Business

Business Insight

in Business Insight

Brexit Update

Negotiations over the Gibraltar portion of Brexit continue very positively according to the Government of Gibraltar. HMGoG has stressed that it remains committed to work seamlessly alongside the Government of the United Kingdom, towards being able to agree texts with the European Union as soon as possible but only if the principles, substance and texts are safe and secure for Gibraltar.

HMGoG has also reiterated that the negotiations are both technically and politically complicated. Despite that, Gibraltar continues to work intensively with the United Kingdom to make as much progress as possible.

At the same time, contingencies have been made to continue to plan for a No Negotiated Outcome in the event that it were not possible to reach agreement.

The Chief Minister of Gibraltar, the Hon Fabian Picardo KC MP, said, “It’s clear to me that all parties are putting a lot of hard work and good faith into trying to finalise this important UK/EU Treaty as soon as possible in a manner that is agreeable by all relevant parties.

Great resources are being deployed to try to reach an agreement. We are all optimistic and positive in our outlook. That there are elements in respect of which we may be largely in agreement at this stage of these long and arduous negotiations is certainly true. We look forward to crossing t’s and dotting i’s on the text relating to all aspects of Gibraltar’s future relationship with the EU at the right moment and, for the sake and interests of citizens on both sides of the border, we look forward to this process happening sooner rather than later. But we are not there yet.”


Local Content  as Trusted NOVUS BANK Launches Community Business Series online

Trusted Novus Bank has launched a Community Business Series on YouTube. They will be creating original local content, focusing on financial matters which are important within the Gibraltar community. The first topic, deals with Fixed Rate Mortgages, given the fast moving interest rate environment where many people are considering moving on to a fixed rate mortgage.

Just search on YouTube to find out more.


Gomez Does The Double

Nicholas Gomez of Charles Gomez & Co has secured a second term as Round Table International’s Regional Chairman of the Southern Europe and Mediterranean Region.

Mr Gomez was the first Gibraltarian in history to secure this position. 

The region includes over 5,000 members in thirteen territories: France, Italy, Switzerland, Portugal, Morocco, Tunisia, Malta, Cyprus, Bulgaria, Israel, Monaco, San Marino and, naturally, Gibraltar.

In addition, Mr Gomez finds the time to draft anti money laundering procedures for the whole of the Round Table International organisation.

Well done Nicholas!

Business Insight

in Business Insight

2022

Gibraltar Day made a return to London after the disruption of the COVID-19 Pandemic. It formed a series of events, designed to promote The Rock across various financial services sectors.

The Chief Minister, the Hon Fabian Picardo KC MP, said, “This is the first Gibraltar Day in London since the pandemic began and I am absolutely delighted to have hosted the Financial Services lunch … which brought together all those industry leaders who are so fundamentally important to Gibraltar’s economy. It was also particularly poignant to mark Gibraltar Day in London this year for the first time since the passing of Her Late Majesty Queen Elizabeth II.

“I would like to thank the Sir Phillip Barton for attending the lunch and addressing those present and for reenforcing the United Kingdom’s commitment to Gibraltar and to securing a safe and beneficial deal in the UK/EU negotiations on Gibraltar’s future relationship with the EU. Sir Phillip is a great friend of Gibraltar and a former Deputy Governor and so it was a real pleasure to have him with us for today’s lunch.”


Youth Rugby festival

Gibraltar Rugby has inked a new long term partnership with Trusted Novus Bank in support of Gibraltar Rugby’s Youth Rugby Development Festivals.

Chad Thomson, Gibraltar Rugby CEO said, “The project has been a strategic priority for the Union & is one of our key pillars to the 2021-2024 strategic plan. The focus is very much on small sided games, under tag rugby rules for our juniors, introducing them to the FUNdementals of Rugby”. 

The key takeaway from these festivals is child development within a fun and engaging environment. The partnership stems from our shared core values with the bank, for Gibraltar Rugby these revolve around Respect, Inclusion, Discipline and Enjoyment.

Christian Bjørløw, CEO Trusted Novus Bank added, “We are very pleased that we can support Gibraltar Rugby, whose values are as strong as ours.

