Are hedge funds a bad bet ? Evolution is for ACTIVE ETF…no cap weighted and with short positions as well

Are hedge funds a bad bet ? Evolution is for ACTIVE ETF…no cap weighted and with short positions as well

No wonder that plain-vanilla exchange-traded funds now manage more money than hedge funds: they are cheaper and offer better average returns

IT IS a victory for the humble—for the investment equivalent of a puttering hatchback over a gleaming Porsche. The exchange-traded-fund (ETF) industry is now bigger than the more established business of hedge funds. Assets in the global ETF industry were $2.971 trillion at the end of June, according to ETFGI, a research firm, $2 billion ahead of the hedgies’ $2.969 trillion, as calculated by Hedge Fund Research (see chart 1). In 1999 the ETF industry was less than a tenth the size of its ritzier rival.

ETFs are pooled funds, quoted on stockmarkets, that are designed to replicate the performance of an asset class. They usually do so by tracking a benchmark such as the S&P 500 (for American equities). Once the fund is set up, portfolio changes are mechanical, responding to changes in the underlying benchmark. Funds can track almost anything from the gold price to commercial property. Some have extremely low expenses: Vanguard’s S&P 500 index tracker charges only a twentieth of a percentage point a year.

Although hedge funds also invest across a wide range of assets, they take a quite different approach. Using far more complicated strategies, they aim to offer investors a superior service: either a higher return than achieved by the benchmark or a better balance of risk and reward. Because they can sell short (bet on falling prices), they claim to prosper in all kinds of market conditions. In return for this sophistication, they demand higher fees: an annual charge of 2% or so and a performance fee of 15-20%, making their founders very rich indeed. Hedge funds aim to attract “the best and the brightest” managers to their industry; ETFs merely aim to be average.

ETFs target the mass market: the humblest retail investors can participate and could in theory put all their savings in ETFs. The hedge-fund industry has a narrower clientele: it targets the wealthy and big institutions such as pension funds and university endowments. It aims to manage just a small proportion of their portfolios.

Both ETFs and hedge funds have been growing at the expense of a much larger rival—the conventional fund-management industry made up of mutual funds and specialist investors that pursue so-called “active” strategies in an attempt to beat the index. In the late 1990s, when Wall Street was surging thanks to the dotcom boom, conventional managers could generate impressive returns. Since 2000 there have been two bear markets in equities and bond yields have sunk to record lows; conventional managers have struggled.

In a world of reduced returns, the low costs of ETFs are more attractive. For the hedge-fund industry, in contrast, low returns are a problem. Most managers have to invest in the same equity and bond markets as everyone else. In the 1990s hedge funds enjoyed seven years of double-digit average returns. In the first decade of the 2000s, they managed three such years. In this decade, there has been just one.

Even when it comes to avoiding losses, the industry’s record has deteriorated. There were no years of negative returns in the 1990s, but three since 2000. Hedge funds’ reputation took a hit in 2008, when they lost a lot of money. On a rolling five-year basis, their returns have been disappointing (see chart 2).

The deteriorating performance is probably not a coincidence. Hedge funds sold themselves as clever and flexible enough to take advantage of opportunities that conventional fund managers neglected. But there may not be enough such opportunities for an industry with nearly $3 trillion of assets to exploit.

As a result, hedge funds market themselves rather differently from the way they used to. In the 1990s, the heyday of managers like George Soros, the industry sold itself on its ability to generate outsize returns. Nowadays it talks of the ability to generate “risk-adjusted returns”—steadier profits with less volatility. Where once they appealed largely to the rich, hedge funds now target institutions. A recent survey found that a majority of managers expect the bulk of their new money to come from pension funds over the next few years. Some pension funds use a “core-satellite model” in which the bulk of their money is in ETFs (and other low-cost funds that track indices) with the rest in specialist vehicles, including hedge funds and private equity.

