The Palazzo Capua in Sliema was the elegant venue for the official launch of the AX Foundation – an autonomous body, supported by AX Holdings and established to operate as a non-profit organisation in the voluntary sector.
Mr and Mrs Angelo Xuereb hosted numerous business associates and friends to a cocktail reception to celebrate the launch of this new organisation. Mrs Josephine Xuereb, who has been chairperson of The Charitable Welfare Committee for the past 10 years, explained how this organisation will be replaced by the newly formed AX Foundation. She also took the opportunity to thank the outgoing committee members of the Charitable Welfare Committee for their hard work and commitment in organising various activities in aid of charity.
One of the main objectives of the AX Foundation is to contribute towards the improvement of poverty, social, mental and physical hardship.
The AX Foundation is administered by a Board of Trustees. The founding members appointed by AX Holdings Group Chairman Mr Angelo Xuereb are: Mrs Josephine Xuereb, chairperson; Dr George Hyzler, deputy chairperson; Mr William Spiteri, secretary; Mr Oswald Tanti, treasurer; Mr Mario Fenech and Mr Fredrick Clark.
Besides being financially supported by AX Holdings, the foundation organises events and activities to raise funds in aid of its beneficiaries.
The first event is planned for the evening of 28 June at the Valletta Waterfront. Being the traditional Mnarja evening, a typical Maltese folklore festa night is being organised with an appropriate theme in a different environment – Mnarja Fil-Port Il-Kbir. All proceeds from the event will be in aid of purchasing essential equipment for Id-Dar Tal-Providenza in Siggiewi. GlobalCapital Life Insurance declares 5% yearly bonus rate
GlobalCapital Life Insurance Ltd declared a five per cent reversionary yearly bonus rate payable on all its interest-sensitive policies in force as at 31 December 2005.
This bonus rate is among the highest currently on offer on the market. For the last three years, GlobalCapital has been declaring a consistent yearly bonus rate of five per cent.
Commenting about this rate, GlobalCapital chief executive officer Nicholas Portelli said: “Over the past three years, we have been consistently declaring a yearly bonus rate of five per cent or more – making us one of the few local life assurance principals to offer such a rate on interest-sensitive policies. 2005 has also been a successful year in this regard.”
Mr Portelli added: “This excellent bonus rate has been possible as a consequence of the pro-active management of our life fund and a resulting strong investment performance. GlobalCapital’s life fund is made up of carefully selected investment tools, which are diversified and include bonds, equities, funds, property and bank deposits.”
The yearly bonus rate applies for regular premium plans as well as single premium plans. An example of a regular premium plan is the Baby Plan, an interest-sensitive endowment policy aimed at helping parents save money for their children’s future. As a life insurance product, it also provides protection in the event of a parent’s or guardian’s death.
Another regular premium plan is the Secure Savings Plan, which is also a interest-sensitive endowment policy aimed at helping individuals save money as well as providing them with a means of financial protection. Both the Baby Plan and the Secure Savings Plan give a lump sum payment on maturity of the policy. “Old series” plans falling under the regular premium portfolio include also Money Plus and Baby Plus.
The five per cent yearly bonus rate applies also for the single premium plans, with the current plan on offer being the Fixed 100. This plan is a savings tool, based on a one-time lump premium, which offers 100% capital guaranteed, if held till maturity. Fixed 100 too offers a life cover. The “old series” single premium plan is the Malta Investment Bond.