The rapidly expanding financial centre of Gibraltar is now set to host its first International Boat Show on Easter weekend, 9 – 12 April 2009. The super-chic venue of Ocean Village, Gibraltar’s biggest residential and leisure complex, is the ideal location for a prestigious addition to the yachting calendar – and not before time. With established Boat Shows in Madrid, Barcelona and Palma, it’s time for this gateway to Morocco and southernmost tip of the Iberian Peninsula to take centre stage…

John Wood, part of the Boat Show team, comments, “A Boat Show is more a necessity than a luxury for Gibraltar due to its proximity to some of the finest cruising waters and marinas in southern Europe. Already with the support of leading yacht manufacturers from Pershing to Sunseeker, this year’s Gibraltar International Boat Show will provide the perfect opportunity for visitors to start the season afloat on the latest ready-to-buy models being delivered to the Mediterranean.”
As an inaugural year, the scene has been set accordingly. Entrance is free for the general public to ensure maximum footfall and exhibitors will find Gibraltar International Boat Show’s pricing to be highly favourable in comparison to more established nautical events. Advisers will be on-hand to explain the benefits of registering a boat in Gibraltar which is enticing not only for Gibraltarians but for residents of Spain and beyond.
John continues, “Easter weekend should bring bright sunshine and plenty of free time to explore both the Boat Show and Gibraltar’s other well-documented historic attractions from the great siege tunnels to the iconic Barbary Apes occupying the Upper Rock. Thanks to the unwavering backing of Gibraltar’s Government and Tourist Board we have every faith that this year’s event will be a springboard for many successful Gibraltar International Boat Shows to come.”
Gibraltar’s 200-berth Marina Bay opened back in 1980 but since Ocean Village’s buy-out in 2006 it has been transformed into a modern facility flanked by waterfront al-fresco eateries, swanky shops and a super-sized casino and nightclub set on a reclaimed island. Able to accommodate even the largest super yachts, this harbour is the starting point for many events including the Blue Water Round the World Rally and Rally Antigua. As a territory Gibraltar also receives almost 250 calls from cruise ships throughout the year.

By the standards of the wider European Union, Gibraltar has been relatively slow to realise the benefits of a liberalised telecommunications industry.  Given Gibraltar’s size, Government interest in the incumbent provider (typical legacy of earlier privatisation of utilities) and international political dimension of issues related to Spain (e.g. long-running, now resolved dispute over the 350 dialing prefix), it was perhaps inevitable that change, done right, would take time.
Gibtelecom’s earlier monopoly in the sector now faces competition from Sapphire Networks who have maintained a relatively low profile until recently.  Sapphire have looked to challenge the marketing-driven ‘over-promise’ and ‘under-delivery’ culture which characterises so many technology startups. Core to Sapphire’s philosophy is their approach to service delivery – over-engineered solutions designed to exceed customer expectations are ‘the norm’.
Since their formation in 2005, following the acquisition of Gibraltar’s first internet service provider GibNet, the Sapphire team (locals Lawrence Isola and Tony Welsh sit on the board) have been focused on the significant planning and investment required to deliver a wholly-owned and operated, next generation network to challenge anything available in Gibraltar.
This resulted in a fibre-optic cable ‘ring’ around the Rock which features no single point of failure.  Sapphire’s own network extends into Spain where they are a fully licensed telecoms operator (two firsts for Gibraltar) – two fibre links (one owned by Sapphire, the other by Telefonica) and an additional Sapphire wireless circuit link to their ‘point of presence’ (POP) in La Linea, the use of different technologies enhancing resilience even further.
From La Linea, Sapphire partner with leading telecoms operators Telefonica and ONO, each providing dual resilient circuits to Sapphire’s POP in Madrid, from where they can connect to wherever is required.  With the southern region of Spain traditionally the weakest link in the international telecommun-ications chain to Gibraltar, this was an essential and inspired piece of network design.
Avoiding any dependence on Gibtelecom has allowed Sapphire to develop its own internet and leased line products, services and pricing, unlike operators who depend on third parties. This also allowed Sapphire to improve on previous standards of resilience and take full control and responsibility for important aspects of service quality such as latency (effectively, the time taken for data to reach its destination), key to customers involved in internet gaming, banking and all businesses generally who are trading on international financial markets.
Sapphire’s whole proposition was heavily influenced by the exacting demands of Gibraltar’s online gaming industry, unsurprisingly the main beneficiary of Sapphire’s enterprise services and 100% network uptime since implementation.  It has been imperative for the continuing development of the jurisdiction that Gibraltar is able to offer a serious alternative to Gibtelecom, in the interest of competition as well as to mitigate operational and supplier risks.  Their efforts in this regard have received widespread support from the Gibraltar Government and GRA (Gibraltar Regulatory Authority – responsible for regulating telecommunications as well as gaming) and Sapphire have been successful in signing up significant business from the gaming sector, where contract periods of up to seven years were not unusual prior to their arrival.
Sapphire recruited resources from leading companies around the world to design and manage their systems and they have achieved a high ratio of technical to other (administrative, etc.) staff.  They have invested in the latest hardware from the likes of Cisco and Juniper Networks, and partnered with leading-edge DDoS (denial of service) protection from Toplayer, a key requisite for global web-based businesses.
Whether as a primary telecoms supplier or as a backup, customer feedback has been overwhelmingly positive, with excellent comparative statistics on service performance and even references exchanged between competitors.  Sapphire now have a track record to support the theoretical potential of their network and they have demonstrated they can deliver for Gibraltar business so you should expect to hear much more from Sapphire in 2009.

