B2b Spring 2016

Volume 11 Nº3

• B2B chats to Emma Perez • Barclays’ Callie Lombard • Direct lending redefined • Young Enterprise needs you!

Contents

In this issue: FOREWORD page 5

· Foreword

page 5

· Cross Frontier Group pursues EU initiative

NEWS FEATURES page 6

· Emma Perez - Shattering the glass ceiling

page 8

· Callie Lombard - Here to make a difference

page 12

· Stephen O’Brien - ‘Direct lending redefined’

page 14

· Bassadone Automotive Group - business women driving success

PUBLISHER Copywrite Communications

editor@b2bgibraltar.com

JOURNALIST Jo Ward

CHAMBER NEWS page 16

· Young Enterprise Program needs your help!

page 18

· Is your company prepared for ESOS?

page 18

· Changes to the Gibraltar Income Tax Act

MANAGING EDITOR Jeremy Nicholls

ADVERTISING Jane Pizarro sales@b2bgibraltar.com

PRODUCTION Jorge D. Caballero

BUSINESS BRIEFS

production@b2bgibraltar.com

page 20

· Gibraltar echoes global trends

page 22

· Top football figures share finance insights at Barclays Exchange

page 23

· EY emphasises value of Literary Festival in promoting excellence in learning

page 24

· Pitman Training celebrates further international expansion

page 24

· Vista Fund Services chooses Linedata Admin Edge fund administration to support strong business growth

page 26

· Barclays recognizes customer loyalty

page 28

· PwC Gibraltar hosts insurance seminar

page 29

· Mons Calpe Suite receive gold award

page 30

· EY identifies potential expansion of Gibraltar insurance services

page 31

· New code of conduct for estate agents

page 32

· Gibtelecom changes data roaming access

Tel: 200 78376

page 33

· Europe’s insurance giants target SMEs in the search for growth

Fax: 200 78403

page 34

· EuroCity – A visionary development for Gibraltar

page 35

· EY publishes guide to doing business in Gibraltar

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PEOPLE ON THE MOVE page 37

· MH Bland announces Alexia Pecino appointment

page 37

· Mathew Oldham Joins TSN Partnership

page 37

· Vinopolis appoints events coordinator

page 38

· Vista appoints new Finance Director

page 38

· Chesterton is expanding again!

of Commerce or the publishers

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Foreword

Foreword The Chamber is pleased to see the issue of Government arrears has once again been brought to light following the Principal Auditor’s report. This has been followed up by Government with the decision to rein in on budget overspending by government Departments as well as its stated intention of taking measures going forwards to tackle the problem of rent arrears.

Whatever the political scrutiny each party will make, the issue of arrears and prudent

management of Government resources has been a key concern highlighted by The Chamber with successive governments for several years and most recently within its wish-list for the Parties during the 2015 General Election.

The Chamber fully understands the need to provide the right social framework to support those in real need. However the current state of play where arrears are rising year on year unabated is simply unacceptable. It is important to recognise

that arrears are also significant in other areas such as PAYE and Corporation Tax whilst the longstanding alleged abuse of the prescription system remains the order of the day. The Chamber welcomes the Government’s stated intention of tackling these issues in a prudent and robust manner as well as the recently announced clampdown by Government on alleged pharmacy prescription abuse.

Cross Frontier Group pursues EU initiative

The Cross-Frontier Group has been working on the possibility of establishing a European Grouping of Territorial Cooperation (EGTC). These are legal entities set up to facilitate crossborder cooperation between neighbouring jurisdictions within the European Union.

They allow regional and local authorities and other public undertakings from different member countries to form groupings with a legal personality to deliver joint services in economic, social and territorial areas.

The CFG was established in 2014 in a move spearheaded by the Chamber. Following the adoption of the group’s constitution last year, Chamber Vice President John Isola was elected as the group’s first President on a rotating 6 month basis. The Group is composed of workers’ unions and business associations from both Gibraltar and the Campo area.

EGTC from the Gibraltar Government, the Ayuntamientos of La Linea and San Roque and the Diputacion de Cadiz. Importantly, the Junta de Andalucia has also given its support to the EGTC application. The CFG is now actively involved with these organisations in looking at the practical steps that need to be taken to achieve the formation of an EGTC for our region.

Official reaction to the Group’s latest initiative has been universally positive as it has received support for the creation of an

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News Features

Emma Perez – Shattering the glass ceiling What about her experience as a woman heading up a private banking entity in Gibraltar? Has she experienced any discrimination? “I have never experienced a glass ceiling, but I know people who have” Emma says. “I was reading an article about quotas on boards, which I don’t agree with as I think it is the right person for the job, having said that there are countries where women don’t have a seat at the table and I think in those circumstances it is appropriate that those quotas do come in.”

The expectations on senior management as accountable for all their It has been reported that the glass ceiling is thicker in Private Banking than in other areas of finance but women at Societe Generale Private Banking Hambros (SGPB Hambros) in Gibraltar have not only broken through, with more women than men amongst the 50 strong staff force, but the top two roles both have women at the helm.

As CEO of SG Hambros Bank (Gibraltar) Limited since 2006, having achieved that position at the young age of 40, Emma Perez has been recognised for her impressive rise up the corporate ladder when in 2009 she was judged one of Wealth Bulletins’ 40 Rising Stars in European Wealth Management under 40 and, just recently, she was named as one of the Citywealth IFC Power Woman Top 200 for 2015 in

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staff is something that we are seeing in the UK now and it will be coming through here soon

government, private wealth, education, private client advisory and philanthropy across the international financial centres (IFCs).

“It has been recognised that women bring a different strength to boards with a lot more emotional intelligence involved in the way a woman conducts herself, so it brings more balance to the all-male decision making,” Emma says.

Commenting on the fact that Gibraltar has moved a long way over the last 20 years in regard to opportunities open to women, Emma says: “It really is improving if you have the right attitude, I don’t think you really need to have resilience as there is a lot of luck in this game in being in the right place at the right time, but it is nothing that has ever really phased me.” Does SGPB Hambros have a different ethos to other banking institutions because of where they are from? “There is a strong push for diversity, not just gender diversity, within the bank’s values as a whole, but I don’t think there is anything specifically different within SGPB Hambros - it is just the opportunities that have been given,” she says.

Born in the UK, Emma came to Gibraltar at the age of 11 with her family when her father took up a post as a doctor with the civilian hospital. After completing her schooling Emma went on to study accountancy locally, taking her ACCA exams through KPMG and has stayed in Gibraltar ever since.

“I started my formal training with KPMG, taking a year’s sabbatical when I first got married, and then went back but decided that I didn’t want to stay in practice for accountancy,” Emma states.

“An opportunity came up with Credit Suisse locally so I moved there and stayed for about 3 years, joining SGPB Hambros in 2001 within the finance function.” Emma’s short career path saw her moving on to become Deputy MD, eventually taking over as CEO. Emma was operational in the acquisition of ABN AMRO’s Private Banking activities in Gibraltar in 2008, when the bank began

News Features

to be known as Societe Generale Private Banking Hambros, (SGPB Hambros). “That was an interesting time for both banks and it effectively doubled our business, but although we were two very similar businesses, we had to merge together two very different cultures.”

With a substantial group global presence employing around 140,000 people worldwide, Emma says that out of the 50 employees within the Gibraltar office at the moment, many have remained with them since the original acquisition of ABN and she is proud of the low staff turnover rate.

Amongst other responsible roles, Emma was President of the Gibraltar Banking Association for a two year tenure from January 2011 and she has been on the board of the Financial Services Commission (FSC) for the past three years. In this respect Emma said that they were waiting to see the impact that regulatory changes, such as MiFID II in relation to investments and BRRD, will have on doing business within Gibraltar.

Whilst banking worldwide is facing significant challenges, Emma identified the constantly changing regulations coming through from the EU as something that senior management has to be fully conversant with ahead of time.

“The expectations on senior management as accountable for all their staff is something that we are seeing in the UK now and it will be coming through here soon.”

World financial markets can be seen as having had a bumpy ride at the beginning of 2016, so what significant hurdles does Emma see for the private banking industry going forward? “The banking sector is shrinking and with the capital and the cost of running a business being that much more, the banks are entrenching and refocusing on smaller geographical footprints,” she states.

