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www.business365iom.co.uk | SEPTEMBER 2020 ISSUE
CLIMATE
ACTION
A new way of
thinking towards
a better future
SMP GROUP’S NEW FERRY TO BE TOWERING
HONG KONG BUILT IN SOUTH ACHIEVEMENT
ACQUISITION KOREA As part of its continued commitment to
investing in the Isle of Man’s telecoms
Following a deal announcement in April, SMP A new purpose-built vessel for the Isle of Man
and internet infrastructure, Blue Wave
Group has secured regulatory approval from Steam Packet Company will be constructed
Communications has successfully completed
the HK Companies Registry and completed the in South Korea, by one of the world’s major
its 40-metre communications tower located at
acquisition of RBC Corporate Services Hong shipbuilders, Hyundai Mipo Dockyard (HMD),
the top of Carnane, Douglas.
Kong Limited. based in Ulsan.
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Contact Us
business.sure.com
September
5 CELTON LEEDS THE WAY WITH
PREMIER LEAGUE SPONSORSHIP DEAL
6
A comprehensive round-up of the latest business news
covering all sectors within the Isle of Man’s diverse and
dynamic business environment.
ANOTHER ACQUISITION FOR EQUIOM
6
MANX GOVERNMENT STRENGTHENS
BORDERS TEAM
Expert comment from leading figures within the
8
business community, on a variety of topical issues KPMG POLL SHOWS SPEED OF
across a range of sectors.
ISLAND’S POST COVID RECOVERY
Looking at the people who keep the wheels of
commerce turning on the Island; features, profiles,
10 PROM SCHEME - LIGHT AT THE END
OF THE TUNNEL
12
achievements and stories with a human dimension. NEW PACKET BOAT TO BE BUILT IN
SOUTH KOREA
Who, what, where – a comprehensive appointments
section keeping you abreast of all the movements within 18 HOPE FOR YACHTING SECTOR AFTER
COVID 19 STORM
the business community.
Bellhouse
‘As Chef de Mission, Erica will be responsible for overall leadership of the
Isle of Man Team and for our staff and competitors during the Games in
Birmingham in 2022. She will also work with Graeme to ensure effective
resolution of any issues arising, with either the Team, the Commonwealth
Games Federation or the Organising Committee, at the Games.
‘Graeme’s role as General Team Manager means he is directly
responsible for athlete management, coaching staff and the Sport Team
Managers.’
Dionne wins national award!
Congratulations to Financial Options Dionne Wall who recently won the
National Chartered Insurance Institute Emerging Young Professional of the
Year award.
This is such a fantastic achievement, to be recognised nationally out of
Lifestyle
H ELP I N G YO U M A K E T HE MOST OF WOR K A ND P LAY
Lifestyle 26 CLIMATE ACTION – A NEW WAY –
AN OPEN LETTER FROM IOM 2035
39
125,000 members!
Living a full and productive life is all about finding the right
Managing Director, Paul Chase, said:
“The reason I felt very strongly about wanting to submit the nomination for
Dionne, was to acknowledge and celebrate what she has achieved over
the last year in terms of her incredible exam success and also her career
progression through the company. I felt she deserved recognition of the
incredible dedication she has shown to her studies, personal development
and qualifications. She is very dedicated to becoming a qualified Financial
ISLAND’S GROWING APPEAL TO
Adviser and having just turned 21 earlier this year, we feel we really want
to encourage her and other colleagues of a similar age in their pursuit of a
career in financial services.”
Dionne was also awarded the Mike Henthorn CII Young Achievers Award
balance between work and play. Here at B365 we know
(Isle of Man) in February 2020.
On Tuesday 11th August, Laurence Skelly MHK presented her with the
certificate and award in front of her proud mum and colleagues.
hef de Mission and General Team
Laurence Skelly presents
Dionne Wall with her award.
mes Association of the Isle of Man has
ointments ahead of the 2022 Games in
tcher has been appointed General Team
GAMING SECTOR
ouse has been appointed Chef de Mission.
ake up their roles with immediate effect, with the
the importance of both. Our new lifestyle section will
rds, qualification periods and general planning
ca Bellhouse has been involved in sports
of Man for 15 years. Within cycling, she has
nising the Isle of Man Youth Tour for over ten
involved with Manx Gymnastics and the Isle of
en Secretary-General for the Commonwealth
e Isle of Man, a role she will also continue with up
include regular topics covering travel, motoring, property,
General Team Manager Graeme Hatcher
(pictured) as over 25 years’ experience
as a competitor and administrator. As a
cyclist he represented the Isle of Man at
three Commonwealth Games between
2002 and 2010.
40
Graeme was Sport Team Manager for
the Isle of Man’s cycling teams which
competed at the 2014 and 2018 Games.
Basil Bielich, President of the
Living a full and productive life is all about finding the right balance between work and play.
Commonwealth Games Association
health and leisure.
of the Isle of Man said: ‘I am delighted Here at B365 we know the importance of both. Our new lifestyle section covers topics
Erica and Graeme. They both bring many years including travel, motoring, property, health, sport and leisure.
pective roles and they are also well respected
MY BIOSPHERE - THIS MONTH WITH
community,
B365 – bringing a bit of balance into your life!
JAN McCARTNEY
49
IOM BUSINESSES WARNED ABOUT
Exactly what it says on the tin – news snippets, forthcoming
events and information from the business world. INADEQUATE PPE
BUSINESS365 IS PRINTED & PUBLISHED BY MANNIN GROUP
This publication is printed on a Heidelberg SpeedMaster SX74 5 colour lithographic
BRINGING YOU THE BUSINESS
printing press on carbon balanced paper which is produced at one of the world’s Business365 evolved from Mannin Group’s highly successful, market leading publication, Money
most environmentally advanced paper mills ensuring it’s ultra clean and friendly to the Media. The new title embraces and builds on the ethos of its predecessor offering an all-embracing
environment.
look at all sectors of the Isle of Man’s vibrant business community. Business365’s incisive editorial
reflects the Isle of Man’s standing as an international business centre of repute, and its modern,
stylish presentation makes the magazine the first choice for industry leaders and professionals.
