www.business365iom.co.uk | JUNE 2020 ISSUE

£10 MILLION GLOBAL ACQUISITION MARATHON HERO BROADBAND FOR SMP CHRISTIAN DEAL Global professional and financial services group SMP Christian Varley has completed 19 marathons has announced a deal to acquire RBC Corporate over 19 days and in the process has raised over The Department for Enterprise, has awarded Services Hong Kong, a division of RBC Investor £80,000 for the Manx Solidarity Fund. Christian Manx Telecom as preferred supplier with & Treasury Services. The transaction is subject to was greeted at the finish by members of his family designated fibre provider status to deliver regulatory approval. and the team behind the Manx Solidarity Fund. the Island’s National Broadband Plan.

THE ISLE OF MAN’S ONLY DEDICATED BUSINESS MAGAZINE NEWS | COMMENT | INSIGHT | PEOPLE | MOVEMENTS | FEATURES | TECHNOLOGY | HEALTH Safe and secure Keeping your data Connectivity protected Voice & Mobile Alongside our market-leading technology partners, we provide protection from attack and continually manage ongoing risk in a fully-compliant offshore Managed Services environment.

Trust Sure to protect and deliver for your business. DC & Cloud

Security

Protect

business.sure.com Safe and secure Keeping your data Connectivity protected June Voice & Mobile Alongside our market-leading technology partners, we provide protection from attack and continually manage ongoing risk in a fully-compliant offshore Managed Services MANX TELECOM SECURES £10 environment. 5 MILLION BROADBAND DEAL A comprehensive round-up of the latest business news Trust Sure to protect and deliver for your business. covering all sectors within the Isle of Man’s diverse and DC & Cloud LLOYDS BANK TO BREATHE NEW LIFE dynamic business environment. 6 INTO VILLIERS HOUSE

Security LOCKDOWN – A TRUE TEST OF Expert comment from leading figures within the 7 ORGANISATONAL CULTURE business community, on a variety of topical issues across a range of sectors. SMP GROUP MAKES INTERNATIONAL 12 ACQUISITION

Looking at the people who keep the wheels of MERA TO BE PAID 14 DAYS AFTER commerce turning on the Island; features, profiles, 15 RETURN TO WORK achievements and stories with a human dimension. NEW POLITICAL APPOINTMENTS 16 UNVEILED Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community. FEATURE: 17 WEALTH MANAGEMENT 2020

Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community. LifestyleHELPING YOU MAKE THE MOST OF WORK AND PLAY Lifestyle THE LATEST JOBS NEWS FROM THE ISLE OF MAN BUSINESS COMMUNITY

Equiom Group appoints Mark Porter as new CEO Nedbank Private Wealth strengthens senior Equiom, the global professional management team services provider, has announced Nedbank Private Wealth has strengthened its senior management team Living a full and productive life is all about finding the right the appointment of Mark Porter as with two internal appointments. David McFadzean will take on a new role Chief Executive O cer (CEO). as head of wealth management, while Andrew Halsall has become head Mark joins with a wealth of of private banking in the Isle of Man. HOW CAN BUSINESSES KEEP THEIR experience and expertise in Reporting directly into chief the sector, and will take up the executive, Stuart Cummins, position once the necessary David will assume responsibility regulatory approvals are in place. for spearheading business Mark takes over the leadership development across the of Equiom from Sheila Dean who company’s jurisdictions in the UK, has led the business since 2006 Jersey, Isle of Man and Dubai. and will take on the role of Non- His focus will be on growing the balance between work and play. Here at B365 we know Executive Chairman of the Group. David McFadzean, bank’s high-net-worth client base The appointment of a new CEO is a key milestone in the ongoing Head of Wealth Management for its wealth planning, investment growth journey of the Equiom business. management and private banking services. David will also join the bank’s Mark has spent over 30 years in the asset management and Investor executive committee. Servicing sectors, most recently as CEO of MUFG Investor Services David joined Nedbank Private Wealth just over a year ago to lead its and previously as CEO of UBS Fund Services. investment specialist function and chair its investment committee. Prior DATA SAFE? In his role as CEO of Equiom, Mark will continue to build on Equiom’s to joining, David spent 15 years with RBC Wealth Management where three pillar strategy of organic growth, acquisitive growth and he held several senior roles, latterly leading the investment business operational excellence leading a team of 590 across 21 locations. as managing director and head of discretionary investments in Jersey. He has over 25 years’ experience in fi nancial services, working for Sheila Dean, Executive Chairman, commented: global blue-chip companies in both London and Jersey, and providing the importance of both. Our new lifestyle section will “We are delighted to have Mark on board. He brings a wealth of investment solutions to a wide variety of clients around the world. 23 experience with him as we continue to grow and build a leading Andrew now heads up the private global professional services business. With Mark’s leadership, banking team in the Isle of Man, and will alongside our strong Executive Committee and our investors at Värde be reporting into David. He has been and LDC, I’m excited about the future for Equiom Group and wish with Nedbank Private Wealth for 15 years Mark all the very best in his new role.” and has a thorough knowledge and Elena Lieskovska, Partner and Head of European Financial Services at understanding of the organisation. With his Värde Partners, the largest shareholder, added: extensive experience of working with high- net-worth individuals and their families, his “Mark’s expertise in leadership, strategy, operational execution, Andrew Halsall, focus is ensuring clients are provided with combined with relevant experience in fund services and listed Head of Private Banking IoM the highest level of service at all times. include regular topics covering travel, motoring, property, businesses will be invaluable to Equiom and we’re delighted with his appointment.” Stuart Cummins, chief executive of Nedbank Private Wealth, said: “These are exciting new roles for David and Andrew. The moves form part of a Mark Porter, incoming CEO, commented: “It is extremely exciting to recent restructure designed to enhance our client o ering across the be joining Equiom at a time of huge potential for the sector and for organisation. David will be responsible for all our client-facing teams Living a full and productive life is all about fi nding the right balance between work and play. Equiom in particular. I look forward to complementing the talent that and our investment and wealth planning specialists. I know David’s track Equiom undoubtedly has with my experience in leading and advising Here at B365 we know the importance of both. Our new lifestyle section covers topics record of successful leadership and business growth across multiple fi rms in the fi duciary and funds space, and in both an institutional and including travel, motoring, property, health, sport and leisure. geographies will be invaluable in this role.” private equity-backed environment. I look forward to working with Sheila and the whole Equiom team to help realise that potential.” David McFadzean’s new appointment is subject to fi nal regulatory approval. health and leisure. BUSINESS TRAVEL POST PANDEMIC B365 – bringing a bit of balance into your life! 24 INVESTOR’S DIARY – CASH IS KING 27 WRITES PETER SHARKEY Exactly what it says on the tin – news snippets, forthcoming events and information from the business world. BEWARE THE CORROSIVE EFFECTS OF 28 INFLATION WITH THANKS TO LIAM GILMAN AND CHRIS VARLEY FOR PROVIDING THE COVER IMAGES

BUSINESS365 IS PRINTED & PUBLISHED BY MANNIN GROUP BRINGING YOU THE BUSINESS This publication is printed on a Heidelberg SpeedMaster SX74 5 colour lithographic 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. Protect 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: [email protected] 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 business.sure.com 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 e ou s or issue of the day. You can also log onto our dedicated website and express your opinion...

The tricky path back

he Isle of Man Government, like many others around the world, is discovering Tthat shutting down an economy was considerably easier than starting it up again. The Cornavirus crisis has demonstrated the fragility of systems we thought to be rock solid, but has also shown that when the chips are down we are able to pull together as a community and work towards a common aim. The Manx Government’s anti-covid response has, by and large, been coherent and impressive – though inevitably mistakes have been made. The vast majority of the public have supported the actions of the politicians and have embraced the measures that have been imposed to prevent the killer virus from sweeping, out of control, through the Island. That said, the complex process of cranking up the economy, saving jobs and getting children back to school is where the Chief the phased re-opening of the various sectors and respect for the delicate sensitivities of Minister and his team will be put to the test of the economy is to run smoothly; there those they represent, must be at the heart of like never before. are significant pressure points with many everything they do and say. businesses close to collapse – with or without They have the unenviable job of balancing The recent furore over the Senior Race Day the current levels of government support. the risk of a spike in the virus against the dire Bank Holiday fiasco showed the importance need to restore confidence and equilibrium People have been through an incredibly of getting the PR right. To keep everybody to the economy. There is also another difficult period and government ministers pulling together in the weeks and months critical factor at play – public confidence. know that every statement they make will be ahead it has to be faultless. Keeping the public onboard is essential if pored over in minute detail. Clarity, fairness

ADVERTISING EDITORIAL

Sales: Sarah Ashall Editor: Simon Richardson T: 01624 696556 T: 01624 696590 Business365iom E: [email protected] E: [email protected]

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.

NATIONAL BROADBAND PLAN PARTNER CHOSEN TO DELIVER ULTRAFAST FIBRE BROADBAND ACROSS THE ISLE OF MAN

The Department for Enterprise, has awarded Manx Telecom as preferred supplier with designated fi bre provider status to deliver the Island’s National Broadband Plan, as outlined in the National Telecoms Strategy, which was unanimously approved by Tynwald in October 2018.

his £10 million contract will see Manx ‘It is an absolute necessity to have a strong and we welcome the opportunity to work with Telecom responsible for the delivery telecoms infrastructure in our modern society the Isle of Man Government to roll-out fi bre to all T of wholesale ultrafast fi bre broadband and Manx Telecom has demonstrated it has parts of the Island, including rural areas. (FTTP) in nine intervention zones across the the experience and capability to deliver ‘The Isle of Man Government has Island, these are diffi cult to reach areas and the Government’s ambitious target. These rightly recognised that a world- as a consequence providing high speed improvements to the Island’s fi bre broadband class telecommunications infrastructure is vital to broadband services to these locations is likely will support enhanced online services and align meet the needs of businesses and the general to be commercially unviable. with the Government’s carbon neutrality policy public, encouraging economic growth and by promoting more widespread remote working, Minister for Enterprise, Laurence Skelly MHK, social inclusion. We look forward to working which has been proven over the recent months said: ‘As has been witnessed with the current together on this project that will future-proof the to be not just required, but essential to the way global situation, it is an absolute necessity to Island’s telecoms for years to come and enable we work.’ have a strong telecoms infrastructure now more us all to take advantage of emerging digital than eve r, and the Isle of Man Government is Manx Telecom CEO Gary Lamb added: ‘We developments.’ determined to support the development of a have already invested heavily in fi bre broadband The plan, will be completed within fi ve years telecoms infrastructure that is fully inclusive and infrastructure and, by the end of 2019, our fi bre and deliver a new fi bre network passing 99% of meets the needs of both businesses and the network was within reach of 10,000 premises on residential and business premises with speeds public, now and into the future. the Island. of up to 1Gb/s. 25% of Island properties can ‘I am delighted to see that the process to ‘We have always supported the expansion of this already access ultrafast fi bre broadband via rollout the National Broadband Plan will network as part of our commitment to keep the licensed operators and this award will ensure accelerate the delivery of fi bre broadband Isle of Man at the forefront of digital technology that the network is rolled out across the Island. around the Island, continuing to support the businesses and individuals as we adapt and persevere through this rapidly changing The Isle of Man Government has rightly recognised that a situation. This rollout will give the majority of world-class telecommunications infrastructure is vital to meet the Island’s residents more opportunity to access fast, reliable internet. the needs of businesses and the general public.

| 5 LLOYDS BANK TO MOVE TO VILLIERS HOUSE Tevir Group has confi rmed that iaran Doherty, Managing Director, Tevir Infrastructure, worked together to ensure that Group, told B365:‘The property has no major diffi culties were experienced. Lloyds Bank will be moving lain empty since early 2017. From the C Ciaran Doherty added: ‘We look forward moment we purchased the property in October into Villiers House, situated on to working with Lloyds Bank to ensure that 2018 we started a programme of substantial their move to the property by early 2021 is the corner of Loch Promenade investment and extensive refurbishment. These as seamless as possible. To assist with this works have included a complete overhaul of and Victoria Street in Douglas, process, we will be giving their contractors the fl ooring, ceilings, internal cabling, lighting by early 2021. The property unrestricted access to set up site at our and air-conditioning systems, plus renewal development land adjacent to the property so and refi t of over half of the glazing. The forms part of the Tevir Group- that they can undertake the proposed external exterior of the building has also benefi ted owned ‘Villiers Square’, the and interior alterations on their behalf. from a blast-cleaning process to clear away complex of buildings and the accumulated grime that had previously ‘Having such a signifi cant local employer as a discoloured it. tenant in this landmark property undoubtedly land encompassing: Villiers provides our fi nancial services sector with a ‘On behalf of Tevir Group I would like to House; Clarendon House; a boost during these diffi cult times and revives express thanks to our key partners in the the building’s status as the gateway to Douglas development plot adjacent to project. These include the main contractor Promenade. Villiers House and the Villers Dandara, as well as the project manager Bell Burton Associates, Simcocks Advocates, and ‘As well as our signifi cant investment in the ‘town square’ area. our letting agent Black Grace Cowley.’ building, this also marks a signifi cant long-term investment in the Isle of Man by Lloyds Bank, Mark Grace, Director, Black Grace Cowley, which will no doubt continue to build on its stated ‘It’s hard to stress enough just how excellent and long-standing reputation for important this letting is to the Douglas offi ce providing banking and business services to the market. Although there has been good activity Island.’ in the last twelve months, in particular with the lettings at Tevir Group’s other development at 55 Athol Street, at nearly 37,000sqft this is This marks a probably the largest single offi ce letting in over 15 years in the Island.’ signifi cant long-term Although the works took place during the investment in the Isle of ongoing regeneration of Douglas Promenade all parties, including the Department for Man by Lloyds Bank

6 | LOCKDOWN – A TRUE TEST OF ORGANISATIONAL CULTURE In the space of just two weeks, Capital International Group employees went from being spread across 4 offices to over 150 as homeworking commenced in March.

