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SPECIAL ADVERTISING SECTION Council fo 「 Science and Tech- ity between what we're d0ing nology (MCST), will continue and what the rest Of Eut ℃ pe is tO create innovative partner- dOing. ships with outside countries. MCST has been advising Gaming e g ove rn m e n ce e¯MaltÜG a m i n gA u t h 0 r- ity ・ s (MGA) portfolio includes and technology policy since 280 companies and around 1988 and helps manage aca- demic institutions that take 450 remote gaming licenses and, with innovative and part in multi-nationalresearch transparent policies, it has projects. 、、 We have been, even quicl<ly become an example in the conceptual stages, COI- for other jurisdictions. Ex- laborating with the Ministry for Education to ensure that ecutive chairman, Joseph what we are d0ing is still rel- Cuschieri says that opera- evant tO what the kids are tors, "come here tO oper- being taught at school," adds ate in Other jurisdictions SO stay" which is then intended tunities through an 、、 incubator" Dr. Jeffrey PuIIicino OrIand0, MaIta is basically their place for the 、、 Tourism Zone Foun- that supports entrepreneurial Executive Chairman of MCST of establishment. ” Malta is students on and 0 幵 campus. dation" that will be "managed The Malta College of the 、 'largestjurisdiction g10b- Prof. Alfred VelIa, the 81st Arts, Science and Technol- ally now" and is working t0 by the tax authorities, by the ogy (MCAST) SO offers hun- Rector 0f U M says that al- implement the "second gen- government, their procedures, though the university has 、、 not dreds Of vocational courses, eration 0f our legislation" t0 their systems, but the money formally been called t0 assist" designed tO help students at improve regulatory measures will not go into the govern- different ski 旧 evels. Malta has for the future. with the discussions Malta ment coffers. ″ The funds will no natural resources Other The gaming industry ac- be specifically fO 「 "sustainable will be leading with the EU presidency, there are 、、 in fact a than its people, which is why counts for 10-12 % of Malta's tourism projects," says Mr. number Of our academics ac- investing in education for the GDP and employs about 8,000 Bugeja, further securing the independent development 0f tually involved in discussions workforce iS tantamount tO people directly. The 15 % tax cap on salaries 0f highly quali- with relevant government the development 0f industry this sector. on the island. This concept has fied foreign professionals is agencies. " UM will be striv- ing tO maintain relationships helped with economic growth drawing more talent t0 the Education island as well as the corporate The University Of M ね (UM) With academic institutions in for Malta over the last several tax refu n d syste m th at m akes is the 0 y nationalinstitute in the U. l<. Aside from the conse- years and as Dr. SilviO de Bono, President 0f MCAST, says, the effective tax rate about the country and is dedicated quences 0f Brexit, Other edu- cational groups, like The Malta 、 There ・ s a complete permeabil- 5 % for companies. t0 developing business oppor- Joseph CllSChieri, Ex€2CLltive Chairtnan, MGA Paul Bugeja. CEO MaIta Tourism Authority ProudIy Sponso 「 ed By: mIP maltalndust 「 ial Parks Limited UNIVERSITY 0F MALTA WOSTESERV CREATING R 第 SO リ RC を S FROM WAS すを M CAST F1nanceMaIta Malta College Of Arts, Science & TechnoIogy E f f e c t i v e ー S e c u 「 e ー S k i Ⅱ e d MALTA GAMING Proudly C09 d as 0 wo 日 d - cla 0 課 0 日 ty in te r ms 0 f れ 0V0d6 ; ー 46 朝ト五 a 五 ~ d 。 di 9 e れ ce. T + 3562546 9000 E info.mga@mga.0「g.mt Wwww.mga.0「g.mt