In keeping with its position as the Isle of Man’s premier business publication Business365 enjoys
an extensive distribution network. The magazine is delivered by post to all Isle of Man business
addresses and is widely available in dispensers at the airport and the sea terminal in Douglas.
tel: 01624 696565 | mail: enquiries@mannin-group.im
Should you require further copies of the magazine, please call (01624) 696565.
To whom all matters relating to editorial should be addressed. Articles may be submitted for publication at the publisher’s
discretion. All items contained in this publication are the copyright of the publishers and may not be reproduced without
the permission of the publishers. The publishers take no responsibility as to the veracity of statements or claims made by
advertisers or outside contributions.
comments
Business365 offers a view on a topic
have your say! or issue of the day. You can also log
onto our dedicated website and
express your opinion...
Airport gaffe is unacceptable
The recent, embarrassing incident at Ronaldsway Airport, in which an Aurigny aircraft carrying
rugby teams from Guernsey, was turned away because the Isle of Man airport wasn’t open, is the
latest unacceptable gaffe at the facility in recent times.
T
he issue required the Manx authorities to Even before the pandemic the airport had hit the
make a public apology, after the aircraft headlines for the wrong reasons on numerous
was diverted to Manchester, before finally occasions; EasyJet flights refused permission
getting clearance to proceed to the Isle of Man. to land because they were running behind
schedule, leaving hundreds of Islanders stranded
The statement said: “A rugby charter from
in London; problems with aircraft steps leading
Guernsey to the Isle of Man made an
to long delays for passengers disembarking,
unscheduled stop in Manchester, briefly, due to
and lengthy waits for luggage were among the
Air Traffic Control in the Isle of Man not being
problems encountered.
open, initially. Both the IOM Government and
Aurigny would like to apologise for the delay Ronaldsway Airport has a hugely important role
incurred, which was due to a communication to play in ensuring the Island’s prosperity, and
breakdown. The flight continued on to the Isle its efficient operation is key to attracting new
of Man with no further issues and the return airlines to operate routes to and from the Island.
flight was delayed an hour and a half to ensure It is also a major consideration for business
that the rugby match was completed in good leaders contemplating whether to move their
time. Aurigny and the IOM Government continue operations to the Isle of Man.
to work together and are proud of the airbridge
It’s hoped that air services to and from the
between the islands, which has enabled many
Island can resume as normal as soon as it is
locals to take holidays and also competitive
deemed safe to do so. We must also hope that
sporting events to be held with no restrictions.”
government takes a long, hard look at how
Such a ‘breakdown in communications’ is the airport is run and if the problems relate to
completely unacceptable, particularly given funding, management - or both - that proper
the massively reduced traffic in and out of the measures to secure its future operation are put
Island’s airport, as a result of Covid 19 restrictions. in place.
ADVERTISING EDITORIAL
Sales: Sarah Ashall Editor: Simon Richardson
T: 01624 696556 T: 01624 696590 Business365iom
E: sarahashall@mannin-group.im E: simonrichardson@mannin-group.im
The Business365 team is mainly working from home now because of the
Coronavirus epidemic, but we will be keeping readers updated on news and
information via our website at www.business365.co.uk
A comprehensive round-up of the latest business news covering all sectors within
the Isle of Man’s diverse and dynamic business environment.
Celton Manx/
SBOTOP
executive
director Bill
Mummery
into this next phase of their history, back in the
top flight.
‘This agreement comes at a pivotal point in the
development of our business in the Isle of Man.
We are in the process of creating some 26
new local jobs to serve our expanding global
online gaming product and are also significantly
growing our risk trading capability at our
Braddan headquarters.
‘Additionally, we are strengthening our green
credentials by installing around 130 solar panels
Celton Manx in massive here at Celton House.
‘These projects not only underpin our long-term
Leeds United partnership deal
business strategy but also serve to project a
positive image for the Isle of Man worldwide.’
Returning to the sponsorship agreement with
Celton Manx has signalled a major business development after signing Leeds United Mr Mummery said: ‘These are
a multi-year partnership with Leeds United Football Club exciting times for all concerned and we can’t
wait to get started.
A
s part of a major development of its Celton Manx/SBOTOP executive director Bill ‘The SBOTOP logo will feature on the front of
business Celton Manx has signed a Mummery said ‘We are thrilled to enter into a Leeds United’s new Adidas kit, due to launch
multi-year partnership with the club, relationship with Leeds United, a club with a later this month, as well as appearing as a
which will see its global sports betting brand rich heritage and an enormous fan base. sponsor on the club’s official training wear.
SBOTOP become the club’s principal sponsor. ‘We have experience of working in the Premier We will also have a strong presence on the
The sponsorship, the largest commercial deal League and this strategic partnership allows digital perimeter “info panels” and in media
in the club’s history, will see the SBOTOP logo us to work closely with the club as they enter interviews.’
feature on the front of Leeds United’s famous
white shirt from the start of the 2020/21 season.
Acknowledging SBOTOP to be held in high
regard across the global online betting industry,
Leeds United executive director Paul Bell told
7,000 JOBS TO GO AT M&S
MARKS & SPENCER has become the latest High Street giant to announce deep job cuts. The
B365: ‘Today’s announcement with SBOTOP company is to shed 7,000 jobs over the next three months in response to what it has called ‘a
represents a landmark day for Leeds United’s material shift in trade’ as a result of the Coronavirus pandemic.
commercial strategy as we attract new global It’s not known at this stage to what extent the cuts might affect the Isle of Man store in Douglas.
brands to our official partners programme.