“Together we can hopefully inspire the next generation of young rugby players in Gibraltar.”


The DLT Seminar

Minister Albert Isola MP hosted The DLT Seminar at the start of November in Canary Wharf.

The DLT Seminar, one of Gibraltar Finance’s annual events in London, was attended by over 160 industry, regulatory and governmental representatives.

Minister Isola opened the event, extended a warm welcome to guests and provided an update on Gibraltar’s ongoing development. He highlighted that the venue was the birthplace of Gibraltar’s DLT journey some 6 years ago with our first ever event being hosted in that same fintech facility.

William Gracia, Head of DLT at the Gibraltar Financial Services Commission then provided a regulatory update.

Two panel sessions followed, the first covering the Government’s initiative in piloting a process in which it will integrate blockchain technology into its legacy systems to streamline government services. This was moderated by Anthony Provasoli, co-chair of the Gibraltar Association of New Technologies (GANT) and panellists included Christopher Woolnough, IOV Labs, Alfonso Monroy, Bitso and Pablo Mosquera, Extrimian.

The second panel discussed the importance of the 10th Regulatory Principle to the DLT Regulatory Framework, establishing standards of market integrity in the digital asset space. Contributing to the discussion, led by GANT co-chair Joey Garcia, were leading industry experts Lee Schneider – Ava Labs and Joshua Ashley Klayman – Linklaters LLP who had both travelled from the US to join the event and industry participants Jonathan Parnell – Eqonex, Jenna Wright – LMAX Digital and Vitalli Kedya – Currency.com.

Minister Isola stated, “The DLT sector in Gibraltar continues to go from strength to strength as we continue to develop our regulatory framework and support those firms that make Gibraltar their regulatory home. Our stated aim is to ensure that quality firms who wish to develop a long-term sustainable relationship with us continue to enjoy our full support. I am delighted to be in London to highlight the benefits we offer firms seeking the regulatory certainty we offer.”

Business Insight

in Business Insight

Cruise lines international association

Minster for Tourism, the Hon Vijay Daryanani MP, participated in a panel discussion called “Promoting new regional cruise itineraries”. The discussion took place at the CLIA conference in Malaga, Spain.

The Minister was joined by Jesus Peña (Malaga Port Authority) Jamil Ouazzani (Director, Tangier City Port) Grant Holmes (Global head Cruising, Inchape) and Elisabetta De Nardo (Vice President Port Development, MSC Cruises).

The discussion focused on increasing cruise calls in the region of the Western Mediterranean. Minster Daryanani took the opportunity to showcase Gibraltar as a popular cruise destination and highlighted our plans for the future as things evolve after the COVID-19 pandemic.

Minister Daryanani commented, “Things have changed dramatically in the cruising industry after the pandemic. It is more competitive than ever before and we need to keep up with these changing times.

These events are even more important now.

Malaga and Tangiers are our direct competitors, but it is also crucial to explore if we can work with them [in order to] attract more traffic to the region. At the same time, I promoted our port as one of the best in the Mediterranean. The number of cruise calls for next year is on the rise, this kind of promotion helps. It is not easy but we will keep on working to improve, as there is a lot to be done”.


NETWORKING AT GIBRALTAR HOUSE

The Minister for Culture, The Hon Prof John Cortes, hosted a networking meeting at Gibraltar House in London bringing together creatives and other professionals working in the arts and cultural industries in London.

The event, organised by Gibraltar Cultural Services with the support of Gibraltar House, generated interesting conversation and discussion with possible collaborations being explored and ideas exchanged. The morning even resulted in an impromptu poetry performance by Jonathan Teuma who felt inspired by the occasion – and inspired all present.

The main purpose of the event was to keep contact with and between Gibraltarians working in the Arts outside Gibraltar, encouraging their networking and exchanging of ideas and possibly developing collaborative projects.

Minister John Cortes commented, “It was wonderful to see all these artists, based outside Gibraltar, together with some of the visiting artists from Gibraltar, all together, talking about their work and how they can promote knowledge of Gibraltar and its identity through the arts. It was inspirational and emotional at the same time. I am convinced that many positive things will come from this initiative”.


