Volume 11 Nº2
• B2B chats to Bruno Callaghan • Gib Oil’s Harry Murphy • Ship Bunkering: The Future? • 2015 Election wish list
Contents
In this issue: FOREWORD page 5
· Election 2015
NEWS FEATURES page 6
· The Man behind the Red Socks
page 10
· Marcus Killick “A Man for All Seasons”
page 15
· Harry Murphy: Powering Gib Oil’s success at home and abroad
page 16
· Ship Bunkering: What lies ahead?
PUBLISHER Copywrite Communications
MANAGING EDITOR Jeremy Nicholls editor@b2bgibraltar.com
CHAMBER NEWS page 23
· 2015 Election Wish List, The Chamber’s message
page 28
· Summertime sees significant changes to Income Tax reporting
page 29
· Pitman Training Re-Opens in Gibraltar
JOURNALIST Jo Ward ADVERTISING Jane Pizarro sales@b2bgibraltar.com
BUSINESS BRIEFS page 30
· A new business banking cash centre for the Gibraltar International Bank
page 32
· Discover Round Table Gibraltar – a sense of community, fun and fellowship
page 33
· 2nd Annual Deloitte Insurance Seminar
page 34
· New ESMA guidance
page 35
· A new season begins for Gibraltar DFAS
page 37
· ACA success for KPMG graduate in Gibraltar
PRODUCTION Jorge D. Caballero production@b2bgibraltar.com
DESIGN Copywrite Communications
b2bgibraltar.com 3/1a, Parliament Lane PO Box 935, Gibraltar Tel: 200 41700, Fax: 200 77649 Gibraltar Chamber of Commerce
PEOPLE ON THE MOVE page 38
· Savills’ 5th anniversary celebrations
page 39
· Haresh Budhrani returns to Triay & Triay
PO Box 29, Watergate House Casemates, Gibraltar
Edward Macquisten Chief Executive Tel: 200 78376 Fax: 200 78403 info@gibraltarchamberofcommerce.com B2B is published by Copywrite Publishing for the Gibraltar Chamber of Commerce four times per annum. No part of this publication may be reproduced without the permission of the Gibraltar Chamber of Commerce or the publishers
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Foreword
Election 2015
In this issue we have published in full our “Wish List” for all the parties to read, digest and hopefully include in their manifestos. This time round your Chambers “Wish List” has been published well in advance of the election. This, we hope, will enable all the parties to fully take into account the needs, desires and aspirations of the business community over the coming term of the new government. As we go to press one of the most vexing points of our “Wish List” is the provision of an adequate taxi service for ALL of Gibraltar. Much has been written and requested by your Board over the years, but the reality is nothing has really changed for many decades. We constantly raise this issue with the Government of the day, but even though we are given assurances, nothing materialises. Our taxi service is so far behind the times, that these figures clearly demonstrate why there is a lack of a decent Taxis service in our 21st century economy and community:
Visitor numbers
sector business community, but also to Gibraltar and Gibraltarians as a whole, as our aspirations to grow our economy develop.
1985 +/-125 Taxis: Visitors 2.2m* 2013 +/-125 Taxis: Visitors 10.6m*
To highlight just one area where there is a constant problem with the supply of taxis is our new international airport. More often than not, there are never sufficient taxis to meet the demands of arriving visitors. Be these tourists, or business people, the constant complaint the Chamber receives on a regular basis is: Where are the Taxis? Almost all other International airports around the world have Taxi’s queued up waiting for a fare!
Over the years your Chamber board has engaged incumbent Governments to improve and make the taxi service “fit for purpose”. More often that not our views are met with sympathy, but there has been very little effective action on the ground. So as we go to the polls in 2015 the Chamber suggests it is high time the new Government of the day remedies the situation; which if left unchallenged will lead to even more pain and embarrassment for residents, our business community, and most importantly, potential investors arriving in our jurisdiction. *GOG statistic office.
You only have to read the regular letters to the Chronicle to see how acute the problem has become over the past years. Our inability to provide a genuinely efficient and effective taxi service is an embarrassment, not just to the vital private
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The Man behind the Red Socks B2B chats to Bruno Callaghan Hotel he moved into offices in Europort in 1996 where he has been ever since. Commenting on the outlook for the future of the insurance sector in Gibraltar, Bruno started by declaring that providing insurance services for the business and financial community in Gibraltar is buoyant. “Then you have the business that is based in Gibraltar and uses it as a jurisdiction or hub to write business outside Gibraltar,” he stated, referring to the motor insurers who are in the main writing business back into the UK. Bruno then referenced the captive insurance companies owned by big multinationals that manage the risk from different locations. “From Gibraltar you can write pan-European, so you may have large multi-national corporations with an insurance company in Gibraltar, Malta or Dublin looking after the European activity of those insurance requirements within the group.” “Gibraltar can safely say that insurance has been a success story, but it hasn’t been as big as I think the practitioners would like it to be,” Bruno admitted. “However, I don’t think that Gibraltar needs huge success because we are a small community, so therefore a little business is good business,” he said, continuing “it is always welcome and it keeps the wheels going. A When I stopped studying success in financial services is a success for law, I was effectively tourism, Main St, etc”
excommunicated
As MD of the company that he founded, Bruno Callaghan’s reputation for having played a major part in Gibraltar’s fast growing insurance sector is undeniable, but his career path could have been very different. Following his father’s wishes Bruno read Law at university, but his real love was history. “I never wanted to study law but in those days if Dad said it is law or nothing - it is law!” Bruno exclaimed. “When I stopped studying law, I was effectively excommunicated from the family and I had to go and find a proper job,” he said. It was a chance meeting at a dinner with somebody who worked at Willis
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“One of the problems that we have had in the past is that we have not and I had to go and spent enough time marketing ourselves and find a proper job I think that Albert Isola as Minister for Financial Services is doing a fantastic job in that respect,” Bruno said, going on to state that the previous administration would probably Between 1984 and 89 Bruno spent his admit that they didn’t spend enough time working life in the UK with Willis (of which he marketing the jurisdiction. He went on to say is a Non-Executive Director), coming back to that the present government and Gibraltar to join the family business, administration also do not commit the Bassadone’s, where he stayed until 1992 and, necessary funds to do a really good job in after a brief stint basing himself at the Caleta marketing Gibraltar plc. “It is not simply that led Bruno down the insurance route and he started his career in the industry by joining the company in 1984.