Yet the steady return claimed by hedge funds can be replicated, or indeed beaten, with ETFs. S&P, an index provider, calculated the return over the past five years from a portfolio comprising 50% American bonds and 50% global equities. This portfolio easily outperformed the average return from hedge funds. S&P then deducted hedge-fund-style fees from the model portfolio; the result tracks hedge-fund returns very closely. It looks, in other words, as if hedge funds are a very expensive way of buying widely available assets. Last year CalPERS, California’s public-sector pension fund, announced it was selling off its investments in hedge funds, citing both complexity and costs.

ETFs have also faced criticism. Jack Bogle, the founder of Vanguard, an index-tracking firm, has argued that the ease of dealing in the funds may cause retail investors to trade too much, switching in and out of asset classes in a vain attempt to time the markets. A more widespread concern relates to liquidity. All ETFs allow investors to redeem their holdings instantly, but some of the assets they own, such as corporate bonds, trade infrequently. They thus face a potential problem if prices fall sharply and a lot of investors want to sell at once. That might force them to delay or limit redemptions (imposing “gates”, in the jargon). Some see this as the trigger for the next market crisis.

The industry’s defenders argue that the sector got through the 2008 downturn without a problem. Alan Miller, who used to run a hedge fund but now manages assets for individuals at SCM Direct, which specialises in ETFs, points out that “ETFs have been tested in a lot of market environments and not a single one has failed.”

Short of a calamitous collapse at an individual fund, the ETF industry is likely to keep on growing. Ten years from now, it may be double or treble the size of the hedge-fund sector. The race is not always to the cheap, but that’s the way to bet.

http://www.economist.com/news/finance-and-economics/21660169-exchange-traded-funds-have-overtaken-hedge-funds-investment-vehicle-roaring?fsrc=nlw|hig|30-07-2015|

 

Convention a MALTA perchè Malta è il grande business hub in mezzo al mediterraneo

Convention a MALTA perchè Malta è il grande business hub in mezzo al mediterraneo, guarda il video

 

Vieni a Malta con Maltaway viaggi, perla tua vacanza esplorativa, il tuo viaggio d’affari, la tua convention aziendale, il tuo programma incentive….. hai a disposizione il tuo business traveller e il tuo personal traveller

MALTAWAY viaggi….visita Malta per capire con chi ti sa spiegare

MALTA: 2015 PUBLIC SECTOR SALARIES…il concetto di public servant NON applicato all’Italia

MALTA: 2015 PUBLIC SECTOR SALARIES…il concetto di public servant NON applicato all’Italia

…a ognuno le sue spine !!!

Guardate con attenzione questi dati…. e pensate ai salari degli incarichi pubblici dal vostro comune in sù e vergognatevi di accettare questo stato di cose… siete solo complici

Per il resto vi aspetto a Malta per vivere, investire, lavorare e essere compliant con MALTAway

Usually, the data is only released by ministers who are open to putting these tax-funded salaries in the public domain; or upon request of MPs in the House of Representatives.

Sometimes, certain ministers adamantly refuse to issue public appointment salaries. Because of the lack of transparency, it is impossible to quantify like-with-like salaries. For example, some appointees’ salaries do not include their annual performance bonuses, which could be up to 15% of their annual salary, and other duty allowances.

Others have had their full remuneration and benefits published in PQs. For some other appointments, government ministries furnished us with the data.

http://www.maltatoday.com.mt/news/data_and_surveys/55623/public_sector_salary_list_see_who_is_paid_more_than_maltas_prime_ministe#.VbnQMPntmko

