Volume 12 Nยบ1
New Governor takes the helm at the Convent
Albert Poggio talks to B2B - Part 2
Chamber Business Outlook Survey 2016
Bland Group supports YE
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Contents
In this issue: FOREWORD page 4
· A plea for pragmatism
NEWS FEATURES page 6
· New Governor takes the helm at the Convent
page 12
· Albert Poggio OBE GMH – Our Man in London (Part 2)
page 16
· Young Enterprise goes from strength to strength
CHAMBER NEWS page 20
· Business Outlook Survey 2016
PUBLISHER Copywrite Communications
MANAGING EDITOR Jeremy Nicholls editor@b2bgibraltar.com
JOURNALIST Jo Ward ADVERTISING Jane Pizarro sales@b2bgibraltar.com
BUSINESS BRIEFS
PRODUCTION Jorge D. Caballero
page 27
· Fund directors duties Judgment focuses on responsibilities
page 28
· FSC appoints Séamus Hayes as Resolution Authority
page 29
· GLI Finance acquires Sancus (Gibraltar) Ltd.
page 29
· ISOLAS represents Yggdrasil in the award of its Gibraltar B2B remote gambling licence
page 30
· B2B meets two of Bassadone Group’s team of young professionals
3/1a, Parliament Lane
page 32
· KPMG appointed to support NOSES
PO Box 935, Gibraltar
page 33
· Global report provides valuable insights for Gibraltar businesses
page 34
· Senior Associate appointments at Triay & Triay
page 34
· ISOLAS announces plans to establish the Gibraltar Fintech Think Tank
page 35
· ISOLAS launches Brexit Advisory Group
page 35
· Record breaking year for EY Relay for Children
page 36
· Masbro Eurohockey Youth Championships
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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
PEOPLE ON THE MOVE page 38
· ISOLAS announces the appointment of new partners
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
Foreword: A plea for pragmatism
Looking back at the original reasons for founding the European Union, it is worth reflecting how far the project has come in the last 60 years since the signing of the Treaty of Rome brought it into being. In the dreadful aftermath of the ruins of the World War II, Europe’s leaders were desperate to create a structure and related institutions which would pull Europe together instead of tear it apart. The focus had to be on development which fostered stability, understanding, creating jobs and economic growth. With each success, momentum grew and greater challenges were taken on. The UK (and Gibraltar) was late to join the club becoming a member in 1973 but it was regarded as a core, if at times unenthusiastic, member by its continental colleagues. Summits and crisis meetings often went to the point of break up before the usual communique was issued highlighting the importance of cooperation and mutual understanding. Over the decades, new members joined, keen to tap into the EU’s cohesion funds as well as access a growing market. The benefits of the Single Market Act in 1986 and its subsequent revisions delighted many and
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were soon taken for granted. The idea that European citizens could live and work in any EU member state (one of the four freedoms of the original treaty) became accepted not only as a right but as nothing out of the ordinary. It was a huge transformation after the nervous mistrust which had existed between European neighbours after the war. For Gibraltar, the benefits of EU membership have far outweighed any disadvantages: access to the single market has allowed local businesses to sell their services using EU passporting rights. In recent years the Commission in Brussels has been supportive of Gibraltar against the actions of Spain’s bullying. The cost of transposing increasing amounts of EU legislation into local law has been a burden for the taxpayer but most regard it as a cost worth paying. But as EU membership has grown, so has the scale and complexity of the challenges it faces. Some of these challenges have turned into full blown crises and are far from being resolved. And without lasting resolutions to these crises, citizens’ trust and confidence in the EU as a project has become severely tested. And for whatever the reasons for June’s EU referendum result in the UK - project fear, immigration, protest votes - the electorate in Gibraltar was clear: we wanted to remain.
And here is the cruel irony in which Gibraltar finds itself. Gibraltar, albeit in a small way, demonstrates the very essence of what the European Union originally set out to achieve: it has fostered stability, tried to promote cross-border understanding, created thousands of jobs, not just for locals but for other EU nationals and generated sustainable economic growth. All this at the same time as following the costly legislative requirements demanded by our EU membership. Gibraltar should be hailed as a beacon of EU idealism. Now the Rock’s constitutional future is shackled to the UK and with it, the loss of EU membership. There is no question about where Gibraltar’s future sovereignty lies. It is for the people of Gibraltar to decide. And theirs alone. Is the European Union going to punish Gibraltar and force those cross-frontier workers who are employed here to lose their jobs? Will the loss of EU membership mean that the Commission will compel some of the Rock’s businesses to close just because we are no longer members of the club? The EU’s founding fathers would be understandably horrified if Brussels were to heap such a barbarity onto this tiny town which has always known what it means to be a committed European.
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News Features
New Governor takes the helm at the Convent Lieutenant General Edward Grant Martin Davis, CB, CBE, KStJ took up his appointment as Governor and Commander-in-Chief of Gibraltar in January 2016. Ed, as he likes to be known, talked exclusively to B2B about his life and his new role as the Queen’s representative on the Rock. Sitting in his office in The Convent, official residence of the Governor of Gibraltar since 1728, His Excellency (HE) Ed Davis ponders as to whether protocol dictates that he should be seated to the right or left of a portrait of a young Queen Elizabeth II. “Something to research,” he says. With a long association to Gibraltar in his career in the Royal Marines, HE thinks that there is something serendipitous about the fact that he has come back to represent the British monarchy. “I think it is a wonderful thing to happen because the connection between the Royal Marines and Gibraltar goes all the way back to 1704 when Captain Edward Whitaker led the Royal Marines assault party ashore under Admiral Rooke,” he says. “As my name is Edward and one of my father’s Christian names was Whitaker, it feels right from a personal perspective that I am here.” Gibraltar’s historic importance to the Royal Marines is evident by the single battle honour ‘Gibraltar’ shown on the cap badge of the Corps. With three of the past four Governors having come from the service, does the current Governor think there is any particular significance to these appointments? “No, it is just happenstance and timing that three out of the 67 Governors have come from Royal Marines,” he comments. Born in Herefordshire, Ed moved to Northern Ireland with his family when he was 18 months old, staying there until he was 18. “I then joined the Royal Marines and spread my wings around the world,” he states. Always having a yearning to join one of the uniform services, it was a prefect at school who was the decisive influence. “I clearly hero worshiped him and because he joined the Royal Marines, I went straight from completing my A levels to following his path
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I think it is a wonderful thing to happen because the connection between the Royal Marines
into the Naval more suited to the Service as a Royal physical rigours of and Gibraltar goes Marines Officer.” It training as a Royal all the way back to 1704 was the challenge Marine and during of joining an elite my early years as a outfit and the Royal Marines whole ethos of the Royal Marines that also Lieutenant than I was to academia.” appealed to him. “The military profession gets more academic Fitness has always played a big part in his life than physical as it progresses,” he says “so it and whether it was playing rugby at school was later on in my career that I undertook a or keeping fit, HE has always tried to excel degree with Kings College in Defence physically. “The Marines offered that Studies.” opportunity and at that stage in my life, I was
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The Governor has come to Gibraltar with his wife Lorraine, a British Airways stewardess, but there is one member of the family who remains in the UK at the moment. “Theodora, our 99 year old tortoise,” HE laughs. “I just need to get her pet passport sorted out and then she will have the run of The Convent gardens.” Ed and Lorraine meet up in various places around the world but she hasn’t accompanied him on his short tours of duty to places such as the Falklands or Cyprus, and would not have been allowed to go on his more dangerous tours in Iraq and Afghanistan. Home in the UK is in Chiswick, West London. “We have lived there for about 22 years now and that has worked well as a base for both of us, especially as over the last 20 years of my career I have spent an increasing amount of time at the Ministry of Defence in London,” he says. In his role as Governor, His Excellency also serves as Commander-in-Chief of Gibraltar’s Military Forces, a pertinent position following on from his distinguished career in senior leadership roles, including Chief of Staff of UK Special Forces, Commandant General of the Royal Marines and UK Amphibious Forces, and most recently as Deputy Commander of NATO Land Forces based in Izmir, Turkey. During the early part of his career with the Royal Marines, HE visited Gibraltar many times. “I was a diver and we used to come out and spend weeks here diving in the harbour and around the coast,” the Governor says. “In my role as a combat swimmer I was training to do reconnaissance on enemy harbours and enemy ships and learning how to take offensive action against them.” “I already knew Gibraltar well, which has been a bonus coming in as Governor, and in some ways I can probably safely say that I am the Governor that knows more about sub-surface Gibraltar than all the rest of my predecessors .” At the age of 53, Ed could be deemed to be young to become Governor and take on what has previously been seen to be a
retirement position. “I never looked at it in that way and it has certainly proved not to be a retirement position at all,” he comments. “Having spent 35 years in the military, both Lorraine and I were looking for an opportunity that would enable us to spend a bit more time together.” “The attraction was an opportunity to move into another area of leadership challenge; especially, in a role which was going to be a unique opportunity that might not come again,” he says, continuing “and, compelling, it is a broader remit of leadership as it is not purely focused on military; although senior military has politics and diplomacy involved in it.”