from the family
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Do I look forward to getting up every morning - you bet I do
about marketing insurance,” he remarked. In regard to Gibraltar plc, Bruno’s opinion is that the biggest success story of the last four years has been the creation of the Gibraltar International Bank (GIB). “In many respects, it has been dumbed down but what the government has done by creating GIB from nothing is phenomenal,” he said, “and I think that both Nat West and Barclays would agree if asked.” In the wake of Barclays’ withdrawal of their retail banking facilities from Gibraltar, Bruno commented that the local community had been ‘in a real pickle’ and said that he was sure that if Sir Peter Caruana had still been in power he would have done the same thing. “If somebody were to ask him ‘do you think GIB is a good thing’ - he would be the first one to say absolutely!”. With his red socks and ties, Bruno challenges the perception that insurance, not often seen as a sexy profession, is a boring career for grey men in grey suits. “It is definitely a career that young people should consider entering and there are great opportunities nowadays because insurance is so diverse you have got insurance, reinsurance, insurance linked securities, insurance broking and re-insurance broking,” he said. “I think insurance is, like anything else, as enjoyable as you want to make it,” he laughed. “It is fun and exciting and I would recommend it to anybody.” A specialist in Latin America and Medical Malpractice insurance, Bruno spends a huge amount of time travelling across the Atlantic. “Do I look forward to getting up every morning - you bet I do - have I enjoyed travelling to the US, Latin America and other parts of the world, well it is still part of my job now and I get tired,” he admitted. “Would I much rather be on a beach reading
a book with my wife, of course!” “I like a challenge,” he declared “and there is nothing better for me than being told there is a potential client in, say, Kathmandu and they are looking for insurance.” Bruno talked about the personal achievement of having somebody in Gibraltar working with the large multi-nationals being able to put on the books a piece of business that would be fairly incredulous to somebody elsewhere. Insurance also goes hand in hand with entertainment a great deal more than any of the other financial service industries. “There is still the entertaining aspect of it which from afar can be hugely attractive but when you have to do it all the time, it can be very tiring,” he said. As a present Board member of the Financial Services Commission (FSC), B2B asked Bruno if the FSC was achieving effective regulation in the financial services sector for new firms choosing to relocate to Gibraltar. “Yes, but I think there are, and there always will be, detractors of the FSC - not just in Gibraltar but in Malta, London, Dublin etc. and there will always be people out there who think that they do not need to have regulatory oversight” he said. Although a very small domicile, Gibraltar now boasts the same regulatory standards as other European jurisdictions. “This government has invested a huge amount of money in the FSC and although we don’t have the economies of scale in Gibraltar that other large jurisdictions have, if we want to play in the game we have got to play by the rules,” he said. Bruno went on to say how fortunate Gibraltar was to have the team at the FSC that are in place. “People talk about gold standard and gold plating and I think that the team at the FSC are very pragmatic,” he commented. “I certainly live and die by my reputation and Gibraltar plc. will live and die by its reputation and, to a certain extent, we need to be more guarded because we have unfriendly neighbours and they will always look at any opportunity to have a poke at us and that sadly means that we have got to spend more money on doing things even better to protect ourselves.”
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Bruno elucidated on this: “People need to understand that what we all experience in terms of low corporate tax, low personal tax, the fantastic ability to send our children to universities anywhere in Europe funded by the government and the presence of a very generous Gibraltar Health Authority, is that all these things come at a price and they shouldn’t take them for granted because they may not always be there.”
Until 2004, Bruno was President of the Gibraltar Chamber of Commerce. “During this period I thought about piping in water or electricity from Spain - things that would have helped us in economies of scale - but the problem is that however much one wanted these things to happen, we couldn’t rely on a neighbour that was dependent on which political attitude and which political party were in Madrid at the time.” “Today we have a very much more troublesome and petulant Spanish government to deal with so we have always got to be on guard but I think that we will always get to where we need to get to,” Bruno stated. If there is one thing that worries Bruno about the future prospects for Gibraltar, it is the DNA that has made its people expectant of benevolence. “In the old days it was the MOD and these days I think it is GOG,” he said referring to the fact that he hopes people understand that they are very fortunate to be living in a bubble and that the big wide world out there is a fairly nasty place.
“Although Gibraltar is a benevolent place, my great concern is where we are going to be in 20 to 25 years’ time” he said. “Hopefully we will be in a far better place than where we are today because we have weaned ourselves off the MOD subsistence and have survived the closed frontier period, so we have done extraordinarily well and I think that the future for Gibraltar, on the whole, is rosy.” However, having said this Bruno then added that his advice to his children, as a Gibraltarian of 51 years of age, would be to make sure that they save for the rainy day, because the rainy day will come. Often perceived by friends and acquaintances to be a successful insurance businessman with a sense of calmness and self-assurance, Bruno says that in fact he is like the proverbial swan; appearing tranquil on top of the water but paddling like crazy below! “I work extremely hard and although I give an aura of being very relaxed and chilled, I worry a lot which causes the odd sleepless night” he said. Bruno’s parting remark about Gibraltar as the interview with B2B came to an end was: “I believe that we, as a people and as Gibraltar plc, are very blessed but I do think ‘Godspeed’ is fundamental and we should always remember how lucky we are.”
What makes you tick? What inspires you? The love of my family (wife Kate and three children), my friends and my work Best advice: Live every day as if it were your last Favourite place in the world: Latin America The best thing about Gibraltar: Its resilience Hobbies: I like to read – history, especially economic history. I also love reading biographies. Dominic Sandbrook is a favourite author Sport: The odd game of padel tennis and I used to play golf Something that is not generally known about you: I enjoy listening to classical music in the car but I also like The Ramones. Lucky number: 13 - on some flights to the States if you sit in row 13 no-one will sit next to you, fabulous! Unfulfilled ambitions: Not having made Gibraltar a much greater insurance centre and not having attracted more Latin American business into Madrid and Gibraltar. Personal unfulfilled ambitions: I wish I had been a much more accomplished skier than I am so that I could ski off-piste and arrive for lunch a little earlier! Motto: “White Tips, Black Label”.
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Marcus Killick “A Man for All Seasons” In many respects Marcus Killick can be seen as “A Man for All Seasons” and with an ever growing and extensive career portfolio he could also be seen as a man of many parts! Having resigned after ten years as CEO of the Financial Services Commission (FSC) and being recognised for his work with an OBE awarded to him in the 2014 New Year Honours List, Marcus took what he says is euphemistically called ‘Gardening Leave’. “Although as a former regulator it is technically called rehab,” he laughed. “I left the FSC in February 2014 with no idea of what I then wanted to do,” Marcus said. “I spent time with friends in Ireland where I had a ‘good crack’ (as they say), did some more travelling and then at the end of June started gently to evolve a portfolio of careers.” As a Gibraltarian citizen, Marcus was looking within the jurisdiction for a new role and says that although he was fortunate enough to be offered several; it was an approach by Peter Isola that persuaded him to take up the position of CEO at Isolas Law Firm. Isolas Asked how his knowledge and experience at the FSC assists him now that he is with Isolas, Marcus stated that in the main it is his experience of being a CEO that is important. “Because my role is non-client facing, my knowledge of the regulatory environment for the Isola’s job is not quite superfluous but of less relevance,” he remarked. “The Isolas’ role takes into account my ten/eleven years of experience of running the Commission in terms of HR, IT, and Accounts,” he said, going on to explain that some of this role combines that of CEO and Chief Operating Officer. “I had the advantage at the Commission of
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accounting system to moving towards appraisals and a decent reward strategy. “Not having clients means that I can look more closely at business strategy and development, consider new lines and make sure our marketing effort is effectively spent,” he said, “and in that Isolas is no different from Gibraltar itself.” Marcus elucidated on this by commenting on the fact that Gibraltar has to constantly reinvent itself. “It did that very successfully under Peter Caruana and a good example of that is gaming,” he said. “It has continued to do that under Fabian Picardo and in that respect we have been very lucky with the quality of our Chief Ministers.” In that reinvention Marcus thinks that both CM’s have accepted that some of the things that used to make Gibraltar profitable no longer exist or are on the wane.