2015 PUBLIC SECTOR SALARIES : data

Name Entity Salary Role
Philip Micallef Air Malta €125,000 CEO
Vincent Mifsud MIMCOL/MGI €119,599 Exec. Chairman
Joseph Cuschieri Malta Gaming Authority €114,000 Exec. Chairman
Frederick Azzopardi Enemalta €95,000 Exec. Chairman
Josef Bonnici Central Bank Malta €85,000 Governor
Mario Vella Malta Enterprise €85,000 Exec. Chairman
Marianne Scicluna Malta Financial Services Authority €85,000 Director General
James Piscopo Transport Malta €85,000 Exec. Chairman
Ivan Falzon Mater Dei Hospital €84,000 CEO
Joseph V. Bannister Malta Financial Services Authority €82,105 Chairman
Peter Grech Attorney General €78,955 Attorney General
Paul Bugeja Malta Tourism Authority €76,400 CEO
Jonathan Cardona Identity Malta €75,000 CEO
Anton Attard Public Broadcasting Services €74,466 CEO
Marie Louise Coleiro Preca President of the Republic €71,000 Head of State
Tony Sultana MITA €70,212 Chairman
Joseph Muscat Prime Minister €68,000 Prime Minister
Johann Buttigieg MEPA €66,193 CEO
Carmen Camilleri Ciantar ARMS €65,919 General Manager
Alfred Grixti Foundation for Social Welfare Services €62,700 CEO
Clifton Grima Mount Carmel €60,000 CEO
Kenneth Gambin Heritage Malta €59,579 CEO
Marcel Pizzuto MCCAA €57,011 Exec. Chairman
James Camenzuli Foundation for Medical Services €57,000 CEO
Stephen Cachia Malta College of Arts, Science and Technology €57,000 CEO
James Camenzuli Foundation for Medical Services €57,000 CEO
Tonio Montebello WasteServ €56,452 CEO
Lou Bondì National Committee for Festivities €54,000 Consultant
Phyllis Muscat CHOGM task force €52,724 Head
Jeffrey Pullicino Orlando Malta Council for Science and Technology €51,789 Exec. Chairman
Aaron Farrugia Malta Freeport Corporation €50,723 CEO
Philip Rizzo ETC €50,440 CEO
Pierre Fenech Mediterranean Conference Centre €48,180 CEO
Adrian Said Projects Malta €43,000 Exec. Chairman
Emanuel Camilleri Privatisation Unit €42,500 Chairman
Lawrence Mizzi IPSL €42,105 CEO
Stephen McCarthy Housing Authority €42,012 CEO
Silvio Schembri Responsible Gaming Fondation €39,000 Chairman
Peter Paul Zammit Chief security national events €38,937 CEO
Michael Cassar Commissioner of Police €38,937 Commissioner
Albert Marshall Malta Council for Culture and the Arts €38,494 CEO
Engelbert Grech Malta Film Commission €38,000 Commissioner
Mark Camilleri National Book Council €37,713 Exec. Chairman
Anthony Agius Decelis Commissioner Against Bureacracy €37,000 Commissioner
Miriam Theuma Agenzija Zghazagh €33,869 CEO
Emanuel Buhagiar Commission for Animal Welfare €32,239 Commissioner
Helen d’Amato Commmission for Children €30,700 Commissioner
Joe Cordina Gozo Channel €30,000 Exec. Chairman
Charles Buhagiar BICC €29,101 Chairman
Mario Friggieri Refugee Commission €27,764 Commissioner
Luciano Busuttil Kunsill Malta ghall-Isport €24,800 Chairman
Edward Woods Malta Communications Authority €22,800 Chairman
Silvio Parnis Consultative Council for South €22,000 Chairman
Antoinette Vassallo Housing Authority €20,100 Chairman
Anthony J. Tabone Broadcasting Corporation €19,709 Chairman
Stefan Zrinzo Azzopardi Grand Harbour Regeneration Corporation €18,816 Chairman
Vince Cassar MEPA €18,724 Chairman
Franco Debono Commissioner of Laws €18,401 Commissioner
Maria Muscat Air Malta €18,000 Chairman
Robert Sarsero Malta Freeport Corporation €18,000 Chairman
Gavin Gulia Malta Tourism Authority €18,000 Chairman
Prof. Albert Leone Ganado Malta Statistics Authority €16,975 Chairman
Joseph Cuschieri Malta Gaming Authority €16,793 Chairman
Deo Debattista OHSA €14,000 Chairman
Joseph Portelli Malta Stock Exchange €13,976 Chairman
Charles Mizzi Kordin Grain Terminal €13,976 Chairman
Philip Sciberras Embryo Protection Authority €13,954 Chairman
Tony Zahra Malta Industrial Parks €13,000 Chairman
David Borg WasteServ €13,000 Chairman
Jason Micallef Valletta2018 €13,000 Chairman
Martin Scicluna National Commission for Higher Education €12,460 Chairman
Carmen Fearne Children & Young Persons Advisory Board €10,000 Chairman
Oliver Scicluna National Commission Person with a Disability €6,988 Chairman
Peter Grech Financial Intelligence Analysis Unit €4,660 Chairman
Yana Micallef Stafrace Commission for Domestic Violence €2,329 Chairman
Philip Sciberras Management Committee St Vincent de Paule €2,329 Chairman