he company was quick to respond to the is divided into smaller sub-teams, with each COIVID-19 crisis. COBRA-style meetings targeting a specific area such as wellbeing, Thad begun at Capital long before talk of teamwork, strategy and ethics. any government enforced restrictions. Kirsten currently also serves as a board- As Director of People and Culture, Kirsten level sponsor for mental health. Appointing Gorry was heavily involved along with all a sponsor is one of the key criteria that must COBRA committee members in the planning be fulfilled for Capital to be recognised as and execution of Capital’s response. Her role a member of the InsideOut Mental Health was to ensure that employees transitioned Charter. After signing up to the charter in as smoothly as possible into remote working. January, Kirsten has since been working to She also organised for care packages to be develop a mental health programme and delivered to those more vulnerable. produce an annual mental health report. In a world where human contact is forbidden Kirsten said: “Being cooped up in lockdown and workforces are dispersed, Kirsten’s biggest and having limited social contact goes challenge over the last few months has been against our human instincts and exerts a real creating a sense of togetherness in order to strain on mental wellbeing. At Capital we are maintain the Capital culture. fortunate enough to have a good awareness and understanding of mental health, and we Kirsten commented: “These difficult times are well-positioned to assist those in need of LLOYDS BANK have provided a true test of our strength as an support.” organisation, and I’m pleased to say that our It’s in difficult teams have been coping incredibly well. Staff Kirsten has also recently been working towards TO MOVE TO VILLIERS HOUSE are going the extra mile to look out for one the launch of ‘Athena’, an online tool that allows times like these another. They make social calls in the evenings, staff to develop their existing skills and to Tevir Group has confi rmed that iaran Doherty, Managing Director, Tevir Infrastructure, worked together to ensure that they drop off shopping to each other, and they gain new ones. From AML modules to body Group, told B365:‘The property has no major diffi culties were experienced. that investment engage as much as possible with our lunch- language lessons, there is a wide range of Lloyds Bank will be moving lain empty since early 2017. From the time sport sessions, Friday night quizzes and courses available for staff to choose from. C Ciaran Doherty added: ‘We look forward moment we purchased the property in October in culture pays other lockdown initiatives.” into Villiers House, situated on to working with Lloyds Bank to ensure that Be it wellbeing initiatives, social activities or 2018 we started a programme of substantial their move to the property by early 2021 is Having been with the company for over 20 projects like Athena, there is no denying that the corner of Loch Promenade investment and extensive refurbishment. These dividends as seamless as possible. To assist with this years, Kirsten has watched the business and Kirsten has made significant strides in her first works have included a complete overhaul of and Victoria Street in Douglas, process, we will be giving their contractors Kirsten Gorry its culture grow from strength to strength. In year as Director of People and Culture. the fl ooring, ceilings, internal cabling, lighting Director of People and Culture that time, she has held the roles of Dealing by early 2021. The property unrestricted access to set up site at our She commented: “It’s in difficult times like these and air-conditioning systems, plus renewal Manager, Operations Director and was development land adjacent to the property so that investment in culture pays dividends. forms part of the Tevir Group- and refi t of over half of the glazing. The appointed Director of People and Culture in that they can undertake the proposed external We’ve had an amazing response from our exterior of the building has also benefi ted 2019. owned ‘Villiers Square’, the and interior alterations on their behalf. people throughout the lockdown period, from a blast-cleaning process to clear away First on the agenda for Kirsten was the but this doesn’t surprise me at all. In the 24 complex of buildings and the accumulated grime that had previously ‘Having such a signifi cant local employer as a revival of the Capital Culture Club. Staff from years that Capital has been around, robust discoloured it. tenant in this landmark property undoubtedly land encompassing: Villiers provides our fi nancial services sector with a all corners of the business now meet on a foundations have been laid in terms of culture, ‘On behalf of Tevir Group I would like to House; Clarendon House; a boost during these diffi cult times and revives monthly basis to discuss ways to promote and and it will certainly take more than a crisis like express thanks to our key partners in the the building’s status as the gateway to Douglas strengthen the company’s culture. The club COVID-19 to see them crumble.” development plot adjacent to project. These include the main contractor Promenade. Villiers House and the Villers Dandara, as well as the project manager Bell Burton Associates, Simcocks Advocates, and ‘As well as our signifi cant investment in the ‘town square’ area. our letting agent Black Grace Cowley.’ building, this also marks a signifi cant long-term In volatile market conditions it’s important to understand how investment in the Isle of Man by Lloyds Bank, Mark Grace, Director, Black Grace Cowley, your portfolio is positioned. which will no doubt continue to build on its stated ‘It’s hard to stress enough just how excellent and long-standing reputation for important this letting is to the Douglas offi ce Capital International Group can provide advisers and trustees with a portfolio review to assess: providing banking and business services to the market. Although there has been good activity Island.’ Asset allocation in the last twelve months, in particular with the Investment selection lettings at Tevir Group’s other development High risk exposure at 55 Athol Street, at nearly 37,000sqft this is This marks a Cost analysis probably the largest single offi ce letting in over 15 years in the Island.’ signifi cant long-term Please get in touch if you would like further details: [email protected] Although the works took place during the investment in the Isle of Our portfolio review service does not constitute financial advice. ongoing regeneration of Douglas Promenade Capital International Limited and Capital Treasury Services Limited are member companies of the Capital International Group, and are licensed by the Isle of Man Financial Services Authority. Capital International Limited is a member of the London Stock Exchange. For further information visit capital-iom.com all parties, including the Department for Man by Lloyds Bank

| 7 HELPING THE EMERGENCY SERVICES DURING COVID-19 PANDEMIC

First Point Community Portal, powered by PDMS’ technology has been adapted for the Isle of Man community to use during the COVID-19 Lorna Trevethan pandemic.

he portal was originally developed by PDMS, in partnership with Lorna Trevethan, First Point General Manager commented: some of the Island’s charities and emergency services, to provide T "I am proud that the team at PDMS have been able to adapt one additional support to members of the local community who experience of our existing systems to support the local community during the day to day diffi culties, for example those living with dementia or the COVID-19 pandemic. Adding an additional COVID -19 specifi c older generation living alone, who may fi nd themselves in emergency programme to the First Point Community Portal will allow Emergency situations. Emergency services personnel can search through the Services Personnel to be better prepared with PPE if called to a registered profi les using a highly secure channel during emergency registered user of the system. The Connections Board will allow situations in order to more quickly identify a person, bring them to a members of the community to support each other through a secure place of safety, provide better care and contact loved ones sooner. platform. We want to off er our thanks to all key workers for your work PDMS has now expanded the remit of First Point so that people can during this diffi cult time.” use it to record information about their COVID-19 status, for example whether they are self isolating or have or have COVID-19 symptoms or a diagnosis - this information allows emergency services to dress in appropriate PPE. Profi les also include contact information for family and friends so that if an individual lives by themselves, the emergency services know who to make contact with. A new Community Connections Board has also been created which connects people who are able to help with those who need some extra assistance for tasks such as shopping.

Visit https://fi rstpoint.signedup.im to sign-up today. For any questions relating to the platform, please email [email protected] or call 664000.

8 | Tech Company PDMS boosted by support from Department for Education and Nesta PDMS has won a place as a fi nalist on the £5.75 million CareerTech Challenge programme, which aims to encourage bold solutions to improve people’s working living and unlock employment opportunities for the future.

esta is delivering the CareerTech Challenge in partnership Nesta research suggests that more than six million people in the UK are with the Department for Education. The solutions being currently employed in occupations that are likely to radically change Nfunded through the CareerTech Challenge are designed to or entirely disappear by 2030 due to automation, population aging, support people who will be hit the hardest by an insecure job market urbanisation and the rise of the green economy. over the coming years. This includes those without a degree, and Over the next nine months, PDMS will look to use the support on off er to working in sectors such as retail, manufacturing, construction and refi ne and test a new product that will directly benefi t those targeted by transport. the National Retraining Scheme. This product will enhance PDMS’ existing Managing Director at PDMS, Chris Gledhill, told B365: “Finding creative skills portal solution, SignedUp Skills. solutions to labour market challenges was important when we entered “The package of fi nancial and non-fi nancial support we have received the CareerTech Challenge last year, but it is even more important through the CareerTech Challenge has already proved hugely benefi cial,” now. We are delighted to receive the support from the Department for said Richard Graham, Head of SignedUp Skills. “Everyone at PDMS involved Education and Nesta, which will go a long way to helping us and our in our labour market work should be proud that their hard work and creativity clients improve labour market outcomes for those that need it most.” has attracted this level of support. I am sure it is a sign of things to come.”

Our 40 day notice account can make all the difference

to your savings GROSS PA / AER VARIABLE*

If you don’t need immediate access to your savings, then our International 40 Day Notice Account could be an attractive option. This variable rate product from a respected award winning bank benefits from attractive rates of interest. Interest is paid annually. Other variable and fixed interest rate savings accounts are available. Call our friendly savings team now for more information, or apply online at www.skiptoninternational.com Call (0)1481 730730 www.skiptoninternational.com PO Box 509, Tudor House, The Bordage, St Peter Port, Guernsey GY1 6DS

Rate shown for balances between £10,000 and £5,000,000. Rates correct as 27 April 2020. *AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. Skipton International Limited (Skipton) is licensed by the Guernsey Financial Services Commission and is registered in Guernsey: 30112. Skipton is a wholly owned subsidiary of Skipton Building Society. Skipton is licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details are available on the Scheme’s website www.dcs.gg or on request. Skipton is not licensed by the Isle of Man (IOM) Financial Services Authority and deposits made with Skipton are not covered by the IOM Depositors Compensation Scheme. To help maintain service and quality, telephone calls may be recorded and monitored.

| 9 Jinny Yan during visit to Isle of Man last year.

From east to west What are the global implications of Coronavirus? Chris Stead. The global implications of Coronavirus were outlined at the fi rst ‘virtual’ webinar of Standard Bank’s 2020 Investment Seminar Series. hief China Economist for ICBC, Jinny Yan, and Standard Bank’s Head Cof G10 Strategy, Steve Barrow, weighed up the revised Chinese growth potential in the aftermath of COVID-19 before deliberating the likely magnitude of the pandemic on G10 economies. More than 500 delegates participated in the presentation which concluded with a question and answer session. Screened live from Jersey and London, it was opened by Will Thorp, Chief Executive of Standard Bank in Jersey who said, rather than wait for lockdown to be over, it was important to continue running informative seminars as it regularly aims to do both in the Channel Islands and the Isle of Man. He welcomed the guest speakers before a powerful video montage briefly highlighted how the world has changed since the turn of the year and the outbreak of COVID-19. Jinny, considered a go-to expert on Chinese finance, provided fascinating insights into the economic requirements for China and the impact of the virus on the second largest economy in the world. Ms Yan outlined the country’s current position, pinpointing how retail sales and investment suffered their first double-digit contraction in the first quarter of the 2020 for the first time since the 1970s.

10 | She also shared with the audience statistics freefall. But even if the pandemic is more or less Changes introduced of the sectors hardest hit, which also include contained, overall growth still may not return by construction, hospitality (more than 35 per cent) the end of 2020,’ Steve continued. to Isle of Man and aviation, before outlining what progress ‘The unprecedented COVID-19 shock has already needs to be made in the months ahead. generated stress in capital markets, triggering a Worker Migrant She told the webinar: ‘Yes, there is a major focus forceful response from central banks. If liquidity Visas on economic recovery and a need to bounce problems persist and real economy problems hanges have been introduced to back but significant challenges lie ahead, not least lead to write-downs, capital problems can arise. extend the duration and conditions for the looming risk of a second wave of the virus. C 'As it stands, I expect the US to recover first due certain Worker Migrants in response to the ‘Demand deficiency is an issue and, furthermore, to its dynamic economy, although that doesn’t Isle of Man’s Proclamation of Emergency. there is uncertainty within the exports sector with necessarily mean it has the best strategy for The changes will allow those who hold a companies not willing to spend on investment. taking risks. I have to say I’ve been impressed by Worker Migrant visa and their dependents Challenges like these will naturally weigh on the way Australia and New Zealand have dealt to receive extended entry clearance, China’s consumption-led economy. with this and their predictions have been highly and provide for greater fl exibility for both accurate. employers and employees in light of the ‘There is, however, a silver lining with enough coronavirus pandemic. evidence to justify further policy support by the ‘Whenever we see a global crisis we run into a government and a comprehensive package of shortage of dollars for it is the most significant Worker Migrant visas which were due support measures for the economy. international currency, responsible for two thirds to expire before 15th May 2020 will be of global loans, two thirds of international lending, automatically extended for six months ‘There has been a real focus on policies to ease two thirds of foreign exchange reserves, so it is from the date of their visa’s expiration the fi nancing pressures on smaller companies crucial. date. For Worker Migrants who remain who are vulnerable compared to state-owned employed by their existing employer, fi rms which are generally in a stronger position. ‘The policymakers appear to have succeeded in restrictions on the type of work or hours The broad fi scal defi cit ratio is likely to double stopping a financial crisis, but future bankruptcies permitted for that employment have been in 2020 which may raise concerns over China’s could test this. removed, until 16th November 2020. debt sustainability. But Beijing has so far been ‘I expect policy rates will stay at their current The amendments also remove extremely prudent due to concerns over levels for three years or more. The risk of policy restrictions on employment for existing exacerbating existing debt levels which has been mistakes lie in sounding the all-clear too soon Worker Migrants so that a Confi rmation of ramping up since the fi nancial crisis.’ and adopting quick fi scal austerity for which there Employment will, for a limited period, not would be many permutations. be required and visa holders will not risk New Infrastructure Investments contravening their visa conditions. ‘All in all, while there is a policy playbook for The webinar then moved onto the outlook dealing with financial crises, no such thing exists For Isle of Man Worker Migrants in the for 2020 with discussion focused on new for a large-scale real economy freeze. There is no Medical and Healthcare Sector, and their infrastructure investments and their potential to lift off-the-shelf cure for liquidity problems of entire dependents, the duration of leave for China’s GDP growth back towards target trajectory. real economies. those whose visa is due to expire before 31 December 2020 has been extended ‘New investments will also help lift global market ‘However, I am confident the health and economic for one year, and restrictions on the type sentiments,’ explained Steve who has worked crisis will not develop into a financial crisis.’ of work and hours permitted for that type as a currency and fi xed income strategist in the The panel also welcomed Justin Maloney, of employment has been removed until Chris Stead. fi nancial markets for the past 35 years. Co-Head of the Global Equity Fund for Melville 31st December 2021. ‘At times like this it is more important than ever Douglas, Standard Bank’s global boutique Foundation and Speciality doctors in to adopt a top-down view of the global economy investment management company. possession of United Kingdom issued and global markets. The coronavirus pandemic Tier 2 or Tier 4 Visas must continue to He summarised the current position in Melville has delivered the fastest, deepest economic contact the Immigration Service before or Douglas’ portfolios and subsequent repositioning shock in recent history and affects everyone. This upon arrival in the of Man. in response to the unprecedented market downturn and its damage can be generally under- volatility, emphasising the importance of sticking The changes come following amendments estimated and we must realise the shock to the to a ‘tried and tested investment process through made by the Chief Minister to the global economy from COVID-19 has been faster Immigration (Variation of Leave) (No.2) the storm’. and more severe than the 2008 global financial Order 2020 on Monday 20th April 2020. crisis. Indeed, with global growth currently falling ‘The overarching objective has to be to survive Laurence Skelly MHK, Minister for at about three per cent, many times bigger than the crisis and thrive on the way out,’ he added. Enterprise, commented: ‘The Isle of the financial crisis. The highly informative webinar concluded with Man’s Economy continues to adapt to 'As it stands multiple dimensions of this crisis are a Q&A session addressing some of the points the challenges that the global spread of unprecedented and unknowable.’ raised throughout the discussion. COVID-19 presents, and these measures have been taken to best support both the Steve, who has been at Standard Bank since Chris Stead, the Bank’s Head of International Island’s migrant workforce – by providing 2008, went on to discuss the likely magnitude of Portfolio Services, who had hosted the event assurance of duration of leave - and our COVID-19 for G10 economies, the appropriateness and Q&A, thanked all those who submitted employers, by off ering fl exibility within the of policy responses, and shared views on the questions. Copies of the presentations, as well Visa and Immigration services in light of trajectory of asset prices over the long term. as a recording of the webinar, have been sent to this unprecedented situation.’ those who signed up. He highlighted high uncertainty including the path For further information on Immigration of the shock and recovery, whether economies ‘It is important for you all to know it is business as rules, visit: www.gov.im/categories/ will be able to return to their pre-shock output usual at Standard Bank,’ he told the audience. travel-traffi c-and-motoring/immigration/ levels and growth rates, and whether there will be ‘These are unprecedented times and we continue immigration-rules any structural legacy from the coronavirus crisis. to ensure you have full access to wealth, portfolio Those with specifi c queries relating to ‘Unless the pandemic is stopped, economies and relationship managers throughout this. We immigration or Visa grants and extensions and markets around the world will continue their are in it together.’ should contact: [email protected].