Not having clients working with the immensely talented David Parody and I admit that some of the things that I am doing and the ways I approach them in my Isola’s role I learnt from David,” Marcus said, continuing “so one is never too old to learn - the important thing is to be willing to learn.” One of the reasons that Marcus was delighted to be offered the Isola’s role is that he sees it is a forward thinking law firm which lacks some of the traditional restrictions that other firms may face. “Peter is very entrepreneurial and the team, including the partners, associates and support staff, have been very willing to look at new ways of running the business,” he said. These include building a more efficient
means that I can look more closely at business strategy and development
“A good example is the fiduciary side of business, where there is not the volume of companies and trusts that there used to be historically,” he said going on to explain that if Gibraltar were to simply continue to tout companies and trusts it would very rapidly become a lesser financial centre. Whilst Marcus was at the commission, the size of
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Marcus Killick “A Man for All Seasons” (contd.) the insurance industry more than trebled but, although Gibraltar is still a dominant force in the car insurance market in the UK, that industry has matured. “We are looking at different areas into which Gibraltar can move,” Marcus said. “The Government and particularly the Minister for Financial Services, Albert Isola, has been at the forefront of looking at those new initiatives, working on things such as crypto currencies.” As the jurisdiction evolves it is important that the law firms that provide services to the clients and to the government also evolve and are able to match the needs of a changing consumer. “One of the things that I focus on is looking at where those new opportunities are and making sure that Isolas as a firm is well placed to meet them as they arise,” Marcus stated. “Sometimes, as with any organisation, you predict things that never come off and there are some where the jury is now out, for example; insurance linked securities may or may not be a gold mine for Gibraltar.” Gibraltar Stock Exchange To further complement his career portfolio, Marcus is Chairman of the Gibraltar Stock Exchange (GSX) that opened its doors in late 2014 and which now plays a crucial role in positioning Gibraltar as the jurisdiction of choice for establishing investment funds, helping to cement its position as a full-service financial hub within the EU. Marcus sees the GSX as a foundation block of the financial services for the next ten to twenty years within Gibraltar because it has a gravitational force that other businesses will flow from and because it will help to promote the jurisdiction generally. In the past, Gibraltar has witnessed a few attempts to set up a stock exchange. “The GSX is our last best shot to have an exchange and during my time at the commission there were a number of false
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dawns, false starts,” Marcus said. “Although people were very committed, for some reason it didn’t reach fulfilment, but this exchange is up and running and getting listings from both within the jurisdiction and externally.” Gibraltar International Bank The creation of the Gibraltar International Bank, of which Marcus is a Director, is another area where he cites the Government’s timing as having been perfect, although with the closure of Barclays he admits that its hand was somewhat forced.
Gibraltar in the certainty that the bank they bank with today will be the bank they bank with tomorrow.” “I continue to see it as miraculous that from concept to unveiling the plaque and opening the branch took about a year,” he said. “Like any new institution it has suffered minor teething problems but as a client as well as a director of the bank, I can both see and understand those and realise how amazingly well it has done going from zero to accepting deposits in such a short space of time.” Gibraltar Looking to the future, Marcus sees that both the GSX and the Gibraltar International Bank will act as anchors that will help build the finance sector for the for the future, without which it would wither. Marcus uses an analogy with the holiday market in the UK. “Look at the tragedy of some of the coastal towns that were unable to change when jet planes arrived and people decided that they would rather go to Spain than Bridlington,” he said. “Now we can choose to be Bridlington or we can choose, like some of the coastal resorts, to reinvent ourselves and be successful.” “No one can say Blackpool is not successful, no one can say Brighton is not successful - but you move up the coast from there to the Bridlington’s of this world and you see evolution failing and we need to evolve, otherwise Gibraltar will be the Bridlington of the 21st century!”
“The success of that bank in getting customers and in gaining deposits demonstrates the huge pent-up need, not only to have another retail bank that is locally owned, but a retail bank that is not subject to the vagaries of head offices in London, Paris or elsewhere,” he said “and now businesses can establish a presence in
If there is one key message that he would like to give about the future of Gibraltar it is this: “Adaptation, evolution and innovation are the cornerstones of success of any jurisdiction let alone any international finance centre,” Marcus stated. “We can be complacent with what we have and we will
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What makes you tick? What does makes you tick? I no longer consider myself ambitious and what makes me tick now is that I am incredibly lucky that I have in my 50s such a varied life that I can be working on completely different things within 3 hours on the same day Greatest achievement: I was delighted and honoured to be awarded an OBE but it is not my greatest achievement. I loved my time at the FSC where I spent ten years trying to create it and, with help, to keep the jurisdiction out of harm’s way in the crisis of 2008 onwards. We were able to play a role that helped Gibraltar to steer that course. Something that I think both ultimately lose what we have got or we can remain hungry and be successful going forward.” “Some people believe that not making a decision, delaying things or prevaricating, is a permissible way forward, what they fail to realise that not making a decision is in itself a decision.” “In the case of Gibraltar we are lucky we have a Chief Minister and a government who is committed to decisions and decisive action.” Not one to pull any punches in his assessment of taking Gibraltar forward, Marcus believes that If it is not supported by industry, the regulator and support services, including law firms such as Isolas, then however good a Minister is, however good a government is - they will fail. Marcus advocates a concerted action by what he calls the three legs - industry, regulator and government. “To be stable that tripod needs all three legs to operate and I believe that both historically and today that has worked well, but it requires effort and it requires care to make sure it continues.” The Gibraltar Magazine Despite having declared that to a certain extent he is a ‘little bit retired’, one of the
more interesting things that Marcus has recently taken on is his acquisition, with other investors, of the Gibraltar Magazine. “This has proved to have been tremendous, if unprofitable, fun and one hopes that it will remain tremendous fun and eventually make a profit,” he exclaimed. Marcus calls himself delivery boy, funder and general dogsbody and says that if he thought regulation was difficult, going into the publishing business and the naivety with which he went into it with was astounding. “I have got a good team there and I try hard not to interfere, although in that I am not wholly successful but I hope that I am successful more than I am not.” “If people ask me what I do, which is a pretty horrific question because I have to pick, I have found universally that if I say I work for a law firm or that I am involved with a bank or involved with a stock exchange, the eyes at some point will glaze over (they glaze over fastest if I talk about insurance!)” Marcus is also a Director of Callaghans Insurance Brokers. “If I say I am involved in a magazine, everyone is interested and everyone has an opinion.”
myself and others can be proud of.