UNODC Conference

The Director of the Gibraltar Financial Intelligence Unit (GFIU), Edgar Lopez, was invited by the United Nations Office of Drugs and Crime’s Regional Office in the Middle East and North Africa (UNODC ROMENA) to its Regional Conference that took place in Sharm El Shiekh, Egypt.

The Conference titled, “The Way Forward for Countering Illicit Financial Proceeds from Trafficking in Persons and Smuggling of Migrants (TIP/SOM) – Priorities and Challenges” was hosted in partnership with the Egyptian Money Laundering and Terrorist Financing Combating Unit and supported by the Kingdom of the Netherlands.

The Conference was attended by more than 70 representatives from relevant law enforcement agencies, Financial Intelligence Units (FIUs), public prosecution, judiciary, and financial sectors from Algeria, Egypt, Libya, Morocco and Tunisia, in addition to experts and guest speakers from regional and international organisations.The event culminated with recommendations that support the relevant actions by the participating Member States in the future.

Mr Lopez said that the event was a fantastic opportunity to share Gibraltar’s experience in this field. He said, “Despite our size we are able to specialise in a broad range of transnational crimes and come up with innovative ways in which to raise awareness on these types of crimes through ProjectNexus”. He added,“I am very grateful to the UNODC ROMENA for their invitation.

Business Insight

in Business Insight

EV Delivery vehicles

Spanish company Scoobic has met with HMGoG to show how its last-mile electric vehicles could revolutionise door-to-door deliveries on the Rock.

In a meeting organised jointly by the Ministries of Transport and Commerce, there were real-world tests to demonstrate the capabilities of its electric vehicles.

It utilises a similar technology to the Starship vehicles in use in the UK and US.

Scoobic Light, a light tricycle, formed the mainstay of the trials. This vehicle has a load capacity of 250Kg and a range of 100km, more than enough to distribute through the Gibraltarian territory that has an area of 6 km long. This vehicle is already being used in delivery fleets in Naples, a city that is also characterized by narrow streets and overwhelming traffic. 

Also on show to HMGoG was the Eezon three-wheeled motorcycle, and the Scoobic eBox, a scooter that, thanks to its dual functionality, can be driven like any scooter or used to walk in a manner similar to an assisted trolley.


Net Zero Delivery Body

The first meeting of the Gibraltar Net Zero Delivery Body (NZDB), chaired by the Deputy Chief Minister Dr Joseph Garcia, was held and followed the publication of the Climate Change Strategy at the end of last year.

The group approved the draft regulations establishing the NZDB and individual members responded to the recommendations made by the Climate Change Committee for their respective organisations – including central government, represented by the Chief Secretary, the Ministry of Finance, the Department of the Environment and Climate Change, Town Planning, Technical Services, the GEA, the Port, the Ministry of Transport, the GHA, Public Health and Statistics. 

The NZDB also agreed to establish three priority working groups which will cover electric vehicle infrastructure development, cross-government data and reporting processes, and renewable energy generation.

Working groups will be set definite targets to be achieved by specific dates in order to ensure progress towards the overall decarbonisation agenda. 

Other work streams identified include a public engagement strategy, green finance, and climate adaptation and resilience.


NEW GREEN MORTGAGE

NatWest has announced a new mortgage product specifically targeted as making Gibraltar, and other jurisdictions, greener.

It’s available to over 18s resident in the Channel Islands, Isle of Man or Gibraltar on selected products for Gibraltar properties with a valid energy performance certificate (EPC) rating of A or B.

Green Mortgages are designed to reward customers for purchasing an energy efficient property in Gibraltar, offering a reduced rate on selected mortgage products for a fixed period of two years.

A Gibraltar property requires to have a valid Energy Performance Certificate (EPC) rating of A or B to be eligible for this offer.

The Department of the Environment and Climate Change (DECC) is the competent authority for Energy Performance Legislation in Gibraltar. To find out more, visit the Gibraltar Government website.

EPC certificates are valid for 10 years from the date the report is produced. 

