Volume 9 Nยบ 4
From Disney to bwin.party Out of Afghanistan Internet shopping: killing the high street Beatles memorabilia: new tourist attraction The Quarterly Magazine of the Chamber of Commerce
Contents
In this issue: ForEwOrd page 5
· Foreword
News features page 6
· Louis Triay “At sea I feel I’m alive”
page 10
· Ship arrests - steady business
page 13
· Monarch announces GIB - Birmingham route
page 15
· Gibraltar on evens
Front cover photo courtesy of Sophie Triay
PUBLISHER Copywrite Publishing
chamber news
MANAGING EDITOR
page 17
editor@b2bgibraltar.com
· Local Supermarket steps-up store training for staff · Chamber Directors hold a working lunch with the Chief Minister Fabian Picardo
Jeremy Nicholls
ADVERTISING Jane Pizarro
business briefs page 19
· Thinking Green
page 20
· B2B Gibraltar talks to Lawrence Isola
page 22
· New Sterling & Euro ATMs in Gibraltar’s busy shopping areas
page 24
· WestMed Insurance expand their business offering
· Barclays olympic fundraising event raises over £5,500 for charity
page 26
· DO de Pago a single-estate of international distinction
· GBC launches new application
page 28 page 29
· Credit Suisse 25 years in play · Castiel Winser – principal intermediary for Aviva Products in Gibraltar · Yin-Yang? As the European crisis deepens, Asia emerges with insight
page 31
· Gibraltar businessman wins Mauritius trip · Hassan’s 3rd Annual Corporate Golf Tournament
sales@b2bgibraltar.com
PRODUCTION production@b2bgibraltar.com
DESIGN Copywrite Advertising
b2bgibraltar.com 9, Cooperage Lane PO Box 935, Gibraltar Tel: 200 41700, Fax: 200 77649 Gibraltar Chamber of Commerce PO Box 29, Watergate House Casemates, Gibraltar
page 32
· EFPG takes on Eurolinx life, pensions & investment business
page 33
· Henk Potts visits Gibraltar to deliver global market update
page 34
· Anglo Hispano Co. Ltd launches new website for trade clients
Tel: 200 78376
· The Olympic Experience
Fax: 200 78403
page 35
· OECD released its report on UK Bribery Act 2010
page 36
· Gibraltar Law firm ranked No1 in Legal 500 · A bright idea from Barclays employees
page 37
· Superyachts - new incentives for registration in Gibraltar
page 38
· Marc Ellul re-elected as Chairman of ATCOM
· Unveiling a world of knowledge
Edward Macquisten Chief Executive
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
People on the move page 40
· Baker Tilly announces new appontments
page 41
· Tray Stagnetto Neish welcome Keith Azopardi Q.C. · Times of change at Triay & Triay
page 42
· New finance director at MH Bland Group
page 43
· Anglo Hispano appoint new strategic development manager
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Foreword
Internet shopping killing the high street For several years now parcel post volumes have increased at double digit rates in the weeks leading up to Christmas. Government has invested in new premises and staff, at both the Post Office and at HM Customs, to be able to cope with these higher volumes. On one level they reflect a subtle change in consumer’s shopping habits and for those who are not there to witness the daily influx of parcels and packets, it is hard to believe just how many products are being imported directly on a personal basis. At a different level, the one of the retailer or wholesaler, it is becoming ever more noticeable. Customer loyalty in Gibraltar is becoming an increasingly rare commodity as shoppers visit a local retailer to touch, feel and try on a product and then return home to purchase it online at a cheaper price. Fortunately there are some products sold locally which are unlikely ever to be displaced by the internet: food and services like hair dressers and nail bars. Price, variety and convenience are the principle reasons why people shop online. It’s a fair bet that the majority of those doing their Christmas shopping online last year were men. Traipsing through the crowds on a wintry evening, with bags in each hand for “just one more present” soon loses its attraction among the male species. Main Street (the euphemism used to describe all local retailers and wholesalers) has seen its share of Gibraltar’s shopping pound decline in recent years. When taken together with increases in rents, rates, utilities and wages the profits and attractions of a retail business are not what they once were. And it is not a question of scale. Even the larger stores (with the exception of Morrisons) are feeling the combined effects of online shopping and reduced consumer spending. The internet genie is well and truly out of the bottle and we cannot go back. Indeed if one looks back at the last 15 years or so, the internet has been extremely positive for Gibraltar overall. Most obviously with the growth of online gaming which now accounts for over 10 per cent of all jobs directly. The gaming sector has also generated significant business for other parts of the local economy: telecoms, banking, legal and accounting professionals and property agents among others.
The internet has been a great source of business enquiries from outside Gibraltar for local companies as well and it has transformed the way that many local businesses market their goods and services. Gone are the brochures and pamphlets which many firms used to rely on to promote their businesses. Today it’s all about blogs, web rankings and Twitter feeds. It’s cheap, highly scalable and can be updated at low cost. And even those companies which are not using the internet for marketing purposes, most are using it to source new products or new suppliers and place orders. Do you know anyone who still has a fax machine or when they last used it? These were state of the art pieces of kit 25 years ago. There are few parts of the local business community that have not been touched by the internet in some way, but few have felt its impact so harshly as the local retail sector. Small shops are no match for the likes of Amazon or Play.com. And what started out a decade or so ago as a trickle of books, CDs and DVDs has become tidal wave of shoes, clothing, bicycles, electronics, sports equipment and pretty much anything. And once the click of the online sale is made, that money is lost from Gibraltar forever. First the money goes. Then the jobs go. Then the shops go. Maybe not all at once, but eventually they will close. Unless they
change. The question is “how?”. The basic economic equation is this: Businesses cannot survive without customers and jobs cannot be created without businesses. The prospects for Gibraltar’s retail sector can previewed today in the derelict highs streets across the UK. This is what awaits Main Street unless we change what we can. The Chamber calls on ALL members, whether they are involved in retail or wholesale or not, to participate in working out how best this issue can be addressed. We need your ideas and suggestions. Send your views to the Chamber by email, by phone, drop in to our offices or write us a letter. Your contributions can be attributable or they can be anonymous. What is important is to get your view. Hopefully there will be various opinions and views expressed. They are all valid even if they are not met with universal agreement. This trading community may be small but it is no less creative and intelligent than those business communities in the major cities of the world. We need to pool our collective intellect and figure out how we can plan a sustainable future for Main Street. It lies at the heart of our community. And a community without a heart will simply die. So let’s get to it.
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News Features
From Disney to bwin.party LAST November, Martin Weigold sat on a sofa in a glass-walled room in the luxurious home he built at the top of the Rock, and gazed out at the Strait of Gibraltar and Africa beyond. The Chief Financial Officer of Gibraltar-based gaming giant bwin.party was recalling his childhood in Fulham, London. At 47 years of age, Mr Weigold enjoys a hard-earned reputation as a seasoned business executive with a wide range of skills and experience under his belt. He has the trappings of wealth too to prove his success, not least the top-end sports cars in his garage, some of which he drives at the exclusive Ascari Race Resort where he is a member. But thinking back that day, he smiled and confessed that none of this would have happened had it not been for an eagle-eyed teacher. “When I was at school I was a bit of a trouble maker and I was very fortunate that a teacher recognised the reason why I was disruptive in class was because I was bored,” he said. That teacher was Mr Cole, who bumped the young Mr Weigold up a year and broke the cycle of disruptive behaviour. The student began to perform well - he came third in his year - and, encouraged by that performance, was dispatched to Westminster City, a direct grant grammar school.
Martin Weigold
“He was pivotal and I am indebted to him,” Mr Weigold said of the teacher who spotted his potential at a tender age. From a modest upbringing in Fulham, the young Londoner shrugged off the economic gloom of the early 1980s and set course on a career that would take him to senior executive positions in wellknown global companies including Walt Disney and Fox Kids.
When I was at school I was a bit of a trouble
His determination and strength of character was evident early on, even while he was still at school. When he felt he had been hemmed into choosing science subjects for his A-levels, he “mounted a coup” and issued an ultimatum half way through, threatening to leave the school if he was not allowed to change subjects. “It was all in, to use a poker analogy,” he said. Once again, his head teacher trusted him and gave him the benefit of the doubt. “All he said was, ‘don’t let me down’.”
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Mr Weigold switched from the three sciences to study maths, statistics, economics and computer science, and achieved top grades. Later at Bristol University, he studied economics and accountancy and went on to find work at the international accountancy firm Arthur Andersen, where he spent three years in the management consultancy unit.
maker...
He was learning key skills, but he knew that accountancy and consultancy work were not what he wanted to do for the rest of his
career. Martin Weigold is a hands-on operator. He wanted to get stuck in where the decisions were made. He found the opportunity at a venture capital firm called Guinness Mahon, where his task was to restructure troubled companies in the group portfolio. The companies ranged from struggling manufacturers - he remembers a mirror factory and describes it in unflattering terms - to the leading independent UK film production and distribution company.