Clothing sales have been hit particularly badly, with a huge shift towards online ordering rather
‘We have been in discussions with Bill than buying in store.
Mummery and his team at SBOTOP/Celton Professor John Colley, Associate Dean of Warwick Business School, told B365: “The news last
Manx for some time, looking at various ways to month that 950 jobs were at risk at M&S was always like to be the tip of the iceberg. In reality, the
work together and I’ve been very impressed by company will be making much deeper cuts in the coming months as customer numbers and sales
their experience and the proactive way in which remain largely unpredictable. More stores will close and staffing levels with continue to be reviewed.
they have looked to engage with the club. “Businesses are reducing employment to levels consistent with low levels of demand as the
‘Now that we have returned to the Premier furlough is tapered out. The rationale is that if demand picks up, they can take on more staff.
League, we are in a position to work with “COVID-19 has also provided a major opportunity for businesses facing long term difficulties to
SBOTOP on a truly global platform as we both make decisions that would have been unpalatable to many some months ago.”
look to achieve our goals.’
| 5
HF FUND SERVICES JOINS FORCES WITH EQUIOM
TO EXPAND ITS GLOBAL SERVICE CAPABILITY
Equiom has announced the acquisition of HF Fund Services Ltd. Founded
in 2007 by Sean Flynn and Patrick Harrigan, HF Fund Services provides
non-executive independent directors to alternative investment funds and
investment management companies. The business operates from the
Cayman Islands and Ireland, providing a premium service to a blue-chip
institutional client base.
HF has always focused on quality of service
and restricts the number of clients each
director services to ensure service quality and client
I am delighted to welcome Sean, Patrick and the team to
Equiom and value the expertise and industry knowledge
they bring to the Group’.
responsiveness is maintained. Its seasoned director
Sean Flynn, Managing Director of HF Fund Services, said:
team comes from a variety of backgrounds including
‘Since we established HF Fund Services in 2007, our
fund administration, investment management and law,
clients have grown in size and number and our priority
bringing this experience to bear on its clients’ behalf.
has always been to provide them with the best possible
Equiom’s Chief Executive Officer, Mark Porter, told service. Going forward, our clients can still expect the
B365: same high service standards they are used to, but with
the added benefit of gaining access to the international
‘HF represents a strategic investment into our funds
Mark Porter, reach and expertise of a global group which is committed
governance capability. Our focus is on providing
CEO, Equiom to providing a comprehensive offering to investors
services from tier 1 fund jurisdictions to high
and asset managers. Equiom is a forward thinking and
quality asset managers in key global
ambitious business with clear values – all of which are a
financial centres. This capability
sound fit for our business model. We look forward to fully
is highly complementary to our
integrating with Equiom over the coming months and
existing fiduciary service model
working closely with our colleagues across the group to
and allows us to extend our
continue to provide exceptional service.’
service offering for clients
looking for fund servicing The addition of the Cayman Islands and Ireland offices
capabilities, particularly in add to Equiom’s already established presence in the
alternative asset classes. Americas and Europe respectively.
Increased capacity for Borders team strengthens monitoring
Well over 600 residents have returned to the Island each week since the Government eased its
Borders policy to allow non-essential travel off Island.
A
total of 2559 residents arrived in the Island in the period 20 July that resources have been strengthened, everyone can expect to get a
- the date the Borders policy moved to Level 4 - and 12 August. call and the number of home visits will increase.
Returning residents must self-isolate for 14 days on arrival.
The Chief Minister added: ‘I cannot over emphasise the importance to our
Officers from the newly-formed Travel Notification Service are Manx community that everyone who travels off Island must self-isolate when
responsible for contacting residents by phone and in person once they they return. This is our main defence against another outbreak of Covid-19
are home, to monitor compliance with the requirement. in the community. Spot checks are an important deterrent but they don’t
provide a guarantee that people will comply for the full two-week period.
More than one in every three people self-isolating during the period
We rely on people’s honesty and willingness to do the right thing. The rules
received a phone call and 145 were visited. A recent increase in the
of engagement are clear and I urge anyone considering a trip off Island to
number of officers authorised to make spot checks means all individuals
understand the commitment required to stay home when they return.’
currently in self-isolation will receive a call during their 14 day period.
Each person returning to the Island receives a Direction Notice setting
Chief Minister Howard Quayle told B365: ‘We have great confidence
out the requirement for them to self-isolate. In addition to phone calls,
that the vast majority of residents who return to the Island follow self-
unscheduled visits are made to the addresses of a randomly generated
isolation rules to the letter, for the sake of the wider community. Our
list of people required to self-isolate. If a person is not at their address and
prolonged Covid-free status is the result of superb levels of compliance
cannot be contacted - or is found to be in breach of the rules - officers will
by the public during the pandemic and I am grateful for everyone’s
contact the police.
efforts.
Members of the public who have concerns about an individual’s
‘The new service requires significant resources and it has taken time to
compliance with self-isolation can contact the Community Support and
build capacity. We must ensure that the team is properly trained for the
Information line on 686262.
very specific job we want them to do. The Travel Notification Service
swung into operation once we made the decision to move to level 4, but The maximum penalty for breaching the requirements is on summary
didn’t expect to be able to contact each individual from day one. Now conviction, three months’ imprisonment and/or a fine not exceeding £10,000.
6 |
WHY INVESTORS AND ADVISERS
SHOULD CARE ABOUT ESG
W
hen it comes to investments, responsible investing is fast is creating new asset management opportunities that are crucial to
becoming a mainstream concern. Conscientious investors are combatting climate change and which also offer the potential for stronger
mindful of the wider impact of how they invest their money, and financial performance in the long-term.
this has put the spotlight on organisations to do more than simply turn a profit.