I can probably safely say that I am the Governor
stepping down when he did, but I can say that I find the job to be both challenging and fulfilling and I genuinely love it.” HE explains that there are two aspects to the role of Governor. “There is the representational ceremonial side and there is also the executive side,” he says. “For me they both work together very well because the ceremonial representative part gives me an opportunity to talk to people - to be able to listen, learn and to give your view, and it helps me as a Governor to be connected and stay relevant and aware.” HE states that he doesn’t recognise any shortcomings or disadvantage to being a representative Governor as much as a Governor with special responsibilities on the executive side. Commenting on his relationship with Chief Minister (CM) Fabian Picardo, Lt Gen
that knows more about sub-surface Gibraltar than all the rest of my predecessors
After an initial approach to apply for the position by his predecessor Sir James Dutton, who was stepping down as Governor just two years into a three-year stint, Lt Gen Davis went through the interview process and was eventually appointed by the Queen after recommendations from the Foreign Office and the Prime Minister at the time, David Cameron. “I can’t comment on Jim’s reasons for
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Davis says that they get on well. “The CM has his responsibilities as elected head of Government, I have got my responsibilities as the Queen’s representative, and the reality is that success is us both working hand in glove, which I think we do, and I think it is a good model.”
what we had before, but some of the fundamentals of what Gibraltar and the UK need to continue to prosper and of our relationship with other countries, within Europe and wider, will not necessarily be different - they will just be framed in a different international bilateral or multilateral type framework.”
The EU Referendum was held just six months into the Governor’s tenure and although Gibraltar voted overwhelmingly is fit for purpose for remain, with 95.9% The Governor opting to stay in the confirmed that he union, will the doesn’t think his role subsequent Brexit vote by the UK make any will change because of Brexit. “The difference to the relationship with Spain and challenge has changed because we are HE’s input in that regard? developing a construct which is different to
Addressing the issue of Spanish incursions into British Gibraltar Territorial Waters, the Governor confirms the UK’s irrefutable and absolute right to the sovereignty of the water, going on to say that using that as a basis on which to proceed, the UK will exercise that right of sovereignty to make sure that lawful business can be conducted in a way which is safe and appropriate.
“Our relationship with Spain is vital for Gibraltar so we need to make it as mutually respectful and as mutually gainful as possible,” Lt Gen Davis comments. “Therefore, going forward in the UK’s negotiations to leave the EU I don’t see any different need to approach Spain in any other way than as a partner in assuring I think the law the prosperity and enforcement and the safety of Spain as much as Gibraltar and military/Naval presence as much as the UK .”
“We challenge all incursions and we record and protest them, but what we also endeavour to do is not to escalate our response to the actions of the Spanish but to de-escalate them so that we can get to a point of having a respectable, constructive conversation and dialogue about what the law enforcement agencies of both Gibraltar and Spain should really be doing,” he says “which is actually focusing on crime and terrorism to keep both the Spanish and Gibraltar people safe.” Asked if there should there be a stronger Naval presence in Gibraltar, the Governor replies: “No, I think the law enforcement and the military/Naval presence is fit for purpose to keep the people of Gibraltar safe and secure and protect the sovereignty of British Gibraltar Territorial Waters.” Something close to his heart is the issue of cyber security and the recent success by a team of students from Bayside, who won the UK-wide CyberCenturion 2016 competition,
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is cited by HE as a fabulous story. “I got really excited about this and even went to visit them at Bayside before they went off to the finals,” he says. “They have proved themselves to be the best in Britain and when they won I brought them in here to The Convent for tea and buns to celebrate and we played a game of Sploosh, a Royal Marines’ derivative of billiards.” Lt Gen Davis says that cyber security is one of the greatest security threats, whether privately at home or publicly at work, and for a team from Gibraltar to win the competition is a great example of a city of 32,000 people producing a world class achievement. Students in the winning team have been given the opportunity to take up internships at GCHQ. “We can nurture that talent by placing people into jobs in the law enforcement and intelligence agencies and by putting that expertise back into other areas of digital competence within Gibraltar to assure the Rock’ wider socio-economic resilience and inspire the next generation of kids coming through.”
currently is because that sense of community is what defines the people here.” HE agrees that Gibraltar is still a strategic asset for the UK. “If you look at what is going on in the world, in the Mediterranean and in Africa, there is a lot of instability and much of it is around Gibraltar.” Lt. Gen Davis says that brings with it security challenges but it also assures Gibraltar’s significance as
What makes you tick? What makes you happy? My wife, Lorraine What makes you sad? Unnecessary hassle The best place in the world that you have lived or visited? Thailand What is the best thing about Gibraltar? The people
What is your most valuable
possession? A picture of my mum and dad Sport: I don’t generally play sport but I train to remain fit with what I call ‘survival’ fitness training
Since their arrival the Governor and his wife Lorraine have been genuinely humbled by the warmth of the welcome they have been
Hobbies: Walking, around the Rock up and down the Med Steps Favourite film: Casablanca
...because that sense of community is what defines the people here
given and their inclusion into the local community. “Gibraltar is all about community,“ he states. “My hope for Gibraltar going forward is that whether at an individual, collective, corporate or institutional or, indeed, a national level, it remains as mutually supportive and inclusive and generous as it
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a strategic joint operating base for the UK. “That will carry on into the future and, again, that is another vital utility that Gibraltar provides for the UK,” he says. Looking to the future and the time when his appointment comes to an end in Gibraltar, does the Governor have any plans? “There is no big plan but the only thing that I do know at the moment is that there will be a next,” he comments. “I looked at going out to business when I took on the position of Governor, but public service is what I have done and it is what I want to carry on doing at the moment; so, after Gibraltar, whether it is another aspect of public service or whether I go into the third charity sector or even out into the corporate sector - it is just unknown.”
