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MT 20 JULY 2016

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maltatoday, WEDNESDAY, 20 JULY 2016 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 Paragon Europe leading formation of Malta's Digital Cluster Paragon Europe have an- nounced the formation of a Dig- ital Cluster launching in Octo- ber this year. The formation of the Malta Digital Cluster will include stakeholders represent- ing academia, government en- tities, NGOs, SMEs, start-ups and other entities from the busi- ness sector together with exter- nal experts in the digital sphere. Discussions will focus on the different ways in which cluster members could collaborate, including participation in EU funded projects and tenders; business opportunities; the sharing of knowledge and know-how; the dynamics of the Cluster and the way forward. There has been solid growth of digital clusters across Europe, helping to accelerate Europe's digital economy and driving national and regional economic growth, a key part of the Juncker Plan and the drive on Digital Europe. It confirms that the exponential growth of digital businesses is a phenomenon reaching far beyond capital. According to recent studies, digital job growth is predicted to outperform all other occupation categories by 2020. In addition, 77% of digital companies within clusters say they benefit from access to a network of entrepreneurs to interact with and to share ideas. On the launch of the Malta Digital Cluster, Paragon Europe chairman Edwin Ward comments: "Backing the industries of the future is a key part of Paragon Europe's long-term plan to support business, create more jobs in Malta and help contribute to a more resilient economy. The digital economy has become an integral part of our country and the rapid growth of many digital businesses has confirmed Malta's position as a global hub of technology excellence in the Mediterranean. Paragon Europe are committed to supporting the growth of our digital industry nationwide through characteristic Maltese innovation and thriving entrepreneurial spirit that is driving the sector forward." Life Sciences Park CEO Joseph Sammut said "we need to help power the Digital Economy in Malta, it's helping to create jobs and contribute to growth. The Digital Hub forms part of the 10,000sqm campus of the Malta Life Sciences Park. We are a catalyst for FDI, tech start-ups and budding entrepreneurs to join them. Malta has emerged as one of the fastest growing technology centres in the Mediterranean. We believe this Digital Cluster being formed by Paragon Europe will accelerate growth and yield new opportunities." Paragon Europe CEO Dr. Anton Theuma said "innovative tech start-ups are at the heart of growth and the majority of these stem from collaborative communities of entrepreneurs such as incubators. The Digital Hub at the Life Sciences Park acts as a catalyst for start-ups and small enterprises, bringing businesses and business people together. We were delighted to have been recognised by the Digital Hub as playing a key role in the emergence of such an exciting start-up scene in Malta. Now is the time to shine the spotlight on this exciting technology cluster that can transform Malta's digital economy." Participation in the Malta Digital Cluster will be completely voluntary and no obligations or fees will be imposed on the members. For more information about Paragon Europe and the Malta Digital Cluster, contact Edwin Ward: edwin.ward@paragoneurope.eu call on +356 9920 7677 or visit www.paragoneurope.eu Paragon Europe chairman Edwin Ward (left) with Life Sciences Park CEO Joseph Sammut at the launch of the Malta Digital Cluster, another stimulus by Paragon Europe for Malta's economy EU slaps record fi ne of €3 billion on truck fi rms The European Union has slapped its biggest ever cartel fi ne, worth €3 billion, on fi ve of Europe's top truck producers for colluding to keep prices artifi cially high at the expense of consumers. In a statement issued on Tuesday, the European Commission said Daimler, DAF, Iveco, MAN and Volvo/Renault colluded over 14 years to fix prices. However, VW- owned MAN avoided a fine as it blew the whistle on the cartel. The company escaped a €1.2 billion fine for revealing the cartel, granting it full immunity. EU Antitrust Commissioner Margrethe Vestager said the companies "colluded on the pricing and on passing on the costs for meeting environmental standards to customers." The fines are the highest the EU has ever imposed on a cartel, and more than double the previous record. Before Tuesday's fine, the previous record was from 2012, when 7 companies were fined €1.47 billion for rigging the market of television and computer monitor tubes. "These truck makers colluded for 14 years on truck pricing and on passing on the costs of compliance with stricter emission rules," the EU statement said. The truck manufacturers were responsible for nine out of 10 of the medium and heavy trucks produced in Europe, Vestager said, adding that the fines are a clear "message to companies that cartels are not accepted." However, the EU said the collusion was not aimed at avoiding or manipulating compliance with the new emission standards, nor did its investigation find any evidence of the use of emissions cheating software. The investigation found that between 1997 and 2004, meetings were held at senior manager level, sometimes at the margins of trade fairs or other events, to discuss their plans. This was complemented by phone conversations. From 2004 onwards, the cartel was organised via the truck producers' German subsidiaries, with participants generally exchanging information by email. Daimler received the biggest fine at €1.01 billion while Sweden's Volvo was fined €670.4 million and Iveco, part of Italian truck and tractor maker CNH Industrial, was fined €494.6 million. DAF Trucks, owned by the US group Paccar, received a €752.7 million fine. The four companies admitted wrongdoing in return for a 10% cut in their sanctions. Scania, another Volkswagen subsidiary, did not settle and will continue to be under investigation. There are more than 30 million trucks on European roads, which account for around three quarters of inland transport of goods in Europe. German truck producer MAN escaped a €1.2 billion fi ne for revealing the cartel, granting it full immunity

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