| 11 David Hudson, Group CEO of SMP Group

Palatine- backed SMP Group makes international acquisition

Global professional and fi nancial services group SMP has announced a deal to acquire RBC Corporate Services Hong Kong, a division of RBC Investor & Treasury Services. The transaction is subject to regulatory approval.

he transaction forms a key part of the David Hudson, Group CEO of SMP Group, eff ective buy and build strategy can operate. firm’s global buy and build strategy, told B365: “Hong Kong is an immensely Since backing the business in 2019, we have T marking the third acquisition made by important jurisdiction for us, in which we are already strengthened the Isle of Man offi ce SMP since completing a management buyout driving impressive growth and raising the bar with the acquisition of Middleton Katz and backed by Palatine Private Equity in 2019. for internationally compliant corporate and seen signifi cant expansion in Jersey through private wealth services. This deal with RBC will the strategic acquisition of Helm Trust. The SMP Group has grown into a leading accelerate our ambitious plans for the region, latest transaction has further bolstered the international provider of fund administration in a way that enhances our existing global fi rm’s global reach, enabling it to strengthen and corporate and trust services. In total, the service off ering and brings an extended resources and better service the global client company now employs over 250 people support network to clients. We’re extremely base. We’re continuing to look at options for across seven global offices, including the Isle excited to start working with new colleagues further expansion and look forward to working of Man, Jersey, Switzerland, Malta, Hong Kong, and new clients alike.” closely with David and the team on delivering Cayman Islands and the Bahamas. this.” The deal has been undertaken with the SMP and RBC have a long history of working support of Palatine Private Equity, with together to provide global solutions for private additional debt funding from Apera Asset wealth structuring. SMP previously acquired Management. RBC’s Bahamas and Cayman Island corporate services businesses in 2016 and 2017 Andy Lees, partner at Palatine Private Equity, respectively, delivering significant value for added: “SMP is a perfect example of how an both the SMP Group and the client base. The Caribbean and Hong Kong businesses have continued to work closely together since these acquisitions. This deal with RBC will accelerate our The latest transaction will enhance and support ambitious plans for the region, in a way that SMP’s existing service offerings globally, enabling them to leverage RBC’s expertise and enhances our existing global service reputation in the Hong Kong market. The deal will also allow SMP to provide a more holistic off ering and brings an extended support offering for clients, bringing all international services under one roof. network to clients. David Hudson, Group CEO of SMP Group

12 | Financial We are still open Options for business (albeit working securely from home)

Firstly, we hope you are keeping Financial Options continues to offer: safe and well during these • A full range of Mortgage advice for existing and new customers difficult times. We are here to • Applications for new residential mortgages, re-mortgages, Additional Lending, help you, so if there is anything commercial or buy-to-let mortgages • A full range of health protection cover options, life assurance, critical illness cover we can do, just ask! and income protection At Chase Wealth and Financial Options we are all • Assistance with mortgage payment holidays and getting in touch with your lender. about looking after our clients, so we just wanted to reach out to let you know that we are all still working hard to help manage your finances and Chase Wealth continues to offer: to help secure your future plans for when these • Annual Reviews to manage your current investment portfolios and look at trying times finally end. And they will. alternative options where needed We continue to offer all our usual services, along • The option to set up new savings and investment plans tailored to your risk profile with advice and guidance and out of hours appointments to discuss the financial impact • The ability to establish group / personal pension plans and review existing ones to Covid-19 might have on you and your family, or see if they are best suited to your needs even your business. • Cashflow planning to ensure you can live the life you want and plan for the future. We are constantly monitoring the current situation with regards to mortgage lenders, insurance If you prefer to email, our staff have access to all We are working hard to stay connected, to update companies and investment and pension providers the usual, secure systems to look up details and you as much as possible and to help out in and we are up to date with what each of them is reply to your queries - [email protected]. whatever ways we can. doing and how it may affect you and your finances. Or, if you opt for a slightly more informal approach, Stay safe. Let us know if we can help. We look If you would like to speak to one of the team, we our Facebook and Linked In pages are also forward to meeting with you again face to face at are happy to arrange a telephone or video phone regularly monitored to answer posts or direct some point in the future! appointment at a time that suits you - 640350. messages.

Chase Financial Services trading as Chase Wealth Solutions and Financial Options is regulated by the Isle of Man Financial Services Authority. UK GOVERNMENT BUYS OVER 700 ZOOM ACCOUNTS DESPITE WARNINGS FROM NATIONAL CYBER SECURITY CENTRE (NCSC) 40,000 mobiles, laptops and tablet computers and nearly 10,000 Microsoft 356 accounts also purchased for Covid-19 remote working

ajor UK government departments have purchased over 700 Zoom Mvideo conferencing licences during the Covid-19 outbreak, despite offi cial warnings from security chiefs at the National Cyber Security Centre (NCSC) about the risks of hacking and data privacy. Offi cial fi gures obtained under Freedom of Information (FOI) legislation by the Parliament Street think tank, show a total of 731 Zoom licences have been ordered since the outbreak began. The data shows that the Ministry of Defence (MoD) purchased 550 Zoom accounts, the Cabinet Offi ce 150, the Foreign and Commonwealth Offi ce (FCO) 15 and Treasury 5 and Home Offi ce bought 8. Recently Parliament was advised by the National Cyber Security Centre, part of intelligence agency GCHQ, that Zoom should only be used for public business. Meanwhile reports suggested half a million Zoom accounts are available on the dark web. The Department for Transport and the FCO both revealed that they hadn’t The concerns forced Zoom to release emergency security updates, including purchased any new devices since January 2020 in response to the encryption and privacy amendments due to “Zoom Bombings” whereby third Coronavirus outbreak. parties join meetings, shouting abuse and sharing off ensive images. Paul Farrington, EMEA, Chief Technology Offi cer, Veracode told B365: Additional data around government preparations for Covid-19 show that these “The Covid-19 crisis has seen millions of new users sign up to Zoom to six key departments have also investment heavily in new devices to enable host meetings and provide important updates to employees working staff to work from home. The departments purchased at total 41,300 new remotely. However, in recent weeks a series of security missteps and bugs laptops, tablet computers, and mobile phones to help staff operate remotely. have been discovered, which raise fresh questions about the cyber risks In total, these government departments invested in 27,589 new laptops and privacy issues associated with online conference systems. since the start of the Covid-19 outbreak, 4,011 tablet computers and 9,700 With this in mind, it’s critical that key government departments are cautious mobile phones, to deal with new safety guidelines for work, such as remote if using the platform for sensitive meetings, around national security, and and home-working. public health. With cyber attacks on the rise, it’s also crucial that users The department which invested the most heavily in new devices was the ensure they have downloaded the latest versions of these applications, to Ministry of Defence, which purchased 13,500 new laptops, 3,263 new tablets prevent hackers from gaining access and stealing data.” and 2,200 new mobile phones – a total device count of 18,963. The MoD Andy Harcup, VP, Absolute Software, added: “The tidal wave of new also invested in a whopping 9,467 new Microsoft Offi ce 365 accounts, and device purchases, including tens of thousands of laptops, tablets and 550 Zoom accounts to enable staff to continue working off site. mobiles is essential for ensuring that government departments can The Ministry of Justice purchased 12,136 new devices in total, 5,888 of which operate eff ectively during the Coronavirus lockdown. However, the rush were mobile phones, 6,000 were laptops and 248 were tablet computers. to implement new remote working models must be accompanied by a The third highest investor in new tech, was the Home Offi ce, who purchased rigorous and robust approach to cyber security. Key to this is ensuring 9,085 new devices: 7,500 new laptops, 1,085 new phones and 500 tablets. complete visibility into the device estate, so that IT chiefs can ensure every HM Treasury purchased just 898 new devices – split evenly between single user has that latest security updates, including checking that apps phones and laptops – and the Cabinet Offi ce purchased 59 MacBook Airs, like Zoom are up to date and secure. It’s also critical to be able to wipe, 91 Elitebooks and 68 iPhone 6s, for a total of 218 new devices. track and freeze laptops which contain confi dential data, in the event of theft or loss.”

FOI INFORMATION/TABLE OF RAW DATA

Government Dept. Laptops Tablets Phones TOTAL Zoom Offi ce 365 TOTAL

Ministry of Justice 6,000 248 5,888 12,136 3 0 3

Cabinet Offi ce 150 0 68 218 150 3 153

Home Offi ce 7,500 500 1,085 9,085 8 0 8

Ministry of Defence 13,500 3,263 2,200 18,963 550 9,476 10026

HM Treasury 439 0 459 898 5 70 75

Department for Transport 0 0 0 0 0 0 0

Foreign & Commonwealth Offi ce 0 0 0 0 15 0 15

TOTAL 27,589 4011 9,700 41,300 731 9549 10,280

14 | MERA to be paid for 14 days after return to ISLE OF MAN GOVERNMENT AND MANX MOTORCYCLE work CLUB CONFIRM CLASSIC The Manx Earnings Replacement Allowance TT AND MANX GRAND PRIX (MERA) will continue to be paid for a further 2020 CANCELLED 14 days from the date a person returns to work. he measure was announced by The Isle of Man Government and the Manx Motor Cycle TTreasury Minister Alfred Cannan Club, the race organisers of the Classic TT and Manx MHK at today’s coronavirus press Grand Prix, have taken the joint decision to cancel this briefi ng, during which he outlined year’s Classic TT and Manx Grand Prix, which were due the Isle of Man Government’s current to take place between the 22nd August and the 4th position and the intention to present September on the Isle of Man. a revised fi nancial plan to Tynwald in July. The decision to cancel both events has been taken following The decision to extend MERA follows consultation between the Department for Enterprise and race a return to work for those involved organisers, the Manx Motor Cycle Club, taking into account the in the construction and horticulture emergency measures including current border controls and travel sectors, recognising that many will restrictions caused by the global COVID-19 pandemic. not get paid by their employers or Laurence Skelly MHK, Minister for Enterprise, announced the customers straightaway. decision, saying: Minister Cannan said: ‘It is good news that some people have been able ‘This is obviously a conclusion that we didn’t want to reach but Alfred Cannan MHK unfortunately when all the factors and advice are considered we felt to return to work, subject to certain that it was important to make an early decision to provide clarity and conditions around social distancing certainty to race officials, fans and sponsors, as well as competitors rules, which must be observed at all recognise, though, that for many of you themselves. Although we cannot predict at this stage exactly what times. that is not case and, dependent on how we are able to phase our return to the Island’s or the global position will be in four months’ time, there ‘Many will not get paid straightaway, normality, will require ongoing support. is sufficient uncertainty and therefore making an early decision is however, and have been relying on the only responsible thing to do. MERA for the past few weeks during ‘We are actively considering how and ‘We also want to reassure the Island’s residents that their health lockdown. This 14-day extension will to whom the existing schemes might be extended. We are working closely and well-being remains our number one priority and focus in this continue to deliver fi nancial support in with our colleagues in the Department ongoing situation and furthermore it isn’t appropriate to potentially the short term.’ for Enterprise to understand more place additional demands onto our hard working hospital and Earlier, Tynwald approved an broadly what we need to do to further medical staff by running the events this year.’ extension of the Salary Support support the economy and provide Scheme (SSS) which, along with Peter Maddocks, Manx Motor Cycle Club Chairman, commented: as much opportunity for work and MERA, runs for 12 weeks and is the employment as possible.’ ‘We were asked, as race organisers, by the Government whether Government’s central mechanism to we were confident that the event could take place purely from a support the economy through the He added: ‘As we move forward, logistical and operational point of view this year. Although we were eff ects of the coronavirus pandemic. there will be a need for further confident that we could provide the officials, the situation around fi nancial planning and it is clear that The number of employees which a other key personnel, such as marshals and medical personnel we must re-examine and refocus business must employ to qualify for our fi nancial plans for the current could not be guaranteed. Additionally the availability of event critical the SSS has been reduced from a year. I intend to bring an update on contractors and whether the infrastructure and equipment could minimum of 2 to 1, and all claimants this year’s budget to Tynwald in July, even reach the Isle of Man in time is also an area of great uncertainty now have until May 31 to claim for setting out our plans in more detail. ‘We also took into account the levels of pre-event practice the the fi rst four weeks. Around 1,600 riders would have had to enable them to eff ectively take on the employers are registered with the ‘We are paying millions of pounds unique challenge that racing on the Mountain Course represents. Assessor of Income Tax as having out in support for our businesses and All of these factors were considered and ultimately formed the one employee, and the extension is individuals. We are continuing to work basis of the decision that, from an operational point of view, the forecast to cost an additional £5.3m. hard across the community to fi nd a way through this and, of course, we event had to be cancelled this year. Even though we are all in Minister Cannan said: ‘Some of you have taken the fi rst steps to getting uncertain times the Club is looking forward to planning a return to have been able to return to work and the economy back on its feet. the mountain course in 2021.’ be in a position to earn a wage, and so will no longer require support. I ‘Together we are making progress.’

| 15 HSBC URGES ISLAND BUSINESSES TO STAY ALERT TO CYBER FRAUD IN FACE OF COVID-19 Businesses in the Isle of Man, Guernsey and Jersey need to beware of the increased risk of cyber fraud, as cyber criminals look to adapt old techniques to exploit the current business environment created by the Covid-19 pandemic, according to Warwick Long, Head of Commercial Banking at HSBC Channel Islands and Isle of Man. ata collated by the HSBC Group over To support island businesses, HSBC has created recent weeks shows that cyber criminals a new webpage which contains up to date D are evolving pre-existing types of fraud information on fraud for businesses, and has to target weaknesses in business processes as a collated some top tips to help island businesses result of the coronavirus. with their online security and protect themselves and their customers. These include: In particular, the data shows that instances of attempted ‘phishing’ and ‘smishing’, where fraudsters ■ Empower your ‘human firewall’, often well- look to obtain sensitive information from businesses trained employees are your first line of defence through unsolicited or fake emails, phone calls or text ■ Increase internal testing by circulating samples messages, have increased over the past few weeks. of potential phishing mails to keep employees In addition, fraudsters have sought to exploit mass more vigilant communications around Covid-19 by attempting ■ Ensure multi-factor authentication is running to divert payments through purchase scams on all remote working systems for medical equipment and fake mobile apps purporting to be related to Covid-19. ■ Test your chain of command and ensure alternative business continuity protocols to Urging local businesses to be alive to the possibility make it diffi cult for phishers to target power that some criminals are using the Covid-19 outbreak centres and vulnerabilities WARWICK LONG as an opportunity to commit fraud, Warwick Long Head of Commercial Banking commented: ■ Increase awareness within the organisation on escalation procedures, should there be an at HSBC Channel Islands and “These are extraordinary circumstances and it’s inadvertent incident Isle of Man understandable that businesses are focused on a rapidly changing environment, but it’s really Warwick added: “HSBC takes combatting fraud important that they don’t get complacent about and other fi nancial crime very seriously, and we cyber security. Our analysis shows that criminals hope that highlighting the diff erent ways cyber are still actively looking to make the most of criminals may try to steal not just money but weaknesses in business’ processes by adapting also a company’s identity will be helpful as part existing tactics to the coronavirus context to of our support for local businesses through this fraudulently obtain sensitive information.” challenging time.”

Political appointments announced The Council of Ministers has made a number of appointments to Government departments and Tynwald has approved appointments to the board of Manx Utilities.

Cabinet Offi ce Department of Home Aff airs Department of Environment, Food and Agriculture Lawrie Hooper MHK has been appointed as a Rob Callister MHK has been appointed as a member of the Cabinet Offi ce by the Council of member of the Department of Home Aff airs. Martyn Perkins MHK has been appointed Chair Ministers. of the Planning Committee by the Council of Mr Callister takes over from Dr Alex Allinson Ministers. Mr Perkins takes over from Tim Baker Mr Hooper takes over from Dr Alex Allinson MHK, but remains a member at the Department MHK. MHK following his recent appointment as for Enterprise.

