Issue link: https://maltatoday.uberflip.com/i/619227
maltatoday, WEDNESDAY, 23 DECEMBER 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 Casino Malta gains its licence – operating as country's fourth casino The Malta Gaming Authority has licensed its fourth casino in Malta to the Olympic Entertainment Group (OEG), on behalf of owners Eden Leisure Gaming. Casino Malta opened its doors on Monday 21 December, with 175 full timers, some of whom have been training for several months both in Malta and in other casinos owners by OEG, and the full compliment is expected to continue to grow. The new casino is the largest on the island and has come at an investment of over €12 million. Boasting the latest slots and table games and a significant design element, the casino aims to significantly raise the bar for the industry. With a focus on entertainment and customer service, the new facility houses a significant lounge bar area and regular live music events will take place weekly. Owners Ian and Kevin De Cesare stated, "We are delighted to finally open our doors after several years in the process. We are lucky to have great operator partners in our businesses, from Olympic Entertainment to our hotel operators InterContinental Hotel Group, who together will ensure that the industry is grown rather than cannibalised from other operators. The synergy of significant hotel accommodation, an existing entertainment business and great partners creates what we hope is a tremendous winning formula." Alert acquired by Deloitte Malta Deloitte Malta has acquired IT projects group Alert to integrate into Deloitte Malta. The combined organisation will deliver an unparalleled portfolio of services that will drive growth in an age of digital transformation. Alert was set up in 1998. Over the past 17 years it has grown at a steady pace and has established itself as a leader in the field of Information and Communications Technology, attracting high- quality, committed professionals and investing in their training, development and growth.s. "This is a great opportunity for our firm to expand the various service offerings we provide and to also be involved in many new and exciting projects, both locally and internationally," Malcolm Booker, CEO of Deloitte Malta, said. Raphael Aloisio, who heads Deloitte Consulting services, added: "This is an excellent opportunity to introduce new technology capabilities to the firm, which, when combined with our existing industry insight and business acumen, allows us to continue to help transform our clients' businesses." In January 2016 Claudine Cassar will join Deloitte Malta as a director. Cassar, together with Damian Heath and Ludwig Micallef and around 38 colleagues, will become part of Deloitte Malta. All Alert staff will join the existing Deloitte staff complement bringing the total head count of Deloitte Malta up to 468. Alert Communications will continue to operate out of their premises in Qormi and will initially rebrand as 'Alert Digital by Deloitte'. Alert Solutions will relocate to Deloitte Place in Mriehel and operate as part of Deloitte Solutions. Claudine Cassar commented: "We decided to join with Deloitte because the two organisations have strengths that are highly complementary and together, we will be able to provide a new and broader set of services to our clients. Both Alert and Deloitte are extremely proud of the quality of their people, the quality of their work and the quality of their service." "This major milestone provides a tremendously exciting opportunity for our clients and our people. We look forward to bringing to the market a range of expertise and a quality of service unmatched by any other interdisciplinary professional services firm in Malta," Booker said. Supply glut pushes oil prices to 11-year low Oil prices have continued to plunge, now reaching pre-2004 levels and going below the prices fetched dur- ing the 2008 recession. The price of Brent crude reached $36.05 per barrel - its lowest since July 2004 - before climbing slightly to $36.56, a pale comparison to the $115 per barrel price it fetched in June 2014. Prices have been driven down by a glut in oil supplies across the globe, for which suppliers have so far been unable to conclude selling agreements. Saudi Arabia and Iran both have both ignored calls for restraint in their oil production, instead insisting on continuing their oil extraction operations. The two oil producing countries' battle for market share has contributed to record oil inventories and the slashing of oil prices by half over the past 18 months. Market experts are not expecting the downward trend to be reversed anytime soon, as oversupply continues with with more US and Russian oil reaching the markets. The situation will be exacerbated in 2016, when sanctions on the supply of oil from Iran are expected to be lifted.. Abroad, consumers have enjoyed the freefalling price of fuel at the pump with several UK supermarkets selling petrol at under £1 per litre, but Malta remains one of the countries with the highest prices for fuel in Europe.