Issue link: https://maltatoday.uberflip.com/i/729537
maltatoday, WEDNESDAY, 21 SEPTEMBER 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 New senior appointments at GlobalCapital GlobalCapital p.l.c. has announced the appointment of new Chief Offi c- ers and a new member on the Execu- tive Committee of Management…to sustain the Group's consolidation in its insurance business and in prepa- ration for the further growth expect- ed from projected expansion into new business areas. Shawn Bezzina, currently the Group's Financial Controller, has been appointed as Chief Financial Officer (CFO) and Paul Said, who is currently the Group Operations Manager, has been appointed as Chief Operations Officer (COO). Jonathan Camilleri, Life Insurance Operations Manager, will sit on the Executive Committee of Management (ExCom). All appointments came into effect on August 31st. Group Chief Executive Officer and Executive Director, Reuben Zammit described these new senior appointments as another step in the right direction towards further operational and performance consolidation in the Group's core business of insurance. "Shawn, Paul and Jonathan bring a wealth of experience, competence and knowledge within their respective areas of specialization. Their respective input and hard work over many years at GlobalCapital have contributed to the Group's successful turnaround that has taken place since mid 2014. The Group is now positioning itself for further growth and more success and these appointments reflect our ambition to deliver more value to our shareholders and clients through existing and new business lines," said Mr. Zammit. The Group's Executive Committee of Management is chaired by Chief Executive Officer Reuben Zammit and consists of the Chief Financial Officer, Chief Operations Officer and the Life Insurance Manager. Since kicking off its turnaround strategy two years ago, GlobalCapital has posted four consecutive positive and profitable results, on the back of a better operational performance, increased revenues from core business lines and a healthy capitalization through a Rights' Issue and the repayment of a bond that matured in June 2016. In their latest Interim Report to the market published on the Malta Stock Exchange, the Directors of GlobalCapital reported €1,878,526 in pre-tax earnings for the first six months of the current financial year ending on the 30th June 2016, compared to a profit before tax of €1,176,197 reported in the corresponding period of 2015. The Directors also reported that following the repayment of the bond and the capitalization of the Group, there are no longer material uncertainties that may cast significant doubt about the company's ability to continue as a going concern. The Group has also re-affirmed its intentions to develop new business lines through passporting of unit-linked products in other European territories. The Central Bank of Malta is to issue a new €2 commemorative coin later this week depicting the Ġgantija temples. The €2 coin is the first of a series of seven issued by the Bank that will depict Malta's prehistoric monuments listed as World Heritage Sites by UNESCO. The first coin, showing the Ġgantija temples, was designed by Noel Galea Bason and will be issued on 22 September, 2016. The Ġgantija Temples complex in Gozo is one of the best preserved on the Maltese islands. The site dates to 3,600-3,200 B.C. and is one of the oldest free-standing monuments in the world. Ġgantija was listed by UNESCO as a World Heritage Site in 1980. The commemorative coins will be issued in rolls of 25 coins each as well as in coin cards, says the Central bank. The coins in the cards, of which there are only 30,000, will bear a mint-mark of the Monnaie de Paris where the coins were minted. The cost of a roll of 25 coins will be €70, while that of a coin card will be €7. The coins may be purchased directly from the Malta Coins Distribution Centre's online eShop facility on www.centralbankmalta. org. For further information, the public is kindly requested to contact the Malta Coins Distribution Centre by email on mcdc@centralbankmalta.org or by calling (+356) 2550 6006/7. The GlobalCapital Executive Management Committee (from left) Reuben Zammit (Group CEO and Executive Director), Shawn Bezzina (CFO), Jonathan Camilleri (Life Operations Manager) and Paul Said (COO) Issue of new €2 commemorative coin showing gantija temples Slight rise in retail price index recorded in August The annual rate of infl ation as measured by the Retail Price Index (RPI) rose to 0.82% last month, from 0.69% registered in July. The monthly inflation rate registered in August 2016 was 0.18%, up from -0.34% registered the previous month. The main upward impacts on annual inflation were recorded in the food index (0.67 percentage points), the beverages and tobacco index (0.25 percentage points) and the household equipment and house maintenance cost index (0.13 percentage points). This was mainly due to higher prices of fruit, cigarettes and furniture respectively. The transport and communication index (0.48 percentage points), the clothing and footwear index (0.25 percentage points) and the water, electricity, gas and fuels index (0.01 percentage points) were the main downward impacts on annual inflation, mostly due to a reduction in the prices of fuel, garments and gas respectively. The RPI measures in index form the monthly changes in the cost of purchasing a constant representative basket of consumer goods and services. It is used by both the private and public sectors for the adjustment of wages, salaries and rents. The Index is compiled using a large and representative selection of more than 355 separate goods and services for which price movements are regularly monitored. Over 9,000 separate price quotations are used each month in compiling the Index.