Focusing on Gibraltar’s financial services, Emma comments that insurance is still buoyant but that the forthcoming referendum on Brexit is very important. “Our model is based on being part of the European Union and without that we may need to rethink what our selling points are for the jurisdiction.” Although there are financial services which won’t need the EU

label, Emma says that for the insurance companies who use it for passporting rights, it could have an impact on whether people decide to come to Gibraltar. “It is something we need to be cognisant of but I am sure that the Government is already thinking of new industries to move into.” She smiles as she says, “We have survived so many things, I am sure we will survive again by reinventing ourselves.”

different levels; £250,000 to £1 million, £1 million to £10 million and then another threshold,” Emma explains.

“Because of the restrictions on banking in the jurisdiction we are finding that the first threshold is proving to be popular, especially with locals or people coming in to the jurisdiction, either moving here or from across the border,” Emma states. “Young professionals are getting a feel for private banking and as they get older and become more affluent we then have an established relationship already in place.” For the last two years SGPB Hambros Gibraltar has won the Euromoney award for ‘Best Private Bank in Gibraltar for their Investment Offering’.

Emma’s vision for SGPB Hambros within Gibraltar is that it should grow significantly, organically, over the next couple of years, but at the moment she is pleased that business is burgeoning. “Generally across the client base, and that includes institution clients, there is a Our model is demand for our Part of SG Hambros’ services,” she states, based on being role is managing their carrying on to explain clients’ expectations that not only is this due part of the and with the recent to the quality service fluctuations in the provided by SGPB European Union Chinese stock market, Hambros but it is also as this also means a lot a result of consequences of ‘hand-holding’. in the jurisdiction - such “We have a constant committee that looks as other institutions closing their doors. at every investment around the world that enables us to give excellent advice, but we Explaining that there is a good support are part of a very large group with skills and network in the banking industry in Gibraltar, expertise in all areas.” To this end SGPB Emma says: “We recognise what different Hambros runs a series of long standing traits each bank brings to the jurisdiction popular and successful investment seminars and all the CEO’s have mutual respect for for clients and potential clients. A team of one another, which means that you can pick experts fly into Gibraltar from Paris and up the phone and call anyone if you have an Switzerland delivering strategy updates to issue.” invitees, the next one being held shortly at the Wessex lounge at Gibraltar International With an equally successful and busy husband, CEO of the Bland Group John Airport.

Perez, and two young daughters, Elena and Talia, Emma has no aspirations to leave Hambros has had a presence in Gibraltar Gibraltar in the near future. since 1981 when it started more as a retail business until 1998 when it was acquired by “I have no yearning to go elsewhere and I SG. “Today we are pure private banking, but am extremely lucky to have a really good one that is quite different to other private support network and a great nanny who banks in the jurisdiction in that we have a takes care of my life!” mass affluent type client base with three

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News Features

Callie Lombard - Here to make a difference Callie Lombard, Chief Country Officer for Barclays Offshore Gibraltar, is a rare individual amongst those in the often much maligned banking industry. Definitely a banker with a heart, Callie has already made her mark in the local community in her short time on the Rock.

Born and bred in South Africa, Callie has a strong rich accent that is reminiscent of her multi-cultural mixed heritage. “I grew up in a tiny town close to the Swaziland border which is mainly inhabited by descendants of German settlers with a mix of Zulus, Dutch, Afrikaans and a few English as well, it was multicultural and multiracial,” she says. “It was also a time of great political strife and unrest where one’s safety was of primary concern, there was real danger and you always had to be alert.”

Following in the footsteps of her father and elder brother, Callie went to a leading South African university to study law, going on to work in a niche private law practice. Joking about the fact that with a name linked to the Lombard banking dynasty, founded in Italy many centuries ago, banking should have been in her blood, Callie states that two of her grandparents were actually in banking. “It was always something that I had wanted to do and the change from law to banking seemed to occur organically,” she says.

Starting with a small niche bank Callie progressed to working for South Africa’s leading bank, whilst constantly adding to her qualifications, along the way accumulating several diplomas and two Masters degrees, one in law and a MBA. Callie was the Head of Legal in Corporate Banking at a Barclays’ subsidiary and was eager to broaden her horizons, when by pure chance she heard of the opportunity to work for Barclays in Gibraltar. “I wasn’t looking to go overseas, maybe it came looking for me”, she adds jokingly. She mentions with a smile that when telling people of the opportunity, their first reaction

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would be to ask where Gibraltar was, and those pretending to know would unashamedly refer to it as “an island in the Caribbean”. Callie says that the opportunity to work in Gibraltar came at a time when: “You reach a point where you realise that you simply have to move on to new things, not least for your own growth, but being cognisant of your young son’s future as well”.

hold to assist in getting the family settled, but he is now eager to resume it. “I love my work and although there are lots of challenges, they are what I thrive on,” she comments.

A major part of Callie’s role is trying to re-establish Barclays and get it up and running again after the bank’s withdrawal from the retail banking sector in Gibraltar.

With a substantially reduced staff, Callie says that they are refocusing on dealing with intermediaries and larger corporates, giving Barclays the opportunity to utilise any product across the group but without having a bank account itself within Gibraltar as the accounts will be based in either Jersey or London. “The thing with change is that people do not like it, but with a business model necessitating it we had, and continue to, restructure our client bases for renewed growth,” she explains.

“What people don’t realise is that we are still offering mortgages and that is a part of the retail section that we have retained.”

Callie continues by stating that they still have a number of premier international clients that also bank within London. “As business grows in Gibraltar, we at Barclays aspire to provide the financial support services to enhance such growth,” she comments.

Callie is married to an economist and they have a five year old son who gratifyingly already refers to himself as Gibraltarian, “and don’t you tell him otherwise” she says. “He has taken to Gibraltar like a fish to water, he absolutely loves it but it has not all been plain sailing, leaving your family and friends for a foreign country is never easy”, she says. Callie adds that her husband had put his career on

What people don’t realise is that we are still offering mortgages and that is a part of the retail section that we have retained.

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Callie Lombard - Here to make a difference programme (LifeSkills created with Barclays) which aims at empowering the next generation by training them to gain the required skills for achieving economic independence. “The Barclays’ staff went into Bayside and Westside schools in October and November twice a week teaching the students basic life skills; how to conduct yourself in an interview, how to motivate yourself, how to have confidence,” she states.

“I am starting to have a look at other youth

What makes you tick?

Greatest Achievement: The opportunity to head up a leading financial institution in Gibraltar Idea of happiness: To go to bed knowing that I have done the best that I could and hoping that in some way I have touched someone or at least made a difference

“ I do believe that I have been placed on earth to make a difference, not just to do a job, and that there is a very good reason for me being here in Gibraltar.”

“It is said that hindsight is an exact science, so when in a few years’ time I look back, there might well be things that I might have done differently, but for now my concern is, on a daily basis, to do what I believe to be in the best interests of all concerned.”

One of the first things that Callie and her team took part in was the Relay for Life event in September where they walked or ran around the track at Victoria Stadium in a 24 hour relay. “We were only a small team but even so we were one of the teams that raised the most amount of money for Cancer Research,” she says proudly. Cancer is something that has touched members of Callie’s family as well as some of her team.

“It is one of those things that is close to everyone’s heart, so then we carried on and repainted some rooms at the Cancer Research Centre at the end of October,” she says, explaining that all the staff participated, taking turns for someone to be in the office.

“Cancer Research will be our focus again this year.”

As the mother of a young son Callie knows what a responsibility it is to raise young people. With this in mind she has committed to working with youngsters in Gibraltar as part of the Barclays Community Investment

I do believe that I have been

The best thing about

placed on earth to make a

Gibraltar: The vibrancy of

difference, not just to do a job,

there is always something

and that there is a very good reason for me being here

the Rock and its people, happening Hobbies: Building Lego with my son or, if I have time to

in Gibraltar

myself which is rare, I love reading fiction

activities because that is something I believe to be important. I have been told that the Gibraltar Dyslexia Support Group has a weekly Homework Club which I am keen to become involved with”.

Sport: I am not really sport inclined but I do enjoy going for a walk, around the Rock, exploring Something that is not generally

Not only does Callie want to grow the Barclays Brand within Gibraltar, her aim is to make a difference within the community wherever she can. Barclays was a co-sponsor of the International Literary Festival last year, supported the Duke of Edinburgh’s Award scheme and recently became involved in funding a team of Young Enterprise students.