“At 52 I suddenly discovered how boring I was to the rest of the planet outside the microcosm of finance!”
collect antique maps, but I very rarely
Unfulfilled ambitions: I don’t aspire to anything more. I am having fun doing different things to the best of my ability and testing that ability Idea of happiness: Happiness will be when the cask of whisky that I poured in April this year is finally ready to drink - which means that I will have lived into my 70’s! Greatest fear: Boredom Favourite place in the world: Glen Goyne distillery Best thing about Gibraltar: The people Hobbies: My work is my hobby. It is not a question of time but the various roles that I do give me all the things I want plus more. Downtime is just relaxing with friends Something not generally known: I talk about it Motto: Shit happens!
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Harry Murphy: Powering Gib Oil’s success at home and abroad North Mole. Through its parent company WFS, Gib Oil can offer many additional fuelling locations worldwide, as well as extended global resources in credit and price risk management for specific clients. “We have the benefit of being able to offer customers a fixed price now for their fuel even if they are not coming into Gibraltar until next year. With many other fuel providers they would have to hedge this through a bank. We offer clients certainty because of the size of our parent company.” World Fuel Services is a Fortune 500 company which offers clients, fuel and logistics solutions at more than 8,000 locations worldwide. The advantage of Gib Oil’s bi-lingual workforce has also opened doors elsewhere. Harry explains, “We are developing some good niche business in Argentina. Our approach and service levels, combined with being able to deal
We have the benefit of When in 2010 America’s World Fuel Services (WFS) was looking to extend its reach into Europe, the prospect of acquiring a ready-made fuel distributor with an ambition to grow, industry knowledge and excellent client references was too good to ignore. World Fuel Services is a global leader in fuel logistics, specialising in the marketing, sale and distribution of marine, aviation, and land fuel products and related services. Gib Oil is the company’s wholly-owned subsidiary based in Gibraltar. Gib Oil provides quality fuel products and services in Gibraltar for marine, aviation, industrial and retail customers. Having been bought by WFS, the company rebranded from Shell Gibraltar to Gib Oil. The company’s two local petrol stations were completely revamped and a new livery and corporate identity were unveiled under the appropriately named “GO” logo. As part of the terms of the acquisition Gib Oil also became the authorised distributor of Shell’s lubricant products for the Gibraltar market.
To most Gibraltarians Gib Oil is the company they go to fill up their car or scooter. But the company also supplies jet fuel to commercial and military aircraft at Gibraltar’s International Airport as well as fuel and lubricants to visiting ships and other vessels calling at Gibraltar. It also provides the fuel to keep the generators of Gibelec and the hospital operating round the clock. Run locally by Harry Murphy and his team the company has gone from strength to strength since becoming part of WFS in 2010. “World Fuel Services has been incredibly supportive. With their help we have been able to develop new lines of business to extend WFS’s coverage throughout the Iberian peninsula. We are now the authorised distributor for Shell lubricants across the whole of Iberia.” The company has secure Gibraltar facilities including one of the premier superyacht facilities in the Mediterranean along the
being able to offer customers a fixed price now for their fuel even if they are not coming into Gibraltar until next year. with clients in their own language, have been big pluses.” Not one to sit still for long, Harry and his team recently pitched and won a contract to supply lubricants to a number of major ports in eastern and southern Africa, importantly this contract, which has the potential to grow considerably in the next five years is all being managed out of Gibraltar. “We could never have bid for this business before. But we got the support from WFS head office in Miami and we won the business.” www.giboil.com
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Ship Bunkering: What lies ahead?
The shipping industry is on the brink of a huge modal shift. The fuels currently used to power ships are changing, and we are about to see a transformation of the shipping industry as we know it. Shipping has been through this before; ships have evolved from being powered by sails, through using coal power and presently residual (Fuel Oils) and distillate fuels (Gasoils). What sets the forthcoming change apart from previous changes is the driver for it. Growing environmental awareness worldwide and increasing recognition of the impact of human industrial activity on our planet and our environment has been leading to specific action at the global level to start to address this issue. The International Maritime Organisation (IMO) has been steadily ramping up the pressure on the shipping industry and imposing restrictions on the sulphur
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emissions of vessels worldwide. Sulphur emissions are directly related to the specific problems of acid rain, and they are reduced by limiting sulphur content in fuels. The next big development is expected in either 2020 or 2025 (subject to an availability study to be carried out by the IMO in 2018) which will see a further, global reduction on fuel sulphur content to 0.50% per mass. This will be in addition to the already implemented 0.1% Sulphur Cap for specific areas designated as SECA (Sulphur Emission Control Areas).
Distillates with a sulphur content of below 0.50% are widely available, but the cost differential between residual and distillate fuels makes this compliance option prohibitive.
What does this mean for the shipping industry? Well, in simple terms it means that vessels and their operators and owners are being faced with a number of choices to ensure that there vessels will still be viable.
Exhaust gas cleaning technology (or scrubbers) are a third option, but this solution faces a number of challenges, such as what to do with the scrubber effluent, the energy cost of running a scrubber (estimates vary between 3 – 5% increase in fuel consumption), and of course the cost of retrofitting these systems onto existing ships. Additionally, only a small number of ships have the right combination of available space, and specific age to make the installation of these systems onboard both technically and commercially viable.
Residual fuels with a sulphur content of 0.50% are not widely available. While achieving this level of sulphur content is technically viable, the commercial challenges of producing this fuel is generally acknowledged to rule this out as an option.
The remaining choice available to the ship owners / operators is switching over to new fuels. In practical terms this means switching over to burning LNG (Liquefied Natural Gas), or the associated CNG (Compressed Natural Gas). Natural gas (or Methane which is its
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Tel: +350 20052200 | info@gibtele.com | gibtele.com 17
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Ship Bunkering (contd.) primary constituent) is a fuel which is readily available, which is abundant, and which has consistently been at least 30% cheaper than distillates. It has no sulphur content and significantly lower emissions (NO2, CO2, CO) for other contaminants, all of which are widely expected to join SO2 in emission limitations by IMO in the future. The LNG industry has an excellent safety track record; since the 1960’s there has been specific trade in transporting LNG as cargo on ships, and this is increasing dramatically as countries switch over from burning coal or residual fuels to LNG for their power generation requirements. As an example of this excellent track record to date, not a single human life has been lost in any cargo related activities connected to LNG.
The biggest disadvantage for LNG, particularly as a fuel for the maritime industry is the high initial investment required. This applies both to the vessels themselves, which need to be either specifically designed for LNG, and to the supply infrastructure. The clichéd phrase ‘the chicken and egg’ comparison is relevant to LNG as a marine fuel, as only a small number of ports worldwide are willing to fork out on the initial investment required to have infrastructure in place in advance of the demand materialising. Similarly, ship owners and operators are hesitant in investing money to generate demand for LNG as a bunker fuel, given the lack of necessary infrastructure in place to refuel their vessels.