Questa ITALIA è definitivamente evaporata…amen

Questa ITALIA è definitivamente evaporata…amen

“La corruzione è nemica della Repubblica. E i corrotti devono essere colpiti senza alcuna attenuante, senza nessuna pietà. E dare la solidarietà, per ragioni di amicizia o di partito, significa diventare complici di questi corrotti.“

Sandro Pertini

… e se tolleri o sei indifferente sei ugalmente complice….questa complicità della maggioranza italica è guidata dalla stupidità o dalla convenienza… ma il risultato non cambia

foto di Tiscali.

10 Lessons Learned from 10 Years of Investing

10 Lessons Learned from 10 Years of Investing

Venture capitalists are constantly telling the entrepreneurs they invest in to make data-driven decisions. But as an industry, we haven’t been very good at doing it ourselves. Now that we have the analytics and numbers to take a closer look at ourselves and our business, we decided to give it a try. We were able to sit down with 10 years worth of our proprietary investing data in front of us — since we’ve been capturing data about founding teams in our community since we made our very first investment in January 2005

It’s amazing what a decade’s worth of data can show. While these findings won’t dictate how we choose to invest from now on, we’re intrigued by what they say about the shifting direction of our industry. In far fewer than 10 years, venture capital and tech will probably look entirely different than they do today. That’s why we wanted to share — to provide a glimpse into the future — and how we all might play a role in creating an ecosystem that is increasingly vibrant, inclusive, and equal opportunity.

What does data-driven action mean to us? It means innovating and experimenting as fast as a startup to constantly provide a higher caliber of service. It means bringing diverse, remarkable people into the First Round community. And, as leaders in seed stage investing, it means acting on the proof that amazing ideas can come from anywhere by giving all entrepreneurs new ways to be heard. We’ll let you know how it goes.

– One –

 

Female Founders Outperform Their Male Peers

 

We’ve been fortunate to back many companies with female founders (and women-founded companies represent a greater percentage of our investments than the national VC average). That’s why were so excited to learn that our investments in companies with at least one female founder were meaningfully outperforming our investments in all-male teams. Indeed, companies with a female founder performed 63% better than our investments with all-male founding teams. And, if you look at First Round’s top 10 investments of all time based on value created for investors, three of those teams have at least one female founder — far outpacing the percentage of female tech founders in general.

 

 

– Two –

 

Startup Fortune Favors the Young

 

Founding teams with an average age under 25 (when we invested) perform nearly 30% above average. And while the average age of all our founders is 34.5, for our top 10 investments the average age was 31.9.

 

 

– Three –

 

Where You Went to School Matters

 

We also looked at whether the college a founder attended might impact company performance. Unsurprisingly, teams with at least one founder who went to a “top school” (unscientifically defined in our study as one of the Ivies plus Stanford, MIT and Caltech) tend to perform the best. Looking at our community, 38% of the companies we’ve invested in had one founder that went to one of those schools. And, generally speaking, those companies performed about 220% better than other teams!