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There was also scope to engage on personal entrepreneurial projects. For example, in exchange for an equity stake, he helped a small ailing communications business to rebuild itself and watched as the company grew before it was sold on to an international media group. In time, he moved up the chain at Guinness Mahon, first as investment manager, then as overall manager for investments before finally moving to the sales side of the business. He and his team structured innovative products to attract fresh investors and new finance. They raised a venture capital trust as well as a specialist fund to invest in intellectual property rights, both with notable success. But all the time he wanted something else from his work, something more directly involved in the running of a business. “I prefer to get my hands dirty, so to speak, and actually do the work myself.” Through his work with the Global Rights Development Fund at the beginning of the 1990s at Guinness Mahon, Mr Weigold was involved with big-name companies during the very early stages of the internet and digital television revolutions. The thesis for the fund was that the internet had the potential to revolutionise everything. The aim was to find opportunities to make money out of that revolution. The conclusion was rapidly reached that, as all of these new channels of distribution began to evolve, the value of content would rocket. “Content would be king whilst these competing platforms slugged it out for
market share, so we positioned ourselves to go in and buy up various different rights,” he said. Alongside the usual pension fund investors, the initiative attracted corporate investors including Sony and United News and Media. He cites as an example The Britt Allcroft Group, the company behind Thomas the Tank Engine, which went from being a UK children’s book to a hugely popular animated television series - with a similarly successfully sideline in licensed toys - now sold worldwide. Much of the fund’s investment focused on children’s programmes, and this in part influenced Mr Weigold’s next career move. At the young age of 31, he stepped into the role of Vice President of Finance at Walt Disney’s rapidly-expanding international television business. Disney wanted to launch its own channels and tap directly into consumer revenues, rather than just sell its programmes to other channels. They needed someone with start-up experience, but also the knowledge and experience needed to monitor the company’s investments in other broadcasters around the globe. In Martin Weigold, they found someone with the unusual mix of skills they required. He was there for four years before being approached by Fox Kids Europe. The role was similar, but Fox was a public company and that added a new dimension. As he had done throughout his student and working life, Mr Weigold was seeking fresh challenges, learning new skills. Looking back on that progression from schoolboy to executive high-flyer, Mr Weigold said he had always known that he wanted a career in business from a very young age. “The fact that I knew that I liked the idea of business and that it was getting me to my goal, it kind of drives you on,” he said. He is a proponent of the school of hard graft. He aims high, but with a cold injection of realism too.
“You can do pretty much anything you want to as long as you’re prepared to put the work in to achieve the goal,” he said. By 2005, Mr Weigold had moved on again, this time to Gibraltar where PartyGaming was preparing for flotation on the London stock market. He said he was attracted by the opportunity because of the sector’s potential for growth. “Back then online gaming seemed to be something that was just in its infancy, like digital TV was when I got involved in that,” he said. The flotation was a massive success, despite the fact that the US government had indicated that it was to ban online gaming. The initial public offering was fully subscribed and raised £4.64bn, putting the company into the FTSE100 and giving it a larger market capitalisation than British Airways and EMI combined. The industry has been transformed since he started out in 2005. In the early days it was difficult to keep on top of the growth, which was “week to week”. It was a challenge to manage the back-office systems and even the gaming systems that handled a rapidly expanding volume of transactions. “We had real growing pains,” he said. “We couldn’t recruit people fast enough. It’s an industry that’s got very specialist skills, and because it was such a young industry those skills weren’t readily available.” One important change in the past decade is that gaming companies based in Gibraltar now have a bigger pool of local talent from which to find employees. Although there is no doubt that the gaming sector is a crucial element of the Gibraltar economy, the industry has at times been criticised for not employing larger numbers of local workers. That has changed dramatically. “We didn’t have that skills base (at the beginning) but more and more, what’s happening is that the specialist expertise that we have brought in from all over the globe is being absorbed by the local population,” Mr Weigold said. “And I think that there is now a great skills base in Gibraltar for online companies. There were other reasons at the beginning as to why companies would come here, such as being part of the EU, having a respected online gaming regulatory regime, stable bandwidth and obviously a benign tax regime. But now you can actually add to that the fact that you
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have got in Gibraltar a very solid and deep level of knowledge about gaming here.” This has been the longest stint that Mr Weigold has spent at any single company, but it has been characterised by constant change. In 2011, the merger of Bwin and PartyGaming saw two market leaders come together and cherry pick their best products and brands to create an online gaming behemoth. With the merger and synergies now virtually completed, the focus is turning to innovation - developing new products and services. “It’s been a lot of hard work as you’d imagine, but we’re now moving from a period of integration to innovation as the platforms all come together,” Mr Weigold said. The main opportunities for growth are likely to be in mobile platforms and gaming on social networks such as Facebook. But there are big challenges for the sector too, not least as companies such as bwin. party start to move into new markets around the world. Often, the entry of online operators prompts resistance from domestic operators. “We’re trying to move into markets that have been served by longstanding, land based monopolies,” Mr Weigold said. “These companies are typically well behind the curve when it comes to their online activities. Instead of seeing it as an opportunity and
welcoming healthy competition, their natural reaction is to resist and to try and persuade the local governments that it should be resisted at all costs and that the market needs to be ring fenced just for themselves.”
The UK seems determined to go in the direction of Europe, which is a step backwards in my view
The online gaming sector is particularly concerned that some European countries are, in their view, failing to comply with EU law when it’s comes to regulating locally for the entry of new online companies into domestic gaming markets. Some countries have applied additional restrictions and imposed retroactive taxes on online companies. The companies are frustrated that EU regulators have not always tackled the issue head on, leaving online operators with a difficult choice when assessing whether to enter new markets. “If the EU does not take action to enforce EU law, then the gaming operators are left with a very difficult choice, which is either to comply
with a non-compliant and usually unattractive regime, shut down their offering, or defend its rights and take the risk of enforcement action by the local government,” Mr Weigold said. “It puts companies in a very difficult situation and I think the next few years are going to continue to see some further turbulence as we move to locally-regulated markets.” Further challenges for the industry have come in the shape of a proposed place of consumption tax in the UK which is set to come into place in December 2014. “This is clearly a move to raise additional tax revenue for the UK”, Mr Weigold said. “The current system of regulation in the UK is probably the best example of effective regulation for online gaming in the world. There is widespread consumer choice, good pricing, and lots of controls in place to ensure that consumers are properly protected. The UK seems determined to go in the direction of Europe, which is a step backwards in my view. If it isn’t broken, why try and fix it?” Given the pace of change and growth in the gaming sector, it is perhaps no surprise that Mr Weigold works 12-hour days on average, rarely stopping even for a lunch break. Asked where he hoped to be in 10 year’s time, he said that the next step would be to seek a healthier balance between work and play. “In 5 to 10 years time I would like to have a healthier work life balance,” he said. “This will most likely be in the shape of some non-executive directorships that are not all-consuming.”
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News Features
Out of Afghanistan I t is not often that a member of the local business community and a former member of the Royal Gibraltar Regiment gets the opportunity to go on “walk about” for a few years and work in some of the poorest parts of the world. Chris Wawn sold his interest in a local insurance management business in early 2010, and took advantage of his TA membership of the Military Stabilization Support Group and under the banner of “defense diplomacy”, he first travelled to Uganda to assist with reviewing the country’s disaster management plans. During a second visit he was asked by the Defence Attaché to visit the Mount Elgon region, where a major mountain landslide had just occurred. On arriving Chris witnessed the desperate scramble to find survivors from a once prosperous village of 200, many of whom were in church at the time of the disaster. The survivors recall hearing a large crack, before the area was ripped apart and tuned into a sea of mud. It soon became apparent within a matter of hours that this was not a humanitarian
response but one of recovery and less than 30 fragmented bodies were later found. “On investigation of the cause, it was discovered that a recently cultivated mountain side had been stripped of trees which had previously underpinned the clay, boulders and volcanic ash” Chris recounted to B2B. A few months later Chris revisited the site with a team from the UK civilian Stabilization Unit, the British Army and the Ugandan Defense Force in order to draw lessons from the disaster response. During 2011, Chris then spent 9 months at Land Forces Headquarters in Andover analyzing operational and accidental deaths and serious injuries. This resulted in an additional lessons learned process, to which Chris was able to bring his claims handling experience to the table. Later in the year
Even though Chris lost a member of his team to an
was heavily drawn into this sector and was embarrassingly regarded by the Afghans as a farming expert. Far from the truth and as one fellow Royal Gibraltar Regiment officer remarked, “he did not know that Gibraltar had any agriculture experts”! One of the most rewarding experiences was working with the Kuchi nomadic tribes who lived on the fringe of the Green Zone in the Dash-e. With ongoing wars, disease and increasing periods of drought, this disenfranchised social group that accounted for 15% of Helmand’s population was under threat. Yet the Kuchi nomads were an important source of red meat for the growing urban areas and supplied many of the rural markets too. What developed under DANIDA’s leadership, was not the traditional humanitarian and development response but a sustainable solution using the private sector. Businessmen were encouraged to establish animal winter storage and feeding centers with transparent and acceptable profit margins. Facilitated by micro credit (seasonal loans), the facilitating partners were able to purchase
IED ... an element of trust with the local nationals was
The initial self-help search for Mount Elgon survivors
vital
Chris was offered the opportunity to build upon his previous banking and economic reconstruction experience when he was deployed to Iraq and he joined the Helmand Provincial Reconstruction Team in Afghanistan.