Instead, organisations are also being asked to minimise the harm caused Regulatory pressure is accelerating ESG
by operations, contribute positively to environmental and social issues, and Nations globally have signed up to key initiatives for sustainable
conduct themselves responsibly. It’s no surprise then that the new buzzword development - for example, the United Nations Sustainable Development
in business is Environmental Social Governance (ESG), referring to the 3 Goals or the UN Paris Agreement. To help honour these commitments,
principal factors that measure the sustainability of an investment. Today ESG governments will need to introduce regulatory reform that provides
investing is worth around $20 trillion AUM (Assets Under Management) – incentive for sustainability, low emission infrastructure, technologies
that’s over a quarter of all professionally managed assets worldwide. To keep and services. Regulators will therefore play a critical role in shaping the
pace with this change, and because they believe in responsible investing, landscape and driving ESG adoption in the years to come. For investors
RL360 has recently integrated ESG into its investment management portfolio. and advisers, the advice is the same: stay alert to changes in order to
RL360 believes the rise of ESG is something you cannot afford to ignore make them work to your advantage.
and with this in mind, they’ve complied the key reasons why investors and Time is of the essence
advisers should start caring about ESG.* According to the UN Paris Agreement, countries have until 2031 to meet
It pays to do good their obligations and begin a synchronised effort to fight climate change.
Despite the growing popularity of ESG funds, many financial advisers still It is likely that regulations will become much harsher in the run-up to this
hesitate to invest their clients’ money in sustainable assets. Among the deadline in order to create pressure for countries to do more. Significant
main reasons cited for this are concerns about fund performance. However, market opportunities will be created by the regulatory change and it is
increasing amounts of data have shown that companies with high ESG the companies who are set up to operate sustainably that will naturally
ratings tend to match, or even outperform, their non-ESG counterparts. This outperform those who are unable or unwilling to take advantage. This means
points to a positive link between sustainability and share price performance that, prior to investing, potential investors would be well advised to consider
– proving that investing responsibly can and does pay-off. Likewise, the if an organisation is preparing sufficiently for ESG regulatory change.
idea that investing in ESG funds leads to a narrow subset of investments is
outdated. Today ESG covers a broad range of investment types and this is
set to increase rapidly from 2020 onwards. Regulators will play a critical role in
Mitigate portfolio risk shaping the landscape and driving
ESG should be regarded as an additional risk factor – one to be considered
alongside the more traditional metrics employed in risk management.
ESG adoption in the years to come.
Corporate governance, brand reputation and regulatory compliance can
Millennial investors and the growth of the ‘green bond’
adversely affect fund performance. Likewise, share price can be affected
Demand for sustainable investments is being driven, in part, by
by higher level risks, such as regulation, technological change, climate
Millennials. Millennials are more concerned by sustainability than the
change and geopolitical tensions. This means ESG trends are highly relevant
generations that came before and they prefer to invest in alignment
and can have a big impact on long-term sustainable growth and even the
with personal values. ESG then is the means by which this generation
creditworthiness of a company. However, it’s not all bad news - asset owners
can integrate investment portfolios with their world view. Their growing
can mitigate these risks by incorporating ESG analysis into the construction of
influence is hard to deny - particularly as they enter peak saving years
an investment portfolio.
and accumulate the biggest transfer of assets in history from baby
Climate change is happening boomer parents. Advisers should prepare to accommodate the desires
Climate change is one of the biggest risks for investors because of the threat of these socially responsible investors – and those of the similarly
it poses to financial stability. The risks of climate change are already impacting sustainability conscious Generation-Z close behind.
investors - with climate disasters like droughts, floods and wildfires threatening
COVID-19: a wake-up call
business operations globally. Investments will be exposed to many of these
The COVID-19 pandemic has triggered what is shaping up to be the
risks in the future and they will also have significant physical and economic
biggest worldwide recession since World War II. The unfortunate timing
impact on human activity. However, ESG conscious investors can protect their
of the pandemic coincided with what has been dubbed the 21st century’s
portfolios by selecting assets that mitigate climate-related risks.
‘sustainability crisis.’ Parallels have been drawn between the unforeseen
Energy sources are changing risks of the pandemic and concerns surrounding the climate emergency,
In response to the threat of climate change, nations across the world and as a result the pandemic has been regarded by many as a wake-up
are restructuring towards lower-carbon economies. As a result, the call that accelerates the need for sustainable investing.
future of fossil fuel assets is uncertain at best and renewable energies
have emerged as increasingly competitive challengers. The transition Find out more at www.rl360.com
*This article is intended for general information purposes only. You should consult your financial adviser before making any financial decisions.
| 7
Local KPMG poll highlights speed and strength
of IOM recovery from COVID
During July and August local accountancy firm KPMG held weekly webinars exploring the ‘New Reality’
and offering free information and guidance to all businesses regardless of size, employees or turnover.
During the webinars, a number of polls were held and offered some interesting results, forming a picture
of the local business community post-COVID.
A
key finding is the big shift in businesses
Simon Nicholas KPMG believing they are now operating in a ‘New
Reality’ state, with 57% of respondents stating
this in the fourth webinar, compared to just 23% in
the first webinar. This illustrates the perceived speed
and strength of the island’s recovery from COVID-19.
All respondents (100%) expect changes in customer
behaviours and expectations, whether that be pre,
during or after COVID, the change appears to be
inevitable and it could be argued that COVID has only
accelerated what was coming anyway, with increases
in digitisation and automation.
When it comes to the digital journey, fewer
businesses are concerned about cyber-attacks and
data breaches, with more concerned about the
digital transformation process (50%) and being left
behind (33%).
Simon Nicholas, Partner at KPMG Isle of Man,
told B365: ‘This is our second series of webinars
held during the COVID-19 period and we’ve been
overwhelmed by their continued success. Including
polls in the webinars has been a great way to get
real-time feedback from the attendees and, in some
cases, has helped guide the topics covered in the
weekly sessions’.