 

 

– Four –

 

The Halo Effect of Former Employers is Real

 

Teams with at least one founder coming out of Amazon, Apple, Facebook, Google, Microsoft or Twitter, performed 160% better than other companies. And while school didn’t have any real impact on pre-money valuations, company alma maters did. Founding teams with experience at any of those marquee companies landed pre-money valuations nearly 50% larger than their peers. We have some theories about causation here: the impact of embedded networks, foundational skills these types of jobs provide. These factors clearly make a difference.

 

 

– Five –

 

Investors Pay More for Repeat Founders

 

While entrepreneurial experience is obviously valuable at the seed stage, we were surprised to see that our investments in repeat founders didn’t perform significantly better than our investments in first-timers — mainly because successful repeat founders’ initial valuations tended to be over 50% higher. It’s interesting to see how the market effectively prices repeat founders higher because they are known quantities.

 

 

– Six –

 

Solo Founders do Much Worse Than Teams

 

Taking a closer look at these founding teams, we wanted to know what size and shape did to performance. The results were stark: Teams with more than one founder outperformed solo founders by a whopping 163% and solo founders’ seed valuations were 25% less than teams with more than one founder. No wonder the average size of founding teams across the FRC community is two, which also happens to be the optimal number according to our data.

 

 

– Seven –

 

Technical Co-Founders are Critical to Enterprise, not so Much for Consumer

 

With all the industry chatter about the importance of technical co-founders, we wondered just how critical they are to success. It turns out, pretty critical — for enterprise companies. In fact, they’re doing so well in enterprise — performing a full 230% better than their non-technical colleagues — that they skew the data set to make it look like teams with a technical co-founder perform 23% better overall. But this isn’t the whole story. In fact, consumer companies with at least one technical co-founder underperform completely non-technical teams by 31%.

 

 

– Eight –

 

You Can Win Outside the Big Tech Hubs

 

We thought location might make an equally dramatic difference, but we were wrong. First Round companies founded outside New York and the Bay Area are performing just as well as their peers based in those epicenters. Of the 200 companies we looked at for this, 25% landed outside these cities and, on average, have performed a slim 1.3% better than companies in the Bay and NYC. Again, this could be because investors price companies in NY and SF meaningfully higher to start with — but it’s heartening nonetheless.

 

 

– Nine –

 

The Next Big Thing Can Come from Anywhere

 

Finally, and perhaps most importantly since it informs where we go looking for deals in the first place, we considered the source of our hundreds of investments over the last decade. We were fascinated to find that incredible investments can literally come from everywhere. For a long time, VC has been predicated on this idea that the best opportunities come through referrals, yet companies that we discovered through other channels — Twitter, Demo Day, etc. — outperformed referred companies by 58.4%. And founders that came directly to us with their ideas did about 23% better.

 

 

– Ten –

 

The Action is Moving from Sand Hill to San Francisco

 

As the Bay Area’s startup center of gravity shifts from the South Bay to San Francisco, VCs are moving in droves to the South of Market neighborhood. While we invest across the country, nearly half of founding teams started their companies in the Bay Area. For the first five years of First Round, 2005 to 2009, we invested nearly equally between San Francisco and the rest of the Bay Area. During the last five, the pendulum has swung decisively toward San Francisco with 75% of our Bay Area investees starting their companies in the city over that period.

http://10years.firstround.com/

Create a Conversation, Not a Presentation

Create a Conversation, Not a Presentation

When we created a perfect solution in isolation and made it “ours” to present, we ignored the fact that each individual needed to arrive at the conclusions independently to really understand it, to believe in it, and to be willing to work hard to execute it.
And frankly, relying entirely on the presentation made for boring meetings. No one wants to sit and listen to another person present for hours on end. People want to ask questions and to provide their own insights. They want to problem-solve and debate.