Favourite Author: Wilbur Smith Favourite Food: Fresh grilled fish with chips and salad Greatest achievement so far: Commanding a brigade of Royal Marines in Afghanistan Regrets? No regrets Something nobody generally knows about you: I have an unfulfilled ambition to go to Glastonbury Motto: To succeed is to lead
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Albert Poggio OBE GMH – Our Man in London (Part 2) “Gibraltar House became a flagship for the Rock because Gibraltar had to rely on the UK for all its business no matter from which sector - financial services, tourism, shipping – because at that time they were all based in London, so this became the focal office for the Government of Gibraltar.” After two terms in office, Joe Bossano lost the election to Sir Peter Caruana and Albert tendered his resignation, thinking that the new Chief Minister may want to conduct the London office in a different way. “I was identified with the outgoing government by the nature of the work I was doing and I believed, and still believe, in Joe Bossano,” Albert says, going on to tell how Sir Peter called him in on his second day in office and asked why he wanted to resign. “He said that he knew he could replace the Director of the London office, but he was not so sure that he could replace Albert Poggio, so he asked me to stay on.”
It was 1988 when Joe Bossano became Chief Minister, at the time when Gibraltar was going through a complete change from a military led economy to a commercial one. Joe Bossano had identified three pillars to the Gibraltar economy that would make it self-sufficient and called Albert to ask if he could submit a report on how to turn, what he considered, to be a redundant tourist office in London into something that could be used to further the new pillars of the Gibraltar economy. The report was accepted and Albert was then asked to implement his proposals. “At that point in time I was more interested in running my business,” he says. Albert was then asked to advise the office for one day a week and he agreed to this on the condition that he would be able to rent space in the same offices for his travel and tour operating business. “It was very challenging, especially because of Spain’s objection to Gibraltar representation in
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Gibraltar House became a flagship for the Rock because Gibraltar had to rely on the UK
the UK,” Albert confirms. The one day a week turned into three and with a conflict of interests emerging between his travel companies and the Gibraltar office, Albert eventually made the decision to move it out of the office and appointed a new MD to run his travel business, away from the Gibraltar Office. Now Albert proudly reflects on how he helped to build up the office into what it is today whilst overcoming the many obstacles put in the way.
Yet another triumph for Albert was the successful campaign he conducted, with particular help from the Evening Standard, to fly the Gibraltar flag over Gibraltar House after the local council had denied planning permission. The campaign was long and hard fought, but eventually permission was granted. “Sir Peter Caruana, on his first visit to London as Chief Minister, hosted a Reception to unveil the flag to which I had invited the Leader of Westminster Council to do the honours,” he relates with a mischievous glint in his eyes. Albert has worked tirelessly behind the scenes on behalf of Gibraltar and has built up friendships with many members of both Houses of Parliament. “I am very proud to say I can count 68 members of parliament that are personal friends of mine, irrespective of whatever party they represent,” he says. “I have worked with at least five Prime Minister’s in England, but if I had to single out just one it would be Margaret Thatcher; that was very much a personal relationship and we became friends,” he states. “Tony Blair is someone who was a tremendous disappointment to me purely because of his
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attempt to negotiate the sovereignty of Gibraltar without consulting the people of Gibraltar.” Albert had hosted Tony Blair in Gibraltar when he first became an MP. Just after the signing of the Cordoba Agreement in 2006, Albert was invited to meet with the Spanish Ambassador to London. Over lunch at Rules restaurant in Covent Garden, the Ambassador told Albert that they wanted to convince him that they were serious about moving forward with the terms of the agreement. Albert relates what the Ambassador said to him: “We know the influence that you have in Parliament, and sometimes we wonder whether the questions that are asked by MPs in Parliament are their questions or yours.” Before he steps down from his post, Albert’s next task will be to liaise with Parliament to promote Gibraltar’s view on the forthcoming
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What makes you tick? Greatest Achievements: My pharmaceutical company, ‘Exorex’, which is now a leading product in the world for skin conditions. Biggest Fear: Not having any work to do after I retire Unfulfilled ambitions: As a young boy I always wanted to join the Navy - when I was old enough to do so my mother Medcruise President and General Secretary at the Miami Cruise Convention
was sadly very ill and the time came and went and I didn’t do anything about it
EU Referendum, taking place on 23rd June. Albert is a strong supporter of the ‘In’ campaign. “I can see the problems for Gibraltar very clearly if there is a Brexit vote, including the free movement of people; we have 8 million visitors to Gibraltar and they could be at risk.” Looking to the future for Gibraltar, Albert would like to see more sustainable investments and developments to safeguard the economy. “The finance and e-gaming sectors are hugely important and have done very well for the economy,” he says “but they are movable assets and I would like to see more solid types of investment.”
as he says this. “I don’t want to come to a stop, there has to be a purpose to get out of bed in the morning so I am looking forward to slowing things down a bit, but not too much.” Albert has been justifiably publically recognised for his many achievements, having received an OBE and then the Gibraltar Medallion of Honour, awarded to him two years ago by Chief Minister Fabian Picardo. “It is a local award and it is recognition from the people of Gibraltar that I represent in the UK,” he says. “I have received those honours not just for myself but on behalf of all of the people who have supported me, including the hard working staff who have worked with me at Gibraltar House for many years.”
There is a lot that
has been achieved for Gibraltar from this London office
Despite officially retiring after 28 years of distinguished service as the Gibraltar Government’s representative in the UK and Director of Gibraltar House in London, Albert has been asked by Chief Minister Fabian Picardo to continue his political lobbying and will take on a position as Director of Inward Investment in London. “That will give me enough to do for a few days a week,” he grins
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“There is a lot that has been achieved for Gibraltar from this London office, which has become an important window for Gibraltar in the centre of the City of London.”
Hobbies: Golf is something I enjoy but I don’t play to win because that becomes too stressful Sport: I support Fulham FC, because my father used to take me to matches and because of the Gibraltar history with Fulham as a borough Favourite place in the world: New Zealand – a fascinating but remote country and somewhere that could have attracted me to emigrate to. Best thing about Gibraltar: The friendliness of its people and the community spirit. Walking down Main Street on a Saturday morning is just bliss! Something not generally known about you: I am a great admirer and fan of
Andrea Bocelli - I can lose myself in his music Motto: A fair day’s work for a fair day’s pay
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Young Enterprise goes from strength to strength
Carlos Garcia, James Gaggero and Stephen Reyes
B2B recently spoke to YE Chairman, Carlos Garcia about the Young Enterprise scheme on the Rock. How did you become involved in Young Enterprise Gibraltar? Eight years ago, YE was sponsored by my previous employer; they provided the seed funding to get the charity off the ground. I was asked by my then boss if I would have a look at this and see if I wanted to get involved, though little did I know at the time what ‘having a look’ would mean! I must add that I immediately saw the benefits for our community and its students, and felt that this could be a fantastic opportunity for Gibraltar as well as being my own philanthropic contribution to our community.