He continued: ‘These webinars have been our
way of giving something back to the local business
community and we’ve been supported by some great
co-hosts, who were keen to assist by participating in
the webinars. They care just as much as we do about
getting through this pandemic and still having a
thriving Manx economy on the other side’.
During the series, guest speakers were invited to
co-host the webinar each week, to participate in
the various topics covered. Treasury Minister Alf
Cannan MHK started the series detailing his thoughts
on transitioning into the new economy. Deborah
Watt from Neo Capital joined week two to give an
overview of the international real estate market,
along with Mark Grace from Black Grace Cowley
and Ciaran Doherty from Tevir Group, who explored
what the new reality will mean for the commercial
property market. The third webinar considered
‘Volatility - opportunities or run for cover?’ and
Rebecca Cretney from Nedbank Private Wealth
joined the debate. The fourth webinar included
Andrew Buchanan from Peel Hunt, who provided
an update on the UK equity market and Ash Dougal
from Fundamentum Property Group who discussed
the REIT process. Danny Scott and Sam Tipper from
CoinCorner and Chris Gledhill from PDMS joined the
All of the webinars, from both series, are available on ‘new consumer’ panel session in week 5 and the
series ended in a guest slot with Chris Corlett from
demand at kpmg.co.im/webinars MBS, looking at digitising operations and business
automation.
8 |
THE ANSWERS TO THE QUESTIONS
INVESTORS ARE ASKING RIGHT NOW
In this article, we answer the most pressing questions we’re currently being asked by clients:
How could the US elections further disrupt
markets?
A few scenarios could impact markets:
• The likelihood of declaring a winner the day after the
election is low - so a limbo situation could go on for
weeks, weighing on markets
• If Biden is elected and manages to flip the Senate to
Democratic control - corporate, income and capital
gains taxes could go up which would be the highest
tax hike since 1968, when markets reacted very badly
• The markets see some positives to a possible Biden
victory though, as he is less likely to slap trade tariffs
on China and the EU.
The ideal outcome for markets is a Biden victory but a
Republican Senate, creating gridlock for legislation so
What are markets doing?
that taxes or tariffs don’t go up. The risk of Trump refusing
The countries that handled the pandemic well are to concede defeat does exist however, and it could
seeing a better market recovery, as the public is create a constitutional issue.
willing to go out again, such as Germany. In contrast,
the areas that reopened too soon without proper What is the outlook for dividends?
precautions, like many southern US states, are seeing a
There have been many dividend cuts in recent months,
dip in their growth and so markets have been trending
but as we look forward, companies can be divided into
sideways in recent weeks. Until something happens
different categories:
to reassure us (like a vaccine), consumer spending will
be subdued and the sectors that have been destroyed • In the sectors most affected by the pandemic,
by the lockdown (travel and leisure, hospitality, live some companies won’t be re-introducing dividends
entertainment) will not recover. because their balance sheets are so severely strained
• Others may have cut dividends over-cautiously and
Investment involves risk. The value What happens if a year from now the virus is still we can expect them to be re-introduced, albeit in a
of investments and the income here, there is no vaccine and we’re still in a form phased and gradual way
from them can go down as well
of lockdown?
as up and you may not get back • The other 40% of companies are still paying dividends
the amount originally invested. If the worst-case scenario happens, governments will as before.
Past performance is not a reliable
spend even more and borrow to the hilt to make sure
indicator of future performance. The positive news is that we are likely to see growth in
they can fund the economy. Ultimately, there is a price
This is not a recommendation to dividend income in 2021 but rebased to a lower level.
to pay for this spending and borrowing (permanently
invest or disinvest in any of the
slower economic growth, higher interest rates, higher
themes or sectors mentioned. On balance, are we positive on markets?
They are included for illustrative inflation, higher taxes) but right now the government’s
purposes only. focus is on saving the economy, so the sky is the limit. The virus is far from over and many sectors will remain
the victims of this pandemic for a long time. In the
meantime, however, the central banks of the world
are flooding our economies with liquidity and the
governments are supporting the weakened sectors
To find out more please get in touch:
with massive fiscal spending. Markets will wobble but
DERMOT HAMILL eventually the way is up.
Canaccord Genuity Wealth Management There are many changes coming to society following
Tel: 01624 690 100 this pandemic which investors can take advantage of,
Email: dermot.hamill@canaccord.com even with the risk of second waves and weakened
canaccordgenuity.com economic conditions. From investing in themes such as
technology, healthcare and ESG (environmental, social
and governance), to countries like Europe and Japan,
the opportunities are excellent. Choosing the right
investments is vital though.
If you would like to speak to us about your investments or
have any questions about what’s happening in markets,
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| 9
Prom scheme - there is light at the end of the tunnel
“We have
a clear
focus and
determination
to get the job
done” The promenade scheme is on schedule and
Infrastructure
Minister, proceeding at full steam - that’s the clear message from
Tim Baker
Infrastructure Minister, Tim Baker.
M
r Baker said his department and the contractors, Auldyn, had a The statistics of the scheme are mind-boggling: The MUA has laid
clear focus and were determined to meet the new deadline of almost two and a half kilometres of new mains, Manx Gas is installing
next Easter, for completion of the scheme: “I believe in being 10kms of ducting, and 3 kilometres of new 11kv electrical cabling is now
direct with people and the truth is there is no easy way to do a project in place, along with vast quantities of fibre optic cable: “We have to have
of this size and complexity. I am always happy to talk to people but we a modern infrastructure for our Island which also involves all the services
have to be bold and push past short-term interests and not be blown by including drainage and sewage. We must build confidence going
the wind.” forward,” added Mr Baker.
