so dy- namic and fast-changing that rules and regulations surrounding this industry also need to regularly change and be updated to meet its needs, particularly in the areas of employment and privacy. CSB Advocates are organising a seminar focusing on the practical aspects of employment and privacy law within the iGaming industry and how the law affects both companies and employees. Key highlights and pivotal points such as taxation and the social security system, leave, working time, retention schemes, discipline and dismissal, processing of personal data, technology at the workplace and social media will be discussed. The seminar will be held across two one-day sessions. The first session will be held on Tuesday 6 October at 09:00, entitled Employment; Retention and Disciplinary Action. The second session will be held the following week on Tuesday 13 October, also starting at 09:00 and entitled Privacy & Data Protection at the Workplace. The content of the seminar will be particularly relevant to in-house counsel, human resources professionals, corporate executives and business owners involved in the iGaming industry. Registration cost will be €150 per person for a single session and €250 per person for both sessions. For more information and to register, kindly direct your request to info@csb-advocates.com or to amb@csb-advocates.com Market commentary: Volkswagen diesel disaster As the local market was closed for Independence Day, else- where in Europe markets ex- perienced a choppy trading session on Monday, whilst US stocks managed to snap a posi- tive session following last Fri- day negative closing. The main news was evidently the stunning admission of Volkswagen AG that it has purposely and repeatedly cheated the US carbon emissions regulation by installing an emission control system that only worked during inspections, leaving its diesel models to often pollute between 10 to 40 times the legal limits. To customers and investors alike, the statement sounded almost unbelievable coming from a German automaker which has built its brand's reputation on relatability. Although the latest scandal in the auto industry does not relate to any safety issue and does not put customers in immediate danger, it seems to point towards a deliberate and 6-year long fraud. In fact, it appears that VW introduced the faulty emissions control system back in 2009, and it has been selling models using it throughout the past 6 years, fully aware that the system was not only defective, but purposely deceiving regular mandatory car's inspections. What is more is that the German automaker has been prizing its emissions system and consequently it has consistently charged customers a premium on most of the diesel models in question because of the supposedly lower emissions, higher horse power and better fuel efficiency. As of today, there are two different ongoing investigations, as consumers and consumers' protection agencies are suing the German car maker for product misrepresentation and for having charged buyers a premium on fraudulent basis. On the other hand, US Regulators are looking into the scandal from a criminal perspective, as VW has deliberately infringed several environmental laws and, potentially, car safety requirements. Although Volkswagen's management has been trying its best to apologize to customers and to save the brand image and reputation, investors have not taken the scandal lightly and they started a full-blown sellout on the name, causing the stock to plunge to a multi-year low on Monday, with shares in the automaker dropping nearly 18% in one single trading session. Although such a sudden pullback could potentially attract speculative buyers, most investors seems to be unwilling to take up the name's huge uncertainty, pushing the stock to decline another 5.5% so far this morning. As often happens in these cases, the selloff spilled over to the entire car sector, punishing the rest of European automakers, with Renault SA losing 3.18% on Monday and dropping another 5% this morning, Peugeot SA plunging over 6.5% today after closing 2.5% lower yesterday, and Fiat Chrysler Automobiles NV declining around 6.5% over the past two trading sessions. While avoiding Volkswagen AG would be a wise strategy, the selloff affecting the rest of the industry is likely to provide investors with attractive entry points in other European car makers (assuming they have not engaged in any similar fraudulent activity), although caution is advisable as the lack of trust spurred by the fraudulent behavior of VW is going to negatively affect the entire industry for months to come. Disclaimer: This article was issued by Paolo Zonno, Trader/Analyst at Calamatta Cuschieri. For more information visit, www.cc.com.mt .The information, views and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this newspaper. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt CEO Martin Win- terkorn has apolo- gized for breaking public trust Paul Watterson