https://hbr.org/2015/07/create-a-conversation-not-a-presentation

 

Economia greca vicino al collasso totale

In grecia nessun problema….tutto liscio….si come no …. proprio come l’ elettrocardiogramma di un cadavere….PIGS e Italici fate tesoro delle esperienze altrui….nel domino siamo in seconda posizione

Pensa a proteggere te, la tua famiglia, il tuo lavoro , i tuoi asset, contatta maltaway, il tuo nord europa in mezzo al mediterraneo

Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%

Back in May we outlined the cost to the Greek economy of each day without a deal between Athens and creditors.

At the time, a report from the Hellenic Confederation of Commerce and Enterprises showed that 60 businesses closed and 613 jobs were lost for each business day that the crisis persisted without a resolution.

Since then, things have deteriorated further and indeed, with the imposition of capital controls, businesses found that supplier credit was difficult to come by, leading to the very real possibility that Greece would soon face a shortage of imported goods, something many Greeks clearly anticipated in the wake of the referendum call as evidenced by the lines at gas stations and empty shelves at grocery stores.

As a reminder, here’s what WSJ said earlier this month:

Wholesalers can’t pay for supplies. Importers’ foreign counterparts won’t trade. 

 

Greece’s cash crunch hit small merchants first. They are less able to get credit from their suppliers, especially those dealing in perishable products that are continually imported. Christos Georgiopoulos owns a gourmet supermarket in Plaka, a picturesque Athens neighborhood frequented by tourists. He sells Champagne and Russian crab legs. 

 

Nobody is buying. “I haven’t had a single customer in two days,” he said Wednesday. He is shutting down his shop and says he doesn’t know when he will reopen. He gave some crab legs to his workers and is taking some home. “I haven’t paid my staff and don’t know if and when I will,” he added.

And then there was this rather disconcerting commentary from AFP:

Greece’s dive into financial uncertainty is forcing struggling businesses to take unusual steps to survive, including hoarding euros in cash.

 

Businesses which import their raw materials have been the hardest hit, says Vassilis Korkidis, head of the National Confederation of Hellenic Commerce (ESEE).

 

As unease spreads, getting ones hands on cash has become a sort of national sport, with businesses from restaurants to car mechanics telling customers paying by card is no longer an option.

The inevitable result of the above is that banks’ already stratospheric NPLs are set to rise further meaning that with each passing day, the banking sector’s recapitalization needs grow as the economy sinks further into depression.

Perhaps now that the “Quadriga” (the new moniker for Athens’ creditors which was ostensibly adopted to reflect the fact that there are now four institutions involved rather than three but which incidentally conjures images of the triumphant statue atop the Brandenburg Gate in Berlin) has touched down in Athens, creditors’ “technical teams” will get a good hard look at what happens when you force deep fiscal retrenchment on a country whose economy is collapsing and then rub salt in the wound by cutting off liquidity and enforcing capital controls.

Here’s some color on just how dire the economic situation has become, via Kathimerini:

Turnover in retail commerce is posting an annual drop that in some cases amounts to 70 percent even though the market is in a sales period. Capital controls have prevented Greek consumers from shopping, while even foreign tourists appear reserved due to the increased uncertainty on developments in Greece.

 

An extraordinary meeting of the board of the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) on Monday heard data from representatives of local associations that pointed to an annual drop of between 40 and 70 percent since the capital controls were imposed.

 

In Athens, the decline came to 40 percent, while in markets outside the city center it was even greater. Thessaloniki and Piraeus reported a 60 percent fall and Trikala, in central Greece, a 60-70 percent shrinking. Even tourism hotspots such as Rhodes had a 50 percent decline in turnover.

 


And a bit more from Greek Reporter:

The Athens Medical Association (ISA) warned about major shortages in medical staff over the next years, since an increasing number of Greek doctors, especially those working in highly specialized fields, and nurses are looking for jobs abroad and leaving the country.