The Minister is firm in his belief that bringing the deadline for completion To date the scheme has had its problems though, something to be
forward and intensifying efforts to get the job finished was the right expected on a project of such scale. Delays have been encountered
one: “I think most people accept that although it may be more painful after unmapped pipelines were discovered, and there have been issues
there is a real light at the end of the tunnel. Government has now taken with the pink concrete plinths on which the tramlines are mounted.
control of the large car parks in the town and it’s intended to bring in The Minister though, is confident the problems can be dealt with, and
flexible parking arrangements where they can be introduced without believes the cracking of the concrete, whilst frustrating, has been blown
compromising the project.” out of all proportion: “The cracks are much less serious than has been
made out. A repair to the affected areas will be carried out to determine
Mr Baker acknowledged that the ongoing problems connected to the
the final treatment, and testing will take place in September. It’s not
coronavirus pandemic, which have prevented UK and world tourists from
possible to do so at the moment as cars are driving on the affected
visiting the Island this summer, opened a window of opportunity to get
section of the roadway. It’s really not something that keeps me awake at
the work done: “We have taken the situation onboard and are intent on
night,” explained Mr Baker.
driving the project forward, in the hope that when tourists return to our
shores the promenade will be a fantastic gateway to Douglas and the Isle Although the main contractor is local firm, Auldyn, Mr Baker conceded
of Man.” that UK specialists had been sub-contracted by the company to carry
out tasks requiring specific expertise, such as block laying and rail track
The Minister said it was important to get the message across that the
installation: “All the experts that have been allowed into the Island must
scheme is about much more than repairing the road surface: “This is a
strictly adhere to the key worker exemption protocols in relation to
massive infrastructure and regeneration project. When completed it will
Covid19,” stressed the Minister. He also admitted that had it not been
have a life of around forty years. The true value is underground where
for the pandemic there might have been a greater number of off-Island
all the services have been renewed.”
workers involved in the project.
In all there are around 60 people working on the site at any one time:
“Sometimes it might not look like it, but they are there. And some people
are working up to 60 hours a week to get the job done on time,” he added.
We have taken the situation
With the cost of the scheme likely to top £26 million it represents
onboard and are intent on driving the a massive capital project, but Mr Baker is in no doubt that the
considerable pain and inconvenience the regeneration of the
project forward, in the hope that when promenade has brought will all be worth it: “Everybody wants to see it
tourists return to our shores finished, and I’m confident that it will provide a fantastic gateway to the
Island. It must also be remembered that it has generated considerable
the promenade will be a fantastic economic activity during an extremely difficult time for the economy.”
gateway to Douglas and the Isle of Man DOI Minister Tim Baker was talking to B365 editor, Simon Richardson.
10 |celebrate first year
31 July 2020 marked the one year anniversary for law firm FIN|LAW IOM.
The firm was established by two local Manx residents who have each spent several
years practising law in the UK and the Caribbean.
Stephen Dougherty Lawrie Kearns
Stephen advises local and international Lawrie is an international trust expert who
clients, banks, multi-internationals and HNWIs specialises in advising private individuals, trust
on all aspects of corporate and commercial, companies and other financial institutions on the
restructuring & insolvency and aviation from both establishment, administration, restructuring and
the Isle of Man and BVI perspective. termination of trusts.
D +44 01624 855321 D +44 01624 855322
M +44 07624 334654 M +44 07624 356635
E stephen@finlaw.im E lawrie@finlaw.im
FIN|LAW IOM specialises in financial services law Having trained in London, Lawrie was formerly
with particular expertise in aviation, company and head of private client for one of the largest
commercial, insolvency, private client and trusts. offshore law firms in the BVI.
The Douglas based firm are part of a wider FIN|LAW
Stephen commented “We are very excited to
group with offices in Jersey, Luxembourg and the
have completed our first 12 months. It has been
British Virgin Islands. They provide Isle of Man and
a successful year with a number of varied and
BVI legal services.
high quality instructions. We are very grateful to
Stephen and Lawrie have worked at some of the our clients, both local and international, for their
largest offshore law firms and have over 30 years support and look forward to working with them for
combined legal experience having each worked in many years to come.”
London, Cayman Islands and BVI. This knowledge
The firm is located at Cameo House on Duke Street
of different jurisdictions and working practices
having moved to the new offices earlier this year.
brings a fresh proactive approach to the Manx
legal market. Stephen was formerly a director at Lawrie added “I’m delighted to have made the
DQ where he headed the corporate commercial move back home. We look forward to growing the
team and has been on the IOM since he relocated business and continuing to deliver a high quality,
from the BVI in 2010. responsive service to our clients.”
www.finlaw.imISLE OF MAN
STEAM PACKET COMPANY
SIGNS CONTRACT FOR NEW VESSEL
A new purpose-built vessel for the Isle of Man Steam Packet Company will be
constructed in South Korea.
T
he company's directors signed a the new vessel will take the Isle of Man Mr Woodward continued: ‘The final specification
contract on behalf of the Company with Steam Packet Company forward to our 200th and build programme is still in development
one of the world’s major shipbuilders, anniversary and beyond.’ but it is expected the new vessel will be slightly
Hyundai Mipo Dockyard (HMD), based in Ulsan. larger than the Ben-my-Chree in most respects
The new vessel, expected to commence
but with considerably more passenger space.
It follows a week-long visit to Korea by service in Spring 2023, will be an important
It is also intended to be more environmentally
senior personnel from the Isle of Man Steam part of the Company’s future plans, bringing
efficient and manoeuvrable in poor conditions.
