Issue link: https://maltatoday.uberflip.com/i/856150
maltatoday, WEDNESDAY, 2 AUGUST 2017 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 Codename 'Malta': Alphabet's secret lab develops competitor for lithium-ion battery A new project by Alphabet Inc.'s secret X lab could put salt and antifreeze at the center of battery technologies for renewable energy sources. A decade ago, this lab made headlines for its driverless car. Now the lab's leaders claim its new project – codenamed Malta – could store energy anywhere around the world, while boasting a longer lifespan than lithium-ion batteries. "If the moonshot factory gives up on a big, important problem like climate change, then maybe it will never get solved," said director Obi Felten, referring to his lab's shoot-for-the-stars process in picking new projects. "If we do start solving it, there are trillions and trillions of dollars in market opportunity." Bloomberg describes the facility as a four-tank power plant that can be adjusted in size to fit the needs of the facility it powers. The collision of hot and cold air spins a massive turbine that generates electricity for the buildings to which the tanks are connected. "The thermodynamic physics are well-known to anyone who studied it enough in college," Malta product manager Julian Green said. "The trick is doing it at the right temperatures, with cheap materials. That is super compelling." Lithium-ion batteries are the Malta project's main competitor for financial success, as the former's prices continue falling. Low oil and gas prices have fueled investment in renewable energy technologies that do not risk breaking the bank during fossil fuel oversupply. Three years of bearish markets have incentivized research and development in green power infrastructure all over the world. "[Malta] could potentially compete with lithium-ion," Bloomberg New Energy Finance analyst Yayoi Sekine said. "But there are a lot of challenges that an emerging technology has to face." Attracting investments from venture capitalist is one such hurdle, but having the Alphabet brand behind it will certainly help X with the funding issue. X is announcing Malta now because it wants to build a prototype plant for testing how storing renewable energy can feed a power grid. A rendering of what X's renewable energy storage plant would look like German manufacturing posts more solid growth in July - PMI The German manufacturing sec- tor posted solid growth in July, albeit at a slightly slower rate than in June as new orders came in more slowly, a survey showed on Tuesday. Markit's Purchasing Managers' Index for manufacturing, which accounts for about a fifth of the German economy, fell to a five- month low of 58.1 in July from 59.6 in June. The reading was above the 50 line that separates growth from contraction. It was slightly lower than the flash reading of 58.3. Despite reaching a five-month low, new orders rose for the 32nd consecutive month and output grew for the 51st month in a row. Manufacturers also hired new staff as they have been doing every month since April 2016. "The German manufacturing sector finally gave up some momentum in July," said Markit economist Trevor Balchin. "This was still indicative of marked overall growth, however, with rates of expansion for output, new orders and jobs remaining historically sharp. Supply chains in particular were kept under intense pressure at the start of the second half of 2017." Markit said German manufacturing output, which expanded 4.9 percent on the year in May, would post overall growth of 3.5 percent this year. Germany is leading the way in model apprenticeship programmes Two new directors for RSM Malta RSM, one of Malta's leading audit, tax and advisory firms has appointed Bertrand Spiteri and Donald Schembri as directors. Given their extensive experience, Spiteri and Schembri's ap- pointments will fur- ther strengthen RSM's corporate structure. Reporting to the firm's partners Spiteri will be responsible for business advisory services whereas Schembri will be responsible for the outsourc- ing services that include account- ing, payroll, tax compliance and liquidations. Spiteri is a Chartered Accountant and brings to RSM a wealth of experience in investment and banking services in Malta and overseas. As an experienced finance professional, Spiteri has proven skills in delivering risk and control focused projects for clients and internal stakeholders. Spiteri has worked on several advisory, corporate finance and transaction services engagements, both within financial services and other industry sectors. Spiteri also worked in investment banking in London and was responsible for financial reporting and technical accounting. Schembri is a Certified Public Accountant with extensive experience in accounting and advisory services. Prior to his employment with RSM, Schembri was the Chief Financial Officer of a highly successful Group with investments in Sweden, Germany and Italy. As part of its senior management team he was crucial to improve the performance of the Group that was eventually sold to an overseas listed company. RSM is the sixth largest network of independent audit, tax and consulting firms, encompassing over 120 countries, 760 offices and more than 38,300 people internationally. The network's total fee income is US$4.6 billion. Bertrand Spiteri and Donald Schembri