YE is the UK’s leading charity that empowers young people to harness their personal and business skills
What is the history of young enterprise in Gibraltar? YE was launched in Gibraltar with an association to Yorkshire and Humber. It might seem strange, but YE UK was divided into regions and they seem to have been the region that was willing to take us under their wing. The success of the Gibraltar students at the regional finals for three consecutive years, in a region where we had no real link to, gave
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some cause for concern to regional sponsors and organisers alike. As a result, we are moving to become a standalone region and are finalising cementing this relationship with YE UK. We launched it as a pilot with the support of the Department of Education at the Gibraltar College, and after approximately 3 years, Bayside joined the ranks and shortly thereafter Westside. Today we deliver a number of programmes across various age groups and we are firmly embedded into the schools’ curriculum.
Who supports Young Enterprise in Gibraltar? YE Gibraltar is sponsored solely by Bland Limited, with the Gaggero family (initially James and now both Nicholas and Alexander) being staunch supporters of the charity. They have seen the benefits first hand and have over the last 7 years provided £250,000
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of funding to the charity and this year launched a number of workshops for the students, delivering training on Leadership, Marketing, Logistics and Financial Management. Without the support of the Bland Group of Companies this would not have been possible. We then have over 40 business
We are always in need of business advisors; they bring the reality of business into the classroom
learn much on accounting, logistics, marketing and Human Resources etc. So any potential employer will be able to benefit from employing a young person who has shown the drive and commitment to join in the YE journey, and have in the process developed skills, which will sometimes take years for businesses to develop in their own employees.
Westside school, Taste Buddies, Winners 2016
community volunteers, the teachers (who do this mostly in their own free time), the Department of Education and not least, the community as a whole. Very important too are the board members, who give much of their free time, and although I am the one sitting here talking to you today, the charity is run by a board which has a cross section of individuals from both the educational world as well as the business community.
What is the focus of young enterprise? YE is the UK’s leading charity that empowers young people to harness their personal and business skills. We provide a real life experience to students in the world of business.
For the Company Programme, which is the flagship programme, they have to have a business plan, agree on a team of directors and execute on their plan and sell their business idea. It is inspiring to see what they can develop when we provide the safety net and allow them to do some blue sky thinking. There are no limits to their imagination, and of course, there is no fear of failure, so they will work hard to bring their plans to life.
How does the Young Enterprise educational programme benefit businesses in Gibraltar? Firstly the students participating will have a better appreciation of what it takes to start and grow a business, and will in the process
How can a businessperson benefit from getting themselves involved in Young Enterprise? We are always in need of business advisors; they bring the reality of business into the classroom. Depending on what programme they are attached to, they would be needed from approximately 1.5 hours per week for 8 weeks to as much as they want to give in a full academic year. This helps them in developing their own coaching and leadership skills; something that they can test in a safe environment before putting to use in their own businesses. We always stress that the biggest lessons come from the students’ own mistakes, albeit we are careful that the material impact of the
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mistake is low, that is why we need business advisors who have a good understanding of the risks and can coach our young entrepreneurs. Finally the feedback we get from the business advisors year in, year out, is that they are hugely fulfilled with the energy and enthusiasm of these students and they all look forward to returning the next year for more.
What are the benefits for young persons in getting involved in Young Enterprise? We always stress that the students should firstly focus on their academics. YE is merely an additional experience in the world of business. As I said above, their personal development is tremendous. We see this as the year evolves; they come to us as students in September and leave us as young entrepreneurs by May. They end up with a real life story to tell, be it at a University interview or work interview. How many teenagers can claim to have started and run a business at the age of 16 or 17! This clearly sets them apart from others at the interview stage and I know for a fact it is hugely beneficial when constructing their CV’s; they stand out with prospective employers.
How many students have enjoyed the Young Enterprise programmes? When we started, we had 26 students in the first year. This last academic year we have had just over 1,150 students partaking in YE programmes. The student population in Gibraltar is approximately 5,000 students, so this represents more than 20% of our student population.
Bayside school, Biodiversity, Winners 2015
Young Enterprise Gibraltar 2015 and 2016 Winners Winners of the Young Enterprise Gibraltar competition in 2015 were Biodiversity from Bayside School. The team of 7 Bayside students promoted environmental awareness with products including children’s books with an environmental message. They were creators of “The Adventures of Sammy the Sunflower”. The winners of the local competition went to the national finals in UK and took 3rd place for company of the year. This was a great achievement.
The winners of Young Enterprise for this year were Taste Buddies from Westside School with a project aiming to encourage quality time with families through cuisine and culture. The young entrepreneurs created a children’s cookery book which followed the adventures of a broccoli called Brock Lee around the world. The girls competed in the UK finals and although they did not come back to Gibraltar with a award, they had an experience of a lifetime.
Bayside - Biodiversity - www.facebook. com/BioDiversity.ye
Westside - Taste Buddies - www. facebook.com/tastebuddiesYE2015/
What is the future for Young Enterprise in Gibraltar? This year we are entering into a license agreement with YE UK, resulting in our no longer being a branch but a registered Gibraltar charity in our own right. This will formalise our relationship with YE UK and help us to cement the platform for the future. There are many new programmes we want to pilot with the help of the schools and the Department of Education. These are
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focused at primary schools, where we have basic programmes that help them understand how they fit in to their families, their cities, our world etc. And then we have also considered postgraduate master classes. There is so much more we can do; like always, the restrictions are the funds available as well as the time we have to give as a board, as we are mostly volunteers.
How can someone that wants to get involved get involved? If anyone would like to know more about YE, or wants to get involved, please contact Ian Torrilla, our Business Officer, by email at ian. torrilla@youngenterprisegibraltar.com I am sure Ian will be very happy to meet and answer any questions.
Motor Business Packages Property & Home Marine & Cargo Commercial enquiries@argus.gi www.argus.gi
Marine, Aviation & Cargo Spanish Home & Motor Professional Indemnity Health & Travel Medical Malpractice enquiries@westmed.gi www.westmed.gi
PO Box 45, Regal House, 3 Queensway, Gibraltar Telephone +350 200 79520 Fax +350 200 70942 www.argus.gi | Regal House, Queensway, Gibraltar | Licensed by the Financial Services Commission
Chamber News
Gibraltar Chamber of Commerce Business Outlook Survey 2016 In the last 12 months has the number of employees...? 6 5 4 Decreased
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The respondents, representing most business sectors, in total employed 2,264 personnel, representing some 10% of the total labour force. Of these, some 850 (or 37%) were frontier workers, highlighting the interdependence that exists between Gibraltar and the Spanish hinterland. The survey should therefore be representative of Gibraltar business as a whole.
Not Changed
2
100%
3
The Business Outlook Survey is a powerful lobbying tool for the Board of the Chamber of Commerce as the results provide an invaluable insight into the various issues affecting business.
Increased
50%
Which sector of industry is your business involved in? 7.5% Wholesale Retail
21.7%
Property / Construction 21.7%
Hotel / Catering Port / Shipping
0% Wholesale & Retail
Online Gaming Legal
Finance
Other
Insurance
2.9%
Banking
So what can be said about the survey results?
Other Finance Transport Other
13.0%
11.6%
4.3% 7.2% 1.4%
2.9%
During the next 12 months do you expect the number of employees to...? 6
5.8%
Looking at the employment barometer, 17% of all respondents reported a decrease in numbers employed in the previous 12 months, with 83% either an increase or no change. Taking the Finance Centre alone, 94% reported either an increase or no change. The equivalent for the wholesale/retail sector was 70% but in this sector most reported no change rather than an increase.
From where does your business originate?