Packet Company, during which they visited high levels of on-board facilities and enhanced
the shipyard where the vessel will be built, freight capability. ‘Factoring in various technical and logistical
viewed a recently completed ship to assess considerations for a new vessel, and taking into
The Company is also committed to maintaining
the standard of work and discussed technical account the recent public consultation exercise
a third back-up vessel, intended to be the
and commercial considerations with HMD where possible, our aim for when we introduce
Ben-my-Chree when the new vessel arrives, to
executives. the new addition is to ensure we provide
enhance security of both passenger and freight
an even higher level of service to the Island
Work on physically constructing a replacement links and also help increase capacity during the
community and our customers.’
for the conventional ferry, Ben-my-Chree, is TT and Classic TT.
now due to start in mid-2021 after detailed
plans are finalised and agreed between builder
and buyer.
The process began last autumn when the
Company commissioned a tender exercise,
during which a large number of shipyards
around the world expressed an interest in
building the bespoke vessel.
Isle of Man Steam Packet Company Chief
Executive Mark Woodward said: ‘For some time
we have been conducting detailed analysis as
we develop plans for major investment in our
fleet.
‘I am delighted to confirm that, following lengthy
discussions with a leading shipyard in South
Korea, we have confirmed specifications for
the vessel and today signed a contract with
Hyundai Mipo Dockyard.
‘This truly is an exciting time in our history and,
in the year we marked our 190th anniversary,
12 |MIMECAST
ADDS EXTRA LAYER OF SECURITY TO OFFICE 365
Microsoft’s Office 365 (O365) service is used by more than 200 million people worldwide
and numbers continue to grow. Its status as the world’s most successful business cloud
service makes it a major target for cybercriminals who anticipate rich pickings from
its high net worth customers. Sure’s Sam Field, Enterprise Solutions Product Manager,
looks at the best means of protecting your business’ use of O365.
R
ecent reports by Forbes point to an increasing
number of attacks on O365 with a worryingly
high degree of success, with 29% of
In the event organisations’ O365 accounts compromised in a single
month. Once an account has been compromised,
of an 0365 hackers tend not to launch an immediate attack; they
security breach, bide their time, monitoring emails and company activity
to maximise the impact of their attack.
there’s an We in the Isle of Man aren’t immune to this.
additional layer Early this year it was reported that cybercriminals had
developed an app to target O365. In one instance
of security scammers sent a phishing message to users, asking
from Mimecast them to click on a link that took them to a real
Microsoft login page. After login they were asked to
that keeps grant permission to an app called ‘0365 Access’ giving
businesses the cybercriminals complete access to their O365 files,
contacts, and inbox.
safe. Any single-vendor solution can be a single point of
failure and lack the layered levels of resilience and
business continuity that we are used to. In the UK,
the average cost of a cyberattack to a company is
estimated at £3million, and interestingly around half of
all cyberattacks here involve email phishing, a figure
20% higher than the global average.
meets stringent legal, regulatory and compliance
requirements, enabling anytime-anywhere access to
ANOTHER LAYER OF PROTECTION archived data. Information is always available, always
So, in the face of such targeting, what can be done replicated and always safe.
to give businesses the additional protection and
In the event of an O365 security breach, there’s
resilience they need?
an additional layer of security from Mimecast that
At Sure we work with Mimecast, a leading ‘Gartner keeps businesses safe. All too often we see clients
Magic Quadrant’ cybersecurity provider, and retrospectively layering Mimecast services onto
together we’ve built a unique range of offshore their security and business continuity after an attack
services to give organisations the business continuity has happened. We often wonder about the cost of
‘belt and braces’ and added levels of security that recovery, and the fact that it’s much more effective to
they require. secure the stable door before the horse has bolted.
These provide additional protection across three Mimecast are cybersecurity experts, that’s all they do -
zones - the email perimeter, inside the networked they live and breathe IT security, and their services are
organisation and beyond the perimeter. modular, so you can decide which of the elements to
Mimecast dynamically identifies and protects against use to bolster your existing security. Mimecast can cost
malware, phishing, ransomware, malicious URLs, less than a cup of coffee per person per month, so is
attachments, impersonation, and data leaks using extremely cost-effective.
multiple detection engines, innovative applications and O365 is understandably popular in the business
intelligence feeds. community, but this makes it a prime target for
Archiving of corporate information, emails, files, and criminals. Speak to a member of the Sure Business
other relevant content ensures sensitive data and team today to find out how to protect yourself with
knowledge is protected and immediately available Mimecast’s solutions. Email contacus@sure.com or
through a secure digital corporate memory that visit www.business.sure.com for more information.IS YOUR WEBSITE THRIVING
OR JUST SURVIVING?
Senior Marketing Executive Hannah Scarffe reveals 10 agency tricks to improve
the quality, visibility and profitability of your digital communications post-Covid.
M ost businesses today have a website, but how many fully understand
the value and potential it has when it’s run well?
If in your CMS you don’t have access to these things, talk to your
web developer about arranging for you to have access. By marking
up images correctly, you’re also meeting accessibility regulation
In our experience, most underestimate the time, skills and investment
necessary to operate a site professionally. which means users with disabilities will have a better experience
too.
Read on for ten simple but often overlooked tips and why they are so
important to your website. Ease to implement rating: 8/10 – depending on your CMS, this is
something that you might be able to do yourself.
1. Standout page titles and descriptions
On average more than 60,000 Google searches take place every 3. Understand your users
single second. It’s an astonishing figure, and post-pandemic this figure There are many tools to help you understand how users interact with
is likely to increase as populations become ever more reliant on digital. your website: Google Analytics and HotJar are two resources that are
With 46bn internet users around the world 1, search results need to free and very effective: Google Analytics and HotJar are two that are
appeal to individual users and the wording used in a page ‘meta free and very effective.
description’ on your website is often collected by Google to display While Google Analytics provides a view of the big numbers –
visually in search results. Preparing concise and enticing wording visitors, countries, page views, devices. HotJar excels at the detail of
about your products or services can help increase the number of interactions at the page level and can provide, amongst other things,
clickthrough’s you attract. video clips of users conducting transactions on areas of the website
that you specify.
