Issue link: https://maltatoday.uberflip.com/i/592425
maltatoday, WEDNESDAY, 28 OCTOBER 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 RSM launches new global brand focused on 'understanding' RSM International, the world's seventh largest audit, tax and consulting network, is adopting 'RSM' as its united global brand name together with a new visual identity. The unified brand, which was announced in June this year, is designed to reinforce the network's global strength in providing audit, tax and consulting services to entrepreneurial, growth-focused organisations. Underpinned by its own strong financial performance and a rapidly expanding international client base, the network's new brand identity is based on the theme of helping clients move forward with confidence. Following recent extensive independent global client and prospect research, feedback confirmed that the network's strengths lie in their 'passionate focus on collaboration', 'deep understanding of what matters most to clients', and 'insight sharing by senior partners'. These values are captured in the network's new global positioning: "The Power of Being Understood". Jean Stephens, CEO of RSM International, said: "Uniting under one brand is an important step in our long-term growth strategy. In an ever more globalised economy, our new brand will further differentiate our offering to leaders of entrepreneurial, growing organisations globally who want to work with advisers that really take the time to understand and care about their business and its drivers. "The new single brand enables us to better promote our resources and expertise, and provide an enhanced, seamless service offering to clients all over the world, benefiting them and also our 37,500 professionals globally." RSM has also launched a global advertising campaign presenting its new brand across eight major international transit airports and digitally in global business media. In addition, RSM has launched a new bi-annual global economics publication – The Global Real Economy – providing insights and analysis on a range of international issues relevant to middle market business leaders. Jean Stephens commented, "Over the years, the network has developed a strong suite of services to support our clients' global expansion, helping them to address changes in regulation and the global business environment. That's why we are celebrating our new brand by providing clients with value-driven insights designed to help them succeed in an increasingly competitive and global economy." The rebrand coincided with RSM World Day 2015, which has taken place annually since 2012 as a celebration of the shared values of the global network, engaging staff and clients all over the world in activities such as team building and community work. RSM is the world's sixth largest provider of tax services, has the fifth largest firm in the US and the third largest in China. RSM was the fastest growing top ten global network in 2014 with 18% growth. From today, all member firms will trade as RSM but will continue to remain independent legal entities within the network. Over 1.1 million nights spent in collective accommodation in August Total arrivals and nights spent in collective accommodation estab- lishments during August 2015 increased by 0.6 and 1.7 per cent respectively compared to the cor- responding month in 2014. In August, total arrivals in collective accommodation establishments numbered 174,958, while total nights spent surpassed 1.1 million. Collective accommodation categories registered decreases in total nights spent, with the exception of 3-star and 2-star hotels. The largest share of guest nights was reported in 4-star hotels, accounting for 507,113 nights, or 44.5 per cent of the total. The average length of stay in collective accommodation establishments went up to 6.5 nights in August 2015 from 6.4 nights in the same month of 2014. The net use of bed- places stood at 86.8 per cent, down by 0.6 percentage points when compared to the corresponding month last year. On a national level, there were 177 active collective accommodation establishments during August, with a net capacity of 18,773 bedrooms and 42,354 bed-places. Total arrivals during the first eight months of 2015 amounted to almost 1.1 million, an increase of 1.9 per cent over the same period in 2014. Total nights spent went up by 1.6 per cent, surpassing 6.1 million. The net use of bed-places advanced by 2.0 percentage points to 66.2 per cent . €100 billion in investment assets held abroad in 2014 Provisional estimates for portfolio investment assets held abroad by entities resident in Malta registered a total of €100.0 billion at the end of 2014. The Coordinated Portfolio Investment Survey (CPIS) is an annual exercise carried out by a number of countries under the patronage of the International Monetary Fund. This measures the market value of total security assets held abroad by entities resident in a country, in this case Malta. This data, shown by instrument, is further broken down by country where the financial assets are invested. Total securities at the end of 2014 amounted to €100.0 billion, an increase of €15.4 billion over the position at the end of 2013. Equity securities totalled €71.5 billion, accounting for 71.5% of total securities. Equity securities increased by €7.4 billion over the previous year's position. Total debt securities, predominantly long-term securities, stood at €28.3 billion at the end of 2014. These also registered an increase of €7.8 billion over the position as at end 2013. Of the known geographical allocation of securities, Turkey remains the predominant country where portfolio assets are held, mainly as long-term securities. Country allocations for data pertaining to Special Purpose Entities are under review, accounting for the large figures shown under the "other not specified" category. 15-year-old arrested in connection with TalkTalk cyber attack Police arrested a 15-year-old boy in Northern Ireland on Monday over a cyber attack that may have led to the theft of data from among the four million customers of British broad- band provider TalkTalk. The attack, which took place on Wednesday, prompted the company to deny accusations of laxity and say its security was "head and shoulders" above that of its competitors. But it has led to calls for greater regulation of how companies and public bodies manage personal data. A ransom demand was received by TalkTalk on Friday. Since then, the firm has said the attack was not as serious as first feared and it did not believe those behind it would be able to steal money from its customers. "A 15-year-old boy was arrested on suspicion of Computer Misuse Act offences," London's Metropolitan Police, whose cyber-crime unit has been investigating the attack, said. "He has been taken into custody at a County Antrim police station where he will later be interviewed," it said in a statement, adding police officers were searching an address in Northern Ireland in connection with the arrest. A spokeswoman for TalkTalk said the company had been informed of the arrest. "We are grateful for the swift response and hard work of the police. We will continue to assist in the ongoing investigation," she said in a statement. TalkTalk said on Sunday it had hired defence company BAE Systems to investigate the cyber attack. Shares in the company fell a further 12 percent Monday, wiping around 360 million pounds off the company's market value since the news broke after the market closed on Thursday. As well as anger from its customers, TalkTalk is likely to face tough questioning from British lawmakers about the adequacy of its defences against cyber attack. Parliament's Culture, Media and Sport Committee has said it will conduct an inquiry on data protection, which will likely see TalkTalk executives summoned to appear.