5 4 3
Decreased
1 Locally Based
2
Stayed the Same
2 Day Visitors - Spanish
1
Increased
100%
18% 31%
3 Day Visitors - Other 4 UK Clients 5 EU Clients 6 Other International Clients
1 2 3
50%
4 5 6
16%
10%
16% 0% 9%
20
Wholesale & Retail
Finance
Other
Chamber News
Members were also asked how they saw employment evolve over the next 12 months-remember this was pre-Brexit! Overall, 90% saw employment increasing or staying the same, with the Finance Centre at 100%. The wholesale/retail sector mainly saw employment remaining the same (80%). 9 respondents made redundancies had made redundancies over the last 12 months and only 5 expected to do so in the next 12. All in all, a quite good overall result for employment.
Next up is business performance. Here the first question was how the latest financial year compared to the previous one in terms of sales. Overall, 69% of businesses reported either an increase in sales or no change. In the wholesale/ retail sector, this number was only 50%, meaning that half of businesses in this sector lost sales, reflecting anecdotal evidence in the ‘grapevine’!
6
How did your business perform in the last full financial year compared to the previous year?
5
6
Have you made any redundancies during the last 12 months? 4
5
3
4
2
3 2
1
Yes
1 Increase in sales
16%
No
2 Decrease in sales
1
3 No change 4
100%
5 6
INCREASE IN SALES (SQ001) DECREASE IN SALES (SQ002) NO CHANGE (SQ003)
50%
30.4% 53.6%
6 5
5
6
What is the outlook for your business? 5 4
2
Worse
Better
1
6
3 2
100%
Same
1
1
6
5
5
4 3
6
4
2
5
3
1
2
4 3
Not Sure
3
Do you expect to make redundancies during the next 12 months?
2
Other
4
Finance
3
6 Wholesale & Retail
4
0%
No
Yes
1
2 0%
50%
100%
1 Other
50%
Finance
Wholesale & Retail
0% During 2016 Wholesale & Retail
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Beyond 2016 Wholesale & Retail
During 2016 Finance
Beyond 2016 Finance
During 2016 Other
Beyond 2016 Other
Chamber News
5 4
Yes - Materially
2
100%
3
Yes - To maintain current levels No
1
Also interesting were the responses to confidence in the Gibraltar economy compared to the previous year. Only 9% showed an increase in confidence, with 56% feeling the same and 35% reported a lower level of confidence.
Do you intend to invest in your business over the next 12 months? 6
Members were the asked about prospects for 2016 and beyond 2016. For 2016, overall results was that 83% of businesses saw things improving or staying the same, while for beyond 2016, the prospects were virtually the same at 84%. Looking forwards, the Finance Centre continued bullish while the wholesale/retail sector also expected an improvement, 65% expected sales to improve or remain the same for 2016, improving to 70% for beyond 2016.
50%
Compared to this time last year, has your confidence in the Gibraltar economy....? 6 5 4 3
Increased
2
Stayed the Same
1
8.7%
Decreased
0% Wholesale & Retail
34.8%
Finance
Other
Are you supportive of the work being done by the Cross Border Action Group and the Chamber’s participation? REDUCED? STAYED THE SAME? INCREASED
1 Yes 2 No 24.6%
3 Unsure 4 5 6
56.5%
YES NO
2.9%
In summary, results for 2016 were at best mixed, while going forward the outlook was more positive, although the generally low perceived level of confidence is at odds with business expectations. Perhaps the investment question, where 68% of respondents said they would only invest to maintain current levels or not at all over the next 12 months, reflects the confidence issues? Members were also asked to list the three most important issues expected to directly over the next 12 months. The runaway winner was, not surprisingly, the possibility of Brexit, with 28%, followed by the evergreen concern about increased business costs (14%) and the border situation (10%). In response to a question about expected impact on business in the event of a Brexit, only 1 respondent said the impact would be positive! 82% expected a negative impact and 14% did not know. Only 13% of respondents said they had a contingency plan going forward. On a connected issue, 72% of those questioned supported the work being done by the Cross Border Action Group and the Chamber’s participation in it.
UNSURE
72.5%
Brexit and Government performance. Given events since the survey, it is clear that Brexit IS the big issue going forward, with high uncertainty at EU, UK and, of course, Gibraltar levels. Turning now to Gibraltar Government issues, the first question was about departmental performance and the level of service received, the overall results were 16% for good, 43% for acceptable, 36% for poor, with 5% being unsure. While not disastrous (59% good to acceptable), there is a clear need to improve as a 36% poor level of service is simply not good enough considering the size and cost of Government.
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Chamber News
Assuming Gibraltar has to follow the UK, what would be the impact of BREXIT on your business? 1 Positive
100%
2 Negative 3 No Impact 4 Unsure
The main issues were wage costs (double time on Sundays?), effect on the working week, employment legislation, need to improve general tourist and also cruse liner passengers’ transport services. Government support would also be necessary in marketing and advertising, particularly in spreading the word in Spain that Gibraltar is open for business at weekends.
5 6
Do you think the current administration has delivered what was promised on ‘e’ Government?
50%
1 Yes 2 No
8.7%
3 Not Sure 4 5 6
0% Wholesale & Retail
Finance
Other YES NO UNSURE
In your dealings with Gvt. how would you rate department performance and level of service received? 40.6% 4.4%
1 Good 15.9%
50.7%
2 Acceptable 3 Poor 4 Unsure 5 6
6 GOOD (SQ001)
Would you support a Chamber initiative to extend shopping hours to Saturday afternoons and Sundays? 6 5
3
6
4
2
5
3
1
2
4 Not Sure
No
Yes
1
3 2
100%
36.2%
4
POOR (SQ003)
UNSURE (SQ002)
5
ACCEPTABLE (SQ004)
1 43.5%
Equally, there is a lot to be done on so called “e” Government. Only 9% of respondents felt that the current Administration had delivered on what was promised in this field. The three most important areas in which Government could reduce the administrative burden by being available on line are, in descending order, ETB (20 responses), Tax office (16) and Licences (7). Customs and payments issues being on line would also be helpful. The question of extending shopping hours to Saturday afternoons and Sundays drew a mixed response. While 54% of all respondents supported the idea, only 40% of the wholesale/retail sector did so. This 40% were asked to list the issues that needed to be resolved to make this initiative a possibility.
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50%
0% Wholesale & Retail
Finance
Other
Chamber News
Chamber board performance.
Are you happy with your Board’s overall performance?
Finally, the Chamber Board is happy to hear that 83% of respondents were happy with the Board’s overall performance. There were many issues that members would like the Board to take up going forward. These included, in no particular order, illegal trading and employment, improved sign posting in general, the taxi service, improved transport for cruse liner passengers, pensions for private sector workers, duty collection for personal imports over the frontier and from internet shopping, lack of apprenticeship schemes, more transparency in Government tender procedures and contracts, Government finances and debt, need to improve Customs procedures and public service productivity, increased “e” Government and many other issues. A busy time indeed for the Chamber of Commerce Board going forward!
17.4%
1 Yes 2 No 3 Not Sure 4 5 6
YES NO NOT SURE
82.6%
Focusing on detail Understanding your needs At Deloitte we focus on strong partner involvement and an understanding of your business needs. We listen and work with you. We communicate regularly and provide information in a manner you can use to make effective business decisions. 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 © 2016 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited
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Business Briefs
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Business Briefs
Fund directors duties Judgment focuses on responsibilities the Financial Services Commission, which provided guidance as to what, in practice, is required of persons acting as licensed directors of Experienced Investor Funds, as well as the steps such directors ought to take to ensure they are properly discharging their duties.