Chris Wawn visiting the demonstration farm on the outskirts of Sangin
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Appointed Head of Growth and Livelihoods by the DFID led mission, Chris was responsible for a multi-national / multi-agency international development team. With members drawn from DFID, USAID, DANIDA, USDA and both the US and British Army, Chris co-coordinated the economic development of Helmand and the team established various projects to improve economic corridors and enhance the weak and often overlooked value chains. With 80% of the economy driven by agriculture, Chris
the forage well ahead of the winter to avoid price inflation. This was then sold at discount to the Kuchi nomads when the pastures could no longer sustain the herds over the colder months. Chris also established daily contact with the line ministries, local businessmen, an
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Later response to Mount Elgon included the Ugandan Defense Force resources
IED and experienced a “blue on green” incident within 40 meters from his desk, an element of trust with the local nationals was vital and had to be maintained. Even when two influential strategic members of the agribusiness seemed to be able to move freely throughout the province, the desire to jointly return Helmand to the position as the “wheat basket” of Afghanistan overrode all political agendas.
embryonic banking system and key farming communities within the province. Even though Chris lost a member of his team to an
As to the future of Helmand post 2014, Chris considers a key consideration for the ongoing development has to be the economic sustainability. The international community has invested heavily in the provinces’ infrastructure and the central government in Kabul is slowly establishing a footprint in this corner of the country. The roads and bridges built by the various international development agencies to connect the economic hubs will need to be maintained in the future, and in a possible period of donor fatigue, it is taxes that will
have to be collected to pay for the ongoing upkeep and repairs. “However, taxes can only be generated if the economy is strong enough to support the infrastructure and the local tribal leaders can see a beneficial return for supporting the government mechanism” Chris told us. As to the future, sustainability is now possible, but when Chris once asked one of the provincial line ministers what he will do when we leave, he cheerfully replied “Mr Christopher, I am coming with you.” Chris left Helmand in October having had a very rewarding, if at times harrowing experience He is now back in Gibraltar on a permanent basis and is looking forward to re-establishing himself within the fund and insurance sectors. Chris Wawn is a Director of Vista Fund Services.
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Gibraltar Government - Opening up new links everal US investors have S expressed “real interest” in exploring commercial links with Gibraltar businesses following a visit to Washington by Chief Minister Fabian Picardo. Mr Picardo and the Minister for Health and the Environment, Dr John Cortes, met with Francisco J Sanchez, the Under Secretary of State for International Trade of the US Department of Commerce during the visit last January.
Since the start of the year, Gilbert Licudi, the Minister for Finance, Gaming, Justice and
No.6 Convent Place said that at the meeting with Mr Sanchez, the Chief Minister discussed possibilities for increasing trade between Gibraltar and the United States, the opportunities for Gibraltar gaming companies in the United States as the legislative and regulatory environment changes there and the possibilities for US companies to invest in renewable energy technologies and telecommunications opportunities in Gibraltar. Although details remain confidential at this stage, one investor has already travelled to the Rock to discuss opportunities following the I am trip.
Separately, the team of experts at the Finance Centre Department has been strengthened with the addition of two new executives with extensive experience in the fields of insurance and private client services.
CM and Dr. John Cortes in Washington meet Francisco Sanchez CM and Dr. John Cortes in Washington meet J Garcia
delighted that our
trip to the United States
Education, has attended a number of high profile dividends conferences and exhibitions in sectors “We have welcomed one ranging from casino gaming to fund potential investor to Gibraltar already and management. expect others to consider Gibraltar as the place to further their European investment The focus on attracting new business to the strategies in the future.” Rock comes against the background of economic gloom in neighbouring Spain and “The fact is that having had the chance to the increasingly aggressive stance taken by speak to senior members of the the Spanish Government on Gibraltar. administration such as Mr Sanchez about Gibraltar itself and the opportunities for The PP has challenged Gibraltar’s new tax American businesses in Europe was legislation in Europe and is seeking to extremely useful.” backtrack on key elements of the Cordoba Agreement. The visit to Washington has been one of the highlights so far of the GSLP/Liberals’ second Most recently, the PP administration has year in office, which has commenced with a ordered Foreign Ministry officials and heavy focus on finance and investment. Spanish embassy personnel around the world to ensure that they make New agreements for the exchange of tax representations so that Gibraltar does not information have been signed with the sign TIEA agreements unless the British flag governments of Poland, India and Greece.
“I am delighted that our trip to the United States is already producing real dividends,” Mr Picardo told B2B.
is already producing real
is also flying when this is done, according to the newspaper ABC. These issues were picked up by Chief Minister Fabian Picardo during his New Year address in January. “The economic crisis is not just something that is happening far away, it is taking place just across the frontier and it impacts on us daily,” he said. “In Spain over 500 people lose their homes every day and over 25% [of the population] are without a job, a figure that leaps to almost 50% amongst young people. The communities of La Linea and the region are closely intertwined with ours in many ways. The disastrous state of the Spanish economy therefore impacts on our businesses here and on some of our families too.” “Despite – or because of – these economic problems, the Partido Popular government in Madrid has lost no opportunity to attempt to damage our economy and aggressively pursue their medieval claim to our sovereignty relying on the Treaty of Utrecht that will be 300 years old this year.” Mr Picardo said that despite this aggressive stance from Spain, Gibraltar and the UK – and indeed the socialist Opposition in Spain – remained committed to trilateral dialogue for the benefit of communities on either side of the community. “I believe that the politics of attacking Gibraltar’s economy at every opportunity, not pursuing the trilateral process for dialogue and now trying to unilaterally rescind parts of the Cordoba agreements will backfire on the Partido Popular and Spain as a whole.”
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Beatles memorabilia : new tourist attraction personal charity, to which 25% of all gross takings are given. The Foundation embraces environmental and humanitarian issues all over the world.
CM officially opens the exhibition
During a tender moment when Julian was a child, John first spoke to him about the white feather. As Julian explains to B2B: “The white feather is so prevalent in my life. One thing for sure is that it’s always represented peace to me. And one of the things my father said to me was that should he pass away, if there was some way of letting me know he was going to be ok, or that we were all going to be ok, it was by in some way, shape or form presenting me with a white feather.” Then, around ten years ago while Julian was on tour in Australia, a group of Aborigines presented him with a white feather, asking him to be the voice for their plight. It was a breathtaking and inspirational moment for Julian.
A personal and intimate new exhibition portrays the emotional stories of the world’s most iconic figures - Seen for the first outside Liverpool. Julian and Cynthia Lennon, and the White Feather Foundation have put together a stunning, immersive experience of the Lennon and Beatles story, including previously unshared personal possessions. Now Open in the Gustavo Bacarisas Galleries, Casemates, the world famous Beatles/Lennon Story gives visitors the opportunity to experience a unique personal
narration of life with John - by his son Julian, and Julian’s mother, Cynthia. Beginning in Merseyside with the meeting at art college of John and Cynthia it follows the journey from their clandestine marriage and the birth of Julian, both of which coincide with the sharply increasing trajectory of the Beatles fame and fortune, with a timeline of the iconic Albums the Beatles made. The exhibition has 200 + pieces of memorabilia, from gold discs to clothes, and even a Motorbike! Julian has created this amazing collection under the umbrella of White Feather, Julian’s
This episode motivated Julian to set up The White Feather Foundation, a charity that embraces environmental and humanitarian issues and helps to raise funds to improve the life of others. Julian Lennon told B2B: “John Lennon is an idol to millions of people”who grew up loving his music and ideals, but to me he is the father I loved and lost. I hope this exhibition lets people see another aspect of his life and our time together as a family. This collection represents something of great importance to us, as it is part of our history. “ The organisers told B2B that the exhibition would also add a new dimension to the Gibraltar tourist product, giving Gibraltar a fabulous new attraction. They were also keen that it be known that it has only been made possible by the kind assistance of the Gibraltar Ministry of Culture, who have gone out of their way to accommodate them. Opening Times • Opening hours are Mon - Sat 9am - 7pm, Sun 10am - 4pm • Recommend visiting time: at least 40 minutes
Julian Lennon’s manager, John Cousins; David Giles, Awesome Premiere Events; CM and Jeremy Nicholls, Copywrite
www.lennongibraltar.com
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News Features
Llanitos stay away from La Linea and the Campo
HE Spanish Government’s tough T stance on Gibraltar could be having a negative impact on the Campo de Gibraltar economy. Anecdotal evidence collected by Ascteg, the cross-border workers association, points to a downturn in Gibraltarian spending in the Campo. The perception is that Gibraltarian shoppers are staying away from stores and restaurants in La Linea and the Campo in protest at the Popular Party’s policies on Gibraltar. Although the extent of any drop in spending is hard to quantify, there is no escaping the mood on the ground. The Spanish Government’s approach on the issue of Gibraltar was “seriously damaging” the Campo and in La Linea particular, a spokesman for Ascteg said. “Llanito tourism, those who came to buy in the market and shop in La Linea and who made use of many local services and enjoyed our bars and cafeterias, has practically disappeared as a result of this attitude of enmity,” the Ascteg spokesman said. “Many restaurants that were used to hosting dinners and business lunches for individuals and companies from Gibraltar, in particular over Christmas, have noticed that virtually no one is coming now.”