“They came in with a business plan we were really impressed with. Initially we just provided them financial support, but we have decided to extend it and have offered to provide them with whatever assistance they would require,” Callie says.

Callie’s philanthropic spirit is evident in all aspects of her life: “In November I went back to South Africa to lecture to master’s students at a leading South African university because they are lacking lawyers with banking law knowledge and I have already been invited to return this year.”

known about you: I like to paint mostly in oils and pastels Personal unfulfilled ambitions: For the moment I am learning as much as I can, taking it day-by-day and truly enjoying myself, but in an industry of constant change - tomorrow is never a certainty Motto: Nothing in the world is worth having or worth doing unless it means effort – I am here to make a difference.

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News Features

Stephen O’Brien – ‘Direct lending refined’ Marketplace lending, the new buzzword for peer-to-peer (P2P) lending, is a fast growing platform that offers an alternative to traditional banking.

Borrowers come to Sancus from all corners of the globe including the Isle of Man, Scotland, UK, Jersey, Guernsey and Gibraltar, with core lenders in the Cayman Islands, Singapore, and Hong Kong.

Steve O’Brien, Managing Director of Sancus (Gibraltar), has only been in Gibraltar since June last year and has already established a strong team of 4 people working from their offices in Main Street. “It has been a manic start,” he says.

“Provided we fulfil all our KYC’s we are open to clients anywhere and, because we perform full due diligence on both borrowers and core lenders, we cover all bases and don’t leave any stone unturned.”

Coming from a traditional banking

“Sancus opened doors on 1st July but we had our official launch in November at The Rock Hotel at which we were privileged to welcome the Chief Minister, especially because it was only two days before the election.”

Born and raised in Tullow, County Carlow in Southern Ireland, Steve’s life was destined to be very different. With a high profile rugby playing brother, Sean O’Brien, a member of the British & Irish Lions squad and an Irish International, Steve himself had an illustrious rugby career until he retired as captain of Jersey in 2012. “I had wanted to be a PE teacher and I went to University in Dublin, but fate led me to the finance industry,” Steve says.

Moving to Jersey at the age of 18 where his uncle lived, Steve had a reconstruction operation on his shoulder after a dislocation and stayed on to play the sport as an amateur then a semi-professional and finally as a professional. “Rugby opened up a lot of doors for me on the island - it is the most high profile sport over there – and I was highly involved in how they soared up the league,” he states. “That opened up doors business wise and, coupled with a lot of hard work, it kicked me in the right direction,” Steve laughs at the unintentional pun as he says this.

Although only 36 years of age now, Steve’s experience in the finance sector was gleaned during a period working at a stockbrokers for five years and ten years with Nat West RBSI until he was asked to set up a corporate office for Santander in Jersey in 2012. A brief encounter with a potential

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I had wanted to be a PE teacher & I went to University in Dublin, but client led to Steve’s involvement with Sancus. “He had a couple of business ideas, one of them was Sancus,” Steve states “and he explained it very simplistically as based on an old school banking peer-topeer model.”

Sancus Limited was founded in Jersey at the end of 2013, opening its Guernsey office in January 2014 and was acquired by the Guernsey-based, AIM listed lender GLI Finance in December that year. Steve elucidates: “Each Sancus is a standalone entity - Guernsey, Jersey, Isle of Man and Gibraltar and we are also looking at setting up in Malta and maybe the Cayman Islands.”

GLI have a 25% shareholding in Sancus Gibraltar which Steve says keeps the synergy between the Group and the original Sancus, with the Jersey operation considered to be Head Office.

Marketplace lenders enjoy the advantages of the financial system, without the costs, and can operate more quickly than a traditional bank could. “We deal with entrepreneurs and high net worth’s, providing speed and efficiency of service for our borrowers,” Steve states, continuing “we have done some deals within seven days from start to finish - security perfected.”

fate led me to the finance industry background Steve is quite aware of how long things can take and the red tape that has to be gone through to get things done.

“There are a lot of clients out there who may tick nine out of the ten boxes but if you don’t click ten out of the ten, you don’t get the facility you are looking for.”

“Sancus takes a more holistic view of what the deal is and how it is structured and because we have got a background in offshore markets and trusts - intermediate markets - we have a good grasp on how things work.”

Steve was keen to point out that there is no risk but that Sancus tries to mitigate everything as much as possible. “We do full credit assessments and we meet borrowers,” he states. “For instance, if a loan is secured against a property, we go and view the property and we get RICS valuations, so we do everything a bank would do but we do it quicker and more efficiently.”

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What makes you tick?

Greatest achievement: My family; my wife and 3 boys. I am very proud of them all even though they are only young but at least I have got the back row in a rugby team sorted!

Unfulfilled ambitions: If I could turn back the clock, who knows what would have happened if I hadn’t been injured and maybe I could have gone on in the same vein as my brother. However, I am very proud of Sean and good luck to him Idea of happiness: : I am a very happy person and enjoy the simple things in life. An ideal day would be a warm sunny day, nice blue skies and a BBQ with friends and family Best thing about Gibraltar: The people are very friendly and I have been welcomed with open arms “Our average loan book in Gibraltar is 16% loan to value which is incredibly low, probably too low at the moment, so we are trying to bring that up a little bit,” Steve states.

Sport: Rugby is the main one, of course, and I have started

Asked why Sancus chose Gibraltar to set up an office, Steve says that they came to the jurisdiction mostly because of the low default rate.

“Everybody knows each other so it is less likely for someone to default, otherwise their reputation might be in tatters.” He elucidates on the point by likening Gibraltar to Jersey and Guernsey: “They are small jurisdictions and we like places that we can understand and get to grips with, so Gibraltar ticks all those boxes for us.”

Something not generally known: Everybody knows that I am

playing again here in Gibraltar, but I also enjoy a round or two of golf

very competitive, but what they don’t know is that after rugby training I like to listen to classical music on the drive home and I also love musicals!

Motto: There are two edicts that I live my life by, the first based on Muhammed Ali’s quote;

Regarding complying with FSC regulations, Steve says that in that respect Sancus has a money lenders’ licence. “It will be a matter of time until the industry as a whole becomes regulated, but we have found that the regulators and the Government here are very open to discussion and they have both been very supportive.” He went on to comment that in the present climate where established lenders have left Gibraltar, the market was ready for a new a lending company.

“It’s the repetition of affirmations that leads to belief And once that belief becomes a deep conviction, things begin to happen.”

Effectively, if you believe in something enough, you can make it happen.

Although having only been in Gibraltar for a short space of time, Steve has identified a need for a niche requirement for local people in the form of an affordable housing mortgage product. “It is something we have incorporated here specifically and under our subsidiary, The Gibraltar Mortgage Company Ltd., we will launch a tranche of cash (about £1.5 million) in stage one and then look to increase on that substantially as we go forward,” he says.

With marketplace lending such a massively growing industry, Steve is confident that Sancus is in the right place at the forefront of the UK Gibraltar offshore market. “It is an exciting time for us and the message I want to get out is that Sancus is here for the long haul - so come and find us!”

The other is taken from a great poem: ‘The Indispensable Man’ with the moral being that basically there is no indispensable man; “Take a bucket and fill it with water, Put your hand in it up to the wrist, Pull it out and the hole that’s remaining, Is a measure of how you’ll be missed” Part of the Sancus ethos is that we work hard but we also have lots of fun and we try not to take ourselves too seriously.

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News Features

Bassadone Automotive Group - business women driving success

L to R: Maria Jose Marin, Rocio Repiso, Lourdes Ghio, Lourdes Barea, Melanie Jackson & Lianne Moreno

The Automotive industry may not seem like the obvious place to find a growing number of female managers and key decision makers but at the Bassadone Automotive Group (BAG) there is evidence to the contrary.

From Human Resources to After Sales, from Accounts to General Manager we find teams led and inspired by talented, focused and driven female managers.

Lourdes Barea, BAG Human Resources Director, has been with BAG since 2005. “I was first employed as a Human Resource Manager for approximately 170 employees, although the Group has now grown to about 225 in Gibraltar alone. I am also a consultant to SsangYong UK (also part of BAG) which employs around 17 staff. My title was changed to Human Resource Director in 2013 to better reflect my local and international responsibilities. My greatest achievement since being at BAG was being instrumental in achieving the Investors in People Gold (Champions)* award.”( *Of the

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25,000 organisations accredited by IiP, only 205 (0.8%) have achieved the Gold award to date and only 48 Companies have achieved Champion status in UK. There are only six Investors in People Champions outside of the UK which includes Bassadone and we are the first and only Gibraltar company to attain this prestigious award.)

