The Argus Group’s record earnings of $17.3 million for the six months ended September 30, 2006, represents a 32 percent increase over the results for the corresponding period in 2005.

Gerald Simons, President & Chief Executive Officer, the Argus Group, comments:
“These results reflect our continuing efforts to produce profitable lines of business in each of our insurance operations. Thanks to appropriate adjustments to premiums and increased deductibles, we have achieved acceptable underwriting ratios in all business areas, including the motor account. Additionally, we have been very fortunate to have been spared any major windstorm damage and have experienced lower than expected levels of medical claims during this period.”

Total premiums earned, net of reinsurance, rose by 8.4 percent. Investment income in the six months under review, improved slightly compared with the corresponding period in 2005 which enjoyed realised investment gains of $2.8 million from the sale of an overseas equity investment. This year’s gain to date was primarily as a result of increased returns from the Argus Group’s portfolio of local investments.

Increased investment in information systems and business analysts impacted operating expenses which, together with commissions, rose by 12.4 percent in this period and are equivalent to 22.8 percent of the Argus Group’s total income, compared to 22.0 percent in the corresponding period last year.

In the absence of unforeseen catastrophic events, the Argus Group would expect profits for the year ending March 31, 2007, to exceed those of the prior year.

Andy & John Hunter took over and relaunced The Gibraltar Arms in early October. The bar now serves food all day from 7.30am until 10pm with a full menu including an extensive breakfast menu, rolls & sandwiches, jacket potatoes, burgers, fresh mussels, a range of burritos and more.

See the full menu on www.gibraltararms.gi. Beers on draught include Heineken, Old Speckled Hen, Green King, Murphys and Strongbow.

The Hunter Twins now operate 4 bars including The Lord Nelson, The Star Bar as well as the Britannia Bar in the Cruise Terminal. Plans are also now well advanced to open Gibraltar’s first authentic Irish bar, O’Reilly’s, on Heart Island, Ocean Village in 2007. The new bar is being designed by one of Ireland’s leading design groups based in Dublin.

Another innovation has been free WiFi which is now available at both the Lord Nelson & Gibraltar Arms. Drop in with your laptop, PDA or Internet enabled phone, the access code is displayed in each bar on the blackboard.

More details and links to all the establishments, their menus and events can be found on www.lordnelson.gi

The Variety Club hosted a “Rugby Legends” dinner in the magnificent Savoy Hotel, London. The evening was attended by celebrities and royalty. The evening began with a champagne reception in the company of legends from some of the top eight rugby nations, England, Ireland, New Zealand and South Africa.

Isaac Marrache Senior Partner of Marrache & Co, is pictured right with the Duke of Edinburgh and Mr Douglas, Headmaster of University College School, Hampstead.

Amongst the celebrities who attended were, Gareth Edwards, Gavin Hastings, Lawrence Dallaglio, his Royal Highness the Duke of Edinburgh, and the awards were hosted by Ian Robertson.

The evening was packed full of entertainment including a silent auction, a special appeal and an awards ceremony.

In the Long Run’ mused Maynard Keyes ‘we are all dead’ or as someone else once said, ‘Don’t go though life with a catcher’s mitt on both hands, throw something back’. The author of that line is unknown but we can assume that he knew something about baseball and the cut and thrust of business and life. It seems to me that the two are inseparable…

In the consumer society of the developed world in which we live, the lifestyle we enjoy is largely shaped by the extent to which we buy and sell.

A market without anything to sell will be just as ineffective as a market full of merchandise with no one to buy. When we have real financial wealth, we are able to indulge many of our fantasies or dreams. That’s one of the reasons for aspiring to wealth and the independence it brings. For example once you have travelled around the world staying in the world’s most luxurious hotels its not necessary to have the 5 star penthouse suite, something more modest will do. Once you’ve tasted the grape its not necessary to taste it with every meal.

Success in anything comes at a price and business is no exception. The ability to be disciplined and to persevere no matter what, is possibly the single greatest attribute to be successful in business. As Calvin Coolidge put it ‘Nothing in the world can take the place of persistence. Talent will not. Nothing is more common than unsuccessful men and women with talent. Genius will not. Unrewarded genius is almost a proverb. Education will not. The world is full of educated derelicts. Persistence and determination alone are omnipotent’.

But perhaps there is another price to which, in a sense, it is not obvious until it hurts and that is the price of integrity. The lack of ability for individual companies and institutions to police themselves, has led to a plethora of regulatory bodies for professions and businesses. We have created a “blame and shame” culture in which so often we prefer to abrogate responsibility and seek litigation, rather than facing up to the challenge ourselves. Integrity perhaps is best summed up as acting in a responsible, honest and fair way no matter what the cost to the individual or company.

We have been given a shocking example by many in authority on how to be economical with the truth, once a civil offence now a well-honed practice is to ‘spin’ the facts to suit a particular agenda of self interest.