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Llanito tourism... has
Cafe Modelo
practically disappeared as a result of this attitude of enmity
“The problem has also affected many businesses in the area that employed personnel to carry out installations in kitchens and so on that Gibraltarians used to buy in Spain.” For some businesses, one strategy has been to branch out into Gibraltar. The Café Modelo, whose establishment on the High Street in La Linea has long been a popular venue for Gibraltarians, has opened up a branch in Casemates and is enjoying brisk business. The impact of the Gibraltar economy on the Campo was independently evaluated in a report commissioned by the Gibraltar Chamber of Commerce in 2009.
The report relied on pre-crisis data and is now three years old, but it nonetheless offers the only scientific, verifiable snapshot of Gibraltar’s contribution to the Campo economy. It found that Gibraltar residents spent some £30m in Spain during 2007, of which £26m represented consumer spending in shops, restaurants and similar services. Additionally, Gibraltarians with second homes spent a further £33.5m in Spain. Gibraltar’s overall contribution to the Campo’s economy – taking into account factors such as direct and indirect jobs – was estimated at £420m in 2007, or around 12.2% of the Campo’s GDP. The study was conducted by professors John Fletcher and Adam Blake, who have carried out similar work for over 100 countries and for organisations including the EU, the World Bank and the UN.
News Features
time after time Gibraltar’s prominence as a mainstream European finance centre is now well established. Internationally renowned for its high regulatory standards and attractive new tax and EIF regimes it is an important jurisdiction for both personal and corporate wealth. At the forefront of this growing recognition is Triay & Triay one of Gibraltar’s most respected and prestigious law firms. With over 105 years experience, a visionary and practical approach to our clients’ needs has secured outstanding levels of satisfaction. So with a reputation for legal excellence that is second to none, why use anyone else?
Property Dispute Resolution Shipping and Admiralty Corporate, Commercial and E Business Private Client & Tax
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Original Thinking
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News Features
New Website for Gibraltar Airport Gibraltar Air Terminal Ltd has recently launched the new Gibraltar Airport website www. gibraltarairport.gi which incorporates a host of services and information.
The live arrivals and departures information is constantly updated by Gibair, the Ground Handler, and will provide a service that is instantly accessible to anyone with internet access.
The site, which has been designed by Piranha Designs in conjunction with Mr. Stuart Finlayson, the Government’s consultant on Airline Business Development and Mr. Terence Lopez the Air Terminal Director, is very user friendly, providing a smart, dynamic and professional platform to provide all the necessary information for passengers and airport users alike.
Airport Users who do not have internet access can still call 8998 or 20012345 to obtain Flight Information.
Persons, who access the website from a Smartphone, will automatically be redirected to the mobile version m.gibraltarairport.gi which provides all the essential information in a more suitable format.
www.gibraltarairport.gi
Commenting on the launch, the Air Terminal Director, Mr Terence Lopez told B2B, “I am very happy with the content of the website, and confident that it will prove to be an invaluable tool for the both the public and anyone who deals with the air travel industry.” Minister for Tourism, Commercial Affairs, Public Transport and the Port, the Hon Neil Costa said, “I am very pleased with this project, which is an extension of the services that the Air Terminal provides and also enhances the image that this Government wants for Gibraltar Airport. A lot
Day
Flight No.
Airline
Arr.
From
Dep.
Flight No.
To
Monday
ZB574 EZY8903 ZB068 BA490
Monarch easyJet Monarch British Airways
10.55 11.05 11.10 14.05
Manchester Gatwick Luton Heathrow
11.40 11.40 11.55 14.50
ZB575 EZY8904 ZB069 BA491
Manchester Gatwick Luton Heathrow
Tuesday
ZB446(a) EZY8903 BA490
Monarch easyJet British Airways
10.30 11.05 14.05
Birmingham Gatwick Heathrow
11.15 11.40 14.50
ZB447(a) EZY8904 BA491
Birmingham Gatwick Heathrow
Weds.
ZB574 EZY8903 BA490
Monarch easyJet British Airways
10.55 11.05 14.05
Manchester Gatwick Heathrow
11.40 11.40 14.50
ZB575 EZY8904 BA491
Manchester Gatwick Heathrow
Thursday
ZB446(b) EZY8903 BA490
Monarch easyJet British Airways
10.30 11.05 14.05
Birmingham Gatwick Heathrow
11.15 11.40 14.50
ZB447(b) EZY8904 BA491
Birmingham Gatwick Heathrow
Friday
EZY8903 ZB068 BA490 ZB574
easyJet Monarch British Airways Monarch
11.05 11.10 14.05 18.10
Gatwick Luton Heathrow Manchester
11.40 11.55 14.50 18.55
EZY8904 ZB069 BA491 ZB063
Gatwick Luton Heathrow Manchester
Saturday
ZB446(c) EZY8903(d) EZY8903(e) BA490 BA492
Monarch easyJet easyJet British Airways British Airways
10.30 11.50 13.20 14.05 16.05
Birmingham Gatwick Gatwick Heathrow Heathrow
11.15 12.25 13.55 14.50 16.50
ZB447(c) EZY8904(d) EZY8904(e) BA491 BA493
Birmingham Gatwick Gatwick Heathrow Heathrow
Sunday
EZY8901(f) EZY8903(g) BA490(f) BA490(g) BA492(f) BA492(g) ZB062(g)
easyJet easyJet British Airways British Airways British Airways British Airways Monarch
10.55 11.05 11.50 14.05 15.45 16.05
Gatwick Gatwick Heathrow Heathrow Heathrow Heathrow Luton Luton
11.30 11.40 12.50 14.50 16.50 16.50 19.15 19.20
EZY8902(f) EZY8904(g) BA491(f) BA491(g) BA493(f) BA493(g) ZB063(g) ZB063(f)
Gatwick Gatwick Heathrow Heathrow Heathrow
(b) Operates from 28 March (d) Operates until 23 March
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(f)
Operates from 31 March
Some of the features provided are: • Live flight information. • Timetables including a destinations map. • Airport information. • Information for Passengers with Reduced Mobility. • Air Terminal maps. • Retail and catering facilities. • Links to web check-in. • A Business-to-Business section. • An area map for visitors to Gibraltar • News section. • Contact Telephone Numbers
Each of the airlines serving Gibraltar has now confirmed its schedules for the summer timetable which came into effect on Sunday 31 March.
Gibraltar flight schedule
(a) Operates from 26 March (c) Operates from 23 March (e) Operates from 30 March
of effort has gone into its design, and I think the results speak for themselves.” More services and features are planned as the website develops.
(g) Operates until 24 March
British Airways (BA) will continue to operate 9 times weekly from London Heathrow (LHR). The daily flight (BA490/1) will be retimed to arrive earlier. The additional flights on Saturday and Sunday have also been rescheduled. easyJet (EZY) will operate a single daily flight from London Gatwick (LGW). The flights have been slightly retimed. In addition, as in 2012, the airline will add an additional four weekly flights which will operate from Wednesday 19 June. Monarch Airlines (ZB) will continue to operate its newly introduced thrice weekly flights from Birmingham (BHX) during the Summer season. The service commenced on 23 March. The airline will also retain its three weekly flights from Manchester (MAN) with little change to timings. Finally, the airline will continue to operate thrice weekly from London Luton (LTN). Flights will increase to five weekly from May with additional services on Tuesday and Wednesday.
m m o c u y n t i l icati a u Q
Fixed Mobile Internet
News Features
ons yo
u ca n trust
• Extensive portfolio of fixed, mobile and internet services • Resilient local and international communications • Dedicated staff providing high levels of customer care • 24/7 technical support, network monitoring and call centre services
Gibtelecom… it just gets better!
20052200 - www.gibtele.com - info@gibtele.com 19
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Chamber News
Chamber News loose (i.e. fruit, vegetables, meat and fish etc) the price per unit has to be displayed (per unit, per kilo, per litre or as appropriate) [Clause 5]; • If local traders are prepared to accept payment in a foreign currency they have to display the rate of exchange for the currencies which they are prepared to accept prominently, either at the entrance to their premises or at the point of sale. [clause 6]. This legislation does not apply to services so it does not affect bars or restaurants. If you have any questions feel free to call the Chamber on 200 78376.
Meeting with Giles Chichester, MEP On a recent visit to the Rock, Giles Chichester MEP, dropped into the Chamber. He met with Edward Macquisten and gave him an update on the current discussions about setting the EU budget for 2014-2020. This is likely to be finalised by the end of the year. Mr Macquisten sought his support for ensuring Gibraltar’s allocation of EU funds was granted at the same level as the current budget round. The MEP expressed great interest in the Chamber’s Impact Study which had been published in 2009 and asked if the study was due to be updated. Mr Macquisten confirmed that no decision had been taken yet but he would keep him informed.