This stalemate is finally being addressed; institutions such as the EU have set aside funds to assist in the development of LNG Bunkering infrastructure, as well as funds to incentivise ship owners to invest in LNG powered vessels. Additionally, there is growing recognition that LNG facilities have to be multi-role, and where existing (or planned) infrastructure was once looked at for a sole purpose (for example to receive LNG for power generation purposes), there is growing acceptance that this activity can dovetail with the needs of the emerging LNG Bunkering market.
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Chamber News
2015 Election Wish List, The Chamber’s message only those elements of UK legislation which are beneficial to employees have been adopted. This prejudices local employers unduly, leads to inefficiencies, lower productivity and makes Gibraltar less competitive versus other jurisdictions seeking inward investment. 4. Whistle-blowers scheme to identify and fine businesses with unregistered employees
The private sector is the main electronically with government as fully as The private sector creator is the main of economic the full of creator economic wealth in theyintroduction would like.of e-government has not wealth in Gibraltar. andand their happened and our members cannot interact Gibraltar.Local Localcompanies companies their employees pay the taxes which enable the electronically with government as fully as they Employment employees pay the taxes which enable government to invest in schools, the health would like. thehousing government to invest in schools, the ervice, public and other public services and amenities. The Chamber, whose members health service, public housing and other 2. Reducing the public sector versus private Employment employ around half of the private workforce, public services andsector amenities. The sector employment disparity ets out below what it would like to see from a new Chamber, whose members employ 2. Reducing the public sector versus private government. sector employment disparity around half of the private sector It is heartening that the economy continues
workforce, sets out below what it would It is to perform so the macro level. The heartening thatwell theateconomy continues Economic growth like to see from a new government. to perform well at the level. Thefear of concernsoamongst our macro members is the
1. Future GDP growth to be driven increasingly by the private sector and less Economic Growth by the public sector
concern amongst our members fear a growing disparity between isthethe terms, of a growing disparity between the terms, conditions and salaries offered to public conditions and salaries offered to public sector employees in comparison the sector employees in comparison to the to SMEs
SMEs in the privateEven sector. well in the private sector. wellEven established companies havecompanies lost valuable the established havestaff lost to valuable public sector. Many companies in the private staff to the public sector. Many companies in sector simply cannot compete with the terms, the private sector simply cannot compete conditions and increasing salaries offered by withservice. the terms, the civil We conditions believe thatand this increasing growing impress. The Chamber’s concernisistothe salaries offered by the civil Public service. We disparity should be reversed. sector government’s administrative infrastructure increases also be capped at be be welcomed, the role Chamber concerned that increased of theispublic sector on GDP pay believe thatshould this growing disparity should inflation, not minimised at inflation, unless the increased efficiencies which were promised growth. In the longer term, the private sector reversed. Public sector pay increases should and until there are demonstrable productivity as part of the changes to public sector working should engine room of any economy. improvements. also be capped at inflation, not minimised at hours have not be fullythe materialised. In particular Whilst spending on improving the inflation, unless and until there are 1. Future to be driven The GDP growthGDP yeargrowth on year continues increasingly the private sector is and less to impress. The by Chamber’s concern the increased role ofsector the public sector on by the public GDP growth. In the longer term, the private sector should be the engine room of any TheWhilst GDP growth year year continues to economy. spending onon improving the
government’s administrative infrastructure is to be welcomed, the Chamber is concerned that the increased efficiencies which were promised as part of the changes to public sector working hours have not fully materialised. In particular the full introduction of e-government has not happened and our members cannot interact
demonstrable productivity improvements. 3. Adoption and implementation of the Chamber’s Agenda for Change in Employment legislation Much of Gibraltar’s employment legislation is outdated and over the years it seems that
Businesses that hire illegal labour and unregistered employers do not pay tax or social insurance. They pay workers cash in hand and compete unfairly with legitimate local businesses which have higher cost bases. They may also be breaking other laws such as health and safety or hygiene regulations. The Chamber wants a future government to set up a whistle-blower Freephone hotline to inform the ETB about illegal labour. Labour inspectors could then act on tip offs about unregistered employees. The results of the hotline usage and its effectiveness could be made public periodically. There is also a need to encourage greater co-ordination between HM Customs at the frontier and the ETB to clamp down on unregistered labour crossing the frontier each day. Random checks could be made at the frontier by officers from the Borders & Coastguards Agency and/or HM Customs to check that workers are registered with the ETB. Over time these two measures would serve to discourage recalcitrant employers from hiring unregistered workers. Progressively steeper fines might also be considered for those employers which are repeat offenders of hiring unregistered workers. 5. Vocational training support as well as academic and professional The Chamber applauds the government funded university tuition scheme and the recently introduced assistance in training for professional qualifications. However, the cost of vocational training undertaken by our members receives no support whatsoever. There is clearly a need for vocational training as many of these jobs are currently undertaken by non-resident workers. The Chamber calls for a new government to give
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Chamber News
2015 Election Wish List (contd.) assistance to private sector businesses which provide apprenticeships or other forms of vocational training. This would help to develop and retain the local skills base. We believe there should be a level playing field established by the government to the extent that all qualifying training (to be defined) which improves the skills of the Gibraltar workforce receives similar government support.
Business Costs 6. Annual increases in the minimum wage, social insurance, rates and utilities to remain at or below inflation Competition with other jurisdictions is fierce. We need to ensure that the cost of doing business in Gibraltar is sufficiently competitive to retain existing business and attract new enterprises. The Chamber will monitor this as the new government formulates its policy.
Tourism-Related Issues 7. Holistic long term integrated strategy for the future of the wholesale and retail sectors
• A3 Restaurants and cafés, • A4 Drinking establishments, • A5 Hot food takeaways only, • B8 Storage or distribution (This class includes open air storage.) These reductions should be implemented to help support ground floor (only) or those retail premises which are directly connected to a first floor retail area or where a property is specifically built as retail premises wherever located in Gibraltar. 8. A more holistic plan for Gibraltar’s transport network in respect of tourism The draft traffic plan does not adequately address how visitors would be able to travel to various sites of interest. Furthermore, the signage around Gibraltar for various tourism locations is poor. The Chamber would also like to see the introduction of a courtesy shuttle bus service to/from the cruise terminal to the market place for cruise passengers. 9. Develop a new tailor made tourist product with a specific emphasis on educational tourism, particularly for schools and youth groups from elsewhere.