Minister for Education, Sport and Culture. Preservation of War Memorials Committee Manx Utilities Mr Hooper remains a member of the The Council of Ministers has appointed Department for Enterprise, but will no longer Tynwald this week approved the appointment Daphne Caine MHK as Chair of the Isle of Man be a member of the Department of Education, of Tim Baker MHK as Chair of Manx Utilities Preservation of War Memorials Committee. Mrs Sport and Culture. and the appointment of Peter Greenhill MLC Caine has served on the Committee since 2016 as Vice Chair. Mr Baker takes over from Dr as Vice Chair. Department for Enterprise Alex Allinson MHK and Mr Greenhill takes over from Tim Crookall. Mr Baker remains a member Peter Greenhill MLC has been appointed as a at the Department of Environment, Food member of the Department for Enterprise. Mr and Agriculture, and also the Department of Greenhill takes over from Tim Crookall. Infrastructure.

16 | WEALTH 2020 MANAGEMENT

Just when we conomies around the world are pandemic – has seen a second wave of Covid grappling with this new and deadly 19 infections sweeping through several cities. thought the Brexit problem, which threatens lives and E Meanwhile UK-EU trade talks have resumed livelihoods in equal measure. storm clouds were ahead of a planned summit in June. Not surprisingly the pandemic has brought It all means that wealth management beginning to part the about a significant market re-adjustment and professionals must continue to seek innovative has left savers wondering where to safely Covid 19 pandemic ways to ensure clients obtain the best possible place their wealth. arrived and cast the returns from their investments – in line with The world is in a strange place and the their respective risk profiles. global economy into normal rulebook for investment and money The science of wealth management has management has been torn up. new turmoil. endured its own tsunami in recent years. The crisis looks set to be with us for some time to come, and already China –the source of the Continued on page 20....

Rely on our experienced team of governance, regulatory and risk specialists Our leading regulatory and compliance services team offers commercially-minded, practical and pragmatic assistance, guiding you through the ever-changing landscape of global compliance.

www.dq.im • +44 1624 626999 •

| 17 HOW ARE YOU DEALING WITH LOCKDOWN? Less than two months ago, none of us would have predicted we would be locked down in our homes with both our working and social lives restricted to virtual communication channels. We would never have expected that our meetings, our conferences, our entertainment and our education would all need to take place from our home offices or kitchen tables.

he Coronavirus pandemic has demanded a With all these ‘what if’ scenarios, the impact on the new way of existing to which we have had to individual will be hugely variable. At Wilton what drives Tadapt. our business is our relationship with our clients, they know that at the end of the line is always a human As with all things in life, however, personal being. One they know well, who understands the relationships matter most. We live in an age where integrated nature of their affairs and will take personal technology such as Facetime, Zoom and Skype have responsibility for delivering service and working joined e-mails and phone calls in connecting the through those ‘what if’ questions together. The world more closely than ever before. Unquestionably personal relationship matters and always will. technology will insulate us from many of the worst effects of ‘self-isolation’. Remote working has been While companies across all sectors are experiencing an abrupt drop in business due to the Covid-19 crisis, made possible thanks to the seismic changes in By James Robson we want to support people to take this time to reset; connectivity over the last decades and my family, like Head of Wealth Management to reconnect with their values, and reimagine what so many others, have their evenings saved thanks to business - and a new generation of leadership - can Wilton Group Netflix. look like. Most of us have adapted gradually but today’s Ultimately, we don’t know what’s next. Central banks leaders do not have the luxury of time to make these and governments around the world have made clear necessary changes slowly. They have an immediate they will do whatever is required to support their responsibility for keeping their teams as engaged and economies. Deficits are going to rise, inflation looks to as productive as possible, to try to bring some clarity be driven down by low oil prices and Global DGP in to an uncertain world, to offer some protection from a Q2 will see significant falls. critically uncertain future. With these shocks will come opportunities, a ‘V’ Innovation is imperative not only to mitigate the shaped recovery may see asset values rise from adverse impact of the pandemic, but to rise to meet their current lows, changes to how we work may new possibilities. give us more time with the family, the rise of ‘Green Technology’ and changes to transport habits may Thankfully, through continual ongoing investment in IT • • see unprecedented levels of new infrastructure infrastructure, I can work from anywhere, be that our investment. Isle of Man, Bristol, Dubai offices – or my back garden • • in West London. As Boris and Trump like to tell us, we’re in a battle against a virus. So to that end I’ll point you in the I can access any files relating to professional, direction of Sun Tzu, who amongst his many words pensions or investment services I need and receive of wisdom said: “Now the general who wins a battle live data feeds from across the globe. makes many calculations in his temple before the For the most important people in our, indeed any battle is fought”. business, our clients, this level of connectivity is Take the time you now have at home to put some expected. But when faced with falling markets, plans in place, connect with the family and talk through liquidity constraints and a seemingly never ending list how you want the future to look. To find out how Wilton of ‘what if’ scenarios, all the data in the world is muted can help you, get in if delivered by automated responses from a model portfolio, algorithm or call centre. touch today. Innovation is imperative not When there are questions, they need answers. Phone: 01624 675610 only to mitigate the adverse They need ideas designed to inspire. Email: [email protected] impact of the pandemic, but to They need support to define their personal vision and Website: www.wiltongroup.com values. rise to meet new possibilities.

18 | HOW ARE YOU DEALING WITH LOCKDOWN? Less than two months ago, none of us would have predicted we would be locked down in our homes with both our working and social lives restricted to virtual communication channels. We would never have expected that our meetings, our conferences, our entertainment and our education would all need to take place from our home offices or kitchen tables. he Coronavirus pandemic has demanded a With all these ‘what if’ scenarios, the impact on the new way of existing to which we have had to individual will be hugely variable. At Wilton what drives Tadapt. our business is our relationship with our clients, they know that at the end of the line is always a human As with all things in life, however, personal being. One they know well, who understands the relationships matter most. We live in an age where integrated nature of their affairs and will take personal technology such as Facetime, Zoom and Skype have responsibility for delivering service and working joined e-mails and phone calls in connecting the through those ‘what if’ questions together. The world more closely than ever before. Unquestionably personal relationship matters and always will. technology will insulate us from many of the worst effects of ‘self-isolation’. Remote working has been While companies across all sectors are experiencing an abrupt drop in business due to the Covid-19 crisis, made possible thanks to the seismic changes in By James Robson we want to support people to take this time to reset; connectivity over the last decades and my family, like Head of Wealth Management to reconnect with their values, and reimagine what so many others, have their evenings saved thanks to business - and a new generation of leadership - can Wilton Group Netflix. look like. Most of us have adapted gradually but today’s Ultimately, we don’t know what’s next. Central banks leaders do not have the luxury of time to make these and governments around the world have made clear necessary changes slowly. They have an immediate they will do whatever is required to support their responsibility for keeping their teams as engaged and economies. Deficits are going to rise, inflation looks to as productive as possible, to try to bring some clarity be driven down by low oil prices and Global DGP in to an uncertain world, to offer some protection from a Q2 will see significant falls. critically uncertain future. With these shocks will come opportunities, a ‘V’ Innovation is imperative not only to mitigate the shaped recovery may see asset values rise from adverse impact of the pandemic, but to rise to meet their current lows, changes to how we work may new possibilities. give us more time with the family, the rise of ‘Green Technology’ and changes to transport habits may Thankfully, through continual ongoing investment in IT • • see unprecedented levels of new infrastructure infrastructure, I can work from anywhere, be that our investment. Isle of Man, Bristol, Dubai offices – or my back garden • • in West London. As Boris and Trump like to tell us, we’re in a battle against a virus. So to that end I’ll point you in the I can access any files relating to professional, direction of Sun Tzu, who amongst his many words pensions or investment services I need and receive of wisdom said: “Now the general who wins a battle live data feeds from across the globe. makes many calculations in his temple before the For the most important people in our, indeed any battle is fought”. business, our clients, this level of connectivity is Take the time you now have at home to put some expected. But when faced with falling markets, plans in place, connect with the family and talk through liquidity constraints and a seemingly never ending list how you want the future to look. To find out how Wilton of ‘what if’ scenarios, all the data in the world is muted can help you, get in if delivered by automated responses from a model portfolio, algorithm or call centre. touch today. Innovation is imperative not When there are questions, they need answers. Phone: 01624 675610 only to mitigate the adverse They need ideas designed to inspire. Email: [email protected] impact of the pandemic, but to They need support to define their personal vision and Website: www.wiltongroup.com values. rise to meet new possibilities. £

The established economic patterns that shaped the methodology – all require expert assistance in the areas of financial planning, used in the industry were turned on their heads by the cataclysmic investment portfolio planning, trusts, tax efficient structures, estate events of 2008 and beyond. planning options etc etc. In recent times a new order has become established, and wealth The Isle of Man – as one of the world’s leading international management experts are applying their skills to the trends and financial centres – can boast high levels of wealth management patterns of the post global meltdown era. The Coronavirus expertise across the full gambit of financial disciplines. This pandemic has been a new, unwelcome guest at the table. month’s B365 Wealth Management feature includes some of the leading companies in the wealth management sector. The Isle of Man has a large number of high net-worth individuals who require professional expertise at many different levels to both safeguard their wealth and maximise its potential for growth. It’s a similar story for the diverse range of businesses on the Island The Isle of Man can boast high levels of wealth management expertise across the full gambit of financial disciplines.

20 | WEALTH MANAGEMENT

DQ LAUNCHES PARTNERSHIP WITH AWARD-WINNING FIRM TO MAKE GOVERNANCE AS EASY AS ABC! Good governance, proactive risk management and better business performance is something we all strive for. Governance

nd one such solution to achieve that ‘It was then that we took an interest in the was highlighted in emphatic fashion at a governance and risk management products and A series of webinars organised by leading software tools which Decision Time delivers and Island law firm DQ Advocates. decided to develop a formal partnership. A significant number of Island firms and ‘The webinars were the official launch of that Risk non-executive directors participated in three and it was evident that the frameworks the Management presentations led by Geoff Higgins, managing company uses embeds good governance deep Business director of Northern Ireland operation Decision within an organisation but also frees up time to Performance Time. allow administrative and support staff to focus on other areas of valuable work.’ The Douglas-based practice invited Geoff Established in more than 200 organisations to outline a system which allows more The University of London, in regulated industries in the UK and Ireland, structured and streamlined meetings within the Public Prosecution Decision Time’s software puts leaders in control an organisation, helping leaders make more Service and HM Land Registry of organisational performance by making informed decisions. are among the organisations who use governance and collaboration easier for Decision Time software, as do a number of Sinead O’Connor, Head of the Regulatory and everyone. NHS Trusts. Compliance Team at DQ, explained: ‘As a firm Sinead continued: ‘Clearly, this is an integrated we have known Geoff for a little while and, They all now have instant, secure and constant suite of tools which can bring real benefit to earlier this year when he was in the Island for access to a huge range of corporate data, companies and business professionals so archived meeting packs, previous minutes and the Manx State of the Nation Conference, we we wanted to share this with our clients and supporting documents – helping them manage had time for a more in-depth discussion. general Isle of Man organisations. their governance requirements in one place. ‘Whilst virtual board meeting and risk ‘It all started because we understood management capabilities were already the challenges faced by those running a trend we were seeing with clients, the organisations and we were asked to develop Clearly, this is an current pandemic has brought the need to an easy-to-use system for managing meetings,’ demonstrate robust governance in a remote explained Geoff. environment sharply into focus. integrated suite ‘Many of those operations have stringent ‘Given we could not arrange a demonstration requirements and it’s vital to ensure leaders of tools which can in person at this moment in time, we thought a are always properly informed and well virtual webinar would be the best alternative in prepared to make the right decisions. bring real benefit which the products could be showcased.’ ‘We believe our offering ensures employees to companies and Sinead welcomed Geoff to the presentations have the right information at the right time which outlined how the system works, to help senior leaders make better-informed business professionals including an online demonstration, how it can decisions. Thank you to DQ for the opportunity be tailored to help individual organisations and to explain how we can help organisations. We concluded with a question and answer session. look forward to working with them in the future.’

| 21 Expert comment from leading fi gures within the business community, on a variety of topical issues across a range of sectors. PREPARING TO BOUNCE BACK HOW SKILLED NEGOTIATION CAN HELP PREPARE BUSINESSES FOR POST LOCKDOWN SUCCESS ompanies are becoming more adaptable. As we refl ect on the quick C transition to a digital working world, we realise our business needs have changed. Whilst this may only be a temporary measure, as we await the reintegration of society, it would be foolish to presume the economy hasn’t been fundamentally changed by COVID-19. Yet in times of such uncertainty, the temptation to sit tight is all too tempting. However, being risk averse when it comes to embarking on negotiations could be damaging to your company. Amidst a global crisis, cash is king for businesses. Funds are tight and the sales cycle has slowed, yet the same overheads, costs and running pressures apply. Or do they? It’s natural for investors and shareholders to want fast answers – and this often results in Adapting in the short term, to safeguard the Once the shaky sentiment can be felt by a knee jerk reaction to focus on cost cutting, long term investors and consumers, a downward spiral often ensues. redundancies and discounting as preferred go- Customers simply aren’t buying as normal. to solutions. While a fast turnaround is desirable, Some things are in higher demand, whereas How can your business bounce back? it’s vital that businesses consider other more others aren’t perceived as a necessity at all. Add Those businesses failing to embrace the sustainable opportunities that can stabilise to this, extremely uncertain economic climates cash fl ow and improve profi tability. One such benefi ts that eff ective negotiations can off er, are and the aforementioned knee-jerk reactions to area – albeit often overlooked – is strategic likely to face tough times post-Coronavirus. By cut costs in the wrong places, a focus on short negotiation. introducing an eff ective systematic negotiation term sales, such as discounts and fl ash sales strategy as soon as possible, businesses can Why is negotiation key? and you start to enter murky waters. save huge amounts of capital, not to mention An organisation-wide negotiation strategy, if The issue with these rather public solutions is improve margin. In fact, Huthwaite’s research delivered properly, can very quickly improve that they can be judged, viewed and criticised shows businesses with a systematic approach to cash fl ow, reduce overheads and ultimately by the general consumer, stakeholders and sales and negotiation experience 42.7% greater soften expenses to protect profi t, for even the investors alike. This in itself can impact on sales, growth to the bottom line than those without. most troubled of companies. Not only that, but particularly if the general public do not like the This fact alone highlights the importance of an eff ective negotiation strategy can help a actions you’re taking. applying eff ective negotiation techniques to drive profi tability across an organisation. In times business fi ght to see another day. Making rash decisions that will be viewed of trouble, this is essential. While some businesses are closed and have negatively by the public and remembered for Businesses wanting to bounce back should focus ceased trading for the time being, there’s no years to come could impact your business in all eff orts on eff ective negotiations with their supply time like the present for negotiations with the wrong ways. Overly discounting can impact chain and service providers. By easing pressure suppliers and the preparation and planning of a the perceived value of what you’re selling, on company cash fl ow, you are able to reinvest concrete strategy. making the change to standard pricing almost in other areas. This doesn’t mean cancelling all impossible, whilst staff redundancies cause Huthwaite recently conducted research with contracts, it means making them work harder for nervousness amongst investors, they’ll also be YouGov into the impact of an eff ective negation you. Look at where you can access greater value hugely vilifi ed in the media due to the current strategy, which revealed that six-out-of-ten of from your suppliers and make them work harder climate. the most eff ective business strategies require for their money. In such unchartered waters, eff ective negotiation skills. Put simply, it is not We’ve seen this happen time and time again, deals can be struck – something that could pay enough to focus on innovation, sales and but never in circumstances quite this extreme. dividends in the long run for your business. growth strategies alone. Businesses must also work hard to ensure that every pound really To fi nd out more about negation training and how to eff ectively safeguard your business, visit: does count, now more than ever. https://www.huthwaiteinternational.com/business-performance-solutions/negotiation-training

22 | HOW CAN BUSINESSES KEEP THEIR DATA SAFE? As cyber criminals increase both the volume and sophistication of attacks, and organisations now need to trust their staff to work safely out of the office, businesses have never faced a greater challenge in keeping their data safe. As such our head of sales at Sure Business in the Isle of Man, Joseph Walls, outlines the importance of appointing a managed security service provider (MSSP) and the top tips before you do so.