SPECIAL ADVERTISING SECTION become a country that 、、 has shifted its orientation towards regional business, particularly the EU context, but a 0 inter- national business. " T0day. the nation attracts foreign direct investments from countries outside 0f Europe. As a result of the economic growth, companies like Was- teServ, have a responsibil- ity t0 operate as efficiently as possible. Exploring the pos- sibility Of converting waste tO energy would help manage the environment Of the island and create more jobs for both skilled and unskilled workers. servicing cutting-edge indus- help stabilize the country dur- The company's tagline, ℃ re- tries," says MIP chairman ing the Brexit, regardless Of ating resources from waste' Tony Zahra. the country's relationship with suggests the mindset that PIaymobil is just one of the the IJ. l<. the group strives for, which is examples Mari0 Galea, CEO Of managing materials better t0 MaIta Enterprise, cites as a Tourism reduce overall COSt for a nec- company that 、、 came t0 Malta The Malta Tourism Authority as a product extension [ … ] be- works as the country's brand essary servlce. "Growth can be sustained, cause their parent company promoter and helps bOth the be it financialgrowth, industri- wanted tO set up a production, public and private sectors ad- growth or touristic growth. but t0day they basically live vocate for travel. Malta has If you manage your essentials on their own. " ln operation for been ranked the seventh most well. When I mean essentials, over 50 years, MaIta Enter- "touristic" nation in the world it is solid waste, water waste, prise has seen the internation- and is a frequent stop for electricity waste. Manage business model change over many cruise liners and vaca- your waste well, manage your time With internationalization. tioners hoping t0 soal< in the essentials well, and you have Companies from Sweden, the sun and cultural history that all that is required to sustain U. S. , the U.I<., Germany, ltaly, the island has to 0 幵 er. your growth. " says WasteServ and the MiddIe East operate Pa しⅱ Bugeja, CEO of MTA, chairman David Borg. in MaIta which means that, as has dealt with the many fac- Managing space with the Mr. GaIea says, "our exports to ets of the tourism industry growth 0f industry is the duty the EU are about 35 % , then in MaIta and is keeping the Of Malta lndustrial Parks we export t0 Asia around 200/o future in mind with new poli- (MIP). [ … ] and this is healthy, first 0f Cies. A new 、、 contribution" iS The MIP was created back all because you're dealing in tacked on tO overnight guests in 1964 when Malta became different currencies. " The di- in hotels, but at a low rate of independent from Great Brit- versity 0f Malta's economy "50 euro cents per person per ain. Since then the institution is seen as a positive that will night, maximum 5 eut"OS per has transpired tO manage 12 industrial estates in Malta and Gozo and hosts a number of prestigious brands like Play- mobil and ST Micro Electron- ics. MIP is worl<ing to 、、 turn our industrial hubs into ad- vanced manufacturing spaces 回回 MALTA MALTA GOZO COM 0 MORE TO SEE Mari0 MaIIia, CEO, Ban k of Vall etta Mario Galea, CEO, Malta Entet'prise MORE TO DO MORE TO REMEMBER MALTA IS MORE WWW.VISITMALTA.COM O る しク PRODUCED BY GLOBUS VISION Fatima Ruiz Moreno, RegionaI Director Marc JOIy, EditoriaI Director AyIin ParIa, Project Director SpeciaIthanks t0 Mr Anton BO President of Malta Chamber. MALTAENTERPRISE WWW. maltaenteprise.com

Other key U. S. offcials resigned rather than participate in the war. General FrederickWoerner Jr. , based in panama as head 0fthe U. S. Southern Command,quitmfew months beforehand. Admi- ral WiIliam Crowe, chairman of J0int Chiefs of staff, also resigned. Some 0f the key players involved in the inva- sion went on tO play maJOr roles in the 2003 lraq War. Dick Cheney was the secretary of defense at the time, C01in Powell replaced crowe as the newly minte d chairm an 0f the J0int Chiefs, and Elliott Abrams was the State Department offcial leading the charge against Noriega. Ten days after the invasion, American troops seized Noriega at the Vatican Embassy, and U. S. marshals led him t0 Miami in chains. Only then did offlcials ⅲ Bush's Justice Department realize they needed some justification for the seizure and impnsonment 0f a foreign military leader. They dusted 0 代 a 1988 indictment that implied a criminal liaison between Nonega and Castro. They later dropped that charge and decided tO cobble together more specific claims about Noriega s connection t0 the Medellfn drug cartel. ln 1992 , Noriega was tried and convicted on eight drug