Dianne Vallejo, Bassadone Motors and Rock Motors General Manager, joined BAG in 2003 as General Manager of one of their export companies. In 2006 she was given the opportunity to lead the Rock Motors team.

This year she succeeded Joe Romero as General Manager of Bassadone Motors and is now responsible for setting the strategy and direction of both local businesses.

Lianne Moreno, Bassadone Automotive Group Business Analyst was employed by the Group in 2014. “My role is primarily focused on forward planning and resource allocation for the existing companies as well as the carrying out of the financial analysis for potential future investments. The

Bassadone Group encompasses not only local companies but also companies based in other jurisdictions and focusing in various areas of the Automotive Industry.

Continuous monitoring is therefore necessary to allow effective decision-making throughout”.

Melanie Jackson, Toyota Gibraltar Stockholding Finance Manager, joined BAG in 1989 as export administrator. “After a year within the administration side I started in the finance section. As the company evolved so did I, I moved on as Accounts Assistant then to Assistant Finance Manager and for the last 8 years l now head the Export Finance Team as Finance Manager.

Lourdes Ghio, Rock Motors Service Manager, joined BAG in 1997 as an Administration Clerk. Moving through the company in different roles over the years Lourdes’ current position is Service Manager at Rock Motors. “My role now consists of managing a workshop team of 4 mechanics and two Service Advisors. I am also the ISO

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co-ordinator and responsible for the Quality Control.

Having been able to work in different departments within the group has given me the opportunity to develop not only within my career but also as a person.”

Dianne Vallejo

Maria Jose Marin, Toyota Algeciras, “joining in 2004, I started as Head of Administration for the Toyota dealership and by 2005 I became the Financial Controller of all the BAG dealers in Andalusia (DAZ).

In 2007 I was appointed Group Chief Financial Officer of the distribution company, and, in 2010, to my current

position of General Manager of the Toyota Algeciras and Toyota Estepona Dealerships and General Manager of DAZ.” Rocio Repiso, Hyundai Spanish dealers, started with BAG in March, 2005, “as Head of Administration at the Hyundai dealership in Marbella. In 2009 I went to my current position of General Manager of Hyundmar, responsible for all the management, administration and accounting for the company.”

All these successful and hard working women are closely involved in the day to day management and decision making. They are driving forward all of the companies which go to make up the Bassadone Automotive Group.…………..part of the community, at the heart of the community.

Focusing on detail Understanding your needs Deloitte provides a full range of professional services, including audit, tax and financial advisory.

As a member firm of Deloitte Touche Tohmatsu our service values are guided by global common principle to ensure our services are consistently of the highest quality.

Our philosophy focuses 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 Stephen Reyes or Joe Montovio 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

15

Chamber News

Young Enterprise Programme needs your help!

Young Enterprise Gibraltar is a charity organisation with the aim of giving young people the opportunity to explore the commercial world, structure of organisations and how the world around them works, hopefully preparing them to engage positively in the future.

Students are enrolled in a variety of programs through the academic years appropriate to each age all the way to the flagship company programme, where winning teams take part in the UK finals of the Young Enterprise UK.

series of fun activities and backed up by a comprehensive range of support materials.

In the Earn to Learn programme business volunteers help students understand how education is key to their future success and happiness in work and in life. Students discover their previously undiscovered talents, meaning that careers that once might have seemed out of reach are actually achievable.

Activities include: Living in a dream world, Budgeting for your dream lifestyle, Making your own way, Reality bites, The cost of

Chairman, Carlos Garcia, with the Fusion Team

Another of the programs available for younger students of years 9 and 10 are the Earn to Learn and Personal Finance programs.

Learning to manage money can be really tough for teenagers. In the Personal Finance programme students are challenged by means of an intriguing “life map” to consider the ups and downs they will face in handling their own financial futures. They get a hands-on introduction to credit and debt, savings, investments and budgeting.

Students get an understanding of their role in society and the economy as consumers, employees, taxpayers, investors and borrowers.

Volunteers from the world of work lead discussions, deliver activities and enrich the programme with their own experiences and knowledge in support of the student’s class teacher. The programme can be run over five one hour weekly sessions. The students who take part work together through a

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living, Playing with success, Learn now or pay later – the costs and benefits of continuing in education and training.

Learn to Earn is run over six weeks. Students are helped to think about their career choices and what kind of qualifications they would need to pursue them, which helps them become more capable financially.

For both these programs an essential component is the input provided by people from the working world assisted by the class teacher. It is as much a fulfilling challenge for the volunteer and a perfect exercise as part of a continuous professional development not to say the satisfaction of helping to guide the future of our community.

This year the above programs are planned for week commencing 25th April. If you are interested in contributing or wish to discuss further please send an email to ian.torrilla@ youngenterprisegibraltar.com.

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Chamber News

Is your company prepared for ESOS? A new EU directive requires all large companies operating in EU member states to undertake an energy audit every four years. This will be implemented in Gibraltar as the Energy Savings Opportunity Scheme (ESOS) and its aim is to enable companies to analyse their annual energy consumption and then use this to plan on incremental reductions in consumption where possible.

The ESOS regulations came into force in the UK in July 2014 and the Gibraltar equivalent is due to be published in the first quarter of 2016. Companies will then have a period of time to engage with one of the locally qualified energy auditors to tender for an audit of their firm. The good news is that it only affects those companies which are not small and medium sized enterprises (SMEs).

Gibraltar companies which meet either one or both of the conditions below will need to have an audit of their energy use: • C ompanies which employ 250 or more people • Companies which have an annual turnover in excess of €50m (£38,937,777), and an annual balance sheet total in excess of €43m (£33,486,489).

Energy audits will not be required by the vast majority of local businesses as they do not currently meet any of these criteria. However, there are still a number of large enterprises which do meet them and it is important that they prepare themselves to be able to comply with the new regulations when they come into effect. Companies which fail to comply are likely to be fined.

The audits will be conducted by qualified independent assessors and paid for by the companies which are being audited.

Although this will introduce an additional business cost one of the main benefits of having an audit is that it will highlight areas where a company’s energy use can be improved, reduced or made more efficient.

Over the medium to long term the cost savings are likely to more than offset the cost of the audit and reduce a company’s carbon footprint at the same time. For this reason, even companies that are not obliged to undertake an audit are encouraged to do so.

The auditors will assess the total direct energy use of an individual company including electricity consumption, fuel for vehicles and other machinery which the company uses. Companies will not be assessed for indirect energy consumption, for example the cost of having items delivered to them by a third party. The

length of time and cost of an audit will vary depending on the size of the company and the complexity of its operations.

Local companies which are part of a larger group based elsewhere in the EU should liaise with their head office in the first instance to see if an energy audit has already been conducted. The local subsidiary may already have been included in the group’s energy audit. If so then a valid certificate issued by the auditor should be available to them to show that they have complied with the new regulations.

The rules are likely to be published before Easter 2016 and then companies which require audits will be given a grace period to comply so that the audits can be undertaken. Audits will then need to be conducted every four years thereafter.

You can read more about the UK’s ESOS scheme at www.esos.uk.com, although when introduced locally, the Gibraltar scheme may differ from its UK counterpart.

Full details of the scheme will be made available online via the H.M. Government of Gibraltar webpage, including details of qualified auditors, and the Department of the Environment & Climate Change will be issuing guidance in due course.

Changes to the Gibraltar Income Tax Act Following the article in the last edition B2B on changes to the Income Tax (Amendment) Act 2015 which introduced a requirement for all Gibraltar-registered companies to file a tax return www.kpmg.com/gi has highlighted other changes on the filing obligations for companies incorporated in Gibraltar that declare dividends.

For accounting periods ending on or after 1 January 2016, every company incorporated in Gibraltar (with the exception of those that are listed on a Recognised Stock Exchange) that declares a dividend must file a return within nine months after the end of the accounting period in which the dividend was declared.