Credit Suisse (Gibraltar) Limited and the Bonita Trust of Gibraltar are proud to announce the launch of their jointly funded project “Future Leaders in Philanthropy” (FLIP).
Aimed at local students aged sixteen and over, FLIP is a 3-year project which has been established to raise awareness and understanding of social responsibility amongst this age group. The project will also seek to educate teenagers about the value and societal benefits of philanthropic gift-giving, as well as teach them how to manage their own charitable funds.
Highlights of the project will include management of a £5 million virtual philanthropic investment portfolio and a charity fund-raising project, through which the participants will get a real insight into charities and the way they work.
The selected students will be required to undertake various assignments of a charitable and financial nature over the course of the 3 years, for which they will receive financial rewards and gifts. Participants will also be able to select a charity of their choice to receive donations and for whom they will complete a fundraising project.
Speaking on behalf of the Bonita Trust, International Advisory Board member, Ruth Parasol-DeLeon commented, “We are delighted to launch the FLIP project with Credit Suisse because today’s students are tomorrow’s philanthropists; FLIP will give them early insight into grant-giving and philanthropic investment decisions affecting the lives of many people”.
Trino Cruz from Credit Suisse remarked, “Credit Suisse, as a leading banking institution, has always been at the forefront of philanthropic and educational activities and was keen to partner with the Bonita Trust on this worthwhile project with a local community focus. We have a team of employees on board, who will act as financial mentors for the participants, guiding them through the wealth of investment vehicles for their virtual portfolios and we are all very excited about the FLIP project.”
FLIP is supported by the Department of Education and Training and all current year 12 students from any Gibraltar-based school / college, who have achieved at least 5 A’s at GCSE are invited to attend the launch and apply for the opportunity to take part in the FLIP project. Twenty applicants will be selected to participate in the scheme.
Headteachers and the Director of Education, speaking after discussions with the Gibraltar Ministry for Education, said this is an exciting project for their pupils, and participation in it would not only help them personally, but would also enhance their future university and career applications.
The FLIP project will be managed by Ms Ros Astengo who will be the students first port of call for any queries.

NatWest has given the local market place some reassurance with a commitment not to increase overdraft pricing for small businesses, with effect from 1 December 2008. In delivering peace of mind on both borrowing and pricing to this vital sector in the local economy, the Bank has also pledged to continue to provide committed overdrafts to small businesses with pricing guaranteed for 12 months from the day it is agreed or at renewal time.

However, Gibtelecom’s earlier telecommunications The committed overdraft pledge applies to the customers of Business Banking and is subject to customers staying within their agreed terms and conditions. The Price Promise also applies to customers of Business Banking with committed overdrafts as long as there is no increase in the risks associated with lending to them.
Announcing these commitments Regional Manager, Kerry Blight, said “We are very pleased to follow the lead of our parent bank RBS Group in the UK as we genuinely understand the challenges facing our small business customers. Having so many customers in this sector in Gibraltar, we want to reassure them that we are not only open for business, but we are responding to the tougher trading conditions and are willing to make this commitment.
As well as this promise, the vast majority of NatWest small business lending is base rate linked so all these businesses will benefit immediately from any cut in interest rates”
Mr. Blight said that the business community has responded favourably to the recent announcement. He added “The NatWest management has reported positive feedback from its recent announcement that it will guarantee overdraft facilities for small business customers.
The small business community plays an important role in the local economy and NatWest is pleased to offer its support during these testing market conditions.”

International Franchises Limited was the winner at a gala dinner held in the UK in early September to celebrate BHS retail success. The Gibraltar franchise of BHS won an award for the highest international sales of all the overseas franchises of BHS, which currently number nearly 100 stores.

Sandra McInnes and Sarah Gray from International Franchises Limited were at the awards to receive the award.
Sandra McInnes arrived on the Rock in May this year. She is IFL’s children’s wear and lingerie buyer/merchandiser for the BHS franchise and comes with many years retailing experience from Glasgow and South Africa.
Sarah Gray who is IFL’s womenswear buyer has been with the company for four years. Originally from the UK Sarah’s background was in costume design and production working for a number of the London’s West End theatres as well as the Royal Opera House.

Barclays Wealth launches its Investment proposition to intermediary clients in Gibraltar. The launch follows a series of enhancements to Barclays Wealth’s services that have taken place over recent months, and is designed to support and inform clients in the current market environment of volatility.