traffcking and conspiracy counts in federal court in Miami. His 40-year sentence was reduced by 10 years after a former CIA sta- tion chief and a former し S. ambassador spoke on his behalf. By that time, I had already begun investigating the story. I found more than reasonable doubt about his guilt. The government prosecuted the case with the testimony Of 26 convicted drug traffckers who received plea bar- gains that allowed them to get out ofprison and, in some cases, keep their drug profits. One of them was Carlos Lehder, a neo- Nazi from Colombia, then the mo st important traffcker eve r captured by the United States. He had never met Noriega—and neither had the other dealers whO testified against him. し S. District Judge William Hoeveler, whO tried the case, invited 1 れ e tO hiS home after Noriega S conVICtion and sentencing for a series Of unusual talks in which heexpressed concern about how the trial and verdictwould be judged. ß'l hope, in the end, we'll be able t0 say that justice was served," he said. He and other し S. offcials took solace in the fact that even if the dru conviction was ues- tionable, Noriega was clearly a murderer. But the sources I interviewed raised serious questions about one charge against him. ln 1993 , NEWSWEEK 19 APR 比 14. 2017 Noriega was convicted in absentia in Panama Of conspiracy in the 1985 murder 0f Hugo Spada- fora, a political protégé turned opponent. A key piece Of evidence was that the National Secu- rity Agency had intercepted a remote telephone communication in which Noriega allegedly ordered the killing: "What d0 you do with a rabid dog 凛 . You cut offits head. MuItipIe U. S. sources told me the intercept did not exist. They said the NSA did not have the capability at that time tO capture commum- cafions between Nonega—who was in France when Spadafora was killed—and his minions in the Panamaman jungle. I determined that the charges had been made up part by a Panama- man newsp aper columnist and author, Guillermo Sånchez Borb6n. He admitted tO me he could cite no source for reporting the killing 0f Spadafora ⅲ a book, 加ど Time ビり ra 〃な , that he co-wrote with an Amencan expatnate, Richard KOSter. "lt is a political b00k, not a historical b00k," Sanchez Borb6n said. "lt has its inexactitudes. ” Noriega served more than 20 years behind bars in the United States, then in France and finally in Panama, which won his extradition ln A CHARRED HUMAN TOR O INA BURNED-OUT D A HEAP OF CORPSES FEST RING IN AN OPEN ROOM E CITY MORGUE. 2011. I cannot say that he did not commit crimes, including murders, although he told me any kill- mg on his watch tOOk place in the course Of mil- itary operations 、一 Nor can I sayhe never allowed drugs tO be dealt in panama, nor would I ever say that he was an enlightened leader. I can say that the charges against him in the United States were very thin. I also conc udedfthattowhatever degree Noriega was guiltY' this was a matter for Panama to determine, not the United States. ロ P A G E 0 N E / P A N A M A 3 AT T CAR I SA

the fields of consulting or investment banking, by 1985 the two fields took in 41 percent of the school's graduating class. And many ofthem would play a S1g- nificant role ⅲ downslzing—that is to say, guttlng— the traditional manufacturing and product firms that previous HB S graduate s had helped build. The shift is indicative ofthe MBA'S nose for power. Before the 1970S , companies increasing cash piles had lessened their dependence on banks. But as those cash piles evaporated, the pendulum had swung back in finance's 信 vor. ln a capitalist econ- omy, power equals money, and between 1983 and 1992 , the proportion ofprofessional managers in the nation's top 1 percent 0f household wealth holders showed a marked decline, while that ofpeople work- ing in finance spiked. And SO that's where the MBAS went. "For most Of the 20th century, social orgam- zation in the United States orbited around the large corporation like moons around a planet,' wrote University Of Michigan busine S S administration professor Gerald Davis in Corporate Power in the 21St Century. ' But by the time Jensen was through, "any