The Court of Appeal has upheld the judgment of Jack J in Minette Compson v The Chief Executive Officer of the Financial Services Commission and Brian Weal v The Chief Executive Officer of
Corporate governance is an important live issue worldwide particularly in the alternative fund management space, fuelled both by scandals (for example Mado and Weavering) and tightening regulation. The role of the Gibraltar fund director came under the microscope when the Supreme Court of Gibraltar (“Court”) found that directors of a failed investment fund had breached their duties as directors. The judgment contains important commentary, although the implications for well-advised investment funds with competent and diligent directors are limited. Nevertheless, all directors should
revisit their practices to ensure that they remain consistent with key corporate governance principles. Samantha Barrass, the CEO of the FSC, said: “This decision once again sends an important signal that there will be real and meaningful consequences for those who disregard their corporate governance responsibilities and put investors at risk. The important findings in the original judgment by Jack J will no doubt stand as a foundation for future fund governance and Gibraltar courts will likely refer to these in any cases that occur in the future.” Following Jack J’s judgment, the FSC issued a paper, which sets out the FSC’s expectations of the directors of Experienced Investor Funds. Supplied by Jonathan Garcia
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Business Briefs
FSC appoints Séamus Hayes as Resolution Authority developing problems. These key elements of the BRRD are vital to the safeguarding of consumers and the jurisdiction”.
The Gibraltar Financial Services Commission (GFSC) has been appointed as the Resolution Authority pursuant to the Bank Recovery and Resolution Directive (BRRD), and in accordance with the Financial Stability Board’s (FSB) 2011 recommendations, and is delighted to announce the appointment of Séamus Hayes as the Commission’s new Resolution Specialist. The BRRD provides a framework to deal with banks which are in crisis and builds on the measures taken to ensure firms have a recovery plan in place that minimises disruption to the financial system at large. The financial crisis of 2008 highlighted issues in the financial regulatory process, and resulted in the need to implement the tools necessary to effectively and efficiently negate the economic and financial effects of unstable or failing credit institutions and investment firms. Financial Secretary, Albert Mena, who acts as chairperson of the resolution authority, told B2B “The BRRD is Europe’s response to the November 2011 G20 commitment to the FSB’s recommendations aimed towards delivering a global initiative following the financial crisis of 2008. The Resolution Authority in Gibraltar will be essential in ensuring that, in line with BRRD requirements, and FSB recommendations, Gibraltar makes adequate preparation for crises and is equipped with necessary tools to intervene in troubled institutions at a sufficiently early stage to address any
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Séamus has been working in the banking industry for over 10 years, initially in the UK and Ireland and for the last 5 years in Gibraltar. During his career, he has led the successful implementation of various technical European Banking Authority legislative transpositions within the business and wider industry, such as the Deposit Guarantee Scheme Directive, Capital Requirements Directive IV and the BRRD. Séamus’ international banking experience has allowed him to forge strong relationships with key stakeholders within and outside of Gibraltar. Samantha Barrass, GFSC CEO, told B2B “In previous roles, Séamus has demonstrated a forward thinking and innovative approach
and has a proven ability to identify and influence business strategy and vision. The GFSC, as the Resolution Authority, will be required to mitigate the risk of, and minimise the impact of actual and potential failures of relevant institutions. This is an important contribution to Gibraltar’s commitment to deliver to global regulatory standards as well as European ones. Séamus’ experience and technical and strategic skill set makes him the right person for this position, and the GFSC is very much looking forward to having him on board.” Séamus told B2B: “The Resolution Specialist role is an exciting opportunity and interesting challenge which I am very much looking forward to. I look forward to joining the GFSC team, and to taking this responsibility and representing Gibraltar from this perspective.”
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Business Briefs
GLI Finance acquires Sancus (Gibraltar) Ltd. Sancus (Gibraltar) Limited has agreed to be acquired by GLI Finance Limited for £23.5m, with £10m in bonds and £13.5m in equity.
Andrew Whelan, CEO of GLI Finance Limited, said: “The acquisition of Sancus (Gibraltar) Limited will help to create one unified lending business under our new Sancus BMS brand. This is key to our overall long-term growth strategy and an exciting development in our Group.”
Sancus (Gibraltar) Limited became operational in July 2015 and has loaned over £35m within the past year, servicing local SMEs and high net worth individuals seeking finance. GLI Finance, which is based in Guernsey and listed on the Alternative Investment Market, is a leading investor in the global alternative finance sector, focusing on small and medium enterprises (SME) lending. GLI has niche core lending businesses and a portfolio of FinTech lending platforms spread across 3 continents. It is also a co-owner of Amberton Asset Management with Somerston Holdings Limited, who is also a strategic investor in GLI Finance. Following completion, Sancus Group Limited, a wholly owned subsidiary of GLI Finance, will be the sole shareholder of the Jersey, Guernsey and Gibraltar subsidiaries of Sancus. The acquisition is part of GLI’s strategy of creating a niche profitable SME alternative lending business which will be consolidated under one brand “Sancus
Stephen O’Brien
BMS”. The bonds to be issued in connection with the Sancus (Gibraltar) Limited acquisition will be listed on the Cayman Islands Stock Exchange and the issue will be handled by UK Bond Network and further information is available on their platform [insert platform holding page] Sancus (Gibraltar) Limited’s Managing Director, Stephen O’Brien told B2B “I am thrilled to be formally joining Sancus BMS Group as part of the larger GLI business. Sancus Gibraltar will continue to operate as usual, providing much needed financial support in the local economy.”
The alternative finance industry is a growing industry worldwide, addressing the demand for funding created by the retrenchment of traditional lenders. As a marketplace lender, Sancus delivers secured finance to both small-medium enterprises (SMEs) and high net worth individuals (HNWIs), whilst managing the associated risks for both borrowers and co-lenders. Borrowers have access to a simple, bespoke and efficient alternative service. Co-lenders are primarily institutions, family offices, high net worth individuals and private clients who are seeking alternative investments to the current low interest rates available from traditional banking sources, portfolio diversification, as well as those who remain uncomfortable with the volatility associated with either equity or bond exposure.
ISOLAS represents Yggdrasil in the award of its Gibraltar B2B remote gambling licence Yggdrasil, a leading online software and platform provider, has been granted a Gibraltar B2B remote gambling licence. Yggdrasil has established offices in Gibraltar to operate and grow its B2B business from the jurisdiction. Fredrik Elmqvist, CEO of Yggdrasil told B2B “Gibraltar is a hugely important jurisdiction with a large number of major operators and we are delighted to become part of the Gibraltar e-gaming community”.
ISOLAS acts for a significant number of Gibraltar’s licensed betting and gaming operators advised and represented Yggdrasil with their B2B licence application and related establishment in Gibraltar. The project was handled by Steven Caetano, Partner at ISOLAS.