Philanthropy, no longer the preserve of the rich and famous, often anonymous, through centuries has made a contribution to the good of many of the underprivileged, as well as aiding education research and science, from which we all have benefited in some way. Many of the wealthy have historically helped the poor and those needier than themselves. Two of the worlds current incurable illnesses are AIDS and cancer, the major problem facing the developing nations is AIDS. Hardest hit are the children with an increasing numbers of orphans born with AIDS. In contrast, the problem facing the developed nations, is one of cancer, and in particular breast cancer. Drug addiction and alcoholism, particularly amongst the young is increasing at an alarming rate in both the most affluent areas of society and amongst the desperately poor, like the street children on Seventh Avenue in Guatemala City.

Last year, due to the strength of the world’s financial markets, saw the creation of much wealth, not least amongst City of London financiers, many of whom became millionaires on the strength of their bonus payments alone. That we should try and help those less fortunate than ourselves we all know, and we also know that Charity begins at home. The Stock Market is the barometer of the economy, and the economy is driven by business, and business is the powerhouse that can make a real difference by making a positive contribution to the Society in which we all find ourselves. Working with integrity is perhaps not just about the way we treat our employees, colleagues and competitors but also about how we use the wealth that we create. Whilst financial wealth will mean different things to different people, perhaps not having to look at the prices on the menu every time we eat out is getting close?

Taking off the catcher’s mitt and throwing something back is made easy with a new concept to be launched in Gibraltar: ‘The Solidarity Investment Fund‘. A way to be able to enjoy the security of having your capital working for you, whilst at the same time, giving to charity and directly making a difference to the weakest in our society. As in the long run, we are all dead!

For more information please write to Jeremy Blatch in association with www.investors-forum.com

Archaeologists in a few hundred years’ time will be excited when they discover the time capsule buried at Gibtelecom’s city centre offices
Minister for Heritage, Culture, Youth and Sport, the Hon Fabian Vinet, combined his heritage brief with his role as Chairman of Gibtelecom, when he formally buried a sealed steel chest containing early 21st century relics-to-be, including telecommunications equipment, Gibtelecom corporate records and Company publications, in the floor of the John Mackintosh Square building.

An engraved plaque will be placed over the floor of what is to be the new Customer Service Centre, to mark the time capsule’s location.

The ceremony was attended by Gibtelecom’s CEO, Tim Bristow, along with Verizon Communications’ Vice President (Europe), Mr Rahul Saxena and other Gibtelecom board members. Verizon are joint owners of Gibtelecom along with the Government of Gibraltar.

Representatives of every Gibtelecom department also witnessed the event.

Fabian Vinet paid tribute to Gibtelecom for what he described as an innovative initiative to preserve part of Gibraltar’s history. He added, ‘The capsule will provide future generations with a glimpse of the way telecommunications has developed over the last century or so.’

Much of this history will be expressed in Malcolm Beanland’s book ‘Gibraltar Calling’, part of the time capsule, which traces the origins of Gibtelecom back to the mid 1880s and the Eastern Telegraph Company. It also covers the history of the company up to the merger of Gibraltar Nynex with Gibtel.

Gibraltar Nynex Communications Ltd was formed in 1990 when the former government Gibraltar Telephone Department was privatised.

The new offices at John Mackintosh Square are partly the reconstruction of the existing building, which dates back to 1801 or earlier. The new construction rests on piles, or legs, some of which penetrate a full 20 metres down to the bedrock below.

Piles were also driven tight to the adjoining wall of the Haven, as the newly-excavated cellar went lower than the foundations of the 1970s’ building.

This was not necessary on the other side, as the neighbouring Old Guard Room’s foundations surprisingly went lower than the new basement.

Work is expected to be completed within 18 months, with the new building housing the Customer Service Centre and general offices, which will be integrated with the nearby Haven and City Hall, where Gibtelecom also has technical departments.

Before the time capsule was buried, Tim Bristow expressed his appreciation for the work carried out by Sharrock Shand (first-phase Contractors); MJ Hassan & Co (Project Manager); WSRM Architects; E&M Consultants Ltd (Mechanical & Electrical Engineers); QSS Ltd (Quantity Surveyors); AKS (Gibraltar) Ltd (Structural Engineers) and JB Engineering Consultants Ltd (Clerk of Works).

Easi Print is 13 years old this month! Unlucky for some but definitely lucky for a company which is happy to announce further expansion in the local printing trade.

They have decided to invest further in the Gibraltar market and will shortly be upgrading and increasing their machinery to further cater for the growing local business sector.

It’s good news all round for a family business which continues to go from strength to strength.

All the building development which is going on around their offices, may make it difficult for some clients to get to Easi Print, but rest assured you only need to call and they will come to you. After all they are only minutes away… www.easiprint.gi