lingering doubt about the purpose 0f the cor- poration , or its commitme nt tO vanous stakehold- ers, had been resolved. The corporation eXISted tO create shareholder value; Other commitments were means to that end. ” Business educators legitimized the notion that good management might mean dissolving the firm tO improve shareholder return, wrote man- agement historian 第 C. Spender in BizEd magazine in 2016 , "without concern for the SOCial COStS tO employees whO lOSt their jObs or tO communities that lost employers. Ah, yes: all that nonsense about the social responsibility Of business. lt turned out that was all just posturing. Recent studies by the Aspen lnstitute show that when students enter business school, they believe that the purpose of a corpora- tion is tO produce goods and services for the benefit of society. When they graduate, they believe that it iS tO maximize shareholder value. Jensen provided intellectual underpinning for the leveraged buyout boom in two Ha 翔 4 Busi- れお犬ⅵビル articles during the 1980 s, argulng that the threat of being taken over—and fired—effec- tively created a market for corporate control, which helped executives stay focused. He also argued that the high indebtedness engendered by leveraged 十 WHY THIS MAN SMILING? 」 ensen's papers and teachings released CEOs, institutionalinvestors and WaII Streeters from the obligation Of consider- ing anything but their own narrow wants and needs. company's stock price. F0110wing Jensen s argu- ment, takeovers and LBOS would cure the nation's economlC woes. Twenty-two percent of the 150 largest public companies in the United states as 0f 1980 had merged or been acquired by 1988 , with another 5 percent taken private. The highly public spectacle ofthe takeover ofRJR Nabisco was an ObJect lesson for all CEOs who weren't used to looking over their shoulders. Downsizing became the hymn song 0f the managerial church. Thanks in large part to President Ronald Reagan s tax cuts and deficit spending, the U. S. economy found its f00ting agaln after 1982. However, as Walter Kiechel pointed out lll a 2012 article in } { 4 リ ar B リ豆れビ R どリル unlike in the 1950S , [thel rising tide didn't lift all boats. ln the name Of beating foreign competition, com- pleting ()r avoiding) takeovers, and serving the interests Of shareholders, it became acceptable tO sell 0 代 businesses that didn't fit the new corporate strategy and tO lay offbattalions ofworkers. Jensen was rolling at that point, spewing out blanket claims, such as "Corporate takeovers do not waste resources; they use assets productively, and "Shareholders gain when golden parachutes are adopted. ” And it all came with the good seal 0f approval 0fHarvard Business Sch001. Jensen, wh0 joined HBS full-time in 1989 , expanded his remit with a 1990 日 4 4 B リ豆 - 〃お R ビⅵビル article, "CEO lncentives: lt's NOt HOW Much You pay, but HOW. " Along with co-author Kevin Murphy, he opened the piece with one ofthe most absurd remarks in the history Of executive compensation.• "There are senous problems With CEO compensation, but 'excessive pay is not the biggest issue. The relentless focus on hOW much CEOs are paid diverts public attention from the real problem—how CEOs are paid. " Three years later, President Bill Clinton, who had campaigned on reimng in executive compensation, eliminated the tax deductibility 0f any portion 0f executlve compensation above $ 1 million, unless the compensation was performance-based. lt doesn't get much better in the annals ofunintended consequences than this: NOt only did the law buyouts forced executives tO be much more focused on their operatlons Of their compames. And finally, if and when exec- utives did participate in LBOS by amassing their ownership stake, their incentlves would then be directly linked to the HBS HAD NURTUREDTHE PROFESSIONAL MANAGER FR 〇 M HIS BIRTH,ANDTHEN HELPED KILLHIM NEWSWEEK 40 APR に 14. 2017 increase many pay packages— salaries converged around the $ 1 million mark—but the shift away from salary and toward stock options resulted in the greatest explosion ln execu- tive compensatlon in history. ln 1992 , CEOS 0f Fortune 500