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Business Briefs
B2B meets two of Bassadone Group’s team of young professionals
After starting in Bassadone’s in-house finance provider, Bassadone Automotive Finance (BAF), in the early stages of her career, Lourdes Ghio’s focus on personal development was rewarded as she moved from position to position within the Bassadone Automotive group. Most recently undertaking the position of Service Manager in Rock Motors Retail (RMR), where after leading and developing a team of 6 for two years, she has now been transferred to Sales Manager of a new company within the Bassadone Group called SsangYong Global Fleet Sales Limited (“SYGFS”). Jonathan Chichon started in Toyota Gibraltar Stockholdings (TGS), part of the Bassadone group, and was employed as UN Sales Executive. He spent a total of 15 years within TGS. After a focus on personal and professional development he was promoted to Sales Manager within Bassadone Motors - the retail side of the business. He is responsible for setting sales targets, and for developing his team of 10 to provide the exceptional customer service which is part of the Vision of the Group.
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Business Briefs
KPMG appointed to support NOSES
Micky Swindale, Director of KPMG Gibraltar
The Remote Gambling Association (RGA) announced today that it has retained the services of KPMG to undertake a scoping study which will help to shape the development of the National Online Self-Exclusion Scheme (NOSES) and to support and advise the RGA during the implementation process. In February this year the Gambling Commission wrote to all remote gambling licence holders to inform them that it had decided that the industry should now take forward the project to design, introduce and run a national online self-exclusion system. The aim of the project is to provide consumers with a single process whereby they can self-exclude themselves from all online gambling operators that are licensed by the Gambling Commission. The website will also set out other measures that are available to help people to manage their gambling and will signpost specialist advice and support services for those who might benefit from them. Clive Hawkswood, Chief Executive of the RGA commented that: ‘Self-exclusion can be a vitally important tool, especially for problem gamblers or those who are at risk of developing problems. Self-exclusions have long been offered on a company basis, but in terms of consumer protection it will be a huge step forward to have a single national scheme of the type envisaged by government and the Gambling Commission.
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Establishing a cross industry system of this kind raises a host of complex legal, technical, and governance issues. We are therefore delighted to have retained KPMG to help us successfully navigate our way through all of these details with a view to having everything in place before the end of 2017.’ Speaking on behalf of the Gambling Commission, Paul Hope (Programme Director) said: ‘We are very pleased that the RGA is developing the scheme on behalf of the online sector. The Commission will work with the RGA to achieve our shared objective of a scheme that is focused on what works best for people that would benefit from using it.’ Micky Swindale, Director of KPMG Gibraltar, told B2B ‘KPMG are delighted to be working with the RGA on an important opportunity for the industry to work together to put in place a customerfocused, user-friendly system.’
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Business Briefs
Global report provides valuable insights for Gibraltar businesses
While 72 per cent of top executives believe the next three years will be more critical to their industry than the previous 50 years, the vast majority are confident in their company’s growth prospects, according to a recent report issued by KPMG. The 2016 Global Outlook, a survey of nearly 1300 CEOs worldwide, also revealed that 86 per cent of CEOs interviewed were confident in their home country’s growth, 85 per cent were confident in their industry and 80 per cent were confident in the global economy. Major areas of concern related to customer loyalty, the impact of the global economy on their business if growth forecasts are not realised and a lack of time to think strategically in response to forces of disruption or innovation. While the report is based on a survey of CEOs internationally, KPMG Gibraltar’s Managing Director Jon Tricker told B2B there was much for Gibraltarian businesses to consider in its findings: “The report shows that while most CEOs are optimistic about their company’s future prospects, the pace of change that is being driven by new
technology across all industries is forcing businesses to re-evaluate their behaviour and their approach to the market.” “It is telling that despite their optimism, some 82 per cent of those surveyed are concerned whether their company’s current products or services will even be relevant to customers three years from now.“ “Disruptive new entrants are transforming the way traditional businesses work and CEOs are recognising that they need to harness new technology and develop specialised talent to strengthen their capabilities and keep ahead of the game.“ “With four in 10 CEOs expecting to significantly change their operating model over the next three years, it’s a case of now or never for many to make an essential leap forward.” The negative impact of new technology was a feature in the top risks identified by those participating in the report. Cyber security was at the top of the risk list in the 2016 report, despite not even making the top five in 2015, with 72 per cent of CEOs admitting they believed their organisation is not fully
prepared for a cyber event. Concerns were also voiced about the level of data and analytical sophistication within their companies, and their ability to connect with customers through digital channels. Jon Tricker told B2B: “Cyber security is a huge concern for any business, wherever they are in the world, and it has to be a major consideration for Gibraltar both from a financial and reputational point of view. KPMG’s cyber security workshop at the recent eGaming Summit at the Sunborn highlighted some of these issues and it is clear that Gibraltarian businesses need more preventative measures.“ “Interestingly, in the Global Outlook Report, there was a strong willingness from respondents to share their experiences about privacy breaches and that shared learning is something that we could easily undertake here in Gibraltar.” On a more positive note, 99 per cent of CEOs interviewed said they were taking action to develop future and existing talent and 96 per cent were expecting to increase headcount over the next three years.
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Business Briefs
Senior Associate appointments at Triay & Triay The Partners at Triay & Triay are delighted to announce that Jay Gomez (Jnr) and John Virgo have very recently been appointed as Senior Associates of the firm in the Financial Services team and the Corporate and Commercial team respectively. Melo Triay, senior partner at Triay & Triay, said: “Many congratulations to both Jay and John on their well deserved promotions. “Their promotion recognises their substantial experience, their commitment to the Firm and its valued clients and will allow both of them to progress their own careers adding value to our clients business. He told B2B “The promotions recognise the high quality of their hard work and their ability to match expertise with a practical and commercial approach that delivers excellence.” L to R: Jay Gomez (Jnr) , Melo Triay and John Virgo
ISOLAS announces plans to establish the Gibraltar Fintech Think Tank ISOLAS, Gibraltar’s longest established law firm has today announced its plans to establish a local think tank to focus on all matters relating to fintech business. An abbreviation for ‘financial technology,’ fintech is an industry built and burgeoning on disruptive technologies that impact on the nature and delivery of financial services. ISOLAS’ Marcus Killick, CEO at the firm and the first Chairman of the Gibraltar Fintech Think Tank, thinkFinTechGi, explained that the pace of both development and growth in this sector has made other finance capitals sit up and take notice. “London is blazing the trail in terms of developing a regulatory environment that’s increasingly designed to accommodate such disruptive solutions,
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often in distinct regulatory lacunae, that recognise the particular features of these services and the benefits they bring to market. With these benefits come challenges for oversight and regulation by Governments, something that ISOLAS is already actively working on assisting with in the local context. We have already had great support for the concept and welcome participation by all those involved in this area. Gibraltar’s reputation for innovation, the positive approach of Government and our ability to collaborate make us an ideal location for this area” The object of thinkFinTechGi, will be to bring together a group of local and international financial services professionals who are already active in this space to develop an
agenda for discussion and consideration which will, it is expected, engender a collaboration with Government and our regulator so that, together, we may be able to develop solutions that make Gibraltar the domicile of choice for this kind of business. From cryptocurrency and the blockchain to crowdfunding and robo-advice. ISOLAS will be hosting the launch of thinkFinTechGi in the coming weeks, publishing further details of the launch very shortly. For more information on thinkFinTechGi, contact marcus.killick@isolas.gi
Business Briefs
ISOLAS launches Brexit Advisory Group ISOLAS has today announced the official external launch of its Brexit Advisory Group, a group of practitioners headed by ISOLAS CEO Marcus Killick which was initially established internally following the result of the referendum. Mr Killick explained that “the advisory group was brought together in the wake of the decision by the UK to leave the EU, in order to add value to the work that we do for our clients. The firm considers that it is important
to be able to offer specific guidance in relation to the impact the referendum decision and the consequences that follow from it will have on our clients, local and international. Originally this group was focused on guidance and information dissemination internally but is now at the point where we can open it up to advising and assisting our clients directly.” Mr Killick continued; “the team consists of a number of our partners, our head of Business Development and others, all of whom will be
available to help clients and others who may have concerns/unresolved questions in their minds about what the future holds. It is important, in a time of uncertainty, that our clients can get timely information relevant to their businesses and the decisions they have to make.” ISOLAS Brexit Advisory Group will be publishing regular updates on relevant issues as and when developments happen in the coming months and years.