Meeting with HM Customs on the introduction of ASYCUDA system The Collector requested a meeting to update the Chamber on the roll-out of the new customs clearing system. HM Customs are planning to go ahead with a staggered roll out of the new system during the month of March. All those importers who wish to clear goods directly will need to be registered on the new system. Many members have already undergone training on how to operate the new system and Customs will organise refresher training for
any company that requires it. Members should contact HM Customs on http://www. hmcustoms.gov.gi/index.jsf and click the Testing and Training icon on the right hand column. Price marking legislation comes into effect on 1st April (No, it’s not a joke) The Price Control Act, Indication of Prices and Invoicing Rules 2012 Act which was gazetted on 29th November 2012 is due to come into effect from 1st April 2013. The full details of legislation will be viewable on the government’s website: (www.lawsofgibraltar. gi). The Chamber has sent copies of the legislation to its retail and wholesale members who are likely to be affected by these new requirements. If they are not already doing so, members should be making arrangements in all of their retail premises to ensure that the price of each product they are selling is clearly shown. Penalties will be imposed on traders who do not clearly display the prices of their products. The main points of the new law means that: • The price of all the products which traders are selling should be clearly displayed in sterling [clause 4]; • For products or goods which are sold
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Business Briefs
GFIA Promoting Gibraltarian services across Europe
James Tipping, James Lasry, Hon. Fabian Picardo, Joseph Caruana
The Gibraltar Funds & Investments Association (GFIA) has recently been actively promoting Gibraltar financial services. The Association attended the Invest’12 Forum in Geneva and then hosted a range of events in London in conjunction with the Finance Centre’s Gibraltar Day celebrations. Gibraltar was represented by ten of GFIA’s member firms at the Invest’12 Forum in Geneva along with the Gibraltar Finance Centre which included an address by James Tipping, Finance Centre Director of Gibraltar. Following on from the success of the Forum, GFIA held a marketing day in
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London. The day included an ‘education session’ in the morning for London financial journalists with the Hon. Gilbert Licudi QC, Minister with responsibility for Financial Services and was followed by an Industry Practitioners Event held at the historic Merchant Taylors Hall. The practitioner’s event, chaired by James Lasry, Chairman of GFIA, was well attended with over 120 participants at least 80 of which were London based and who had no previous professional experience with Gibraltar. The event was supported by the attendance of 12 GFIA member firms. The event included an address by the Hon. Fabian Picardo, Chief Minister of Gibraltar, and other talks from a panel which
included James Tipping, Joseph Caruana, Deloitte Limited and James Lasry. James Lasry, Chairman of GFIA told B2B, “The Gibraltar funds and investment management industries can only succeed with full support from Government and the Regulator. We are grateful to the Chief Minister and the Minister with responsibility for Financial Services as well as to James Tipping, Finance Centre Director for their support of all these initiatives”. The Hon. Gilbert Licudi QC commented: “I am convinced that Government working in partnership with industry is the best way of leveraging Gibraltar’s profile in financial services and encouraging new business opportunities.”
Business Briefs
Lunch and learn: Backups ACEHOBA recently held a seminar “Everything You Need to Know About Backups” which attracted interest from both managers and IT professionals alike. As an IT solutions provider, one of the most common problems we have to deal with arise due to the lack of or inadequate backup. The seminar was aimed at business leaders who have a responsibility for ensuring business continuity in case of a disaster. No one likes to think that the worst can happen but the reality is that there are many reasons why data is lost. It can be through accidental damage or deletion, natural disaster, hardware failure, logical disk damage, viruses etc. Many of these are outside of our control and statistics show that as much as 70% of business people have experienced data loss. The consequences can be serious; 60% of companies that lose their data close down within 6 months.
The talk was given by Pedro Santos, their highly experienced IT Systems Engineer, who explained to B2B the main steps of going about setting up a backup solution. These are: • Selecting what data is to be backed up • Scheduling the backup frequency • Data security considerations, both physical and logical • Testing the backup media Some of the most common backup mistakes made by business are:
• Not backing up all critical data In addition to the obvious such as documents and databases, backing up server state and PC will ensure quicker (and cheaper) recovery process. • Not backing up emails. It is often assumed that the hosting provider for example backs up email. This is not necessarily the case. It also depends how emails are downloaded to the PC.
• Failing to test media and restore process Many assume that just because the backup restore worked once it always will. Tapes fail silently and updates have unwanted side effects. Backups should be tested regularly. Pedro reiterated that decisions relating to backup should be made by management; technical personnel merely provide the means to suit the risk appetite of the business. Kayleigh Hollins (Acehoba), Pedro Santos (Acehoba), Lydia Durham In conclusion, backing up is (Gibraltar Business Network), Antonia Gladstone (retired teacher) not expensive, difficult or time consuming.
New interactive training workshops Benady Cohen Chartered Accountants are business and tax advisors and have recently started to offer professional business training in Gibraltar. The workshops use tools that are new to Gibraltar and provide a dynamic mixture of training activities, which are specifically designed to develop team building, communication, problem solving, staff attitude and leadership skills.
Through an engaging activity and subsequent discussions, participants are involved in their own learning and their behaviour is reviewed and analysed in order to draw out what worked well and what could be more effective. This information is then carried over to a subsequent activity where the participants can put into practice what they have learnt. Each session will summarize the individual’s key learning and focus on how this can be transferred back to the workplace to make realistic changes to improve performance.
Moe Cohen, Director, told B2B “This new training equipment has been very successful and can be adapted to a general group or tailored for specific client needs.” Jo Abergel, who facilitates the workshops for Benady Cohen, added “Many local companies have been outsourcing this type of training to UK or Spanish-based training
providers. We wanted to provide a local service and something different.” All the workshops use this equipment and provide experiential learning techniques.
Benady Cohen is a member firm of Nexia International, the 10th largest accounting and consultancy network in the World. For further information, please contact Jo Abergel on 200 74854 or e-mail jo@benadycohen.com
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TRIAY STAGNETTO NEISH Barristers & Solicitors
Burns House, 19 Town Range, Gibraltar Tel: (+350) 200 79423 / 200 73530 Fax: (+350) 200 71405 Email: tsn@tsnlaw.com www.tsnlaw.com
Business Briefs
KPMG celebrates third Gibraltar eGaming summit The KPMG eGaming Summit took place at the Caleta Hotel in Gibraltar last week, marking the third instalment in what is becoming one of the most popular events in the Gibraltar eGaming industry calendar.
Haan, Michael Carlton of Victor Chandler and Adam Craig of bwin.party. Together they explored a variety of issues pertaining to the future of eGaming globally including technological innovations, regulatory challenges imposed by recent European legislation, opportunities presented by the US and the challenges and opportunities presented by the as yet largely untapped Asian gambling market.
Drawing over 170 delegates from as far afield as Kevin de Haan, QC, Gibraltar’s Minister for Education, Financial Services, Gaming, Germany, the US, and Italy, Telecommunications and Justice, the Hon. Gilbert Licudi, QC and Peter Montegriffo (Hassans) and a selection of speakers Closing words were provided by which included local KPMG’s Director of Audit & the sector itself. Counting House’s Stuart Ballan government ministers, then took over with a discussion concerning the Advisory Russell Kelly who, on behalf of KPMG, regulatory and legal experts, operators and expressed his gratitude to speakers, delegates fundamental changes in online payments infrastructure specialists, broaching issues as and to the event’s sponsors Continent 8, technologies and their impact upon both diverse as remote gambling, money Hassans, Counting House, Intelligent ID, regulators and operators. An address by the laundering, UK tax law and online payments Callcredit and Gibtelecom for making the 2013 co-founder of global firm Continent 8 processing. KPMG eGaming Summit yet another Technologies followed, during which Michael resounding success. Tobin discussed the firm’s significant role in Gibraltar’s Minister for Education, Financial entrepreneurial and economic development. Services, Gaming, Telecommunications and Managing Director of KPMG Gibraltar, Micky Solicitor and Secretary of the Gibraltar Betting Justice, the Hon. Gilbert Licudi, QC welcomed Swindale, told B2B: “The KPMG eGaming and Gaming Association, Peter Howitt of delegates and opened the Summit with a Summit is fast becoming an essential resource Ramparts Law, led the Summit before spirited address which outlined the for all professionals engaged in the global afternoon coffee and provided an overview of Government’s commitment to continuing to eGaming sector in any capacity and we are the 4th Money Laundering Directive, which will grow the sector in a manner which sustains proud of its growing reputation. The eGaming prove to be of great importance to operators, Gibraltar’s reputation as a global leader in industry is one of the most rapidly evolving in regulators, governments and financial services eGaming. Gambling Commissioner Phill Brear the world and, as such, sets a number of providers worldwide. followed, providing an insight into the year’s precedents in terms of licensing and activities from both an industry and regulatory perspective before moving onto the increasingly pertinent topic of social gaming, its evolution and licensing ramifications. A truly international delegation of panellists moderated by Stephen Ketteley then took over the morning session, as DLA Piper representatives from the UK, Madrid, Munich and Milan discussed the increasingly pressing issue of pan-European regulatory cohesion and its evolution, from the perspective of various member states. Elaborating upon the topic, and bringing a great deal of energy and enthusiasm to the stage, followed Kevin de Haan QC, who explored the European Court of Justice’s struggle to balance economic freedoms with the need to protect consumers and raise tax revenue in an increasingly diverse European online gambling market. Following an onsite lunch sponsored by Hassans, KPMG’s Head of eGaming, Archie Watt, opened the afternoon’s session as an exploration of issues relating predominantly to
Micky Swindale (Managing Director of KPMG Gibraltar), Russell Kelly (KPMG’s Director of Audit & Advisory) and Archie Watt (Head of eGaming, KPMG Gibraltar)
The second half of the afternoon session featured a much anticipated presentation from the RGA’s Sue Rossiter and KPMG’s Simon Trussler, which analysed the merits of a gross profits model of taxation on online gaming after which the final session of the day began. Peter Montegriffo of Hassans moderated a panel of 4 distinguished members of the eGaming community; Peter Howitt, Kevin de
regulation, technological innovation, legislation and political dialogue, and skills pooling. Our eGaming Summit series is the perfect opportunity for key stakeholders and interested parties alike to discuss the implications of these trends, challenges and opportunities. I would like to thank our sponsors, speakers, and attendees for making this one of our most exciting and informative yet.”