To launch the proposition, Barclays Wealth had flown its Head of Asset Allocation, Mads Pedersen, out to Gibraltar to speak to clients about the current market conditions and what they should be considering when monitoring their portfolios in the current market conditions. The Investment proposition enables Barclays Wealth to provide its clients with the best of investment strategy and money management. Through the business’s extensive research capabilities and position in the marketplace, clients have access to a wide range of investments, products and services.
The Investment proposition comprises a range of products and expertise available from Barclays Wealth Intermediaries that now includes all areas of investment strategy and money management. Through its extensive research capabilities and position in the marketplace, it can access a wide range of competitively priced services, investments and products. Barclays Wealth Intermediaries draws on the expertise of its in-house investment team to offer greater flexibility, as well as the world-class service of Barclays Capital and Barclays Global Investors.
Barclays Wealth Intermediaries provides a comprehensive range of investment products, including alternative assets and derivative based instruments. It is also developing new structures, products and investment strategies to protect assets and manage specific risks and exposures. The Investment proposition will be available as both a Discretionary Management and an Advisory service.
Franco Cassar, Country Head of Gibraltar, comments, “The approach that we take is to ensure that all aspects of our clients’ investments are managed smoothly and efficiently, by bringing together specialists from both banking and investment perspectives. Locally and to ensure a seamless approach/service we have appointed Mark Crossley (Head of Investments) who along with his team will ensure that before recommending an investment strategy and blend of assets, we will understand our clients’ circumstances, objectives and risk profile. Combining this information with our knowledge of both the historic risk and return characteristics of assets and our future forecasts, our Investment Advisors will work to reach the most suitable investment approach.”
Mads Pedersen, Head of Asset Allocation at Barclays Wealth adds, “The recent year has been extremely challenging for financial markets and investors alike. In this environment it is as important as ever to have the right portfolios and a close dialogue with their advisers. With high volatility comes attractive investment opportunities. Financial markets are now pricing in a scenario closer to a depression than a traditional recession, which we find overly pessimistic. As such we see interesting investment opportunities emerging across asset classes. However with most of the western world facing recession the road out of here is not going to be easy and volatility is set to be high. In this environment it is extremely important for us that we have a close dialog with our clients to provide the best possible guidance on what to expect from markets and where the opportunities and risks lie.”

Christmas came early for little Lauren Aitchinson this year, thanks to the £750 donation Argus Insurance made to the Arts Fund in return for a performance by philanthropist classical guitarist, Stephen Greenwood at a recent corporate event.

Lauren, 5, who suffers from Cerebral Palsy, was delighted with her new means of transport – a specially adapted pink Imp trike.  Angela Lucas, Head Teacher of St. Martin´s Special School, where Lauren is a pupil said “ We and Lauren’s family cannot thank The Arts Fund and Andy Baker (CEO of Argus) enough for this generous gift – this tricycle will literally change Lauren’s life. Funding is so difficult to come by and when we are lucky enough to get financial assistance, we have to put it towards more practical necessities rather than items that actually bring fun to a disabled child’s life.
Lauren has not been able to get around on her own since birth and up until now has only been able to observe other children at play. This trike now allows her the freedom to engage in play and have some independence for the first time in her life.”
The Arts Fund is a non-profit making organisation that stages live classical music performances in return for donations, giving 100% of all monies raised to children’s charities. Speaking on behalf of The Arts Fund, Stephen Greenwood said “we are always looking for ways to offer live classical music performances to raise money for such causes and would like to thank Argus Insurance who have enable us to buy this life-changing gift for Lauren.”
Argus’s Tyrone Montovio concluded “it is us who should be thanking The Arts Fund and professional musicians such as Stephen who donate their performance fees to raise cash for such worthy causes – it has truly been a heart-warming experience and an honour to be present here today to witness Lauren’s wish come true”

British Airways is giving customers more comfort and privacy in its Club Europe cabin from February 23, 2009 by removing the use of the middle seat.

This new configuration will offer those customers booked in the airline’s short haul business class cabin a guaranteed window or aisle seat, with the middle seat free. It will provide them with greater privacy and enhance their ability to work and rest onboard.
Customers can enjoy a more relaxing travel experience, while maintaining the full range of onboard Club Europe services including extra legroom in a comfortable leather seat, a choice of hot and cold refreshments and a complimentary bar.
Robert Boyle, commercial director at British Airways, said: “We’ve listened to customer feedback and taken the decision to leave the middle seat unoccupied to give our customers that extra privacy and sense of personal space.

The Gibmaroc Group crowned its across the board business success in 2008 by achieving international recognition for all three parts of the organisation in the form of ISO 9001:2000, the main standard of business management.

The largest and most widely recognised Certification Body, S.G.S. audited the business in December and recommended certification without any reservations.
“This confirms how our excellent team has contributed to the success of the businesses, by learning to review our practices internally as well as meeting exacting external standards” said Managing Director, George Desoisa.
EMAS Consultants, the major advisory body in this area in Gibraltar, provided the professional support. The achievement of certification of this Standard will provide the foundation for working towards ISO 14001, the world wide recognised standard for Environmental Management Systems.
The Group expects to be one of the first organisations tin Gibraltar to achieve recognition in the very near future.