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Companies declaring dividends in favour of shareholders who are ordinarily resident in Gibraltar or another company incorporated in Gibraltar must provide such shareholders with additional information. This is the amount of tax credit and the dividend entitlement divided between that part paid out of profits chargeable to tax in Gibraltar and that part paid out of profits which is not chargeable to tax. This information must also be provided within nine months of the end of the accounting period in which the dividend was declared.

Where companies were formerly deemed to have paid dividends from their taxable profits or reserves before other profits or reserves, dividends which are declared

under the new rules will be deemed to have been distributed proportionally from profits chargeable to tax and profits not so chargeable to tax.

This change will entail a further compliance burden for local companies which declare dividends. The Income Tax Office has stated that regulations and guidance notes are to be published to assist in the preparation of returns.

KPMG will send the guidance notes on request when they are issued and says that it is happy to assist any local company with the preparation and filing of returns which may be necessary as a result of this new legislation.

Local communications global connections

Tel: +350 20052200 | info@gibtele.com | gibtele.com

Business Briefs

Gibraltar echoes global trends

It would seem that commercial development is on the boom in the UK with Deloitte’s Crane Survey reporting last year that office construction is at a seven year high in central London, with over 11 million square feet of Grade A office space due for completion in the next two years. Their latest insight in January 2016 confirms that Leeds and Birmingham are also displaying similar confidence and momentum. The same could be said for Gibraltar with the latest and largest property developments under construction boasting a combined 27,000 m2 of premium office.

Another trend being successfully replicated is that of incorporating premium corporate space within mixed use developments.

Although currently en vogue these developments are predominantly successful because they incorporate the same key elements of walkable proximity that have held together vibrant urban communities for centuries. Midtown is a prime example of such a development here in Gibraltar.

The reasoning behind the seemingly stateside theme to the project that spans 4.3 acres in the heart of Gibraltar is quite interesting, as a spokesperson for Midtown explains “The name Midtown evolved quite

20

naturally due to it’s central location when redevelopment of this site was first mooted a number of years back, and of course there follows a logical association to the original Midtown in the U.S” Perhaps not surprisingly, midtown Manhattan also happens to be Americas greatest commercial, entertainment and media district and houses the country’s largest business community.

“In giving Midtown (Gibraltar) a full identity, we wanted to move away from the usual well-­worn military and marine references, and reflect on something of where we are now and our next evolution as a country and a community. The New England towns that the various areas of the development are named after, not only make for great sounding addresses, but also hold a deeper meaning. There is a strong synergy between the early founding fathers and the people of Gibraltar at this point in time. The pilgrims were bold, entrepreneurial individuals that sought freedom and independence and we too are a frontier community with a people determined to forge their own destiny and secure freedom of choice” As artist’s impressions and plans of the project circulate, it is clear to see that

Midtown has been skilfully designed to provide a contemporary and sustainable hub of residential, commercial and corporate buildings with a strong emphasis on providing green spaces for comfortable living and the whole community. Recent studies by the University of Exeter show that living near parks and gardens in cities or towns actually boosts mental well-­being and that these positive benefits are significantly long lasting. Midtown’s spokesperson expanded on this ‘green focus’ as being one of the key objectives in the process; “When space is at a premium in a place such as Gibraltar, developers can be tempted to try to maximise every scrap of financial potential and as a result they inevitably sacrifice some of the things that deliver quality of life. With Midtown, a great deal of care and generosity has been shown in the design of each apartment, balcony, terrace, lobby & courtyard as well as the gardens and park, all with the objective of creating a really desirable place to live and work long term.

Equally, the areas that are to be used for corporate offices and commercial outlets have had the same amount of forward vision applied in terms of creating productive working spaces, high specification finishes and increasingly important state of the art security features. Once complete, the development will be an asset to Gibraltar for many generations to come.”

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Business Briefs

Top football figures share finance insights at Barclays Exchange

The importance of active investment management for financial success in the football industry was the topic of Barclays’ panel debate, ‘The Exchange’ in Gibraltar.

The panel highlighted the financial challenges facing the football industry including its international nature which requires an understanding of international financial markets and the changing global dynamics.

Barclays investment specialist Nick Gordon was joined by former Sunderland AFC Chairman Niall Quinn and former Southampton FC Executive Chairman Nicola Cortese, with Sky Sports presenter Ed Chamberlin moderating, to debate their thoughts on effective investment management and how it is increasingly a challenge to turn success into long-term prosperity in the football industry.

“Football is an international business and that creates problems for clubs including the issues of negotiating across borders and fluctuating exchange rates,” said Nicola Cortese.

Despite the fact that there has never been so much money in football many clubs and players that have been successful on the pitch are far less successful when it comes to managing their money.

XPRO, a UK-based football charity which offers help, support and advice to former professional footballers, estimates that three out of five premier league football players go bankrupt after retirement and many of the world’s richest clubs are struggling to manage their financial affairs.

In light of this the panel discussed the need for the football industry to develop smart business and investment strategies to take advantage of the opportunities and navigate the challenges that come with the wealth made by some clubs and players and how these could be applied to other industry sectors.

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“Players have a performance driven career and a complex lifestyle which can involve playing abroad at some stage of their career. This means operating in an international market and an understanding of the macroeconomic climate and currency markets is vital for their financial success.

“Education is key and clubs have a role in ensuring that players have the necessary knowledge and skills to be successful in their careers and in the future.”

For players in particular Niall Quinn emphasised the importance of a good education to enable them to manage their money.

“Many players, who come into the game at a young age, are not equipped to deal with their wealth. They can be easily influenced which often makes them the target for bad advice and bad decision making.”

Niall drew on his own experiences as a former Irish international to explain the emotional impact of retirement for players.

“When the stadium lights go off and the roar of the crowd dies down many players aren’t prepared and it can be hard for them to handle. They have been told their whole lives they are set for stardom and all of a sudden it ends. We need players to understand the importance of forward planning and preparing both financially and psychologically.”

Nick Gordon discussed the importance of creating a long term financial and the significance of incorporating a degree of flexibility, as both players’ and clubs’ situations will change over time.

“The most important thing is to step back and plan for the future. You not only need to possess the skills to formulate a robust and dynamic plan, but the discipline to actually implement, review and revise it as circumstances and objectives change.

“Players need to be aware of the numerous investment options available and their investment goals, as well as the potential benefits balanced portfolios can provide with regard to diversification of investment risks.

“Working with the right advisors and partners in the long-term can support this, ensuring you have the right plan in place to meet ever changing financial and lifestyle goals. This is not only true for football players and clubs, but for anyone looking to secure their financial future.”

EY emphasises value of Literary Festival in promoting excellence in learning EY held a dinner to celebrate their sponsorship of the Gibraltar International Literary Festival. The theme of the evening was a celebration of the Festival’s impact in promoting learning and excellence in education.

Mr JJ Pisharello, Managing Partner of EY told B2B: “Learning and education lie at the heart of society, enriching its people and developing strong values. Gibraltar’s biggest asset is its people. Be it in financial services, shipping, tourism or gaming, the development of these sectors is dependent on the quality and excellence of our people.

I believe that the Festival, in combination with the many other cultural and learning opportunities that we enjoy in Gibraltar, play a crucial part in our development. opportunities.”

“There is an element of self-interest in our support of the Literary Festival. We know

that the best people are those who have been exposed to all the learning and cultural opportunities that Gibraltar has to offer.

They bring innovation, clarity of thought and a passion for learning. They also have a desire to live the values that we in EY strongly espouse such as technical excellence, integrity and respect.”

The dinner was part of a wider involvement

by EY in the Festival. Working with the organisers EY also supported a talk by renowned journalist James Harkin. Speaking on the topic of Niche: Why Business Needs to Specialise to Survive, James espoused the value and long-term security that can be delivered by businesses which take a focused approach to expertise.

Festival Director, Sally Dunsmore said: “We are very grateful to EY for enabling us to bring James Harkin to this year’s Gibraltar Festival. An outstanding journalist, James reported from Homs and Damascus in 2011, reports which were taken up by newspapers, magazines and radio stations around the world.”

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Business Briefs

Pitman Training celebrates further international expansion Following the success of recent international expansions, the respected British business is excited to be rolling out its unique model of computer-based, experiential learning in the British Overseas Territory, after an experienced and recognised training provider, already firmly established in the area has joined the franchise network.

The new Pitman Training Centre is centrally located at 209 Main Street and is headed up

by Brenda Cuby.