Business Insight

in Business Insight

GTB At The Meetings Show

The Gibraltar Tourist Board exhibited at the Meetings Show, London at the start of the month. The show welcomes exhibitors from around the world including hotels, destinations, destination management companies, conference venues and technology suppliers, allowing them to come face to face with global buyers of event, meetings and incentive locations.

This year it was co-located with the Business Travel Show Europe and the TravelTech Show allowing full integration with the industry’s corporate community. Lord Sebastian Coe delivered the joint keynote with TEAMS Europe, a newly launched platform for sport-event organisers seeking destinations and suppliers that want more sport related conferencing and event business.

Tracey Poggio from the Gibraltar Tourist Board, joined by Britta Weiser, Sales and Marketing Director of Sunborn Gibraltar said, “We have joined the Tourist Board at this show in the last few years and are able to equate the relationship building with conversion to business in Gibraltar. There are many shows targeting the meetings industry and the Meetings Show is an important element in that mix, particularly for business traffic starting in the UK.”

Minister for Business and Tourism, The Hon. Vijay Daryanani MP added, “Returning to this show Gibraltar continues to build on its relationships with suppliers. There is much scope for development and growth in this sector for our destination.”


RECOGNITION FOR ISOLAS

Isolas was recognised by voters at the 2022 Hedgeweek Europe Digital Assets Awards as the top law firm to support and guide businesses in the funds domiciliation process. The firm, located in Gibraltar – which has recently been named in a PwC and Elwood report as a jurisdiction of choice for the domiciliation of hedge funds, was up against some of the best international law firms.

Commenting on the award win, Jonathan Garcia, Partner at Isolas said, “We are both proud and honoured to receive this award. It is another milestone for our Funds Practice and wider Isolas team as it reflects the dedication, expertise, and commitment we have for our clients.”

Peter Isola, Senior Partner at ISOLAS commented, “Gibraltar is a preferred jurisdiction for the domiciliation of digital funds, as its innovative, vibrant and robust financial services system gives businesses the confidence and security they need to invest and grow. This award is a testament to the work and contribution the team has made toward positioning Gibraltar as a forward-thinking jurisdiction for the fund’s sector. As Gibraltar and Isolas both continue to grow their respective international influence, I look forward to welcoming more clients from across the world to the jurisdiction and our firm.”

The Hedgeweek European Digital Assets awards aim to recognise excellence among fund managers and service providers in the digital asset space.


Chamber budget response

Gibraltar’s Chamber of Commerce was combative in its response to the recent Budget. While it expected a rebalancing of finances after the COVID-19 pandemic, the measures announced fell short of what it had expected.

A spokesperson said, “The Government has sought to lumber the taxpayer and local business with additional costs with very little attempt to return Government to a balanced budget whilst its recurrent spending continues unabated.

The deficit is forecast to be £55.29 million this year and £45.3 million next year. It will borrow to meet this deficit instead of seeking greater efficiencies and reducing spending which would be the more prudent and sensible approach.”

“If the Government’s finances are in such a dire state then more drastic measures such as means testing and inflationary rent increases for Government housing should have been considered.”

The Chief Minister has repeatedly taken to social media to defend the Government’s Budget this year, and conceded the flat-rate business COVID levy would be rethought.

The Chief Minister has repeatedly taken to social media to defend the Government’s Budget this year, and conceded the flat-rate business COVID levy would be rethought.


MGAA 2022 CONFERENCE

Gibraltar Finance attended and sponsored the annual insurance conference of the Managing General Agents Association (MGAA) in the City of London last month.

Gibraltar Finance was represented by Senior Executive, Michael Ashton, who was joined by a number of insurance professionals from Gibraltar. The conference was very well attended with over 850 delegates and the Gibraltar Finance Stand was busy all day.

Albert Isola MP, Minister for Digital and Financial Services stated, “The growth in the UK MGA sector over the last 10 years has been substantial with MGAs securing a growing share of premium and partnering with a larger number of insurers. This trajectory is likely to continue.

MGAs have become increasing important to the insurance distribution chain because the sector has shown strong innovation in terms of product development, the adoption of new technologies and the introduction of new business models. The MGA structure continues to be the preferred model for insurtechs. We are looking at a number of ways to enhance Gibraltar’s appeal for new MGAs.”