HERE ARE FIVE the rapidly shifting security landscape. This CONSIDERATIONS FOR is particularly important for businesses based offshore, which have distinctive BUSINESSES BEFORE THEY data protection challenges because of the SELECT A PROVIDER: industries served - such as professional and 1. Organisations must ensure that their chosen financial services. partner is high quality and a good fit for It’s clear that choosing your partner is their business needs and objectives. The a careful consideration an organisation partner also needs to have a broad enough needs to make. Sure’s partnership with portfolio to meet the needs of the business, Trustwave, a leading global cybersecurity with expertise within the business to support and MSSP, provides offshore businesses with this. Security is an ongoing journey, and as advanced cybersecurity capabilities that scale such, the differentiator is in how the MSSP as needed to combat evolving threats and provides their services. Businesses should meet regulatory requirements. The partnership look for providers that have a flexible not only helps defend your organisation from approach to protect its business, protect existing threats, but analyses trends and is its customers and secure revenue and ahead of the curve on the development of reputation, whilst delivering better cost cyber attacks and defending against them. savings. The alliance addresses data sovereignty and 2. The true worth of a good MSSP is apparent other challenges to ensure offshore data is properly housed, handled and protected. This JOSEPH WALLS when it comes to advanced security where a proactive approach is required. Dealing is done via Sure’s Cloud, which is built to be with organised, high-level threat actors with secure from an infrastructure, platform, certified ure has partnered with Trustwave to the latest attack techniques will require people and local regulatory perspective, and offer the highest level of cybersecurity a greater level of expertise and insight, backed by Trustwave’s Security Operations to organisations to fight the constant S using intelligence gathering from inhouse Centres (SOCs) and world-renowned storm of cyberattacks. According to the 2020 ethical hackers, forensic investigators and Spiderlabs team. Trustwave Global Security Report, 20% of researchers. environments that have been breached are cloud based – demonstrating the need for a 3. Proactive threat hunting is another valuable, robust security solution within your system. higher-level security activity which will help Sure’s partnership But it’s not just at the systems level that cyber to discover and neutralise threats within the criminals are trying to gain access to data, network and find vulnerabilities that could with Trustwave individual users too are targets. According to be exploited. An MSSP that can deliver provides offshore the report, 9% of spam emails were phishing threat profiling, for example, will give a lures, up from 3% in 2018, and 47% of malware business a detailed view of potential threats, businesses was delivered through recognisable word files. empowering it to make more accurate with advanced strategic decisions. Considering the ongoing situation with large numbers of employees working from home, 4. Companies that want to grow their cybersecurity email and access to the cloud are more operations and improve their security capabilities. important, and more relied upon, than ever. maturity will need an MSSP partner that can With many organisations adapting to this new match and support their growth. way of working and understanding their new 5. Working with the right security partner will processes, it will be a prime time for opportunist not only help an organisation deal with cybercriminals. current threats, but also keep pace with

For more information about the Trustwave services offered by Sure and how they could help your business meet its objectives, visit: https://business.sure.com Business Travel What Can You Do To Be Ready Post-Pandemic?

All over the world, governments are working out how to contain COVID-19. Worldwide lockdown measures and restricted travel are heavily impacting many industries. We don’t know when we will go back to normal, or even what the new normal will look like, but what we do know is that this will pass eventually. In this article Paul Stewart, Founder of My Baggage, takes a look at how businesses who rely on corporate travel can adapt, and ensure they can hit the ground running when business returns to the new normal.

ight now, for businesses, the focus is rightly on keeping to look at automating updates across your workforce? Now many of us employees safe. We need to fl atten the curve and prevent the are working remotely, these are the types of questions we all need to Rcoronavirus spreading. Everyone is adapting to a more digitised be asking. world, from digital doctors to remote learning and working. Naturally, there have been travel bans, and as the coronavirus continues to Check your documents are up to date spread, business and corporate travel is now non-existent. This might seem basic, but it’s essential to know where you stand Survival for businesses depends on a lot of factors - agility, resilience, with all your travel documents. You might want to log expiry dates and cash reserves, sensible borrowing, and the role of government in automate any renewal reminders and check with all your offi ces to see bailing out groups such as airlines. However, there are still steps what steps you might need to take. business leaders can take to ensure that you have a successful For instance, knowing that your passport will expire in a few months business trip in the future. can help you plan ahead for the costs of renewing it when the time comes. Communicate eff ectively This is important across the whole business, but you can’t Have you earned rewards? underestimate the importance of communication during COVID-19. Have a quick look through your travel points and the miles you’ve For worldwide businesses, you must encourage regular two-way earned. These expire, so check to ensure you don’t lose the rewards communication. that can earn you extra benefi ts like a free hotel night. Many loyalty Employers will need to know where staff are at all times, in case reward incentives have their own policies, so it’s a good idea to check circumstances change and employees need guidance and advice on the requirements of the ones you use the most. where it is safe to travel and where they may still be at high risk. Do you If you are lucky enough to have banked up lots of rewards, then this have an internal messaging or communications platform? Do you need can come into your future planning to save on costs down the line.

24 | Be smart with your budgeting make better decisions in relation to employee travel before, during and after a crisis. During this pandemic, many companies across The impact of this the globe will have experienced some sort of Duty of care and a new normal fi nancial impact. Business travel often accounts pandemic will for a reasonable chunk of an annual budget. When the current pandemic is over, which it will be at some point, businesses will need to travel undoubtedly reshape Are you closing a deal, building a client and the industry will bounce back very quickly. relationship or exploring new opportunities? how we live and work. One thing that will be impacted is the newfound Either way, businesses need to make sure they focus on employee health, and businesses will manage their travel budget wisely to maximise be taking more responsibility for this. the value of each and every trip. Can you gain the same value and benefi t from video It might be that travel managers will have to conferencing? include a full COVID or Health Programme for all business travellers. Employees should be As travel bans start to lift, companies can feel more sensitive to safety protocols, insurance, confi dent in asking their employees if the travel better hygiene and more effi cient and safer is essential, and if not, then they are improving booking experiences, including paperless effi ciency and costs. online booking and self-check-in services.

Use data We are living in uncertain times and it’s possible that a new standard of health certifi cation, A goal for business leaders is to ensure they perhaps a certifi cate of COVID-19 immunity, are prepared, and not in a position to be could be rolled out to maintain trust in without the resources they need to handle businesses and ensure safety. another huge global travel disruption. Whether that means investing in courses, By harnessing data through third parties, or providing new guidelines, or just prioritising existing suppliers, you can gain access to travel employee wellbeing, business travellers will be information and insights adapted to your travel safer than ever going forward. needs across diff erent geographies. The impact of this pandemic will undoubtedly Getting business back on track and keeping reshape how we live and work. In the future will employees safe is a top priority for all leaders, it be the default to meet via Zoom or Google Business Travel and access to useful data can be our greatest Hangouts, and only fl y to meet someone if it’s a What Can You Do To Be Ready Post-Pandemic? asset during this time. It will enable you to business emergency or last resort?

All over the world, governments are working out how to contain COVID-19. Worldwide lockdown measures and restricted travel are heavily impacting many industries. We don’t know when we JOIN US will go back to normal, or even what the new normal will look like, but what we do know is that ONLINE! this will pass eventually. In this article Paul Stewart, Founder of My Baggage, takes a look at how businesses who rely on corporate travel can adapt, and ensure they can hit the ground running when business returns to the new normal. ight now, for businesses, the focus is rightly on keeping to look at automating updates across your workforce? Now many of us employees safe. We need to fl atten the curve and prevent the are working remotely, these are the types of questions we all need to Rcoronavirus spreading. Everyone is adapting to a more digitised be asking. world, from digital doctors to remote learning and working. Naturally, there have been travel bans, and as the coronavirus continues to Check your documents are up to date spread, business and corporate travel is now non-existent. This might seem basic, but it’s essential to know where you stand Survival for businesses depends on a lot of factors - agility, resilience, with all your travel documents. You might want to log expiry dates and cash reserves, sensible borrowing, and the role of government in automate any renewal reminders and check with all your offi ces to see bailing out groups such as airlines. However, there are still steps what steps you might need to take. business leaders can take to ensure that you have a successful For instance, knowing that your passport will expire in a few months business trip in the future. can help you plan ahead for the costs of renewing it when the time comes. Communicate eff ectively This is important across the whole business, but you can’t Have you earned rewards? underestimate the importance of communication during COVID-19. Have a quick look through your travel points and the miles you’ve For worldwide businesses, you must encourage regular two-way earned. These expire, so check to ensure you don’t lose the rewards Leading the way across all platforms communication. that can earn you extra benefi ts like a free hotel night. Many loyalty The Isle of Man’s leading business and lifestyle publication now has its own exciting new website at Employers will need to know where staff are at all times, in case reward incentives have their own policies, so it’s a good idea to check . Containing daily news updates, features and information circumstances change and employees need guidance and advice on the requirements of the ones you use the most. www.business356iom.co.uk where it is safe to travel and where they may still be at high risk. Do you If you are lucky enough to have banked up lots of rewards, then this pertinent to both the business community and the Island at large – bookmark us today! have an internal messaging or communications platform? Do you need can come into your future planning to save on costs down the line.

| 25 REASONS TO BE CHEERFUL, 1, 2, 3 “A bit of grin and bear it, a bit of come and share it, you’re welcome,

we can spare it.” (Ian Dury, 1977) As standard procedure, the telephone lines of stockbrokers and investment managers are recorded to verify dealing records. Imagine my embarrassment, when, about 20 years ago, I received a call on my dealing line from my husband who (for japes) pressed his Nokia 3310 up against the speaker of his car stereo, playing the fi rst stanza of ‘Plaistow Patricia’ at generous volume. While I couldn’t possibly repeat the opening lyrics of this song in civilised company, alien as it was to my upbringing on a diet of Catholicism and Duran Duran, they just about sum up my reaction to market behaviour over recent weeks. This memory evoked another classic by the late Ian Dury who, despite the media’s largely successful attempts at inducing mass panic, once promised us three reasons to be cheerful.

n the Isle of Man (and just about everywhere else) central bank version of a dead cat bounce, a feline culled consumer-facing smaller businesses are reeling by co-ordinated action of central banks which have brought Ofrom the social impact of COVID-19. It pains me overnight lending rates within a shave of the zero bound. to see local enterprises issuing vouchers for deferred Selling shares in high quality companies (like Sysco or spending, crowdfunding to stay solvent, or closing their Halma) to cash now would be the equivalent of selling a doors, perhaps permanently. Larger companies, however, silk purse to buy a sow’s ear. As for tactical cash allocation, have greater options. Amidst the gloom of mid-March, one of Peter Lynch, a former celebrated fund manager at Fidelity, the world’s largest food distribution companies, Sysco Corp., delivered impressive returns for his investors during his which forms part of our Pound a Day American Selective thirteen-year tenure (annualising 29.2%), based on the portfolio, provided us with two updates. The fi rst informed adage that “stocks are relatively predictable over twenty us that the company was distributing 2.5m free meals to the years. As to whether they’re going to be higher or lower in needy nationwide. A tick in the box for social awareness. two to three years, you might as well fl ip a coin to decide.” There was also solace for investors, as their shares have Of course, we appreciate the stomach-lurching uncertainty since rebounded by over 40%. Like many proactive mega- of the current situation: we too have skin in the game and it’s capitalised fi rms with access to cash, the company also also feeling somewhat burnt. However, unlike bonds (with revealed that it had drawn down additional credit facilities of fi xed maturities), we are investing in company cash-fl ows $1.5bn, now maintaining $2bn of cash on hand. With many and earnings over the next decade or two, not just for the fi ngers in many pies (quite literally), Sysco reminded us of its next six lean months. fl exibility to defer capital expenditures on non-urgent projects So, what is my third reason to be cheerful? On 16th March by and reduce variable expenses, tightening receivables while 2008, an 85-year-old investment bank called Bear Stearns MARY TAIT also developing new source revenues. The company is narrowly avoided bankruptcy, sold to the highest bidder using its considerable expertise and economies of scale Investment (JP Morgan Chase) for $2 per share. On 15th September to provide much needed additional services to the retail Director, that year, Lehman Brothers fi led for Chapter 11 bankruptcy. grocery sector, currently strained by panic buying. In the Despite these portents of the Great Financial Crisis, FIM Capital UK, a statement was issued by the safety and medical the Troubled Assets Relief Programme (TARP) was not equipment specialist, Halma PLC, which reported strong signed into US law until 3rd October 2008. Interest rates operations across all units, especially Infrastucture Safety in the US were quickly slashed but, as suggested earlier, (which provides solutions for water scarcity, food security corporate borrowing was still expensive compared to and medical services). Moreover, we have seen the creation today’s giveaways. Political manipulation and concerns of “Ventilator Challenge UK”, a consortium of fourteen fi rms about bailing out the bankers got in the way of damage backed by engineering specialist, Smiths Group PLC and limitation. The situation was even worse in Europe. A lack including Rolls-Royce PLC, BAE Systems PLC and Renishaw of fl uid monetary and political mechanisms meant that PLC, sharing intellectual property and manufacturing their fi nancial crisis did not peak until 2010-2012. Throwing fi repower to create 10,000 new medical ventilators. a cliché into the mix, this time it’s diff erent. We have a Necessity remains the mother of invention. Most certainly, humanitarian crisis accompanying a global pandemic, this crisis has thrown into stark contrast the varying fortunes involving mass unemployment, overburdened healthcare of big and small, as the former divert capital expenditure, systems and creaking global travel infrastructure. This is a draw down credit facilities, borrow from capital markets at clear pass for politicians and policymakers to throw the baby near-zero fi nance costs (more of that later) and use their vast and bathwater at the problem, thinking later about fi scal economies of scale to protect margins. probity once the crisis has passed. Within one week, we When the world last went barmy in 2008, I was an have seen eye-watering, globally co-ordinated backstops investment manager in a team of one, sharing ideas with off ered to credit markets, interest rates slashed (even) further,

The views and opinions expressed in this me, myself and I. One strategy I deployed was to protect while front line fi scal aid has been dealt out for struggling article are those of the author and do not drawdown from portfolios by taking profi ts from cyclical industries, the NHS and the gig economy. Never has fi scal necessarily refl ect the offi cial policy or holdings and buying AAA-rated corporate bonds, then generosity been so inexpensive and easy to grant (apart position of FIM Capital Limited. yielding 4-5%. This turned out well, benefi ting from the from some inevitable bipartisan squabbling in US Congress). FIM Capital is licensed by the Isle of Man subsequent massive yield compression, as interest rates Cheer might not feature on the agenda this summer but hold Financial Services Authority, and authorised and regulated by the Financial Conduct were systematically slashed in the following decade of tight and this crisis (and my swearing at market monitors) will Authority in the UK. fi nancial repression. Interest rates have since seen the eventually pass. 26 | INVESTOR’S