Taxi Service The local retail and wholesale sector is under the progressive threats of cross border competition and online shopping. The local retail and wholesale sectors employ around 3,000 people directly and results in Gibraltar being a more attractive shopping destination with all the knock-on effects and benefits to other sectors. However, this number will inevitably decline as businesses in these sectors close due to increased competition from elsewhere. The knock-on effects of these closures on the local economy would be detrimental to Gibraltar. The Chamber is looking for a future government to implement Chamber of Commerce Election Wish List Chamber of Commerce Election Wish List concrete measures to assist these sectors and in particular to enforce collection of duty on all personal imports. In addition, we believe that a new rates charge (ie a reduction from the current 67p), for property use in the following classes is warranted: • A1 Shops,
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10. A modern and efficient taxi service on a par with other modern jurisdictions The 2013 Taxi Charter has had little effect on the poor service provided by Gibraltar’s taxis There continue to be numerous complaints from across all sectors: tourism, business, and local users about the City service in terms of cost, availability, lack of response to phone bookings or just a refusal by drivers to take customers where they want to go. Both parties had manifesto commitments to tackle the continued poor service. Despite the numerous complaints and Chamber representations in the last few years the City taxi service fails to deliver an acceptable level of service for locals and visitors alike. The Chamber once again calls for a future government to ensure that Gibraltar has a modern and efficient taxi service and one that has an easy and efficient complaints procedure with measures such as a Freephone hotline and email address available on a notice at each taxi rank and
inside each taxi for complaints to be sent to by those customers who wish to report poor service.
Port & Shipping Sector 11. A commitment to build land-based fuel storage and related infrastructure to supply vessels with bunkers delivered by pipeline Gibraltar has lost out to neighbouring Algeciras in supplying bunkers to visiting merchant ships. Other port-related services have lost out as a result. Gibraltar can only regain its competitive edge if it has modern fuel storage facilities. 12. Improved visa arrangements to facilitate crew transfers for merchant ships calling at Gibraltar Merchant ships use Gibraltar to make crew transfers due to the proximity of the port and airport. However, recent changes to visa requirements have made it more difficult to carry out these changes.
Government Tax & Rent Collection 13. Proactive collection of government arrears According to the Principal Auditor at 31 March 2014 government was owed £60.86m. Further updates by the Income Tax office show tax arrears at £32.8m in July 2015 and rent arrears of £5.5m in July 2015. There appears to be no significant improvement in the year on year ability to reduce this level of debt owed to government. To address this the Chamber suggests setting up an independent statutory body free of political interference which would become responsible for collecting all government arrears. 14. End unfair abuse of government accommodation The Chamber urges a new government to introduce legislation which would make it an offence for tenants of government rental property to own another property. This measure would ensure that those who have a property be it as an investment or holiday home in neighbouring Spain would not be
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Business Briefs
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Chamber News
2015 Election Wish List (contd.) able to live in subsidised government accommodation. In essence, those who can afford a mortgage or who can afford to buy a property outright should not be entitled to live in rent-protected or government subsidised property to the detriment of those that truly need government housing. 15. More efficient and transparent procurement policies The Chamber has received complaints from members about procurement policies by various government departments. Often there are few or no price comparisons undertaken by government departments and goods are ordered and signed for without any consideration as to whether the same goods could have been procured at a lower price or (where they are ordered from a supplier outside Gibraltar) even from a locally-registered business. Many of the companies benefitting from the existing
procurement policies are Spanish businesses which are not registered in Gibraltar and which do not pay taxes in Gibraltar or employ Gibraltar residents. The Chamber would like the government to implement robust procurement policies that ensure that goods are sourced from locally registered businesses with adequate infrastructures. Such a policy would ensure that companies who wish to supply government departments with goods or services should be appropriately licensed and have adequate facilities and suitable premises to provide the relevant goods and services to government.
17. Make a political roadshow in Spain an annual event Host an annual Gibraltar Day in Madrid to update potential investors, media and other interested parties on Gibraltar’s economic development. 18. Commitment to closer consultation with the Chamber on issues which will have an impact on businesses in the private sector. (e.g. the recently announced Gibraltar 2025 initiative). www.gibraltarchamberofcommerce.com
Other 16. The Chamber understands that the Post Office currently operates at a loss. We urge the government to look at new services and other forms of revenue generation which would make it self-funding.
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Chamber News
Summertime sees significant changes to Income Tax reporting
During the summer, the Income Tax (Amendment) Act 2015 (“Act”) was published. The amendments contain some fundamental changes not only to the Income Tax Act 2010, but also to the Qualifying (Category 2) Individual Rules 2004 and the High Executive Possessing Specialist Skills Rules 2008. • New requirement that ALL companies registered in Gibraltar need to submit a tax return • Change applies to accounting period commencing on 1st January 2016 The link to the amendments of the Act (all 75 pages of them!) is here. http://www.gibraltarlaws.gov.gi/ articles/2015-23.pdf The local office of KPMG has issued an alert of the changes and these can be seen on www.kpmg.gi along with other amendments made such as penalties for late filings and surcharges for late payment of tax. In relation to the Income Tax Act 2010, one of the main changes is a requirement for all
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companies registered in Gibraltar to submit a tax return. Previously only those companies with income assessable under the Income Tax Act 2010 had been required to submit a tax return. The Income Tax Office has stated that this change will apply to accounting periods commencing on or after 1 January 2016. However, there is still some uncertainty about the supporting documents that will need to be filed with the tax return where a Gibraltar-registered company has no income assessable to tax. As the legislation currently stands, a full and complete return must be submitted, which will require the filing of audited accounts for companies with assessable income of £1.25 million or more (for a twelve month period), for accounting periods ended on or after 1 July 2015. Companies with assessable income of less than £1.25 million must submit accounts accompanied by an Independent Accountant’s Report, and since companies with no assessable income have, by definition, less than £1.25 million assessable income, it appears that they too must file accounts accompanied by an Independent Accountant’s Report. In addition, branches of non-Gibraltar
incorporated companies will have similar filing requirements to Gibraltar companies. Therefore, either audited accounts (for branches with assessable income of £1.25 million or more), or an Independent Accountant’s report accompanying the accounts, will have to be filed with the tax return of the branch. This will apply for accounting periods commencing on or after 1 January 2016. The Act also confirms the change to the deadline for the filing of tax returns for companies and branches. For accounting periods ending on or after 1 July 2015, a company must submit a tax return within the nine months following the month in which the accounting period ends. This time limit also applies to the payment of the balance of tax due for the accounting period. Certain amendments were also made in relation to tax filings for long periods of accounts. For more information contact the Chamber on 200 78376
Chamber News
Pitman Training Re-Opens in Gibraltar Chamber member P&B Training Ltd has acquired the Pitman Training franchise for Gibraltar. The company will now be able to offer companies and individuals a range of courses with internationally-recognised qualifications. Pitman Training is renowned for providing high quality, professional training courses and diplomas. Delivery of the courses is unique in that people can study at a pace that suits them, so they are not trying to keep up with anyone else. Pitman courses do not have rigid course timetables with fixed terms which means training can fit around work and home lives. People can also choose where they study as the majority of courses can be assessed online, using Pitman’s Distance Learning system.