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Business Briefs
Bassadone double celebration The CEO Mr Kevin Jones recently presented long service awards and cheques to staff members and charities set out below. 10 Years’ Service Awards
Hassans’ partners contribute to Gaming Law reference book
Darrell Cavilla - TGS Kenneth Cunningham - APV José Manuel De La Cuesta García - 1904 Jonathan Jackson – TGS Myra Mauro - IFC Juan José Moya Bazán - 1904 Antonio Urban Aguilar – Systech 15 Years’ Service Awards John Ferrary - TGS Lourdes Ghio - TGS Ahmed Hachami - TGS Albert Marsden - Systech Maimona Mrabet - TGS John Neish - 1904 Joseph Patrick Romero - 1904 20 Years’ Service Awards Steven Borge - TGS Michael Burton - TGS Michael McElwee - TGS José Antonio Ruiz Barrera – 1904 25 Year’s Service Awards Peter Caetano – 1904 Jimmy Cavilla – IFC
Presentation of Cheques for Charities Nyreen Llamas and Peter Montegriffo
Partners at Hassans International Law Firm, Peter Montegriffo and Nyreen Llamas have contributed the Gibraltar section of the 1st Edition of the European Lawyer Reference Series – Gaming Law, published by Thomson Reuters. The book compiles various contributions from lawyers in numerous jurisdictions in this fast evolving area of law. Gibraltar’s leading practitioners advising the gaming sector have summarised the legal framework for the provision of gaming services in Gibraltar. Peter Montegriffo told B2B. “It was a pleasure for Hassans to have been
approached to provide the Gibraltar contribution in this first edition of Gaming Law in recognition of our expertise in this sector and we are looking forward to contributing to the second edition which is already being planned”. Nyreen Llamas added, “This area of law is constantly evolving and our contribution will no doubt have to be revised in the forthcoming second edition to reflect these changes. We are nonetheless very pleased with this first edition of the book and our involvement and support for its publication”.
AKIN – Jimmy Bruzon – 5K Madventurer – Cathy Lopez - 5K Wobbles – Debbie Garcia – 2K Special Olympics – Michael Mauro– 1.5K Childline – Tita Stagnetto – 1.5K Alzheimer’s and Dementia Support Group – Daphne Alcantara & Cynthia Benitez - 1K Psychological Support Group – Emily Olivero – 1.5K Friends of Mountalvernia – Christian Hayward & Mr & Mrs Posso – 1K Down Syndrome Support Group – Annette Zammit – 1K Dr Giraldi (Disabilities) – Patricia Brooks HR Manager and Carlos Banderas Acting Team Leader - Disabilities– 1.5K Gibraltar Boxing Association – Peter Caetano – 1K Asociacion Betel (a Spanish Charity) – Manuel Hidalgo – £500
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For more information, call Joseph L Caruana or Stephen J Reyes 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 Š 2013 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited
Business Briefs
Credit Suisse delivers Multi Asset Class Solutions seminar Dedicated to demonstrating the importance of a wide global reach in today’s economic climate, Credit Suisse recently delivered another excellent industry seminar by once again bringing the expertise of Global Investment Specialists to speak in Gibraltar. The event was entitled Multi Asset Class Solutions: Managing Insurers’ Financial Needs and the bank invited esteemed representatives from all the major local insurance groups. The event focused on the bank’s discretionary investment strategies underpinning the insurance sector and the value of building relationships between these two key industry sectors within Gibraltar. After an enjoyable and buoyant exchange of views over welcome drinks and canapés at the prestigious Credit Suisse offices in Marina Bay, the guests were invited to listen to a presentation from Laura Howe and Dominic Barnes, industry authorities on investment portfolio management. Laura Howe is part of the Credit Suisse product specialist team, providing investment solutions for specialist institutional and private ultra-high net worth discretionary mandates across the UK, Gibraltar and Channel Islands. Prior to joining Credit Suisse in 2008, Laura
he holds a warm affiliation for the Rock due to a historic Gibraltar family background. A highly respected industry professional, Dominic has over 25 years experience in London and New York, having begun his career in fixed income with Societe Generale Strauss Turnbull in 1986. Before moving to Credit Suisse in 2002, as Fixed Income Portfolio Manager for the market area and lead manager for all Premium Fixed Income mandates, Dominic was a fixed Income specialist with Merrill Lynch. Among his many accreditations, Dominic holds the General Certificate of the International Capital Markets Association and is a Chartered Financial Analyst (CFA) charter holder.
Howe worked for Collins Stewart Stock Broking & Asset Management. Laura holds a BA (Hons) in Economics from Trinity College Dublin and is an Associate of the Chartered Institute for Securities & Investments. Dominic Barnes, the local Chief Investment Officer of Multi Asset Class Solutions (MACS) UK, was delighted to be invited to speak as
Speaking of the event Kerry Blight CEO told B2B, “We are delighted with the amount of interest we receive from people wanting to attend our regular seminars. It is important, with the current global economic climate that we continue to enhance our industry capabilities and progress Gibraltar as an established and desirable finance centre, across all financial services. Informative and educational seminars arranged by a global finance industry leader such as Credit Suisse, strive to reinforce and strengthen Gibraltar’s position as a whole.”.
Gibyellow.gi launches mobile enabled site – m.gibyellow.gi gibyellow.gi is the Gibraltar Telephone Directory online. It remains Gibraltar´s No. 1 site for finding companies and services, in excess of 170,000 unique visitors per year, with over 80% being local usage, 9am to 5pm Monday to Friday. We have enhanced the search facilities and we´re continuing to improve the website year on year. Our advanced keyword search gives ease of access to all the local business information, while other search options allow you to find what you need when you need it. With over 500 pages viewed
every week from mobile devices the site is now mobile enabled making access on the go easier than ever. Search options... • Searching Company Names, Categories, Slogans, Descriptions, Telephone Numbers and Keywords looking for matches for your search word or phrase. • Searching Residential Names and Telephone Numbers looking for matches for your search word or phrase. • Searching Government Names, Categories, Slogans, Descriptions,
Telephone Numbers and Keywords looking for matches for your search word or phrase. In addition, you can find takeaway menus, what’s on, lottery results, cinema information, currency rates, surveys and prizes and much much more . Please try the site and complete our feedback form to enable us to further improve the site – www.gibyellow.gi or m. gibyellow.gi.
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Business Briefs
Positive Business - it’s the smart thing to do!’ Felix Alvarez, Chairman of Positive Business, recently addressed an audience at its launch. Positive Business is an independent, non-profit making, non-political, business focused organisation created to maximise the economic opportunities, benefits and challenges that social and legislative change in the area of Equality will present us with here in Gibraltar. He particularly stressed that Equality is not just the right thing to do – for Business, it’s the SMART thing to do! “Gibraltar has an economic and social responsibility to itself to be visionary” he told B2B. “New equality laws in Gibraltar will not only spur already-growing consumer niche demands locally and internationally, they also augur well in terms of new opportunities for our economy. Those new opportunities are there to be made use of. While at this early stage I will focus on the gay market because of changes just around the corner at this point, there is no doubt that targeting a variety of equality opportunities across all categories in Gibraltar is similarly important. Indeed, creating an Equality-friendly marketplace will have a salutary knock-on effect all round.”