DIARYBY PETER SHARKEY Cash is King Ask business people what is it that makes an enterprise consistently successful and the majority will answer ‘cash’. A positive cash fl ow is the single most important feature of a successful business.

ash is needed to pay salaries, rent, in its stock market value. ‘How much will it be business rates and dividends; it’s worth this time next year after the virus has been Crequired too when making capital condemned to history and millions of people investments, acquiring assets or buying another are looking to get away on holiday, almost business and it comes in particularly handy irrespective of cost,’ I asked. When couched in when an enterprise has to survive an economic these terms, I suggested, bolder investors may downturn, especially one of unprecedented have believed Carnival to be worthy of further magnitude. consideration. In other words, if you’re running a business, cash At the time (17 April) Carnival’s closing share is undoubtedly king. price was 912p. By 29 April, the share’s value had risen to 1,160p, an increase of more than The same mantra applies to individuals, as 27% in less than a fortnight. However, as if to millions of people discovered this month after provide the starkest proof of market volatility, by it was revealed that most British adults are now 7 May, the company’s share price had dropped paid by the state. Suddenly, lump sums that have to 960p, a fall of 17%. wallowed for years in bank savings accounts market will bear. Putting yourself at the market’s earning negligible interest off er more than a mercy can be tricky, as the example of Carnival modicum of comfort to their owners. Holding a cash cited above shows. Less than four months ago, few investment During periods of economic uncertainty (and managers would have recommended that reserve off ers a they don’t come any more uncertain than at individuals keep much more than 5% of their present), the likelihood of incurring a loss rises assets in cash. Today, a sizeable proportion of form of signifi cantly. It follows that while investing should folks are more content to forego capital growth, underpin any long-term fi nancial plan, it would for the time being at least, and sit on a much investment security. be folly to ignore the value of cash. larger cash pile than they ordinarily would. In a If you enjoy the gut-wrenching peaks and Indeed, holding a cash reserve off ers a form low-infl ation world, cash off ers safety, which is troughs of a fairground’s roller-coaster, you may of investment security because it can ensure why millions of people apply the royal moniker also delight in buying shares capable of giving that there is no need to sell investments during ‘king’ to it. a similarly white-knuckle ride. If your blood periods of extended volatility, but perhaps Over the past couple of months, this column has pressure is a tad dodgy, cash off ers a safer more signifi cantly, cash provides its owner with suggested that this is a bad time to be selling short-term alternative. leverage. Should an investment opportunity such as property present itself, a ‘cash buyer’ can give almost any form of investment asset, such as Of course, cash is needed for day-to-day themselves a signifi cant advantage because he shares, that have fallen in price, an approach to transactions; your investment portfolio may or she can purchase it almost immediately. which I strongly adhere. However, unless you’re have risen in value, but you cannot use paper feeling brave it’s not necessarily a fantastic time profi ts to pay your mortgage or the rent. Yet Advocating the broad appeal of cash has not to be dipping your toes into the stock market today it’s more likely that an investment portfolio been fashionable for many years, but today few either. comprising say, shares, bonds and gold will have commentators would question its attraction, a Let me give you an example. Last month, suff ered a fall in value and should you need to stance supported by a burgeoning number of elsewhere in this magazine, I examined the sell to raise cash, you take a risk. Not only does investors. apparent travails of Carnival, the cruise ship the process take time and incur a cost, the price owner and operator, noting the dramatic fall at which you sell is subject to whatever the Please note: with investing, your capital is at risk.

| 27 BEWARE THE CORROSIVE EFFECTS OF INFLATION Considering the number of (now regular) faces who nod, smile or issue a ‘good morning’ as my wife and I stride towards them during our morning constitutional, it’s clear that plenty of folks have adopted a spirited lockdown exercise routine. Indeed, I suspect that upon returning home, many people supplement their daily walk with stretching and additional workout drills. We do and it’s years since we’ve been so fi t.

t’s not just daily exercise regimes that have the past three decades, you’ve been losing believing it’ll be zero, then his pot will last 23 embedded themselves into our lives. With ground. Yet in many respects the corrosive years. restaurants closed, home cooking has soared eff ects of infl ation upon your capital, which could I Of course, we cannot ignore infl ation, but become much, much worse once Covid-19 has in popularity, while the Royal Horticultural Society assuming it’ll remain constant at 2% a year been defeated, can be addressed, provided reports that interest in gardening and growing shortens the period of time for which Ron can your working life stretches several decades into your own produce has increased signifi cantly. draw an income (which rises at 2% annually) the future. You can invest more and try to ensure Our lockdown reading lists and catalogue by fi ve years. If, everything else being equal, your returns exceed the annual rate of infl ation. of must-watch box sets or movies have also infl ation rises to 3.25%, Ron’s pension pot will lengthened and though life constantly feels If, however, you’re within say, 5-10 years of last just 16 years; should infl ation motor to 4.25%, determined by a combination of the improbable retirement, it becomes more diffi cult, though or just half of what it was when Nelson Mandela and bizarre, undertaking relatively mundane not impossible, to counter infl ation’s destructive was released from prison, the pot would run dry activities for which we don’t usually have time infl uence, not least by accounting for its possible in 15 years. bearing on your future income. provide us with a strange reassurance, namely Those of us with less than ten years to go that normality will return: we just don’t know Too many of us within sight of a ‘working before retirement have no excuse for ignoring when. retirement’, the preferred means of winding infl ation, especially as we will (or should) recall My reading list contains several titles I’ve been down for a sizeable number of people, where that between 1973-83, following the fi rst oil crisis, meaning to tackle for years. You know the genre: we spend perhaps 2-3 days a week gainfully prices rose by an annual average of 14.2%. employed, ignore infl ation’s often grave thick, imposing tomes, they require either an Is the Covid-19 crisis likely to have an even infl uence. extended holiday, a worry-free retirement or a greater longer-term economic impact than the lockdown before you may do them justice and As my chart below shows, matters look tickety- soaring cost of oil did almost half a century ago? devour great chunks of text in one sitting. boo for the recently-retired individual, let’s Believing it won’t would be folly; assuming it’ll call him Ron, who requires a £25,000 annual I’m currently midway through Nelson Mandela’s continue to wreak havoc and investing with income from a pension pot worth £350,000 autobiography, Long Walk To Freedom, a infl ation in mind, either as an individual or with which enjoys a 6% rate of return. If Ron ignores book it’s taken me only a quarter of a century the assistance of a discretionary fund manager, infl ation’s potentially painful impact altogether, would be a more sensible course of action. to fi nally pick up, but it’s been worth the wait. Few of us can understand how it must feel to THE CORROSIVE IMPACT OF INFLATION spend 27 years in jail, institutions renowned for Pension pot Annual rate of Required Annual infl ation Period of time engendering hatred and animosity, yet walk free Balance return income (pa) pension will last a courteous, honourable and modest soul as £350,000 5% £25,000 0 23 years Mandela did. £350,000 5% £25,000 2% 18 years I mention the reading list not to critique this £350,000 5% £25,000 3.25% 16 years gripping autobiography, but as a means of £350,000 5% £25,000 4.25% 15 years refl ecting on recent economic history. Nelson Mandela was released from Victor Ramsey Crookall off er investors access to a range of funds in which to invest. Verster Prison in February 1990 when the annual rate of infl ation closer to home was almost For more details, contact Ramsey Crookall on 01624 623884. 9.5%. We’ve grown so used to extremely low infl ation – currently running at around 1.5% - that we forget how corrosive its impact can be upon savings and investments. Between 1990-2020, average annual infl ation has hovered around 2.25%, which means our cash savings buying power has been undermined: what you could buy for £1 in 1990 would cost you £2.29 today. Unless the returns on your savings and For details of Ramsey Crookall’s investment management services, contact their Douglas investments have exceeded 2.25% a year for offi ce on 01624 623884 or visit their website: www.ramseycrookall.com

28 | Looking at the people who keep the wheels of commerce turning on the Island; features, profi les, achievements and stories with a human dimension.

MANX TELECOM GAINS NEW ACCREDITATION IN OCCUPATIONAL HEALTH AND SAFETY MANAGEMENT SYSTEMS Manx Telecom has been awarded the prestigious BS ISO 45001:2018 accreditation in Occupational Health and Safety (OH&S) Management.

ISO 45001:2018 accreditation is considered a “gold-standard” in its fi eld, focusing on leadership and management commitment to creating a health and safety culture and to providing a safe and healthy workplace. Its main aim is to prevent work related injury and ill health by eliminating hazards and minimising risk through early identifi cation, addressing opportunities using a Plan-Do-Check-Act cycle and driving continual improvement. Sean Dickinson, MT Compliance Manager, said the company was proud to have achieved the accreditation: “This award demonstrates Manx Telecom’s commitment to good governance and risk management. It is an internationally recognised certifi cation with strong emphasis on leadership and risk-based thinking. It also requires employee consultation and participation to the management systems put in place to ensure they cover everything that is needed and for eff ective communications across the whole organisation.” Mr Dickinson thanked Facilities Team Manager John Hunter for work in bringing the business into line with the ISO requirements. He also thanked Dr Peter Slinger of SafetyNet Ltd, an Isle of Man based Health & Safety Consultancy, who was engaged to assist with gap analysis and an audit of the fi rm’s OH&S management systems. “Both made an important contribution to our success in gaining this accreditation, and helping to raise the importance of OH&S management across the organisation,” said Mr Dickinson. “As a proud Manx business, Manx Telecom is committed to looking after the well-being of all its MT Compliance Offi cer Sean Dickinson with the ISO people both on and off the Island: this award is independent recognition of 14501:2018 accreditation certifi cate our leadership and drive for continuous improvement in this area.”

FIM Capital’s Michael Craine becomes a Chartered FCSI FIM Capital are delighted to announce that Michael Craine has been confi rmed as a Chartered Fellow of the Chartered Institute for Securities and Investment (Chartered FCSI). ichael who is a key member of the investment management team at FIM Capital has achieved this important industry designation after completing the CISI Level 6 qualifi cation (Private MClient Investment Advice and Management) and fulfi lling the required two years of continuous professional development. CIO Russell Collister commented “Becoming a Chartered Fellow of the Chartered Institute for Securities and Investment (Chartered FCSI) is recognition of the hard work and diligence Michael has shown. By attaining this Charter from the CISI, the UK’s leading securities and investment professional body, this highlights that you are at the pinnacle of professionalism in fi nancial services and is a well-deserved recognition of Michaels ability.”

| 29 Making people aware of the Isle of Man as a great place to live, work and visit was what inspired me to get into marketing in the fi rst place. RICHARD SLEE, FOUNDER AND DIRECTOR OF RS MARKETING AND PR, ELECTED A FELLOW BY THE CHARTERED INSTITUTE OF MARKETING (CIM). Being named a Fellow is the highest accolade that the Institute can award. It recognises Richard’s achievements in a career spanning over 20 years since graduating with a Master in Marketing from Melbourne Business School in Australia, one of the leading business schools in the Asia-Pacifi c region.

ichard has a long history of involvement with CIM and is a member ‘As a colleague on the NW Board I couldn’t ask for a better role model of of CIM North West Board. He was also named CIM NW Member a trusted advisor - someone who listens, advises and delivers marketing Rof the year in 2007 and Ambassador of the Year in 2017 during impact with insight and experience.’ his stints as Chair of the local CIM branch in the Island. He became a Over the course of his career, Richard has delivered successful marketing Chartered Marketer in 2003. and public relations initiatives in the Isle of Man across the private and Richard told B365: ‘It’s a great honour to have been awarded a Fellowship public sectors both with the Isle of Man Government and Manx Telecom. by the CIM. Nearly 20 years after becoming involved with CIM I remain He added: ‘After 11 years working with the Isle of Man Government, I fi rmly committed to the application of professional marketing as an integral wanted to take on exciting new challenges with my own fi rm. Since then, part in driving long-term organisational performance. I’ve been working with some great clients from strategy right through to Given the current circumstances it is more important than ever that implementation and the feedback from them has vindicated my decision to organisations make the most of properly qualifi ed marketers to kickstart do my own thing. our economy. The ‘business’ of marketing is important at both macro and ‘Having my own business has also allowed me to work with a number of micro levels. Research conducted in 2018 by CIM in conjunction with PwC voluntary organisations. Most recently I was asked to get involved with the found that the UK marketing industry generated £36.5 billion in annual team behind the Manx Solidarity Fund, which is helping to provide much Gross Value Added. needed fi nancial support to individuals, charities and businesses most Chair of CIM North West Board, John-Paul Simpson commented: ‘Richard impacted by the COVID-19 crisis. has made invaluable contributions to the work of the Chartered Institute ‘I’m also still passionate about promoting the Island. Making people of Marketing over many years. His recent recognition and award of Fellow aware of the Isle of Man as a great place to live, work and visit was what of the CIM is just reward for his hard work and the impact he has had inspired me to get into marketing in the fi rst place so I’m looking forward to delivering marketing excellence in the Isle of Man and the North West as continuing to support this endeavour through my own work.’ a whole.

Business365 and www.business365iom.co.uk It’s all you need to know....

30 | PAUL SPELLER takes a left-fi eld look at the issues of the moment MAYBE I SHOULD SOCIALLY DISTANCE FROM SOCIAL MEDIA Having socially distanced from normal political reporting for the last two months, I had expected I would have reduced my exposure to stupidity and ill-informed comment.