The company offers courses and diplomas covering all aspects of PA and Secretarial, General Office Skills, Accounting, IT and Web Design to name just a few. Full details of all the courses on offer can be seen at www.pitman-training.com/gibraltar. Pitman Training Gibraltar is confident that it can help members get the work skills they need. They can also provide employers with ongoing training requirements for their staff to ensure their skills are always current. P&B are re-launching the franchise under the P&B banner with local Director Brenda Cuby heading up the project. Brenda Cuby commented: “This franchise and strategic partnership with Pitman Training Group means that we are able to deliver, via locally based and on-line facilities, a vast range of accredited courses from the UK’s leading independent training provider. They offer flexible vocational courses and diplomas to help you get the job you want”.
The newly refurbished Pitman Training Centre which is situated at Suite 1, 209 Main Street, is now open for enquiries, enrolments and discussions on what options best suit employers and individuals alike. Brenda and her team look forward to helping members and individuals develop their knowledge, secure international accreditation and achieve further success in their chosen careers. The company held an Open Day in late October at their Main Street training centre. Claire Lister, Managing Director of Pitman Training Group came to Gibraltar for the launch and also to open the new training centre officially. If you want to find out more then you can contact P&B Training on 200 65400.
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Business Briefs
A new business banking cash centre for the Gibraltar International Bank
The Gibraltar International Bank will be increasing its presence in Main Street with the opening of a new Business Banking Cash Centre at the heart of Main Street early on in the New Year. The location for this new office will be the ex-Norwich & Peterborough premises at 198 Main Street opposite the Roman Catholic Cathedral. The office will cater for all the cash handling needs of their business clients for both the depositing and withdrawal of cash. Clients will be able to agree pre-
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years’ experience in the industry. Abigail told B2B “I am really excited with the opening of the new office which will be specifically focused on delivering the cash handling needs of our business clients and it further demonstrates our desire to make it easy for our clients to do business with us”.
For those clients with more complex needs, arrangements can be made to have their cash deposits collected from their premises and cash withdrawals delivered. Lynne Zammit, Head of Operations at the Bank told B2B, “Our focus is on making things easy for our clients. We are aware of how precious time is for our business clients and in opening this office in the centre of Main Street we are making ourselves more accessible to our business clients by effectively opening an office on their door step”.
The office will also house two through the wall ATMs that will dispense Gibraltar Notes, Sterling Notes and Euros. These terminals will be accessible to all of their personal clients as well as the community at large.
The team based at the Cash Centre will be led by Abigail Garcia who has over fifteen
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Business Briefs
Discover Round Table Gibraltar – a sense of community, fun and fellowship
L to R: Clive Crisp, past Deputy President, Minister, Samantha Sacramento and Derren Vincent, President Round Table
Fresh from representing Gibraltar at the Round Table International World Meeting in Gotland, Sweden, Round Table Gibraltar held its first meeting following the summer recess. In celebration of Discover Round Table month, our local Table threw open its doors to host a special members and guests evening giving those present the chance to find out more about the greatest young man’s club in the world. Commenting on a successful evening, Derren Vincent, President told B2B, “We are always looking to welcome new members who can add fresh ideas and vitality to our Table and were delighted with the attendance and interest in our club. Round Table is open for guys aged 18-45 to #DoMore with their social lives. We are a worldwide organisation that allows our members to experience new activities, help their community and create new trusted
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contacts. We have fun, offer unconditional friendship and we make a difference”. The most recent example of Round Table’s service to the Gibraltar community saw the opening of a sensory room earlier this year at Tangier Views. Funded completely through the activities of our local Table, the facility creates both a stimulating or calming haven for children depending on their needs. Immediate Past President, Chris Gabay noted that “Funds were raised across two years and credit should go to Clive Crisp who had the original idea, and also to my predecessor, Paul Collado and his Council during whose term we held some great fundraising events which contributed massively towards our target.” So what’s in it for new members? Vincent responded, “Ask 5 members of Round Table why they joined and you will get 5 different answers. It is initially the social
side, but the real attraction of Round Table goes beyond this, because once you’re involved, there is a belonging, which does not exist elsewhere. We will definitely give you new local friends and contacts, new life skills to help your personal and professional development and new opportunities to really contribute to your community in the way we have with the Sensory Room project for example.” There is also the fantastic opportunity for travel too and hosting of other Tables. “Round Table is a truly international organisation with over 34,000 members in 60 different countries. Together we all stand for fun and friendship, service in our communities and unique and everlasting friendships which have no borders”, added Gabay, having visited Round Tables in Sri Lanka and Germany in 2015. For more information about Round Table contact Derren Vincent on 56002289.
2nd Annual Deloitte Insurance Seminar
Joseph Caruana
Over one hundred delegates gathered recently at the Sunborn for the 2nd Annual Deloitte Insurance Seminar. The event, which focused mainly on the motor insurance sector and on M&A activity in the sector, saw presentations from Deloitte partners from London and Gibraltar as well as presentations from Government, the FSC and industry representatives. The flagship presentation was the Deloitte report on the respective performances of the UK and Gibraltar motor insurance sectors which saw plenty of good news for the Gibraltar players. Deloitte announced that the Gibraltar motor insurers now accounted for 20% of the UK motor insurance market (up from 17% in the prior year). The underlying performance of Gibraltar insurers also reflected continued improvement, with most on track to meet the requirements of Solvency II by the implementation date of 1 January 2016. Mike Ashton of the Finance Centre set out Government priorities in the insurance sector while Joe Perdoni and Annette Perales of the FSC provided a regulatory update and insights into how the FSC was handling new applications. Tim Lightfoot and Stephen Reyes of Deloitte covered off recent tax developments in Gibraltar and the UK and gave an overview of the challenges posed by the new Diverted Profits Tax in the UK. Rhod Richards of DAC Beachcoft gave an entertaining overview of how the UK claims experience was developing and of civil justice reform in this area. Finally, James Rakow gave an interesting perspective into how the future of motor insurance might look with driverless cars. The Deloitte event is fast becoming an important rendezvous for industry practitioners with the 2016 event already being planned.