The MGAA was founded in 2011 by a group of individuals who saw the need for an association to represent MGAs; lobbying on their behalf, communicating their considerable benefits and maintaining high standards within the industry.

Today the MGAA has evolved into a trade association for MGAs in the UK and Ireland with over 180 MGA members. Collectively these MGAs write in excess of £6.5 billion gross written premium per annum.

Business Insight

in Business Insight

Virgin Voyages Drops Anchor

New cruise company Virgin Voyages’ Valiant Lady has made an inaugural call to Gibraltar. She will be calling in at the Port 5 times this year.

Minister for Tourism, the Hon Vijay Daryanani MP, had been in conversation with Virgin Voyages in the lead up to the visit, with the pandemic delaying the start.

The vessel was greeted by a water salute on its arrival to the Gibraltar Port and departed later on that day to its next port of call in Malaga.

With 110,000 gross tonnage and measuring 278 metres long, this adult only cruise ship has a maximum capacity of 2,860 passengers across its 17 decks. On this occasion, the Valiant Lady carried 753 passengers and 1086 crew.

Minister Daryanani was invited on board the ship by Captain Aris Medina Morales where they both engaged in the traditional exchange of plaque ceremony.

Minister for Tourism, Vijay Daryanani, commented, “As always, this is great news for Gibraltar PLC. It is important that we attract the new cruise companies to our port. We have been working very hard for this to happen and hopefully there will be more new companies to follow.

Virgin Voyages is an exciting entrant to the cruise market and are already making positive news so we are delighted that they will be calling at our port this year. I met with them last month in Miami and we look forward to building a fruitful relationship with them for the benefit of all”.


Chamber’s vat red line

Gibraltar’s Chamber of Commerce has reiterated its profound opposition to any introduction of VAT as part of any Brexit Treaty.

Recently-elected Chamber President Mr. John Isola responded to a question on the possible introduction of VAT in Gibraltar during an interview on the GBC, in the context of the ongoing discussions between the UK, on behalf of Gibraltar and the EU.

The Chamber’s position on the introduction of VAT in Gibraltar remains unchanged. The introduction of VAT is a red line for the Chamber as it would not be in Gibraltar’s interests and would make the economy less competitive. This follows wide consultation with the Chamber’s members in the sectors that would be affected by such a move.

In his GBC interview, the Chamber President highlighted the need for local businesses to be flexible in general terms for the good of the economy and the community overall; but this would be in the context of, and depend upon, what the terms of any treaty might be.


easyJet Dispels Stereotypes

Gibraltar stalwart easyJet has launched a new recruitment campaign which sees children re-enact scenes from classic 80’s film Top Gun, in a bid to dispel stereotypes around aviation jobs.

The parody promo aims to tackle prevailing gender stereotypes of pilots, with lead roles Maverick and Goose played by seven year-old Rei Diec and nine year-old Olivia Joohee-Ridington.

The campaign is part of the airline’s nextGen easyJet commitment to championing greater diversity and inclusivity.

easyJet has launched a Europe-wide campaign to tackle job stereotypes and inspire more young people to consider a career in aviation, including encouraging more girls to become pilots.

Shot at London Luton Airport, with a cast of children of easyJet staff aged between seven and 12, the film recreated some of Top Gun’s most iconic moments, including Tom Cruise’s motorbike scene, the classroom, and the infamous ‘It’s time to buzz the tower’ scene.

Business Insight

in Business Insight

UBIBET

Kindred Group plc, ultimate owner of local firm 32Red, has signed a two years extension of its partnership with the world’s best chess player, Magnus Carlsen through its flagship brand Unibet.

The Group also extends its sponsorship of Offerspill, Norway’s largest chess club. Both sponsorships will promote and support Kindred’s long-term ambition to reach zero per cent revenue from harmful gambling by 2023.

“We see great potential in engaging the best chess player of all time, and the world’s highest-ranked chess player, as a global ambassador in the fight to combat problem gambling,” said Nils Andén, Chief Commercial Officer, Kindred Group. “It is also natural for us to involve Offerspill, Norway’s largest chess club in our work. This partnership is an important contribution to raising awareness of chess as an exciting global sport, while also engaging in the local community in Norway.”