Claire Lister

The UK’s leading franchised training provider, Pitman Training Group, is thrilled to announce the continued expansion of their franchisee network, as the Superbrand™ recently opened the doors to its new training centre in Gibraltar.

Wetherby based, Pitman Training Group M.D, Claire Lister told B2B: “We’re very excited to announce the recent launch of a Pitman Centre in Gibraltar. This is an incredibly interesting market – only 3sq miles geographically, and with a population of only 30,000 residents, but with a market worth in excess of £1 billion. Main markets come from tourism, online gaming businesses, and the financial services sector. The market is therefore vibrant and there are many

opportunities for training and development both for the resident population but also for the individuals who come across the border from Spain each day to work.

Our new partners have an excellent range of business and training skills, and are already well established in the region. We are confident that they will make a tremendous success of the business, and will provide excellent support to private and corporate clients alike.”

Pitman Training has recently been announced as a finalist in the ‘Bfa HSBC Franchisor of the Year Awards 2015’ in the ‘Award for Innovation’ category, which pays testament to its constant strive for innovation, and its passion to remain forward thinking.

Vista Fund Services chooses Linedata Admin Edge fund administration to support strong business growth Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, recently announced that Vista Fund Services Ltd (Vista) has selected Linedata Admin Edge to run all its fund administration services in Gibraltar as demand for its specialist services grows.

With business expanding, Vista decided to move away from their in-house system to one designed and supported by investment software specialists. This move was prompted by a growing fund and investor base and the need to adapt to new regulatory regimes, particularly AIFMD. Craig Wilson, Finance Director at Vista, explains: “We are a specialist administrator offering a range of services; from

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assisting start-up managers wanting to launch a new fund to the administration of larger funds for more established clients. We want to focus our resources on our clients and our core business and leave the software development to the experts.”

Craig told B2B: “We chose Linedata Admin Edge because we can configure it exactly to meet our needs, and because it offers us the cost-effective scalability we require as our business grows. It will help us automate and streamline our processes, producing efficiency gains and further reducing operational risk.

Additionally, we manage a diverse client base with fund strategies covering private equity, real estate, complex derivatives and, of course, more plain vanilla type instruments. Linedata Admin Edge will enable us to administer all of these on a single platform.”

“Vista Fund Services is a great client to have on board,” says Thierry Soret, Head of Back Office business for Linedata. “They can make the most of Linedata Admin Edge’s real strengths in addressing complex fund structures and multiple instruments whilst enjoying a streamlined, integrated fund accounting and transfer agency solution which will grow as they do. This makes it a functionally rich yet cost-effective choice, backed by Linedata’s commitment to invest in its back office products to ensure that they meet clients’ expectations, in terms of automation, functionality, scalability, regulatory updates and new instrument coverage.”

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Business Briefs

Barclays recognises customer loyalty Barclays Gibraltar recently held a ‘thank-you’ lunch in recognition of their clients’ loyalty and support throughout 2015. The event was held at Gibraltar’s Rock Hotel with Barclays’ Dr Peter Brooks giving an interesting introduction over dessert to behavioral portfolio theory and the science behind how people make investment decisions.

Dr Brooks works closely with a team of experts in the UK to develop and implement commercial applications which draw upon behavioral portfolio theory and decision sciences.

The Event was an opportunity to reinforce Barclays’ services to its valued clients in Gibraltar. The local team comprises experienced Relationship Managers and Account Executives led by Chief Country Officer Callie Lombard and are based in centrally located Regal House, allowing easy personal interaction.

Barclays Gibraltar continues to offer and facilitate global banking solutions for clients via a simplified and digitised way.

The occasion was hugely enjoyed by all and was a great opportunity for clients to meet and engage with the whole Barclays team.

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Business Briefs

PwC Gibraltar hosts insurance seminar A full spectrum of the Gibraltar insurance industry recently attended an update seminar on the standard formula, the implications of the accounting standard on insurance contracts (FRS 103), and an interesting outlook on the UK motor market.

Mohammed Khan, Uma Baska, Barney Wanstall and Sundip Mistry (PwC UK insurance specialists) teamed up with local partner Kristian Menez (PwC Gibraltar Financial Services Leader) to deliver the 3 hours presentation.

Kristian said that “seeing so many members of the insurance industry together to discuss three very relevant areas of subject matter fully reinforces the importance of these topics in the current insurance climate and

The event, which saw over 60 members of the Gibraltar insurance industry attend at the Sunborn hotel, has been widely applauded

the need to keep up to date on market developments”.

by the attendees, and given the interest, is likely to be hosted again in the new year.

PwC Gibraltar have said that if anyone is interested in attending future insurance seminars, people should contact PwC at enquiries@gi.pwc.com.

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Business Briefs

Mons Calpe Suite receive gold award

WEDDING VENUE

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“the sunlight clasps the earth, And the moonbeams kiss the sea:— What are all these kissings worth, If thou kiss not me?”

“

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WEDDING VENUE

Parry Cockwell, Chairman of the awards panel stated, “The inaugural DWHA awards recognise the devoted professionals that make this possible. These industry experts discreetly and sensitively take care of the practicalities, thereby allowing the emotional experience of the couple to be enhanced, enjoyed and ultimately cherished.

Our award winners are the hallmark of excellence; here at DWHA we are delighted and indeed honoured to be able to recognise them.”

The announcement was made in the magazine’s January/February 2016 edition.

Other winners included The Twelve Apostles, South Africa for Africa and the Enchanted Barn, Wisconsin for North America. Gold Awards were also presented for best honeymoon resort and best wedding photographer. DWHA is on sale nationally across the UK at all major newsagents, supermarkets, stations, airports and has prime positions at the prestigious Harrods and Selfridges. International distribution

includes Dubai, Sydney, New York, Toronto, Cape Town, Paris, Berlin and Monaco.

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Fernando Valdivielso Gomez, Manager of the Cable Car Top Station and Mons Calpe Suite said, “we are very happy and proud to be given the Gold Award by DWHA. The Mons Calpe Suite is a very special venue which has now been recognised by a leading wedding magazine in the UK. We aim to make all events special for our guests and this is a fitting tribute for the entire team at the Mons Calpe Suite. We appreciate that each wedding is unique and we make every effort to ensure each couple’s expectations are not only met but exceeded.”

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Business Briefs

EY identifies potential expansion of Gibraltar insurance services EY’s latest UK Motor Insurance Market Analysis predicts that motorists can expect a significant rise in annual premiums next year. That increase could be up to 8%, equivalent to a £30 annual increase and the biggest rise in premiums since 2011. However, even an 8% rise in premiums will fall short of securing profitability for motor insurers which analysts suggest will require an increase of around 20% to achieve profitability in 2016.

Speaking at EY’s Motor results seminar in London recently Angelique Linares and Dale Cruz of EY Gibraltar presented a view from the Rock for the motor insurance industry.

EY’s motor results seminar is delivered twice a year to over 100 interested parties and covers the performance of the UK motor insurance market. The presentation includes the results of Gibraltar’s motor insurers that underwrite UK motor risks.

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Dale Cruz, Executive Director, EY told B2B: ‘Gibraltar currently underwrites around 20% of the UK motor insurance market and so our insurers play an important role for British consumers. Our insurance industry has grown significantly since 1997 when Gibraltar acceded to the Single European Market for Insurance showing the benefits of this relationship.

‘Gibraltar continues to outperform many UK insurers. This is due to a number of advantages operating from Gibraltar delivers which allows our insurers to be both dynamic and reactive. This was the massage we took to the UK audience.’

With the coming of Solvency II, the insurance industry is facing one its biggest changes in recent past. Commenting on this change, Angelique Linares, Partner, EY, said: ‘These changes also require a shift in the

regulatory landscape. We have seen many changes already introduced by the Gibraltar Financial Services Commission (GFSC), and so Gibraltar is well placed to continue to be the jurisdiction of choice when looking for an EU jurisdiction that can offer an accessible regulator and a speed to market second to none.

‘The OECD provided Gibraltar in 2014 with an overall rating of Largely Compliant, putting Gibraltar in the same category as the United Kingdom and Germany with US and UK FATCA both signed in 2014. These regulatory changes have been demanding but with government work and effective oversight from the GFSC, Gibraltar’s global reputation continues to open up opportunities to leverage benefits from the insurance underwriting sector.’

