£1.7m has been stolen from local businesses this week according to the RGP. Sophisticated fraudsters are posing as bank employees to gain remote access to computers and using that to transfer funds out. On Tuesday alone, nine victims reported losses of £703,000. Here’s what we know: 

Last week members of the GFSB Board of Directors had a productive meeting with John Paul Fa, the CEO of Business and the Office of Fair Trading (OFT). This was the second meeting with Mr. Fa since his appointment and a step forward in our collaboration with the OFT, a key player in the Government’s new Strategy for Business. The OFT is currently planning on rolling out several initiatives that may impact some of our members. Our meeting provided an opportunity to understand these initiatives and discuss their potential effects on business in Gibraltar as well as suggest enhancements where appropriate. Below are some of the key plans discussed and potential implications.

The Chief Minister’s 2024 Budget Address was delivered on 1 July 2024. The Chief Minister announced that forecast GDP for 2023/2024 is £2.91 billion, a 5.8% increase on the prior year, and that a small surplus of £1.9m is estimated for 2023/2024. He also stated that average estimated inflation for 2023/2024 is 2.6%, a figure which drove many of the increases announced.

The Gibraltar Federation of Small Businesses (GFSB) has reviewed the 2024 Budget Address delivered by Chief Minister Fabian Picardo QC with a mix of recognition and some concerns. While some budgetary increases align with inflation, the overall impact is of increased costs on small businesses.

Speaking at the 2024 Annual Dinner, the GFSB’s Chairperson, Owen Smith, summarised the strides taken by the GFSB over the last 12 months, including a rebrand, relaunched website, member census and premises refurb. Training, information and social events have also increased this year, with the GFSB averaging around one weekly event. Owen spoke of stronger ties with Young Enterprise Gibraltar and the GFSB’s new Youth Membership scheme, which it hopes will attract Gibraltar’s budding entrepreneurs. Thrive Magazine and the new Thrive EDIT newsletter were highlighted as part of the GFSB’s move to communicate more effectively. The GFSB aims to roll out its new Online Membership Platform, complete the premises refurb project and focus on fundraising by building partnerships with Gibraltar-based businesses.

As part of our commitment to improve the way we do things and continue to bring value to our members (yourself included), we’re excited to announce the upcoming launch of our new online membership platform, powered by Glue Up. This online platform is set to enhance your membership experience, making it easier than ever to connect with other members of the GFSB community.

The Gibraltar Federation of Small Businesses (GFSB) is thrilled to announce the winners of the 2024 Business Innovation Awards. The event which took place earlier this week, celebrated the innovative spirit of Gibraltar's business community on the rooftop of the Eliott Hotel.

The Gibraltar Federation of Small Businesses (GFSB) is excited to announce a new programme to help young entrepreneurs in Gibraltar. They are now offering memberships to people aged 21 and under, providing them with support and resources to succeed in local business.

As a relative newcomer to Gibraltar’s hair and beauty scene, The Collective has made quite an impact. Formally ‘House of Blanco’, its contemporary, muted aesthetic brings London-level coolness to Engineer Lane and its team of professionals have made it an instant favourite among its clients. We met its owner, Keiron Revagliatte to find out more about the business.

‘El Kasbah’, situated on Castle steps, opened its doors last week. Its owner, Lauren Linares, is hoping to create a unique space that serves much more than fabulous food and drink. Her concept takes inspiration from the much-missed ‘The Kasbar’ to once again become a place where cultures come together and the community can share their creativity and talents. We met Lauren to find out more about it.