 

According to the association’s figures, more than 7,500 doctors have migrated to other countries since 2010. It was reported that in the first six months of 2015, ISA issued 790 certificates of competence, an official document required for medical sector employees who wish to work abroad. However, the report also noted that up until 2009, on average, 550 doctor were taking jobs abroad each year.

 

“One of the biggest losses in the crisis has been that of great minds,” ISA chief Giorgos Patoulis stated to Greek newspaper Kathimerini. “In a short time, the national healthcare system will have an aged personnel and will be unable to staff services.”

 

Furthermore, the data showed that a total of 8,000 unemployed Greeks have been forced to look for job opportunities abroad. The Greek Nurses Union announced that it issued 349 certificates just last year, 357 in 2012 and 74 certificates in 2010.

And don’t expect this situation to improve any time soon because despite the passage of two sets of prior bailout measures, still more austerity will need to be pushed through the Greek parliament if Athens hopes to activate bailout funds by August 20, in time to make a €3.2 billion payment to the ECB. Here’s Reuters:

“More reforms are expected from the Greek authorities to allow for a swift disbursement under the ESM. This is also what is being discussed right now,” [and EU Commission spokesperson] said.

 

The banks have reopened after the ECB increased emergency funding but capital controls remain in place. Doubts persist about whether a severely weakened Greek economy can support another programme after a six-year slump that has cut output by a quarter and sent unemployment over 25 percent.

 

Among politically sensitive measures held back from the initial package were curbs on early retirement and changes in the taxation of farmers to close loopholes that are highly costly for the Greek state. A source close to the talks said these reforms were expected to be enacted by mid-August.

 

However, touching pensions is sensitive with Tsipras’s left-wing Syriza party, which has already suffered a substantial revolt over the Brussels agreement, and the main opposition New Democracy party opposes ending tax breaks for farmers.

In other words, Tsipras is about to go back to parliament and attempt to pass a third set of prior actions that will further imperil Greeks’ ability to spend, and he must do so quickly because if creditors aren’t satisfied with the progress by August 18, then paying the ECB won’t be possible and then it’s either tap the remainder of the funds in the EFSM (which would require still more discussions with the UK and other decidedly unwilling non-euro states) or risk losing ELA which would trigger the complete collapse of not only the economy but the banking sector and then, in short order, the government.

And through it all, Tsipras is attempting to beat back a Syriza rebellion (which will only be exacerbated by the upcoming vote on the third set of measures) while convincing the opposition that he’s not secretly backing the very same Syriza rebels in their attempts to forcibly take the country back to the drachma.

The only real question at this point is whether Greece can possibly navigate the next several months without descending into outright chaos, politically, economically, and socially.

http://www.zerohedge.com/news/2015-07-28/greek-economy-faces-total-collapse-doctors-flee-retail-sales-plunge-70

 

SUN, SEA AND SAND! MALTA’S MOST BEAUTIFUL BEACHES FROM THE AIR

SUN, SEA AND SAND! MALTA’S MOST BEAUTIFUL BEACHES FROM THE AIR

Malta has beaches for everyone, from windsurfers to sunbathers. Some beaches and rocky shores are off the beaten track, but worth seeking out for their seclusion. Do not miss a boat trip to Comino’s Blue Lagoon for the ultimate in azure water. On larger beaches, you will find cafes or snack bars open during the summer season. With Malta’s climate, beach life lasts well into October. Enjoy water sports and activities like

Maltaway is your way to access Malta for a real estate investment, a vacation, a business travel and much more….

 

A stunning video featuring some of Malta’s most beautiful beaches has gone viral after appearing on Bay Easy’s Facebook page.

The breathtaking footage filmed using a drone camera was commissioned by the Malta Tourism Authority.

The video, which is now on YouTube, highlights the sandy beaches at Riviera Bay in Ghajn Tuffieha as well as Ghadira Bay in Mellieha and Anchor Bay next to Popeye Village.