But then I went on social media. BROADBAND As for the keyboard warriors demanding greater It’s hard to know where to begin. sacrifi ces from others than they would be LOCKDOWN prepared to make, I have two words. You don’t ot that the likes of stupidity, echo- need me to specify. Nchamber soapboxing and or BANK There are people out there facing unconscious unconsciousness on social HOLIDAY QUARANTINE genuine and desperate hardship SCHOOL media are new. They’ve all been around because of this situation. But it has since long before the fi rst tweet.. not appeared as though they are the But some of the crap spouted at the moment ones complaining most noisily. seems to have been particularly spectacular. That role appears to be fi lled by It hasn’t been helped by, in particular, UK the entitled who suddenly fi nd politicians, especially those in that themselves having to do more, government who are anxious to defl ect the rich who might fi nd their riches and distract from the numerous mistakes diminish slightly, and the opportunists, that have been made in the current crisis whose cries of wolf hide an ulterior motive. – some of which would have been easier to The vast majority of people have faced accept or even forgive if that government had up to the situation admirably. We are at least had the courage to own up to them. learning a lot about ourselves, as well as I’m not even talking about furore over the with our blessing and with the added bonus of others, in all of this. moving of a bank holiday here in the Isle of Man. increased risk of catching a deadly virus. My suspicion is there is a silent portion of society (A Tynwald order cancelling Senior Race Day While failing to acknowledge that most teachers who have suff ered more than those who have appeared on an agenda before the government were desperate to get their pupils back but spouted off on social media. They are the ones had fi xed its plan to create a replacement in knew full well that it would be wrong until full I want to help. August to establish a long weekend of Friday safety measures could be enacted – rather through to Monday). Most of us can cope with slower broadband, than the vague pledges and specifi c dates that can admit that we could not explain an isosceles The venting of fury on that issue was, in some the UK Prime Minster off ered ahead of any triangle without the help of BBC Bitesize, and respects, understandable, given the months consultation of substance. can fi nd other things to eat than pasta. of pressure people have been under. They’ve Here, in the Isle of Man, I have to say that while been looking to snap and, in fairness, the Manx As a parent, the main thing I have had in mind is there is still some deep-seated caution from Government had not given much opportunity for my children’s wellbeing. They have been learning those in schools at the way education chiefs have any such combustion. things from school and we have continued to treated them in recent years, at least Education fi nd ways to have fun. And the ‘new normal’ has Even any qualms over the treatment of returning Minister Dr Alex Allinson was making clear that involved many of the old arguments, too. Islanders who were ordered into hotel-based the consultation was coming before setting And when the frustrations arise, I remember how quarantine were overshadowed by some of the any dates for re-opening. Another example of lucky we are to have a house with a garden, over the top comparisons with concentration the Manx Government doing things the right plenty of ICT, Disney Plus on subscription and a camps made by people for whom the word way round, especially when compared with the front window view of a green hillside beyond the ‘entitlement’ must have been invented. administration on the other side of the water. rooftops. More frustrating is the ‘informed’ comments. Talk of falling behind, not just in education, has I consider myself lucky that, even with half of my From those arguing that the lockdown was a bad been a little baffl ing. It’s as if somehow the whole normal freelance work disappearing, I can still idea, to the suddenly expert educationalists who world did not grind to a halt by a pandemic the fi nd scrape to keep me going, whereas others seemed to imagine that schools would be just like like of which has not been seen for a century or have seen their income dry up completely. they were in February when they re-opened. more. Who, exactly, are we falling behind? Do That was an interesting timeline, from some who we seriously think that in a year’s time people will I remember it must be a lot harder for a single have spent years thinking they knew better than have forgotten that the reason the economy has parent living in a fourth-fl oor fl at with their three teachers, to suddenly realising that teaching was dipped, the reason education has taken a new children. Or for someone who has to care for an quite hard, to quickly deciding that we defi nitely form, the reason public transport has changed elderly relative who needed to shield. need teachers after all and that teachers should beyond all recognition, had something to do with They aren’t the ones I see on my timeline and help them out again by taking all the children, the deaths of hundreds of thousands of people? they are the ones who need a voice.

| 31 HE, SHE, ROB T? ost of us have used a chatbot at some point, and sometimes it can be difficult to tell if you’re conversing with a real person, or a robot. Some giveaways could be that answers are given near instantly, or in a slightly off-tempo manner Mwith unnatural language. The first chatbot was created in 1966, by Joseph Weizenbaum who designed ‘Eliza’ using pattern matching and substitution methodology to replicate human conversation. Users would enter words into a computer and Eliza would pair them with relevant responses. Weizenbaum however disagreed with experts who believed that machines could replace human intellect. Fast forward to 2020 and chatbots are now widely used by companies around the world to provide 24/7/365 support. Using technology which is similar to that used by Siri, Alexa and Cortana, chatbots use natural language processing and a series of algorithms that allow them to interpret what the user has said and formulate relevant and helpful responses, sometimes even more efficiently than real people.

So, what do we know about chatbots? March 2020. The WHO chatbot has the potential to Essentially, a chatbot is a communication interface that reach more than 1 billion people and answer questions in helps individuals and companies converse with each multiple languages. other, in other words, it’s an artificial intelligence (AI) Another health-related chatbot was launched in May 2020 programme or ‘conversational agent’ that can competently by UK charity, Versus Arthritis. It is a condition-specific app chat with you like another human, and provide information called COVA, aimed at giving specific assistance to the 18 on what you want to know. They have been adopted by million people suffering from arthritis and musculoskeletal many industries but are particularly popular in customer conditions affected by COVID-19. It was developed in just services as they provide the immediate response many 14 days and provides vital health information for users. consumers have come to expect. Going forward In addition to being very convenient for customers, It is expected that throughout 2020 and beyond, n chatbots help businesses by providing enhanced BY DIANE STICKLAND, chatbots will continue to use ML and AI to become customer service to website users and help reduce Marketing Executive, more intelligent and efficient. Automated payments are costs for businesses. Juniper Research estimates that PDMS predicted to be one of the main trends for chatbots – chatbots could help save businesses more than $8 Chatbots Magazine found that two out of three people billion per year by 2022. Customers are also being would be likely to purchase a product using a chatbot. increasingly happy to use them, with research showing Voice recognition will continue to grow in popularity. that they have a 75% open rate by website visitors. Many of us already use voice search – the answers There are three main types of chatbot: are usually correct and quick, and save us the hassle n Support – essentially masters of a single domain and of searching for the information ourselves. Voice the most basic type of chatbot on the market recognition chatbots will continue to become smarter and tailored towards individual requirements – it’s not n Skills – single turn type bots that do not require a lot that long ago when Siri couldn’t understand my Scottish of contextual awareness accent! n Assistant or contextual chatbots – the most Chatbots can be used to help companies to stand advanced of the chatbots utilise machine learning out from their competitors. If a sophisticated chatbot (ML) and AI to continually learn and improve can assist with any queries and signpost relevant over time information, this will lead to the consumer having more confidence in the level of service they are receiving. In Chatbot usage during COVID-19 2018, it was reported that 80% of businesses planned pandemic to use a Chatbot by 2020. I wonder how many of With the ongoing COVID-19 pandemic, chatbots these businesses did implement them and how many have been fundamental in providing up to date businesses will be implementing them post COVID-19? information and guidance to millions of people Personally, as an online shopper, I like chatbots. I find seeking advice. Global institutions like the them to be useful and often if one flashes up in front of Centre for Disease Control and Prevention me, I’ll ask for advice or assistance, most recently it was (CDC) and the World Health Organisation how to prepare a breeze block wall for painting – the (WHO) are both using chatbots to share response was far quicker than googling an answer and information about the virus, assist with the reply I received was informative and concise. I still ? diagnosis and try to reduce the spread of have no idea whether I was talking to Eliza the person misinformation about COVID-19. The WHO or Eliza the chatbot, but at the end of the day, I got has utilised WhatsApp to answer questions what I wanted and was quite impressed at her/his/its Comment Share Like about COVID-19 and was launched on 31st impeccable manners. What’s not to like? write a comment... To find out how you could use chatbots to improve your website, please get in touch with Jim Rawson or Dan Martin by emailing [email protected] HE, SHE, ROB T? ost of us have used a chatbot at some point, and sometimes it can be difficult to tell if you’re conversing with a real person, or a robot. Some giveaways could be that answers are given near instantly, or in a slightly off-tempo manner Mwith unnatural language. The first chatbot was created in 1966, by Joseph Weizenbaum who designed ‘Eliza’ using pattern matching and substitution methodology to replicate human conversation. Users would enter words into a computer and Eliza would pair them with relevant responses. Weizenbaum however disagreed with experts who believed that machines could replace human intellect. Fast forward to 2020 and chatbots are now widely used by companies around the world to provide 24/7/365 support. Using technology which is similar to that used by Siri, Alexa and Cortana, chatbots use natural language processing and a series of algorithms that allow them to interpret what the user has said and formulate relevant and helpful responses, sometimes even more efficiently than real people.

So, what do we know about chatbots? March 2020. The WHO chatbot has the potential to Essentially, a chatbot is a communication interface that reach more than 1 billion people and answer questions in helps individuals and companies converse with each multiple languages. other, in other words, it’s an artificial intelligence (AI) Another health-related chatbot was launched in May 2020 programme or ‘conversational agent’ that can competently by UK charity, Versus Arthritis. It is a condition-specific app chat with you like another human, and provide information called COVA, aimed at giving specific assistance to the 18 on what you want to know. They have been adopted by million people suffering from arthritis and musculoskeletal many industries but are particularly popular in customer conditions affected by COVID-19. It was developed in just services as they provide the immediate response many 14 days and provides vital health information for users. consumers have come to expect. Going forward In addition to being very convenient for customers, It is expected that throughout 2020 and beyond, n chatbots help businesses by providing enhanced BY DIANE STICKLAND, chatbots will continue to use ML and AI to become customer service to website users and help reduce Marketing Executive, more intelligent and efficient. Automated payments are costs for businesses. Juniper Research estimates that PDMS predicted to be one of the main trends for chatbots – chatbots could help save businesses more than $8 Chatbots Magazine found that two out of three people billion per year by 2022. Customers are also being would be likely to purchase a product using a chatbot. increasingly happy to use them, with research showing Voice recognition will continue to grow in popularity. that they have a 75% open rate by website visitors. Many of us already use voice search – the answers There are three main types of chatbot: are usually correct and quick, and save us the hassle n Support – essentially masters of a single domain and of searching for the information ourselves. Voice the most basic type of chatbot on the market recognition chatbots will continue to become smarter and tailored towards individual requirements – it’s not n Skills – single turn type bots that do not require a lot that long ago when Siri couldn’t understand my Scottish of contextual awareness accent! n Assistant or contextual chatbots – the most Chatbots can be used to help companies to stand advanced of the chatbots utilise machine learning out from their competitors. If a sophisticated chatbot (ML) and AI to continually learn and improve can assist with any queries and signpost relevant over time information, this will lead to the consumer having more confidence in the level of service they are receiving. In Chatbot usage during COVID-19 2018, it was reported that 80% of businesses planned pandemic to use a Chatbot by 2020. I wonder how many of With the ongoing COVID-19 pandemic, chatbots these businesses did implement them and how many have been fundamental in providing up to date businesses will be implementing them post COVID-19? information and guidance to millions of people Personally, as an online shopper, I like chatbots. I find seeking advice. Global institutions like the them to be useful and often if one flashes up in front of Centre for Disease Control and Prevention me, I’ll ask for advice or assistance, most recently it was (CDC) and the World Health Organisation how to prepare a breeze block wall for painting – the (WHO) are both using chatbots to share response was far quicker than googling an answer and information about the virus, assist with the reply I received was informative and concise. I still ? diagnosis and try to reduce the spread of have no idea whether I was talking to Eliza the person misinformation about COVID-19. The WHO or Eliza the chatbot, but at the end of the day, I got has utilised WhatsApp to answer questions what I wanted and was quite impressed at her/his/its Comment Share Like about COVID-19 and was launched on 31st impeccable manners. What’s not to like? write a comment... To find out how you could use chatbots to improve your website, please get in touch with Jim Rawson or Dan Martin by emailing [email protected] EMPOWERING

By SUE GEE THE WORKFORCE Managing Director, TLC

“The world will be diff erent after this is over” - I’ve lost count how many times I’ve heard this recently! The question for me is what might be diff erent, and how? Without thinking about the bigger global issues, it’s interesting to think about what we have learned from this experience, and how those lessons might aff ect the way we work in the future. any of us have discovered the joys of We need on the one hand to ensure that quality. In truth, we’ve never had much control; working from home – including some necessary rules and regulations are followed, remote working has just reminded us of the fact. who were pretty sure it was a bad idea! and that the work is done on time, to the right M So: what do organisations and their leaders Some of course still won’t care for it, but I want to standard and at the right cost. On the other need to do to make this work to everyone’s explore the positives, because I do believe it will hand, the more control we retain, the less trust advantage? Well, a good place to start is to take be a key feature of working life going forward. we’re showing our people. That suppresses a hard look at whether the traditional working creativity and initiative, which we need if we Some of the upside, then. We don’t have patterns are useful any more – have they just want to grow and develop our services and our to travel as much, or dress up to do most become a habit? Could we be more fl exible, of the things we have to do, and lots of the and serve our customers better while improving communication works perfectly well using email, work-life balance for our staff ? Could we make chat and videoconferencing apps. Having a Would staff be better use of people’s best time – the times decent breakfast and doing the morning chores when they’re most productive? For example, if around children and pets is less of a stressor more willing to work we work across time-zones routinely, would staff when you’re not going to miss the bus or the last be more willing to work diff erent hours if they parking space at the offi ce. I read this morning diff erent hours if they don’t have to traipse into the offi ce? Could we that sales of egg cups are through the roof! don’t have to traipse move to a fl exible arrangement where people From a company point of view, offi ce space is spend time in the offi ce when necessary, but expensive, so could we do without some of it? into the offi ce? otherwise work from home? This could be great! But whatever else we’ve learned, it’s What else have we learned? A clear that leaders can and should lot of us have become more lead more and manage less: tech-savvy, using tools that focus on building people’s we’ve never used before. confi dence in themselves Productivity can actually and in the leadership so be higher when we’re that people are willing and not working fi xed hours able to take ownership of – there’s more incentive and responsibility for their to work harder and work. Do that, and you faster when afterwards can push decision-making we can do something down the organization to other than watch the the people who do the clock tick towards fi ve. work for the customers To do that, perhaps we – use the creativity and do things a little diff erently initiative that is largely than we would in the offi ce untapped in many workforces. – we innovate, and fi nd An empowered workforce ways to work smarter. A will share the aims of the culture of ‘presenteeism’ is organization, be more motivated, a productivity and innovation more productive and more damper. innovative. They will take change and challenges in their stride, and A great lesson for leaders is that leaders will have achieved the goal of we can let go a bit – because all good leadership: the self-managed we’ve had to do so! An issue that team. Now that’s a future worth working leaders have always had is the fi ne towards! balance between trust and control.

34 | Treats for nurses – courtesy of TechCentre David Keating, Nobles Hospital Nursing Staff , Perry Knipe. , Perry Nobles Hospital Nursing Staff David Keating, In honour of International Nurses day and as an extra special thank you this year, TechCentre and its clients have been raising money for the nursing staff at Nobles Hospital. The funds raised have been used to purchase Boots care packages made up of an assortment of treats including, face wipes, hand & face creams, lip balms and bubble bath. These were donated to Nobles Hospital this week to 150 of their remarkable nursing staff with the assistance of Perry Knipe, Assistant Manager of Boots, Isle of Man. David Keating, Managing Director of TechCentre told B365: “During these diffi cult times, the NHS staff have been working tirelessly to combat this virus and look after our community. We wanted to show our appreciation for all their hard work and hopefully these care packs will give them some well-deserved rest and relaxation!” Furthermore, TechCentre is running a competition on its Facebook page, encouraging others to nominate any nurse or care worker to receive one giant care package. The draw will be held at the end of the month and the winner announced on Facebook.

YOUNG ENTREPRENEUR’S PPE VENTURE INSPIRED BY MUM’S WORK ON HOSPITAL COVID WARD STS Manx has secured a vital link with a government supplier to enable the community roll out of PPE. he Emergency Supplies Store ensures Approximately 4,500 of the Island’s workforce Guidance now issued by the Scottish there is community trust in coronavirus is now eligible to resume work following government is advising the use of face masks in Tsuppression by providing high grade new government guidance and STS Manx is enclosed spaces. respirator facemasks during and after the currently supplying PPE to the Build Services, The new procurement link established by Manx pandemic. Child Care and Retail Industries. STS now equips the Island for any future public As the Isle of Man is set to announce details of As a young entrepreneur and owner of an health emergencies. its Exit Strategy, there are valid health concerns adventure sports venture, Mr Moff att felt duty STS also plans to put proposals forward for from Manx residents over exposure to Covid-19 bound to assist in the Island’s eff ort to stem the high-tech decontamination equipment to as lockdown measures are relaxed. spread of Covid-19. companies with large staffi ng levels. The well-being of staff members and those in the wider community is a core factor for On the frontline businesses planning a safety-led return to work. He added: “I have a personal stake in this. Sean Moff att Managing Director of STS Manx My mother is on the very frontline of this fi ght, said: “A higher volume of people in public working as a nurse on one of the Covid wards. spaces has now increased risk and as a So I understand how essential protective result, anxiety. Until the virus is fully eradicated equipment is in preventing infection and I want on the Island, utilising facemasks off ers the to play my part in helping the Island emerge necessary security to personal health in the safely into life after coronavirus.” workplace. In European nations such as Czech Republic, “A face mask optimises the eff ectiveness of Bosnia and Slovakia, facemasks have been social distancing, at times when two metres made compulsory. They are a requirement is diffi cult to observe in enclosed spaces, for entry into supermarkets in Austria while such as the supermarket aisle or in an offi ce Germany has also stated it plans to make environment.” facemasks compulsory on public transport and when shopping. “They are an essential tool in protecting yourself and others, and this altruistic approach has A culture of mask wearing also played a been endorsed by the Island’s Director of Public key role in Hong Kong’s battle with the Health, Dr Henrietta Ewart. virus alongside other Asian countries.

| 35 KEEPING CONNECTED DURING THE CORONAVIRUS LOCKDOWN With so many families working and learning from home at present, we ask Manx Telecom’s Head of Retail Product Stephen Kane for some practical tips on getting the most from your broadband and mobile connections at this challenging time.