Business Briefs

New code of conduct for estate agents With little publicity, the Office of Fair Trading (OFT) launched a new estate Agents’ Code of Conduct at the end of 2015. This is the first time that all of the estate agents in Gibraltar have had to adhere to any form of industry specific regulation.

The objective is that the estate agency market works well for consumers and that all businesses engaged in real estate services are prevented from causing significant harm to consumer interests. It is something that Chesterton has lobbied for via the media and the Chamber and we welcome its introduction with open arms.

So what are the main new rules?

Conflicts of Interest If an agent is dealing with a property that is owned (or has any interest in) by a director, an employee or any associate then that agency (or director or employee) must disclose their interest to the consumer, in

writing, before negotiations begin.

Not only will this impact agents selling their own properties but also those agents who are under common ownership or control as a developer who is seeking to sell their properties off-plan.

Instructions, Terms, Fees and Charges Vendors and landlords must have access to written terms and conditions of the agent which unambiguously set out all fees (to avoid hidden costs) and clearly state how the contract may be terminated by either party. The terms must be in writing and agreed to by the vendor or landlord as applicable. Gone are the days when agents can just make up instructions or copy listings from others.

Client money and deposits It is now a legal requirement under section 97 of the Fair Trading Act that an agent must hold all deposits (usually from the tenant or the buyer) and indeed any client money in a

separate client account. It seems strange that this has never been a requirement in Gibraltar. However, some agents mix client money with their own money which is a dangerous act and not in the consumer’s best interest. Client money must now be properly segregated from the agent’s own money.

Advertising There is a new very simple rule: an agent must not advertise any property without permission from the owner.

It sounds obvious but until now, nothing has presented agents from showcasing properties on their website which quite simply they do not have any instruction from the vendor or landlord. Their intention is simply to attract calls from consumers in the hope that they can sell or rent something else. This most basic of ethical standards has been addressed by the Code. Mystery properties have been outlawed!

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Business Briefs

Gibtelecom changes data roaming access

Responding to customer representations regarding the high costs of overseas roaming charges, particularly data roaming outside Europe, Gibtelecom has decided to bar data roaming from 1 November 2015 for its post-paid mobile (monthly billed) customers.

This affects Gibtelecom customers using their mobile phones outside the European Economic Area (EEA). Customers who opt in are unaffected by the change. Those customers who have already elected to be placed on Gibtelecom’s “whitelist” releasing them of any caps on the amount of data roaming they wish to use, will not be affected.

Customers will be receiving an SMS from Gibtelecom on this change.

Commenting on these changes Gibtelecom’s CEO, Tim Bristow, told B2B “this measure is being taken as a necessary safeguard, and certainly those customers who have arranged to have data roaming without hindrance will continue to have the ability to do so. For customers who want to set up data roaming outside Europe they can contact Gibtelecom by email, telephone or call in at our John Mackintosh Square shop to be immediately freed up to do so wherever in the world.

This precautionary measure is not expected to impact many customers, but it is to help companies manage their telecoms costs if their employees are on extensive overseas travel.

The company said “in contrast to data roaming rates within the EEA, where Gibtelecom charges 15p per megabyte of usage, a customer roaming in Morocco, for example, would be charged at least £8 per megabyte because of the Moroccan operator’s charges. Another example is Turkey, streaming a 30 minutes video whilst data roaming could cost over £1,700, compared to around £30 inside the EEA.” An indication of the rates charged in these non-EEA countries is available on the company’s website at www.gibtele.com Those customers who use Gibtelecom’s “Reload” service will not be affected as their expenditure is already self-controlled through their purchase of prepaid credit.

In response to the recent decision by the European Parliament to abolish roaming charges within the European Union by mid 2017, Gibtelecom said that its charges are already in line with the existing roaming regulations of the EU. The company also reiterated that it would withdraw European roaming charges in accordance with the declared rules and timetable.

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Business Briefs

7%

Europe’s insurance giants target SMEs in the search for growth 15%

Intensifying price competition and increasing regulatory reforms are putting pressure on leading insurers growth plans. All this makes acquisitions acquiring dynamic growing SMEs the best route in the search for growth, as Stephen Greenwood of leading international M&A advisor BCMS explains.

The dust may have settled on the mis-selling scandals, bailouts and downsizing of recent years, but European insurance bosses are still facing stark challenges in 2016 as they seek to deliver shareholder value.

Insurance CEOs are confronted by intense price competition for products and services across most developed markets. At the same time, insurers are also grappling with the new EU Solvency Directive (S2), which is widely expected to lead to capital restructuring and product rationalisation. In short, the age of insurers holding large cash positions has passed.

Many leading players have hit the acquisition trail, looking for high-growth targets to improve margins. In 2015, Western Europe accounted for more M&A deal activity than any other world region, with nearly 400 transactions and a doubling of average deal size from $71m to $183m.

SMEs: buy and build Moreover, a surprising tranche of these acquisitions are from top 20 corporations snapping up SMEs across an array of segments – seven out of 10 acquisitions were for less than £100m. Small is beautiful, at least in Europe.

Among Europe’s heavyweight insurers, the UK’s Aviva confirmed this in a recent interview, where CEO Mark Wilson told CNBC: “We’ll do things to build out other countries. I’m talking tens of millions. I’m not talking anything transformational.”

Furthermore, the big players are actively building new product offerings around SME acquisitions. France’s Axa bought UK automotive warranty specialist Global Insurance Management last year to expand Axa’s offer not only in new car warranties,

Insurance M&A volume 2015

Insurance M&A volume 2015

breakdown cover, but also client/ broker training and analytics.

2%

European CEO of Axa Assistance Bruno Jantet said at the time: “This model provides Global with exceptional scope as AXA’s centre of excellence for extended warranty and related services which can be used to provide Global’s expertise 15% around the world.”

20% Similarly, Italy’s Generali bought MyDrive Solutions – a UK start-up specialising in driver analytics used to calculate risk profiles, which Generali will now roll out across the global group.

29%

7%

7%

29%

15%

2%

2%

29%

27%

20%

27%

Generali’s Head of Group Insurance & Reinsurance Valter Trevisani said: W Europe N America APAC MENA Russia/CEE Russia/CEE ROW W Europe N America APAC MENA ROW “The acquisition of MyDrive is an important step in implementing our new group strategy focused on customer Asia. “Insurance is the most important centricity and wide use of new technologies business segment for us,” CEO Liang Xinjun and data analysis tools.” told the Wall Street Journal, “the build-out of insurance gives us a cheap and 20% Interestingly, both of these deals are in sustainable source of funding.” motor insurance – currently a loss-leader for most European insurers – highlighting how There is one notable missing ingredient to the big players are seeking to repackage the current bout of insurance deal-making – 27% current products, rather than focusing on the USA. The world’s most acquisitive other higher-yielding categories. country was subdued in 2015 from venturing overseas, largely because of uncertainty over Global reach the impact of the Affordable Care Act Aside from acquiring niche skills via SMEs, (“Obamacare”). With sweeping changes major European insurers have been busy bedding in at home, it is unlikely we will see W Europe USN insurers America moving APAC into MENA Russia/CEE ROW buying into emerging markets in the search Europe in the short for growth. term.

Many of these are joint ventures (JV), generating a constant stream of big players buying out one another. For example, Generali bought out the remainder of its Malaysian Property & Casualty JV, Axa bought out L&G to take control of an Egyptian Life assurance JV, while Germany’s Allianz made a similar move in the Philippines.

Meanwhile, new entrants are moving into developed markets. Chinese conglomerate Fosun International announced in March 2015 that it was planning to spend $2.4bn to buy five insurers in the USA, Europe and

Market outlook Solvency Directive or not, the intensifying competition among European insurers suggests that we can expect some industry consolidation and product rationalisation in 2016.

While it’s true that one game-changing M&A announcement can set off a flurry of deal-making among rivals, we expect deal volumes to remain stable, as there are still many specialist SMEs who can offer significant advantages to the big European players.

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Business Briefs

EuroCity – A visionary development for Gibraltar

Conceived with sustainable design at its heart, the planned Eurocity residential and shopping complex designed

by Jonathan Manser and his team from the award winning Manser Practice of Architects will provide a quality development at the heart of Gibraltar’s central business district.