Record breaking year for EY Relay for Children This year’s EY Relay for Children has raised a record amount of money. £6,093 has been collected by participants for the two charity beneficiaries, Research into Childhood Cancer (RICC) and the Saffron Rose 4 Rett Charitable Trust. The event, organised in collaboration with the Gibraltar Amateur Athletic Association (GAAA) and Gibraltar Insurance Institute, held recently is now in its third year. Stephen Carreras, Executive at EY and part of the organising team said: ‘We are delighted to have beaten the record amount raised last
year. There is still some money to come in but we have already exceeded last year’s total. We want to thank all those who participated or cheered on family and friends making it possible for us to handover this money to our chosen children’s charities’. The event also attracted record entries for the various categories. The overall number of participants taking part in the Relay, Ironman Challenge and Fun Run was in excess of 350. More than 200 of whom joined the Family Fun run that included adults and children. The Relay attracted 27 teams, another record and the Iron Man Challenge, in only its second year,
attracted double last year’s count with 41 participants. Commenting on the festive atmosphere of the Relay, Stephen said: ‘There was a great community feel to the event which was further enhanced by the appearance of ex-Premier League Liverpool legend Mark Wright. He was in Gibraltar that weekend raising awareness for fostering children as part of the Football Legends event also held that weekend. From start to end the Relay for Children brought out Gibraltar onto the streets and made this a great community day to remember’.
Jose Julio Pisharello, Managing Partner of EY with representatives from the two charities
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Business Briefs
Masbro Eurohockey Youth Championships Gibraltar recently hosted the girls under 18 G.Y.C. This tournament was originally due to be hosted in Turkey but was changed due to security concerns. At the last minute Gibraltar was asked to step in and host. Sponsorship from local insurance broker Masbro helped make the event happen. This required a change to the usual format as only 3 teams were competing. Wales and Switzerland would take on Gibraltar for one shot at promotion to the Championships 2.
Wales v Gibraltar. Final score 5-1. The first game saw Gibraltar take on Wales in what many thought was going to be a one-side game. The score line may appear so, but in reality the local girls created plenty of chances and the score line reflects harshly on their efforts and play. Wales however, showed great composure and maturity and handled the nerves much better than our more inexperienced girls. Switzerland v Wales. Final Score 1-1 With the Welsh team visibly drained from the previous day’s encounter in the sweltering heat of the summer sun, the favourites found this game tough going. A
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rare break from the Swiss saw them take a 1-0 lead into half time despite Wales’ clear domination. The 2nd half was a similar story with Wales missing chance after chance. Eventually Wales got en equaliser late on to snatch a draw in what should have been a one sided score line once again. Gibraltar v Switzerland. Final Score 1-1 Gibraltar went into this match knowing that only a win would take them into the final on Saturday. A truly memorable end-to-end match who had the local crowd on their feet for most of the second half. The girls started
slowly and seemingly again unable to handle their nerves. The first half was a cagey affair and the Swiss managed to take the lead through a deflected goal. The second half was a different story and our girls came out fighting. Wave after wave of attacks were thrown at the Swiss, who managed to miraculously keep everything out. (Their Goalkeeper won the best Goalkeeper of the tournament award, unsurprisingly). The crowd kept urging our girls forward and they responded, with chance after chance. With 5 minutes to go Gibraltar took off their
goalkeeper and added an extra outfield player in a last attempt at salvaging the match. Eventually the pressure paid off and the equaliser came from an Emma Flower deflection. Unfortunately the goal came too late and they were unable to get the winner. The local crowd who had come down to support the Girls rose to their feet as they had witnessed the Gibraltar girls leaving everything they had on the field. The Final Wales - Switzerland . Final score 2-0
The final was to prove a one sided affair as Wales continued where they had left off in previous matches. Their experience and dominance at this level was visible. They created plenty of chances and in the end secured a comfortable 2-0 win and the coveted promotion slot. The tournament proved to be a great success and all our visitors were extremely impressed with the organisation and facilities and they promised to return. Huge thanks go out to HMGOG and sponsors Masbro, without whom this would not have been possible.
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People on the Move
ISOLAS announces the appointment of new partners ISOLAS is delighted to announce the appointment of Adrian Pilcher and Jonathan Garcia as new partners in the firm. Adrian joined the firm in 2005 and specialises in advising private international clients, high net worth families and family offices. His areas of expertise include trust and tax law, on the basis of which Adrian has developed and heads the firm’s pension law practice. Adrian’s technical expertise in the area of trust law led to his instruction by the Authorised Administrator and the Financial Services Commission during the first ever administration of a large institutional professional trustee following the revocation of its financial services license. L to R: Jonathan Garcia, Peter Isola and Adrian Pilcher
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People on the Move
He sits on the Legislative Committee of the Gibraltar Society for Trust and Estate Practitioners (STEP Gibraltar) which has been responsible for advising Government on the introduction of new Gibraltar legislation in the area of trusts and family offices, and he has been particularly instrumental in the drafting of legislation introducing foundations and private trust companies. Jonathan joined the firm in 2006 and specialises in funds, investment services and corporate advisory and also advises family offices and larger private clients. Jonathan was extensively involved in connection with the first ever administration of a long established group of company managers and professional trustees regulated in Gibraltar which were subsequently wound up pursuant to the Financial Services Commission Act 2007. Subsequently, he spent six months on a
part-time secondment at the Gibraltar Financial Services Commission. He also sat on the Company Law Reform Committee which led to a full scale review of Gibraltar’s company legislation. During 2016, he advised HM Government of Gibraltar on the introduction of legislation that allows for Limited Liability Partnerships. He is ranked in Chambers Global 2015, which say: “Jonathan Garcia attracts praise for his work on structuring of investment funds. Clients highlight his ability to “clarify matters” and the fact that “he always responds very quickly to questions.” In announcing the new appointments, Peter Isola, Senior Partner told B2B “It is great news for the firm that we are able to announce that two of our outstanding lawyers have been appointed partners. We regard Partnership as a major recognition of a lawyer’s standing and I
am delighted to be able to appoint two highly talented individuals such as Adrian and Jonathan to the Isolas Partnership. ISOLAS CEO Marcus Killick added “These appointments, when combined with the recent appointment of five new senior associates and the forthcoming recruitment of new lawyers on training contracts with us, demonstrate the firm’s confidence in the continued strength of Gibraltar and the need for a vibrant legal sector to support and enhance that strength. The recent announcements further increase our ability to meet our clients’ needs in the current challenging, dynamic and rapidly changing environment.”
Have you thought about a loan with the Gibraltar International Bank? Have you always wanted to travel the world but never had the opportunity to do so? Let us help you make your dreams a reality If interested please phone us on 200 13900 traditional banking with a modern feel gibintbank
@gibintbank
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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