“Just as I have set a hair-raising goal of becoming the first chess player in the world to reach 2,900 rating points, Kindred, as the first global gambling operator, has set itself an ambition of zero revenue from customers with harmful gambling behaviour. This is an ambition I would like to contribute to achieving and a message I am happy to support,” says Magnus Carlsen, five-time World Champion.

“In top sports, it is about pushing the boundaries, but at the same time, you have to know your limitations and know when to stop. The same thing is important when gambling; you need to stay in control and know when to stop,” added Carlsen.

In 2014, Unibet was the first gambling operator to introduce odds on chess, at the same time as Magnus Carlsen defended his World Cup title for the first time.


Minister for Tourism, the Hon Vijay Daryanani MP, recently hosted a Gibraltar marketing event in Edinburgh.

To coincide with the launch of the summer schedule of the EasyJet flight to Edinburgh, travel agents and the local Scottish press gathered to listen to what Gibraltar had to offer.

The Minister addressed the guests and spoke of the success story during COVID-19 and how we had managed to make Gibraltar a safe destination for travel. He also showcased the tourism product in Gibraltar and all the different things one could do when visiting.

Minister Daryanani, said, “It was important to organise this event. The Edinburgh route is still in its infancy so EasyJet and I decided that it would help promote the route. It has created a lot of interest with many travel agents now intending to push Gibraltar as a city break. We live in an extremely competitive market and these bespoke marketing events is the way forward”.


Instech London

Gibraltar Finance participated in the InsTech London event “From MGA to Full Stack Insurer” at the Steel Yard in the City of London in late March. 

Gibraltar Finance was represented by Senior Executive, Michael Ashton, who presented on “What you need to know about becoming a Gibraltar insurer”. Mr. Ashton was supported by Tim Haynes, Senior Executive, who works for Gibraltar Finance from its London Office.

The bluechip event was attended by over 200 insurance and insurtech professionals. InsTech London, which was founded in 2015, identifies and promotes the use of the best technology, data and analytics within insurance and risk-management around the world. It has a network of over 20,000 people who work for insurers, brokers, consultants, investors and technology companies from start-ups to established global enterprises.

Minister for Digital and Financial Services, Albert Isola MP, commented, “To date the only two UK insurtechs to have established their own insurance companies have both done so in Gibraltar. Over the past 20 years Gibraltar’s financial services regulator, the Gibraltar Financial Services Commission (GFSC), has authorised many new insurance start-ups and in more recent years fintech start-ups including DLT providers, a digital bank and other technology led businesses.

“Gibraltar has unique access to the United Kingdom’s financial services market. When combined with the experience of both insurance start-ups and financial technology start-ups this creates a compelling proposition for insurtechs to consider Gibraltar as a home for their underwriting platforms.

“We expect to support more established insurtechs as they plan to incorporate their own insurance companies but also earlier stage insurtechs wishing to establish managing general agents (MGAs) in Gibraltar.”


DUAL FUNDS LAUNCHED

HM Government of Gibraltar has introduced new legislation that establishes a dual funds regime for Experienced Investor Funds (“EIFs”).

Gibraltar is now in the position to maintain its long established AIFMD compliant funds management regime (which has direct access to the United Kingdom) whilst also providing the option for certain EIFs to opt out, safely, of this regime when targeting global audiences. In addition, the new legislation (which consists of two sets of amending regulations) also enhances and strengthens the EIF legislation.

Albert Isola, Minister for Digital and Financial Services said, “This is yet another example of the public/private sector partnership which brings together the Minister for Financial Services, the Gibraltar funds and investments association and the regulator; in developing new product lines that are fit for today’s sophisticated global investors.”

Business Insight

in Business Insight

London Taxis Over The Frontier

A sight more associated with being distinctly British has made inroads to life over the Frontier. The heritage of LEVC began in 1908 when the first dedicated black cab was specially designed and commissioned for use in London. With its unmistakable silhouette and classic design cues, this iconic British vehicle has defined the company for over a century.  In 2018, LEVC introduced its latest taxi model, the electric TX. TX is world’s cleanest, most advanced taxi ever, powered by LEVC’s revolutionary eCity technology. 

