Issue link: https://maltatoday.uberflip.com/i/771708
maltatoday, WEDNESDAY, 11 JANUARY 2017 11 Yannick Pace A legislative reform launched by the government will allow retailers to operate on Sundays at no extra cost, provided that they are closed on any one other day of the week. In a joint press conference, ministers Chris Cardona and Helena Dalli argued that the reform was necessary to better reflect today's realities. It also streamlined the current list of exemptions, which has created a certain degree of "discrimination" against retailers operating in certain parts of the island. "In many cases, Sunday is a more convenient day for people to shop. This reform will lead to new opportunities for business owners, employees and consumers alike," Cardona said. The reform will allow grocers, supermarkets and other shops selling essential goods to open on Sundays, between 6am and 1pm, even in non-touristic areas. Prior to the reform, only grocers in touristic areas were allowed to operate during these times. As things stand, whenever a cruise liner docks in Valletta, the locality's shops are allowed to open. Yet, the same did not apply to shops in localities close to the port. The reform will be extending this right to shops in the Three Cities. The newly launched reform ¬– effective immediately – will allow all shops to extend their opening hours to 10pm between Friday and Sunday, as well as operate on public holidays, with the exception of Good Friday. "Society sometimes moves ahead of regulations and in this case this is what happened. People's lives have changed and now require them to shop on Sunday," Dalli said. She said that while the reform would give retailers the opportunity to open for longer hours, it would also allow employees to refuse to do so – as long as there was no mention of working on Sunday in their contract. The two ministers said that the reform is being announced following extensive consultation with stakeholders and social partners. A quick chat with small shop owners in Hamrun saw many argue that they already worked round the clock with the current opening hours, and had no intention of opening on Sunday – albeit knowing that competitors might do so. Recognising the overall positive effect the changes might have, one shop owner insisted that he was comfortable with the present system, "and I don't see us changing". Another retailer said that he did not plan on extending opening hours at the weekend or public holidays and warned that there could be a negative side to the changes. "It could impact me badly, especially if my competitors decide to stay open longer but I still do not intend to stay open longer than I currently do," he said. In welcoming the "long-overdue" reform, GRTU president Paul Abela said that a survey of the chamber's members found that over 70% were in favour. In addition to this, he stressed that there would be no changes in the employment conditions for those working on Sunday. 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 Reform facilitates Sunday trading BOV Investment Funds launched on the market BOV Asset Management has launched three contractual funds on the market – a fi rst for the com- pany – and the aim is to propose a cost effective investment vehicle, offering better value to investors. The BOV Investment Funds suite comprises three portfolio funds – BOV Conservative Portfolio Fund, BOV Balanced Portfolio Fund and BOV Growth Portfolio Fund – all of which are regulated by the UCITS Directive. Introducing the BOV Investment Funds, Romeo Cutajar, Chief Officer Investment Services at Bank of Valletta explained that "at BOV, we always seek to bring to the market innovative products and services that are customer- driven. We are very excited about the suite of portfolio funds we are launching, because they represent a new investment proposition to the retail customer, and which are appropriate to the individual customer's financial lifecycle, and can be modified to meet that individual's circumstances as they change over the years." Cutajar added: "This is a novel concept in many respects. First and foremost, we are launching three portfolio funds contemporarily in order to address different levels of risk designed to match distinct risk profiles. "The BOV Investment Funds are the first risk-driven investment funds available in Malta, which implies that a volatility ceiling is set for every portfolio fund. Although the three funds operate similarly, the element of risk, and likewise the reward, increases as one moves from the Conservative Fund to the Balanced and ultimately the Growth Portfolio Fund. The asset management team actively managing the funds bring a wealth of experience and synergies to the table. They will be evaluating the funds constantly, so as to ensure that the volatility of any given fund does not exceed the pre-determined threshold at any point in time." Mark Agius, executive head BOV Asset Management, said the BOV Investment Funds bring important benefits for retail investors. "One may invest in any UCITS managed portfolio fund with a minimum investment of €5,000. Furthermore, we have sought to keep the cost structure at a minimum, and in fact there are no entry or exit fees. In this manner, we want to ensure that we maximise the return for investors." Agius also commented about the manner in which the BOV Investment Funds depart from the traditional investment funds. "The portfolio funds have a broader mandate aiming to provide improved risk-adjusted returns. These funds are designed in such a way that the investor will benefit from diversification through one single investment, which essentially means that every portfolio will include different asset classes that exhibit low correlation benefits. "In so doing, we are effectively offering retail customers access to a portfolio management service through these investment funds; a service that would otherwise be prohibitive with small investable amounts," concluded Mark Agius. Economy Minister Chris Cardona launches the Sunday retailing reform with Minister Helena Dalli (right)