UK research shows gays and lesbians earned over £81 billion in 2007 and they spent a whopping £7.1 billion pounds alone buying goods on the internet the following year, putting a total of £23.5 billion pounds on their credit cards during a year of enthusiastic shopping. In 2012, with a tight economic environment, this consumer sector, as is true with all others, is not immune. But with coming social changes on the Rock, and an increasing preponderance of doubleincome-no-kids households, this market is still targeted by relatively fewer goods and services than the mainstream market. Spending marketing budget allocations to target gay consumers is not a political act. It is just S-S-B: simply smart business. Gibraltar can benefit from the earlier experiences of others. Mr Alvarez went on to say: “Large and successful corporations recognise the importance of diversity to their consumer base and they act in response to that. Smart Business does that. We have to move from a culture of ‘I see you but I don’t know you’ to a culture of ‘I see you, I know you and I take you into account.’ Why? Once again, BECAUSE IT MAKES BUSINESS SENSE! “
Felix Alvarez
That Business Case is set out clearly and succinctly in the first of a series of Booklets which Positive Business has launched. It is available, free of charge, to all businesses large or small. For more information contact info@ positivebusinessgib.com or log onto their web page on www.positivebusinessgib.com
Gibtelecom sponsors media awards 2012 Gibtelecom was one of the main sponsors at the Foreign Press Association (FPA) Media Awards 2012 held recently at The Park Lane hotel, London.
peers. Commenting on the event Tim Bristow, Gibtelecom’s CEO, told B2B that the Company was “proud to be associated with such a prestigious organisation as the UK Foreign Press Association. This high profile event helps establish Gibtelecom, and indeed Gibraltar’s presence, not only within the capital but also internationally”.
Gibtelecom sponsored the ‘News Story of the Year Print and Web Award’ which was won by Mr Malcolm Moore of the Daily Telegraph. Gibraltar’s Chief Minister, The Hon Fabian Picardo, presented the award on behalf of the Company. The FPA Media Awards is a wellestablished event of the international media calendar. The awards are dedicated to excellence in journalism and provide an opportunity for British journalists to be recognised by their international
Malcolm Moore and Fabian Picardo
Gibtelecom took up associate membership of the FPA in 2012, as part of its global business strategy. The FPA is an organisation which accredits some 1,500 foreign correspondents in the UK every year, representing all media from news agencies to print, broadcast and internet.
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Business Briefs
Credit Suisse named best Private Bank in Gibraltar Credit Suisse has been named the Best Private Bank in Gibraltar by Euromoney magazine. For the fourth consecutive year, Credit Suisse was ranked among the top three banks in Gibraltar. Credit Suisse also came first in the category Range of Investment Products in Gibraltar. Kerry Blight, Chief Executive Officer Credit Suisse in Gibraltar, told B2B: “I am very pleased that the market has recognised our leadership position in Gibraltar. This accolade reflects our unwavering focus on our clients and the long-term quality advice we provide them. Credit Suisse has been
active in Gibraltar for over 25 years. It is an important market for us and we will continue to invest in it.” Marvin Cartwright, Head of Private Banking Credit Suisse in Gibraltar, added: “The products and service that we offer our clients are the cornerstone of our success and so to receive the best range of investment products award is very pleasing. We have significantly developed our discretionary and advisory services for our clients in Gibraltar in the past few years and this work has also been recognised by Euromoney, our clients and peers.”
Euromoney is a leading publication for the global banking and capital markets communities. These rankings are based on the results of their Private Banking Survey 2013, and are derived from a qualitative and quantitative review of the best services in private banking by markets and by areas of service. The survey also includes competitors’ perceptions of the bestperforming providers in defined categories. Credit Suisse received numerous other regional and country awards, including Best Private Bank in Central and Eastern Europe, Guernsey, Russia, Greece and the Bahamas.
Local companies and RGP support Christmas Collection
Nicky Darby (DHL), Robert Dickson (RGP), Alex Bonavia (Argus Insurance)
Officers of the Criminal Investigation Department of the Royal Gibraltar Police in the days leading up to the Christmas festivities embarked on a campaign to help the less fortunate in the community. Everyday items were collected as well as items related to the Christmas period with the intention of contributing to Father Charles Azzopardi’s and his team of volunteers’ Christmas distribution. With the assistance of DHL, who provided storage space, and Argus Insurance Ltd, who financed administrative costs, an estimated
two tons of goods were collected at the DHL warehouse from individuals and local participating businesses. Gibraltar Defence Police Detective Constable Robert Dickson, currently seconded to the Royal Gibraltar Police CID, who coordinated the initiative told B2B “We were delighted to be able to make a difference to the less fortunate in our community during Christmas. Our aim was to bring smiles to their faces and with the assistance of the community we have helped make a difference. On behalf of the RGP CID I would like to thank everyone for their support.”
Robert Dickson (RGP) and Father Azzopardi
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Business Briefs
BRIC countries lead the world The chief executive officer for Barclays Wealth & Investment Management in India was recently invited to Gibraltar for an insightful panel discussion on the subject of enhancing trade links with India. Satya Bansal, the Mumbai-based CEO, was the guest of honour at the event hosted by Barclays in Gibraltar, held at the Garrison Library. The panel discussion was facilitated by Dominique Searle, editor at the Gibraltar Chronicle and Mr Bansal was joined by panelists, the Hon Joe Bossano, Minister for Enterprise, Training and Employment; Subash Malkani, Vice President and Finance Director at Finsbury Trust; and Peter Montegriffo, Partner at Hassans. The aim of the event was to enable industry
He said: “[The government’s] view is that it is this group of countries which are going to be the leading countries in the future - the growth in activity and creation of wealth will come from there. “We can see the possibility of attracting investments and high net-worth individuals to use Gibraltar as a stepping stone for European Markets.” Mr Bansal considers education as the driving force which will keep the Indian economy growing, and is the key to attracting global investors to India. Mr Bansal added: “The biggest asset for India is its talent pool.” The past 10 years have seen an increase in investments in India to improve infrastructure. The introduction of a new investment channel referred to as Qualified Foreign Investors (QFI) launched by the
structuring of wealth and succession arrangements for successful Indian families.” Mr Malkani said more has to be done to make investors aware of Gibraltar alongside other centres such as Jersey, Guernsey and the Isle of Man. Following the event, Mr Bansal said: “There are two things we need to consider here, and that is wealthy Indian families investing in Gibraltar as a gateway to Europe; and the other is having people of Indian origin living in Gibraltar investing in India. “Of course, this event has helped open the doors of communication between India and Gibraltar.” The event was deemed a great success and a fantastic opportunity for Barclays to give clients an insight into one of the fastestgrowing economies in the world. Franco Cassar, Country Manager for Barclays
L-R Franco Cassar, Peter Montegriffo, Satya Bansal, Minister Joe Bossano, Subash Malkani, Dominique Searle and Carlos Garcia
experts to share their knowledge and experiences and to discuss mutual business opportunities between India and Gibraltar, followed by refreshments and Indian entertainment while guests mixed and networked. Mr Bansal told B2B India is unique to the BRIC countries (Brazil, Russia, India and China) as it is the only country which was a member of the Commonwealth and whose parliamentary and court proceedings are carried out in English. Minister Bossano recently attended conferences in Brazil, China and India, and is due to visit Russia in the near future.
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Indian government has eased additional investments in Indian equities and debt instruments from foreign investors, and there are already several companies in Gibraltar with links in India. Mr Montegriffo said Gibraltar entities might be able to work in India through philanthropic bodies, and money that is generated in Gibraltar could be spent in India. He also called for Gibraltar to be used as a hub for businesses. He said: “Given that we are Englishspeaking, common law based and share historical links with the UK, we are an excellent alternative for the holding and
in Gibraltar, said: “First of all, I’d like to say a big thank you to the panelists for getting involved; and Satya for taking time out of his busy schedule to visit Gibraltar. The discussion was thought-provoking and insightful, and this was a great event for our clients looking towards the BRIC countries for trade links.” Barclays Gibraltar would like to thank clients for attending the event; the panelists and Vikram Nagrani for their involvement; the staff and management at the Garrison Library; Sound Reinforcement; Laziz; Chocolahhh…; and Mehek’s Dance Group for providing the entertainment.
Business Briefs
NatWest ‘End to End Challenge’
(l-r) Lino Bridges, Gareth Latin, Carlos Brydges and Kathy Ballantine shown with two St. John’s Ambulance crew members.