LEVC has opened new dealer franchises in Bilbao, Malaga and Valencia, taking the total to 5.

Joerg Hofmann, LEVC CEO, explained, “In April 2021, the Spanish government stepped up a gear, introducing a range of measures, including financial initiatives, to promote rapid growth in the EV sector by aiming to place five million EVs on Spain’s roads by 2030.”

LEVC’s new EV vehicles aim to eliminate range anxiety with the taxi offering a pure electric range of 64 miles (103km), backed up by the reassurance of a totally electric driven range of up to 318 miles (512 km).

The company aims to continue to increase its export footprint, with a  strategy to move from 90% domestic sales to 60% export by 2024.”


NEWSENGINE LAUNCH

A new take on the Blockchain phenomenon has launched, mixing the security of the distributed ledger with free-of-censorship news and reporting.

NewsEngine will focus exclusively on factual and thorough perspectives of current affairs, while rewarding all parties involved.

Its founder, Teemu Airamo, said, “Our mission is to create news content that is both empowering for its readers, as well as representative of the integrity of its writers. We aspire to become the most trusted and democratic news alternative to mainstream media.”

“Simply put, writers produce and submit content, which is inspectedfor accuracy by a randomised set of reviewers on the network. Articles deemed acceptable enough will be published to the network and made available to readers. We aim to be the first line in defence against so-called ‘fake news’.

“You could describe it as the Wikipedia for the moment, where everyone wins.”

For more information, contact
newsengine@protonmail.com


Money laundering fine

The Office of Fair Trading has issued a £7,000 financial penalty to local real estate agent.

The financial penalty was issued owing to the identification of various breaches and deficiencies in the manner the business implements its anti-money laundering and countering the financing of terrorism (AML/CFT) obligations.

The Breaches and deficiencies were identified as part of the OFT’s ongoing AML/CFT supervisory activities that involve carrying out regular onsite visits of its regulated entities at their premises on a risk-based approach. This allows the OFT to observe the implementation of AML/CFT processes, procedures and controls and to review AML/CFT records. 

Since November 2021 the OFT has carried out 12 onsite visits and issued 12 action plans and 4 warning notices in relation to between £400 and £4000 worth of financial penalties in addition to the financial penalty referred to above.

The OFT’s exercises its role as a supervisory body under the Proceeds of Crime Act 2015, to ensure that real estate agents and high value good dealers in Gibraltar comply with their AML/CFT obligations.

For more information about the OFT’s AML/CFT role please visit: https://www.oft.gov.gi/aml-cft 

Business Insight

in Business Insight

Sir Bob Neill MP Visits The Rock

The Chair of the Gibraltar Group in Parliament Sir Bob Neill MP recently met the Chief Minister and the Deputy Chief Minister at No 6 Convent Place. He was accompanied by UK Representative Dominique Searle.

This provided an opportunity for Sir Bob to be updated on the ongoing negotiations for the future relationship of Gibraltar with the European Union and other matters of importance.

The meeting took place following the latest public health guidance.

The Chief Minister, the Hon Fabian Picardo QC MP, said, “It is great to be able to see Sir Bob back on the Rock as the COVID pandemic starts to recede and travel becomes easier.

He is the staunchest supporter of the rights of the People of Gibraltar and, apart from that, also a dear friend of Gibraltar who has the ability to understand the complexity of the some of the issues we face and advocate powerfully alongside us in Westminster on any and all matters.

The fact that he is a highly regarded member of the governing party lends credibility to any argument he puts forward and that is to our collective benefit! I was therefore very pleased to welcome Sir Bob back to Gibraltar after such a long, COVID induced, absence.”


BID LAUNCH FINALISED 

The Minister for Business, Hon Vijay Daryanani, has met with the Business Improvement District (BID) task group to finalise the official launch of the project, which will take place in March.

The discussions focused on how the BID would be launched, the legal requirements and what events were being planned during this first year.

Minister Daryanani commented, “Hopefully we are now starting to come out of the pandemic and it couldn’t be a better time to relaunch Gibraltar as a tourist destination. Our businesses have suffered immensely and are looking for a respite from these difficult times. The BID project will bring life to the town centre for tourists and locals alike.