Use of analytics in this way can help you understand your customers
needs and wants, their likes and dislikes and can help you continuously
improve your service, leading to increased engagement and loyalty.
Ease to implement rating: 7/10 – depending on your CMS, this is
something that you might be able to do yourself. There are lots
of free online tutorials showing you how to use Google Analytics
and HotJar.
Good example of meta description.
Source: moz.com 4. Creating good, trustworthy content, products and services
Ease to implement rating: 8/10 – this is something you or your It may have been as long ago as 1996, but a quote from Bill Gates’
web developer can do quite quickly and easily. presentation stated that ‘content is king’ 24+ years later, it still holds
true today. In a world where we buy goods and services locally and
virtually from around the world, trust is vital and hard to earn. Content
2. Image search that supports your values and ecosystem can help to build trust from
We are visual creatures. People often use Google image search for both Google and your customers.
products and by adding the right information to your images, you can In addition to authentic content, use short and concise paragraphs,
increase the probability of your images being indexed and displayed section breaks, headers, bullet points, internal site links and finally a
in results. call to action at the bottom of the page.
If you have a Content Management System (CMS) for your website, Ease to implement rating: 10/10 – play around and work out what
check your images have the following: content your clients engage with.
3 Description
3 File names 5. Consistency
3 ‘Alt’ attribute, which should be an accurate description of the Consistency is one of the golden rules of branding and this approach
image should also be applied to your website.
3 Image preparation and sizing – check that your images are A consistent website, with the same ‘look and feel’ across all pages
sized and optimised for the web will help your visitors feel comfortable and at ease while browsing.
14 |For me personally, a lack of consistency in the user experience and website. There are lots of free tools available that will scan your whole
branding elements demonstrates a poor attention to detail and can website for ‘404’ pages.
even lead to mistrust. If a website lacks consistency and has a poor Ease to implement rating: 10/10 – if this is done little and often, it
user journey I will often leave the website as I wouldn’t feel confident isn’t too time intensive.
to purchase something from the site (which could be a good thing or
a bad thing!) Also, it is inevitable that some of your website users will find a 404
error page (for example by mis-typing the address manually) but feel
Ease to implement rating: 10/10 – spend some time working out free to have some fun with the design of it:
what looks good on your website and then recreate this across
your whole website. No outside help should be required but it
could take some time.
6. Security and privacy
A website that uses https protocol is considered more secure is
universally indicated by a padlock symbol which will be visible,
usually in the address bar of the browser. Websites with https also
tend to rank higher with Google.
Hubspot’s 404 error page is on brand, helpful and will hopefully
encourage users to remain on the website
Source: google support
9. Reducing page load speed
If you’re not sure, ask your developer what’s involved in using https.
There is nothing more frustrating than a website taking a while to
Companies who host websites will ideally hold relevant qualifications load, this frustration is doubled when you’re using your mobile and it
(don’t be scared to ask) such as Cyber Essentials Plus – these can is eating into your precious mobile data package.
add extra layers of security and this may reduce any concerns you
Using Goole Page Speed Insights, work out what the problem pages
have about hacking and other malicious attempts. It’s also important
are. From this, try re-uploading the images to your page aiming for
to make sure your supplier has a strong track record in website
the smallest file size you can, without impacting on the quality of the
uptime - which in most cases should exceed 99.5%.
image. As well as improving the website experience for your visitors,
All websites need to display a Company Registration number (if you it also is good for SEO and should help you rank higher in Google.
have one), a Privacy Policy explaining how you process users’ data, and If this doesn’t work, speak to your website developer to get some
a ‘Cookies’ control, which lets users choose which cookies they agree advice from them.
to be used on their device. All of these are legal requirements - if you’re
There are lots of free tools available for helping you to compress your
unsure what to include I’d recommend getting some professional advice.
image sizes and to save them as JPEG – including Canva, Picture
Ease to implement rating: 5/10 – this is very important to get right, (which is included for free as part of your Office download) and even
if you’re unsure, get some professional advice. Paint.
Ease to implement rating: 9/10 – use some of the free tools
7. Does your website work on mobile? available to you and see what improvement it has on your website
Mobile browsing continues to grow, accounting for 48% of webpage load time!
views globally and the global mobile population is 4bn unique users. 2
These numbers are big and when your website is not easy to use 10. Have I got a favicon?
either on a device or desktop, it can affect the conversion rate of What is a favicon, I hear you ask? A favicon is a small but key part of a
sales, enquiries or other transactions. website – it is a small icon, usually a logo that is used in the address
By the end of the 2020, Google will have completed mobile indexing bar and is also stored when user bookmarks or downloads a page.
across all global websites, prioritising and rewarding those that are Some search engines even display the favicon alongside the search
mobile-friendly. There are still a few months to rectify this. result.
Ease to implement rating: 3/10 – if you’re having to start from
scratch, this is something that could be time intensive for your
web provider to complete but is worth the effort.
Source: Woorank
8. Regularly check for 404 error pages
Although there are no direct SEO benefits for implementing a favicon,
A 404 page, or error page, is shown when someone attempts to visit it helps to reinforce your brand identity, maintains a professional,
a page that does not exist. As a website user, it can be frustrating trustworthy appearance and helps your website stand out from your
and often means that you will leave the site and potentially visit and competitors.
purchase from a competitor instead. 404 pages often occur when
Ease to implement rating: 6/10 – this is something your agency
pages are removed or renamed, or when making major changes to a
will have to do for you but it should be a relatively quick task for
website such as a redesign.
them.
Your web developer should be able to assist with redirects and I’d
1 2
highly recommend regular use of a broken link checker on your Internet World Stats Statista
If you’d like to speak to a friendly member of the team about any of the topics raised
LEARN MORE in this article, please email sales@pdms.com
| 15You can also read