Beach lovers are seeing waving to camera as it flies by in the sunshine.

A spokesman for the Malta Tourism Authority said: ‘Malta has beaches for everyone, from windsurfers to sunbathers.

‘Some beaches and rocky shores are off the beaten track, but worth seeking out for their seclusion.’

Surveys show that Malta’s most popular beaches with tourists are Mellieħa Bay, Għajn Tuffieħa and Golden Bay.

But if you fancy a quieter beach try Paradise Bay, Armier Bay, or Ramla Bay in Gozo.

http://www.bay.com.mt/index.php/top-stories/512-sun,-sea-and-sand-malta-s-most-beautiful-beaches-from-the-air.html

Read more: Visit Malta

CHEAPER FLIGHTS TO MALTA ON THE WAY WITH RYANAIR

CHEAPER FLIGHTS TO MALTA ON THE WAY AS RYANAIR STARTS PRICE WAR

Low-cost airline Ryanair today promised to slash fares to and from Malta as it launched a new price war.

Maltaway viaggi and Ryanair are your way to Malta from Italy and Europe

The budget airline, which has a base at Malta International Airport, insists the cost of a ticket will fall later this year after announcing upbeat financial results.

It said lower oil prices and discounts by competitors should result in lower winter fares for customers.

Passenger numbers rose by 16 per cent, thanks in part to its new ‘customer-friendly’ tactics.

Ryanair chief executive Michael O’Leary promised the company would use the first half performance ‘to pass on very aggressive pricing so that we fill 15 per cent capacity growth in the second half instead of 10 per cent.

Ryanair has been flying high on the back of a new approach to make customers happier, including allocated seating and trying to change its reputation for sneaky fees.

The airline also hopes to introduce new menus, interiors and staff uniforms this year, and take delivery of 31 new aircraft.

Ryanair’s profit rose to €245million for the first three months of 2015, up from €197million a year earlier.

Mr O’Leary said : ‘Our mix of low fares, best on time performance and enhanced customer experience under our ‘Always Getting Better’ programme, continues to attract millions of new customers.

‘At the same time our focus on cost enables us to pass on lower fares to customers’.

Ryanair flies to Malta from more than a dozen destinations, including Edinburgh, Glasgow Prestwick, Bournemouth, Leeds Bradford, Bristol, Birmingham, Dublin, Liverpool, Gothenburg Barcelona, Milan, Turin, Venice, Luton, Stockholm, Madrid and Pisa.

 

http://www.bay.com.mt/index.php/top-stories/502-cheaper-flights-to-malta-on-the-way-as-ryanair-starts-price-war.html

600.000 TOURISTS VISIT MALTA IN 2015 LOW SEASON FIRST FIVE MONTHS

600.000 TOURISTS VISIT MALTA IN 2015 LOW SEASON FIRST FIVE MONTHS

Malta’s mix of sunshine, history, culture and friendly locals helped to boost tourist numbers in May, according to figures published today.

MALTAway viaggi is your personal traveller to Malta and the world….ask to us for a low cost web quotation and advice

The number of holiday visitors to the island rose by 0.5 percent while the number of hotel nights increased by 1.5 percent.

The National Office of Statistics in Valletta said total arrivals during the first five months of 2015 amounted to 572,409 – an increase of 2.1 percent over the same period in 2014, which was already a record year for tourism.

Total nights spent went up by 1.6 percent, reaching nearly three million between January and May.

Malta Tourism Authority chief executive Paul Bugeja welcomed the figures as good news which ‘continues to consolidate Malta’s competitiveness as a tourism destination in the years to come’.

He added: ‘These results continue to confirm the trend emerging from the overall inbound tourism figures which indicate very clearly that the number of tourists choosing to stay in non-collective private accommodation is increasing at a much faster rate than in collective accommodation’.

Read more: Malta Tourism Authority

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