We need to keep people in Main Street and the surrounds. This will bring optimism and confidence to our small business sector and I am excited to be working with this energetic and enthusiast task force team to help them bring them the much needed success they deserve.”

Find out more online: 

mainstreetbid.com

Business Insight

in Business Insight

GFSB BUSINESS INNOVATION AWARD

The GFSB has announced the opening of applications for next years (2022) GFSB Business Innovation Award sponsored by Gibtelecom. The online application form can be found on their website and needs to be submitted before Monday 31st January 2022.

Recent winners have included Crucial Compliance, EBike Gibraltar, Hempassion and Buytickets.gi who all demonstrated how businesses in Gibraltar are agile and great at innovating to succeed. This year could see even more innovative businesses apply, due to the challenges of COVID-19 and Brexit.

The partnership with Gibtelecom, the sponsor of this award since its inception, is also continuing and they’ll provide the winner an amazing prize of £2,000 worth of IT and communications equipment.

Danny Hook, Enterprise Director at Gibtelecom said, “We are proud to have been the GFSB’s Innovation Award partner for many years. Each year we are impressed with how local small businesses adapt and come up with creative solutions to push their businesses to the next level, as well as with how they’ve developed different technologies and processes to help them succeed in their business ventures. It is a great platform to showcase some of the local business talents, which there is plenty of in Gibraltar.”

Eran Shay GFSB Board member and one of the judges added, “Innovation is the lifeblood of business and as Steve Jobs once said ‘Innovation distinguishes between a leader and a follower’.  The GFSB strives to help businesses succeed and there is no better way to do it than by promoting innovation. So if your place is amongst leaders, make sure to enter the Business Innovation Awards.”


Cross Frontier Group Update 

For the Cross Frontier Group, the news of the prolonging of the negotiations between the European Union and the United Kingdom on Gibraltar until the first quarter of next year also means that the climate of uncertainty in which workers and companies on both sides of the Border find themselves is also extended.

In this regard, the Cross Frontier Group has wanted to urge the negotiators to conclude the agreement by the new date that has been set and that the Agreement encompasses the demands of this Group, in its capacity as a representative of civil society of both territories.

In the last month, the Cross Frontier Group has written to all of the parties involved in this negotiation asking them for a satisfactory agreement that provides the area with stability in our relations and which in turn serves to further enhance our economies and the well-being of our citizens.

The business and trade union organizations that make up the Group have thanked the Foreign Minister of Spain and the Foreign Minister of the United Kingdom for extending the memorandums until the signing of the new agreement between the European Union and the United Kingdom.

“We are aware of the complexity of the treaty that is to be signed and the framework in which the negotiating process is taking place; but we want to be reasonably optimistic insofar as agreements have already been signed by the parties which set out the key elements which will sustain the new framework of future relations ” concluded the spokespersons of the CFG.


MS IONA CALL

The Minister for Business and Tourism, the Hon Vijay Daryanani MP, welcomed MS Iona to the port of Gibraltar.

MS Iona is the new flagship of P&O Cruises, a subsidiary of Carnival Corporation PLC. It is one of the largest cruise ships, with a capacity of 5200 passengers and 1800 crew, to operate for them and it’s also one of their first LNG powered vessels. On this occasion it is carrying 2484 passengers and 1657 crew on board.

Minister Daryanani, who engaged in the traditional exchange of gifts, said “I am delighted to welcome MS Iona to Gibraltar. Carnival Corporation and P&O are one of the more important cruise companies in the world and we welcome them with open arms. IONA is the floating city example of the direction cruise ships are moving in. It is also great to see this new cruise ship visit our Port as it is LNG powered. The introduction of LNG is a major development that supports our environmental goals and decarbonisation pathway. We enjoy a very good working relationship with them and in November I met with Mr David Dingle CBE, the Chairman of Carnival UK to discuss how we can increase calls to Gibraltar. I will continue working with their itinerary planners to make sure that Gibraltar is included in future cruises.”

1 2 3 5
0 £0.00
Go to Top