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Business Briefs
New ESMA guidance Gibraltar’s regulatory framework regarding the registration and marketing of alternative investment funds (“AIFs”) is established under the Financial Services (Alternative Investment Fund Managers) Regulations 2013 (the “Regulations”), following the transposition of EU Directive 2011/61/EU (“AIFMD”). Among other regulatory aspects, the Regulations established a “passporting” platform enabling fund managers licensed under the Regulations to market their funds in other EU member states. Despite widening the market within the EU, AIFMD ultimately presented a rather limited scope for non-EU fund managers wishing to market AIFs within the EU in what is undoubtedly a significant global industry. The application of passporting rights to non-EU fund managers remained, and to some extent still remains, unclear and dependent on the much anticipated guidance from ESMA (the European Securities and Markets Authority). By the end of July, the wait was finally over and ESMA provided its advice to the European Commission, Council and Parliament in relation to the potential extension of the AIFMD passport to non-EU fund managers (the “Advice”). ESMA’s guidance is based on a “country by country” assessment of the suitability of a non-EU jurisdiction to be granted the AIFMD passport. ESMA’s evaluation procedure involved a detailed assessment of a non-EU jurisdiction with specific emphasis on; investor protection, market disruption, competition and monitoring systemic risks (the “Assessment Criteria”). Having specifically evaluated six non-EU jurisdictions, ESMA advised that the passport be extended to Switzerland, Jersey and Guernsey whilst advising that the European Commission, Council and Parliament delay their decision to extend the same to the United States, Hong Kong and Singapore. This does not, however, mean there is no access to the European market for those fund managers (and indeed other fund
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Melo Triay
Jay Gomez
managers from non-EU jurisdictions which have yet to be assessed) to market AIFs within the EU. Non-EU AIFMs without the extension of passport rights can, of course, rely on the National Private Placement Regimes (“NPPR”) of the respective EU member states in which they wish to market. Gibraltar’s NPPR was implemented in December 2014 pursuant to the Financial Services (Alternative Investment Fund Managers) (Amendment) Regulations 2014 and provides a platform for non-EU fund managers (or non-EU AIFs managed by EU managers) to market AIFs in Gibraltar. It remains important to note, however, that the adoption of such NPPR’s remains subject to a further report due in 2018, in which ESMA will again opine on the AIFMD passport framework as well as advise on the potential termination of the existence of NPPR’s. In light of this recent
development, it will be interesting to see whether that timeline will be extended. It would certainly appear that maintaining the NPPR as a suitably viable alternative for non-EU AIFs and non-EU fund managers for an extended period is an obvious and crucial necessity. The implementation of the recommendations in the Advice is now dependent on the drafting of a “delegated act” pursuant to the final recommendation from ESMA. Under AIFMD, the delegated act should be implemented three months after the Advice is issued4, but with ESMA carrying out their assessment on a country by country basis, and having only opined in respect of six out of twenty-two of the non-EU countries which are intended to be assessed, any changes to AIFMD or indeed the NPPR may, opportunely, be much further down the line than originally anticipated.
Business Briefs
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to the Political’. The next lecture will be on Wednesday 18th November when Lucia Gahlin will talk about ‘Wonderful Things! Tutankhamun’s Tomb and Treasures’. Gibraltar DFAS is a member society of NADFAS (the National Association of Decorative and Fine Art Societies) an arts education charity with over 375 Member
Lectures are held once a month between October and May on the third Wednesday of the month at the O’Callaghan Eliott Hotel at 7.30 pm with a pre-lecture complementary drinks reception starting at 6.30 pm. Membership is £60.00 and visitors are welcome for a £10.00 fee at the door. Joint and corporate memberships are also available.
Risk: It’s a gamble Stack the odds in your favour Risk is inherent to business - without it there’d be no reward. But dealing with it effectively means taking action to make your business risk-resilient. Which, to us, means building strength and value into your business so that when the unexpected does happen, and at some time it surely will, you’ll be better prepared to weather the storm and come out fighting. Risk management and value creation are key services we provide to our clients. It’s called stacking the odds in your favour. For more information, call Joseph Caruana or Daniel Delgado on: Tel: +350 200 41200, Fax: +350 200 41201, info@deloitte.gi
www.deloitte.gi Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar © 2015 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited
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Business Briefs
ACA success for KPMG graduate in Gibraltar Dan Ainscough of KPMG has become the first chartered accountant to have achieved full ACA accreditation while training with KPMG in Gibraltar. The qualification has only been available since 2011, and Dan’s achievement highlights the commitment and dedication both he and KPMG have shown towards training. When asked about his results he told B2B: “Finishing my exams and finally becoming a fully trained accountant has been my goal since I joined KPMG, and it’s just the best feeling knowing I don’t need to study in the evenings and at weekends any more. Now that you can complete the ACA here in Gibraltar I hope more people will be willing to make the effort. It is achievable with hard work, especially now it’s on our doorstep!” The ACA from ICAEW is internationally recognised as a premier financial business
qualification in more than 160 countries around the world, comprised of both a training and exam element. Commenting on Dan’s achievement, Jon Tricker, Managing Director for KPMG commented: “I am sure that I speak for everyone at KPMG when I say how delighted we are at Dan’s achievement. When he first began the course it had never been completed by anyone in Gibraltar, but his courage and determination to improve have seen him not just succeed but excel”. “I know that Dan will continue to achieve
great things at KPMG, especially now that he is exam free, and we hope that others can look to Dan’s success as an example of what they can achieve. At KPMG we recognise that our future depends on how we nurture great individual talent and so we try to provide an environment where people can flourish personally and professionally.”
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People on the Move
Savills’ 5th anniversary celebrations
The Chief Minister the Hon Fabian Picardo gave a brief address at the recent 5th anniversary celebrations of Savills Gibraltar, the international property agents and advisers. Founded by Sammy Cruz-Armstrong in 2010 the business has grown steadily advising clients and international investors. The company moved to larger premises in Irish Town in September this year. Also on hand was Rupert Sebag-Montefiore Board Director of Savills UK who flew out to Gibraltar to join in the celebrations.
Our new BUSINESS BANKING CASH CENTRE
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Our new office will cater to all your business cash transactions No queues, easy access, arranged time slots and cash delivered to your premises Banking made easy with businesses in mind traditional banking with a modern feel gibintbank
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www.gibintbank.gi | +350 (200) 13900 | Gibraltar International Bank Ltd, PO Box 1375, Ince’s House, 310 Main Street, Gibraltar GX11 1AA Gibraltar International Bank Limited is authorised and regulated by the Gibraltar Financial Services Commission. Company Registration Number 109679
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People on the Move
Haresh Budhrani returns to Triay & Triay The Partners of Triay & Triay are pleased to welcome Haresh Budhrani, QC back into the firm as a consultant. Haresh began his legal career at Triay & Triay in 1975 under the pupillage of the late Mr. J.E. Triay, QC and returns to the firm after a long and distinguished spell as a general legal practitioner with an aptitude for commercial and property law, administrative law and dispute resolution, particularly in matters of landlord and tenant. He brings with him a substantial wealth of knowledge and experience gained during 40 years’ practice at the Bar of Gibraltar, in the course of which he ‘took Silk’ in 1998. Such experience will compliment the established and reputable team of lawyers at the firm.
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www.gibraltarlawyers.com
Whatever’s on the horizon, we’ve got your back
For all that life may bring, whether good or bad, ISOLAS is on your side. Property • Family • Corporate & Commercial • Taxation • Litigation • Trusts Wills & Probate • Shipping • Private Client • Wealth management • Sports law & management
For further information contact: info@isolas.gi Portland House Glacis Road PO Box 204 Gibraltar Tel +350 2000 1892 Trusted since 1892