Chair of the jury for the Channel 4 programme ‘Grand Designs: The Royal Institute of British Architects (RIBA) House of the Year 2015’, renowned architect Jonathan Manser’s thirty years of experience in the design and management of large-scale commercial and residential projects enabled him to develop a creative and dynamic response to the brief that secured the bid for this unique and vibrant scheme.

London based Manser Practice was responsible for the designs for both the Victory Place and Marriott Hotel projects, allowing the architects to use their extensive knowledge of Gibraltar to ensure that this contemporary and eco-friendly development will provide cost effective accommodation for people working in the city but who are looking to reside there as well.

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Situated between Europort Avenue and Europort Road on an existing reclaimed area designated for development, the scheme consists of four lozenge-shaped towers springing from a stepped three storey garden podium concealing extensive above ground car parking and commercial space at street level. The careful arrangement of the towers will allow for views out and daylight in whilst minimising overlooking and avoiding any single-aspect North-facing apartments.

One of the key objectives for the project was to create exceptional pedestrian friendly public spaces in and around the buildings.

To achieve this the architects have borrowed from the language of North-African cities to carve a network of open organic alleyways punctuated with cooling, shaded, courtyards that echo the labyrinthine feel of the old city.

The podium levels above the car park will become private resident’s gardens with lush planting.

The £100 million project will provide over 400 new private sector homes, office space, a

health spa, gym & pool as well as a launderette, coffee bars and restaurants.

Retail and shopping units lining the towers at street level will serve both residents and visitors. Addressing the requirement for increased parking facilities, Eurocity will include parking for 560 cars with 70 public parking spaces and 300 motorcycle bays.

Keeping in mind the need for more energy efficient and environmentally friendly construction, the project will incorporate sustainable design elements such as ‘brown’ roofs to encourage biodiversity with integrated solar panels. Special green features will include planting to the perimeter of parking levels, planted walls creating verdant vertical gardens and Brise Soleil on South-facing facades to reduce heat gain by deflecting sunlight.

The overall architectural design celebrates the communal spaces with curvaceous free flowing, airy routes linking the leisure, office and residential areas enabling easy access for the public, elderly and wheelchair users all within a public green garden zone.

Eurocity provides a vision of the future that is in keeping with the Government’s mission to achieve a low carbon economy and to make Gibraltar as environmentally sustainable as possible. Excellence by design.

Business Briefs

EY publishes guide to doing business in Gibraltar EY has published a handbook focused on the significant attractions of doing business in Gibraltar. The handbook is a comprehensive guide to all facets of working in, and with businesses connected to, Gibraltar. With such a wide remit the pages are packed with information that will not only guide business professionals to the specifics of working here but also detail the wider experience of living in the region.

Gibraltar is an attractive destination for a wide variety of companies and this handbook has been structured to layout the benefits of doing business here and for companies already established. There are sections targeted at High Net Worth Individuals and executives with specialist

skills and others covering the detail of personal taxation. In addition the handbook highlights the advantages offered by the special relationship that Gibraltar enjoys with the European Union. Sections on the robust regulatory structure dig deep into the specifics of Gibraltar compliance and explain the positive reputation enjoyed here.

Although the majority of the handbook contains information critical to any business professional new to Gibraltar there are also sections on aspects of life here that will be of interest to those looking to relocate their family. From information on tax to our medical and educational provision, climate, housing, history and legal system, it takes an all-inclusive approach.

JJ Pisharello, Managing Partner at EY, told B2B: ‘Our objective is that the handbook will support individuals and companies already located here. However, we also want to reach out beyond our shores to promote the benefits of living in Gibraltar. With a relaxed atmosphere and a warm climate that leads easily from the office to the many recreational options available, we have something unique to offer. Having successfully re-positioned ourselves as an International Finance Centre it is critical that we communicate this clearly to current businesses and prospective investors. We have a great deal of expertise in Financial Services that has a global reach but combined with the special benefits of doing business here.’

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People on the Move

MH Bland announces Alexia Pecino appointment MH Bland is pleased to announce that Alexia Pecino has been employed as the Group’s new Project Executive. Alexia is the 5th Generation Gaggero to join the family business.

Alexia was educated in Gibraltar and the UK and achieved a 2:1 Honours Degree at Leeds University. She has also travelled extensively.

Alexia has exceptional organisational skills, a strong work ethic and a proven track

record at Tombola (International) PLC where she worked as their Project Co-ordinator.

“It is a huge honour to be given the opportunity to follow my father into the family business, exactly 30 years after he joined his father in 1986. While I sense the responsibility of being the first of the 5th generation to join MH Bland, I am truly thrilled at the opportunity. There are some very exciting projects in the pipeline and my only desire is to have a positive influence and to contribute as best I can”.

Matthew Oldham Joins TSN Partnership TSN are delighted to announce that Matthew Oldham has become a partner at the firm.

Matthew joined TSN at the start of 2008 after practising at a large regional firm in the UK for 4 years.

Matthew is an integral part of the corporate and commercial team at TSN specialising in a variety of areas including corporate law, financing, international restructuring and commercial property.

Matthew acts for various high profile blue chip clients of TSN and sits on the board of a number of Gibraltar companies.

Outside of work Matthew enjoys spending time with his young family as well as playing golf, football and pool.

Louis B. Triay, Managing Partner at TSN, commented “We have a strong corporate and commercial team at TSN and Matthew is a key player in that team. We are delighted that he has accepted our invitation to join the partnership”.

Vinopolis appoints events coordinator Teresa Moran Latín has been appointed by Vinopolis Gibraltar (part of the Anglo Hispano Group) to promote corporate wine tastings and events. In addition she is assisting the sales & marketing department with promotional activities and social media.

Teresa is bilingual in English and Spanish.

Educated at the Gibraltar College of Further Education she has achieved a BTEC

National Diploma in Business & Finance.

Previously Teresa has been involved in a various events and marketing roles both in Spain and Gibraltar in different industries.

She is also WSET qualified (Level 2 Award in Wines and Spirits).

John Isola told B2B “I am very pleased that Teresa has joined our team and we look forward to her contribution in our growing events business’.

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People on the Move

Vista appoints new Finance Director Vista Fund Services is pleased to announce the appointment of Craig Wilson as Finance Director.

Craig joined Vista in 2013 as Finance Manager, and brought with him 10 years of experience in fund accounting and administration. He began his career in 2001 working with Statestreet in Boston, before moving to their Dublin office. He then spent 5 years at BNP Paribas Securities Services in Dublin, where he worked mainly on alternative funds, before moving to Gibraltar.

In his new role as Finance Director Craig will oversee all aspects of finance and operations as this section of the business continues to grow. He told B2B “It’s been a fantastic three years since I joined. Vista is an ambitious and dynamic company that I’m very proud to be part of. We have a talented

and dedicated team of individuals, and a firm commitment to best practice and information technology.

It’s an exciting time to be be in Gibraltar and, as the fund industry in Europe continues to evolve, I look forward to working with Malcolm, Carol, and the rest of the team as new business opportunities come on board.”

Malcolm Ruffell, CEO at Vista Fund Services, told B2B “Vista’s continued growth will present both opportunities and challenges and we felt it was time to add to the management team. We are delighted to welcome Craig to the board as Vista continues to be a leading player in the Gibraltar fund industry.”

Chesterton is expanding again!

This time with the recruitment of Jessica Crossan as Assistant Property Manager.

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Jessica has a professional background in administration and previously worked in Bewleys, one of the largest hotels in Leeds, as a reception team leader, managing the reception staff and dealing with customer issues on a regular basis.

genuine enthusiasm, Jessica is passionate about customer care. The ability to juggle multiple jobs shows focus and versatility and she takes pride in her work.

Jessica told B2B “What I love about my job is its diversity, every day is different.

Ensuring that property issues are dealt with promptly for both landlords and tenants is top priority. I take the role of managing someone’s investment property very seriously. When someone trusts you, it gives you great satisfaction, especially when you are a young property manager. I am excited about growing Chesterton’s portfolio”

Jessica has a degree in Business Studies and relocated to Gibraltar last year for personal reasons and new opportunities.

She is delighted to have joined the Chesterton team.

Armed with fresh ideas and

Mike Nicholls, Chesterton MD told B2B: “Our proper management of tenant deposits using UK protocol attracts an ever increasing number of tenants and landlords. As such, our portfolio of managed properties continues to grow. We are delighted that Jessica is joining us to support that growth.”