Staff from NatWest Gibraltar will be cycling 1,000 miles from John O’Groats to Lands End in a non-stop relay in April 2013 as part of a charity fundraiser entitled the ‘End to End Challenge’ . The 18 strong team of cyclists, accompanied by a support team of six, from across the Offshore Bank, hope to raise over £65,000 between St John Ambulance in Gibraltar and the local RNLI (Royal National Lifeboat Institution) in the Channel Islands and Isle of Man. The Gibraltar based cyclists Lino Brydges, Kathy Ballantine and Carlos Brydges, supported by NatWest Island Games sportsman and NatWest employees Gareth Latin and Kevin Gonzalez, will aim to cover the length of the UK in approximately 60 hours maintaining an average speed of 16/17 mph over the distance in order to complete the challenge within three days The ‘End to End Challenge’ is different from other Lands End to John O’Groats cycle challenges, as it will be completed as part of a non-stop relay. The 18 riders will be split into three teams of six, cycling for four hour stints and then resting for eight hours. This
rotation continues throughout the night and into the next day, for three consecutive days, until the final destination is reached and the Challenge is complete. Although this reduces the total distance cycled by any one member of the team, it brings its own complexities by riding through the night, in variable conditions and after only a few hours rest. In preparation for the event, the RBS International team has partnered with Ian Williams and his team at Big Maggy’s in Jersey who have assisted with equipment supply, given their expertise of long distance multi-day riding and are on hand to provide practical advice. Tony Williams from Equipe Flamme Rouge is providing a coaching and development service to build the team’s endurance and technical skills. St John Ambulance Gibraltar started in 1883, six year’s after the foundation of St John Ambulance in the UK. The charity provides and teaches first aid so that others may save lives on the principle that everyone who needs it should receive first aid from those around them. Locally, the charity provides an ambulance service for transfers to and from Spain and Morocco.
Lino Brydges, Head of Premium Banking and Mortgages, at NatWest told B2B “I am delighted to be riding as a member of the NatWest team taking part in this Challenge to raise money for St John Ambulance and the RNLI whose contribution often means the difference between a life lost and a life saved. The Bank is proud to support these extremely worthwhile charities that rely heavily on donations to support the local communities within which we operate.” Joe Chiara, Commissioner of St John Ambulance, added “The funds raised by NatWest team will make a significant contribution towards the running costs. St. John Ambulance is extremely grateful to the Bank for its support through the ‘End to End Challenge’ and wishes the team the best of luck over the coming months with their grueling training plan.” If you wish to support the Challenge you can donate to the team by visiting RBSI at 1 Corral Road, Gibraltar.
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Business Briefs
Gibtelecom partners with Monaco Telecom Gibtelecom has announced that it has recently entered into a strategic communications partnership with Monaco Telecom, part of the Cable and Wireless Communications group. The partnership marks a further step on Gibtelecom’s journey to becoming a global communications carrier. Monaco and Gibraltar are now directly connected as both places are landing stations on the Europe India Gateway (EIG) submarine cable, and the arrangement sees Gibtelecom becoming a communications carrier of choice for Monaco Telecom. Concurrently Gibtelecom is to lease capacity from Monaco Telecom to provide it with a new communications access route to the European market. Gibtelecom’s CEO Tim Bristow said “this mutually beneficial deal strengthens a longstanding friendship between both companies. The partnership means that, as well as Monaco Telecom leasing some capacity on the EIG cable, Gibtelecom separately acquires a diverse international route to other European destinations, transiting Monaco through the EIG landing station there. This will be the first time in over a century that a communications link from Gibraltar has headed directly east by sea from Gibraltar”. Gibtelecom’s International Director, Rab Paramothayan, added that “it is exciting to see Gibtelecom’s international business taking off as the Company expands its global network of business partners. There is already other EIG business in the pipeline which will cement Gibtelecom’s position as a
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small but established international communications player.” Martin Peronnet, CEO of Monaco Telecom, said “our companies have been able to leverage their mutual trust into a strong long term partnership. EIG has turned Monaco into a key gateway between Europe and the African and Asian continents. This deal will provide direct and secure access to even more international destinations for our customers and partners. It will further increase Monaco Telecom’s presence in the international data communication market”. Richard Faucheux, Monaco Telecom’s Director of Carrier Services, said “this contract further cements Monaco as a popular alternative to Marseille as a landing station of choice for carriers wishing to minimise latency and maximise diversity towards key European destinations such as Milan, Frankfurt, Paris and Zurich.” Gibtelecom is one of the founding members of the EIG consortium, which since 2011 has operated a 15,000km high bandwidth state-of-the-art fibre optic submarine cable from London (UK) to Mumbai (India). The EIG cable has thirteen landing points, including Gibraltar and Monaco, and spans three continents. The EIG cable landing in Monaco extends to a landing station in Marseille, which is a major European communications hub. Tim Bristow said, “this cable system not only provides Gibtelecom with significantly enhanced route diversity and resilience, to complement its extant terrestrial and other sea routes, but has placed the Company in a
position to seek business opportunities outside Gibraltar through capacity and bandwidth sales.” Gibtelecom is the main communications provider in Gibraltar, offering fixed line, mobile, internet and broadband services, together with business enterprise solutions and being the Rock’s largest data centres provider. In addition, Gibtelecom is a global communications carrier through its investment in the EIG cable and various partnerships with other telecommunications companies. Gibtelecom is a joint venture company owned by Telekom Slovenije and the Gibraltar Government. Monaco Telecom is Monaco’s only full service telecoms operator and is strongly committed to providing residents of the Principality with the latest services and high quality customer service. It is owned by Cable & Wireless Communications (49%) and the Government of Monaco (45%). The final share of the company (6%) is held in trust by the Compagnie Monégasque de Banque. Monaco Telecom is the leading provider of mobile services and sole provider of fixed line, broadband and pay TV. Monaco Telecom is building high quality mobile and broadband services in emerging markets. It has successfully partnered with national mobile operators in Kosovo and Afghanistan to provide network infrastructure and operational support (GSM, data, international voice, management of traffic and roaming). For more information, please visit: http://www.monaco.mc
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Restsso take on new Business Development Manager Julian Cabedo has recently been appointed to the role of Business Development and Marketing Manager at Restsso’s. Julian obtained an honours degree in International Marketing in England and brings over 20 years of solid international experience with him. He has held various senior positions in marketing and communications developing both strategic and creative business solutions for his clients. He speaks English, Spanish and French and enjoyed developing his European skills working in London, Paris and Madrid. Most recently he has been running his own consultancy in Madrid before finally returning home to Gibraltar in 2012. Throughout his career he has
Julian Cabedo
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been fortunate enough to have worked with most of the leading brands that Restsso’s distributes as well as with many international corporate clients. His expertise in branding will prove a great asset in his new role. “I am very proud to be joining the very professional team at Restsso’s and look forward to meeting the new challenges of building on the excellent work they have been doing for the last 50 years in Gibraltar, no mean feat!” Julian told B2B. “We are very happy to welcome Julian to the Restsso team and his extensive experience will be of great value for our next stage of development” John Paul Risso told B2B.
People on the Move
NatWest make senior appointment to head up bank in Gibraltar NatWest in Gibraltar has appointed David Bruce as its new Regional Director. David has more than 20 years’ experience in the corporate banking sector with NatWest’s parent organisation, RBS Group in the UK, and most recently at RBS International. His previous post was Senior Relationship Director at RBS International in Guernsey where his clients included large private equity funds in the financial institutions sector. Before moving to Guernsey, David spent several years in the Large Corporate sector at RBS’s corporate office in Yorkshire.
David Bruce
Graeme Smith, Director of Corporate Banking, RBS International added:
‘David has been appointed to a key position within RBS International as our new Regional Director of NatWest Gibraltar. His wide ranging banking experience and particularly his close working relationship with corporate firms including financial institution clients, makes David the ideal candidate to take the helm in Gibraltar.’ David Bruce added: ‘I am delighted to have been appointed as Regional Director, notably in the 25th year of the Bank’s presence in Gibraltar. I am looking forward to developing our business in Gibraltar and working with the Bank’s long established, experienced teams in delivering high quality client service to both local resident customers and the corporate sector.’ David is married with four children and his family is in the course of relocating to Gibraltar.
Two new Senior Executives for Finance Centre Department HM Government of Gibraltar is pleased to announce the hiring of two Senior Executives to work in the Ministry of Financial Services’ Finance Centre Department under the direction of the Finance Centre Director, James Tipping. The Senior Executives will assist in the development of the Insurance and Private Client sectors. Responsibility for new business development in Insurance falls to Mr Michael Ashton. Mr Ashton worked in the City of London in the insurance industry for 15 years until 2002, where he held a number of senior management roles including Michael Ashton Chief Operating Officer of ACE Global Markets, at the time, the largest insurance syndicate in the Lloyd’s Market. Since 2002 he has been involved in early stage businesses including a motor vehicle insurance company headquartered in Gibraltar. Mr Ashton is a qualified chartered accountant.
Paul Astengo joins the Finance Centre Department with the task of promoting growth in the Private Client sector. Paul has over 30 years banking experience gained in various offices of Barclays in Gibraltar, Spain and London and more recently with NatWest Offshore in Gibraltar. He has had a wide variety of roles in both the domestic and international spheres and he has gained extensive experience in executive and high net worth markets. A Gibraltarian by birth he returned to Gibraltar in 2000. The Minister with responsibility for Financial Services, the Hon. Gilbert Licudi QC said that the Government was fulfilling another significant manifesto commitment by the hiring of these individuals. “This is yet another sign of how committed the Government is to the
Paul Astengo
development of and growth in the financial services industry in Gibraltar. I am delighted to welcome Mr Ashton and Mr Astengo as they join the Finance Centre Department’s team.” Arrangements are in hand for the hiring of a further Senior Executive for the Finance Centre Department who will be responsible for the development of the Funds sector.
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