The coronavirus pandemic has changed the Can you tell us some of those tips? For example, way we work and learn right now. How have the is it better to use fi xed line or mobile phones for Government’s measures to stop the spread of voice calls at the current time? Covid-19 aff ected demand for your services? With fewer of us at our usual place of work, more We are defi nitely seeing shifts in demand in people are making calls on their mobile network broadband and mobile networks with many families during the day. Because of this high demand, you going online together during the day for both may fi nd you get a more reliable connection using home-working and schooling purposes. Traffi c is up your landline. If you do need to use your mobile, considerably across the entire network. As always, try also making voice calls over the internet using our engineers are constantly monitoring the fl ows and apps like Facetime, Skype or WhatsApp. managing it eff ectively, ensuring everyone continues to receive as near to a normal service as possible in With families all wanting to use the internet these unprecedented times. at the same time, what tips can you give for optimising broadband services? With so many more people working and studying As more people are now working from home and from home, what can they do to optimise their using the same broadband connection as other service? householders, you can take steps to manage your data use and to help everyone in your home get Right now we all need to work from home wherever the bandwidth they need, when they need it most possible to protect the NHS and save lives. Reliable – whether it’s for video streaming, virtual meetings internet speeds are crucial to help people do that, as or important voice calls. Ask household members well as stay connected with their families and keep up playing online games, watching YouTube etc. or to date with the latest health information. While we are streaming movies to restrict their use until after confi dent we can meet increased demand, everyone you’ve fi nished important meetings or calls. can play their part in helping to manage how we use our broadband, home phones and mobiles. There are also some quite simple steps you can take to get the most from your broadband, such as, We’ve just launched a new information campaign, switching off (or switching Wi-Fi off to) non-essential #hereforyou Staying Connected, which explains a range devices that connect to your broadband router. of practical tips and advice to help customers get the speeds and reception they need. You can fi nd more Some devices, if placed near to or between your information on our website www.manxtelecom.com broadband router and the device you wish use

36 | wirelessly, can cause Wi-Fi interference. Devices such as cordless telephones, baby monitors, halogen lamps, dimmer switches, stereos and computer speakers, TVs, monitors, and even fi sh tanks can all aff ect your Wi-Fi signal. Microwave interference can also interfere with your wireless signals so perhaps consider not using microwave ovens when you’re making important video calls, watching HD videos or doing something important online. Make sure your router is placed on a table or shelf rather than on the fl oor, and keep it switched on. Preferably also use a cable to connect your home working computer or laptop directly to your router when working. This will ensure you get the best possible connection. Another tip, if you’re using a traditional copper broadband service, is to plug your router directly If anyone is still struggling at home, what can they do? into your master telephone socket. If you can, avoid using telephone extension leads or internal If you’re still having diffi culty you might want to fi nd telephone wiring that connects other rooms in out the speed you are actually getting by testing your your home back to your master broadband socket broadband line. You can run a speed test using www. to minimise the risk of interference. speedtest.net. If possible, carry out tests over a few days and at diff erent times of day, and ensure you Finally, for the best broadband speed go wired have taken all the practical steps I’ve mentioned to rather than wireless by using an Ethernet cable maximise your reception and to minimise any Wi-Fi or For the best to connect your computer directly to your router. wireless interference in your home or from neighbouring We would also recommend all homes consider broadband routers. broadband speed one of our BT Home Wi-Fi extenders. These are great devices for extending the coverage of This will help you pinpoint the best time to get things go wired rather than your Wi-Fi signal throughout your home. They done. If your connection isn’t working as well as it should, wireless by using not only improve connection to your router but you can also contact us at Manx Telecom for help. also help you to manage and eliminate wireless Our team is all based on-Island and many are working an Ethernet cable interference from your neighbours’ broadband remotely to help with your queries during this pandemic. to connect your routers. Very often, if your neighbour’s router is We are also working tirelessly to reduce call waiting broadcasting on the same channel as your own, times and to respond to your social media and email computer directly to it can cause your Wi-Fi signal to become severely enquiries as quickly as possible. Please note when you your router. degraded or even to drop out. Check out our Wi- do contact us, we are prioritising our most vulnerable Fi woes help guide or our broadband help videos customers and essential public services, so please take on our website for more information. this into consideration. Remember you can also contact us by email on [email protected] or via our Facebook page. Those are some great practical tips. What other And look out for more #hereforyou tips and support ways are there to ensure a good connection updates by following our social media channels for the and harmony in the home? latest information. One of the simplest things is to lower the demands on your connection by managing what you do – and when you do it - during the day. It’s a fact that the more devices you have attached to your Wi-Fi, the lower the speed you get. Devices like tablets and smartphones often work in the background, so try switching Wi-Fi reception off on these when you’re not using them. If you’re carrying out video calls or meetings, turning the video off and using audio will require much less of your internet connection. Also think about managing your family’s online activity, so that diff erent people aren’t carrying out data-heavy tasks (like HD streaming, gaming or video calls) all at the same time. Downloading video in advance, instead of streaming it, can also help.

| 37 Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community.

THE LATEST JOBS NEWS FROM THE ISLE OF MAN BUSINESS COMMUNITY

Exciting additions to dispute Resolution Team Speaking about his appointment, Mark said: ‘I am delighted to be joining the team. DQ has a fi rst-rate reputation on the Isle of Man and I am hopeful Douglas-based law fi rm DQ Advocates has announced the additions of I can play a part in growing the fi rm and adding to its fi rst-class delivery of Mark Emery and Alexander Armstrong to its leading Dispute Resolution services to clients.’ Alexander added: ‘I am looking forward to a fantastic department. Mark has joined the fi rm as an Associate Director, with future at DQ and hope to play an important part in adding to DQ’s culture Alexander appointed an Associate. of respect, excellence and integrity.’ Since qualifying as a Manx advocate in 2012, Mark has regularly appeared at all levels of the Isle of Man High Court Zurich International appoints Jason Buckley as Facilities of Justice and practices a wide range of Manager commercial litigation. He has experience in commercial disputes, corporate Jason Buckley has joined Zurich insolvency, banking litigation, applications International as Facilities Manager for injunctive relief, enforcing foreign for its modern, purpose-built, judgments and advising on contentious headquarters – Zurich House – at issues of employment, data protection Isle of Man Business Park. and trust law. He has more than 20 years’ Mark Emery Mark has also been regularly ranked by experience in facilities the Legal 500 and Chambers & Partners, management and knows the and is a member of the IFG (previously known as the Fraud Network), a Island well having studied at handpicked group of specialist fraud lawyers across the world which focus Ballakermeen High School and on securing injunctions, asset recovery and trust busting remedies in key Isle of Man College before moving to the UK to live and work. off shore jurisdictions. Jason commented: “I returned to the Island last year and am delighted Notably Mark has recently completed a long-distance master’s degree to join Zurich International, and Zurich Insurance Group. It’s exciting to be in Corporate and Insolvency Law with Nottingham Law School, earning part of a global business which has a commitment to sustainability at its not only a distinction but also being awarded a prize for the best overall heart, and I’m looking forward to playing an active role as a member of our performance in the Law School. Climate Change Forum which is part of my duties as Facilities Manager.” Alexander joins DQ from another local fi rm following qualifi cation as a Zurich House is one of the most modern offi ce buildings on the Island. Manx Advocate in 2017. Presently chairman of the Isle of Man Young It is BREEAM accredited which means that it meets high standards for Lawyers’ Association, he has a diverse practice and experience in a broad sustainability. Ensuring that facilities are designed and built to such high range of commercial litigation with a particular interest in debt recovery, standards is part of Zurich Insurance Group’s commitment to respecting personal injury, insolvency law and fraud and asset tracing. the environment and minimising the impact of its business activities. Here on the Island, Zurich International is proud to be a UNESCO Alexander has also previously been awarded the Isle of Man Law Biosphere Isle of Man partner as part of the company’s broader Society’s George Johnson Law Prize, winning the honour with an strategy to make a real diff erence to help protect the Island’s essay entitled: “Will advocates and judges be replaced by computer- environment. based services in the future?” Mark Cady, Zurich International’s Operations Manager, Leanne McKeown, Head of DQ’s Dispute Resolution Department, commented: “We’re delighted to welcome Jason to commented on the additions: ‘Mark and Alexander the Zurich family here on the Island. His skills and represent excellent hires. Each of them bring considerable knowledge will allow him to make a signifi cant skill and technical knowledge to DQ, strengthening contribution to the business.” further the fi rm’s dispute resolution off ering. DQ continues to build upon its strong workplace culture, fostering Jason’s early career was in retail and hospitality, and opportunities for learning and professional development. later he gained experience in all aspects of facilities Our dedication in this regard, coupled with our reputation and building management, and the health and safety in the marketplace as a leading fi rm of advocates, has including CIEH, IOSH and NEBOSH. He also has allowed us to recruit ambitious, high calibre professionals extensive experience of the fi nancial aspects of to the team, meaning we are even better placed to facilities management, including managing multi- Alexander Armstrong advise our clients on a full suite of litigation matters.’ million pound supplier contracts.

38 | Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community. LifestyleHELPING YOU MAKE THE MOST OF WORK AND PLAY THE LATEST JOBS NEWS FROM THE ISLE OF MAN BUSINESS COMMUNITY

Exciting additions to dispute Resolution Team Speaking about his appointment, Mark said: ‘I am delighted to be joining the team. DQ has a fi rst-rate reputation on the Isle of Man and I am hopeful Douglas-based law fi rm DQ Advocates has announced the additions of I can play a part in growing the fi rm and adding to its fi rst-class delivery of Mark Emery and Alexander Armstrong to its leading Dispute Resolution services to clients.’ Alexander added: ‘I am looking forward to a fantastic department. Mark has joined the fi rm as an Associate Director, with future at DQ and hope to play an important part in adding to DQ’s culture Alexander appointed an Associate. of respect, excellence and integrity.’ Since qualifying as a Manx advocate in 2012, Mark has regularly appeared at all levels of the Isle of Man High Court Zurich International appoints Jason Buckley as Facilities of Justice and practices a wide range of Manager commercial litigation. He has experience in commercial disputes, corporate Jason Buckley has joined Zurich insolvency, banking litigation, applications International as Facilities Manager for injunctive relief, enforcing foreign for its modern, purpose-built, judgments and advising on contentious headquarters – Zurich House – at issues of employment, data protection Isle of Man Business Park. and trust law. He has more than 20 years’ Mark Emery Mark has also been regularly ranked by experience in facilities the Legal 500 and Chambers & Partners, management and knows the and is a member of the IFG (previously known as the Fraud Network), a Island well having studied at handpicked group of specialist fraud lawyers across the world which focus Ballakermeen High School and on securing injunctions, asset recovery and trust busting remedies in key Isle of Man College before moving to the UK to live and work. off shore jurisdictions. Jason commented: “I returned to the Island last year and am delighted Notably Mark has recently completed a long-distance master’s degree to join Zurich International, and Zurich Insurance Group. It’s exciting to be in Corporate and Insolvency Law with Nottingham Law School, earning part of a global business which has a commitment to sustainability at its not only a distinction but also being awarded a prize for the best overall heart, and I’m looking forward to playing an active role as a member of our performance in the Law School. Climate Change Forum which is part of my duties as Facilities Manager.” Alexander joins DQ from another local fi rm following qualifi cation as a Zurich House is one of the most modern offi ce buildings on the Island. Manx Advocate in 2017. Presently chairman of the Isle of Man Young It is BREEAM accredited which means that it meets high standards for Lawyers’ Association, he has a diverse practice and experience in a broad sustainability. Ensuring that facilities are designed and built to such high range of commercial litigation with a particular interest in debt recovery, standards is part of Zurich Insurance Group’s commitment to respecting personal injury, insolvency law and fraud and asset tracing. the environment and minimising the impact of its business activities. Here on the Island, Zurich International is proud to be a UNESCO Alexander has also previously been awarded the Isle of Man Law Biosphere Isle of Man partner as part of the company’s broader Society’s George Johnson Law Prize, winning the honour with an strategy to make a real diff erence to help protect the Island’s essay entitled: “Will advocates and judges be replaced by computer- environment. based services in the future?” Mark Cady, Zurich International’s Operations Manager, Leanne McKeown, Head of DQ’s Dispute Resolution Department, commented: “We’re delighted to welcome Jason to commented on the additions: ‘Mark and Alexander the Zurich family here on the Island. His skills and represent excellent hires. Each of them bring considerable knowledge will allow him to make a signifi cant skill and technical knowledge to DQ, strengthening contribution to the business.” further the fi rm’s dispute resolution off ering. DQ continues to build upon its strong workplace culture, fostering Jason’s early career was in retail and hospitality, and opportunities for learning and professional development. later he gained experience in all aspects of facilities Living a full and productive life is all about fi nding the right balance between work and play. Our dedication in this regard, coupled with our reputation and building management, and the health and safety Here at B365 we know the importance of both. Our new lifestyle section covers topics in the marketplace as a leading fi rm of advocates, has including CIEH, IOSH and NEBOSH. He also has allowed us to recruit ambitious, high calibre professionals extensive experience of the fi nancial aspects of including travel, motoring, property, health, sport and leisure. to the team, meaning we are even better placed to facilities management, including managing multi- Alexander Armstrong advise our clients on a full suite of litigation matters.’ million pound supplier contracts. B365 – bringing a bit of balance into your life! COMMUNITY 40 still delivers still delivers Cancelled ManxTelecom Parish Walk | Race Director Ray Cox, Parish Walk to 2021,meaningthatnextyear’s eventalreadyhas More thanhalfofentrantschosetotransfertheirentry Young Athlete’s Travel Fund. transfer tothe2021eventordonatingtheirfee cancelled. Theseincludedarefundoftheirentryfee, a Entrants weregiventhreeoptionswhenthewalkwas help youngathletescompeteoff -Islandinthefuture. their registrationfeestotheFund,providing£4,000 to who hadsigneduppriortothecancellationhavedonated around thecoronaviruscrisis.Howevermanyentrants 20th June, isunabletogoaheadduetheprecautions The 2020walk,whichhadbeenduetotake placeon Harriers Young Athlete’s Travel Fund. amount ofmoneyfortheManx has stillmanagedtoraiseasignifi cant Manx Telecom Parish Walk, theevent Despite thecancellationofthisyear’s [email protected] Race Secretary at information heldshouldcontactthe and needstomake achange inthe who hastransferredtheir2020entry from 1stDecember2020. Anyone June, willre-openforfurtherentries which takes placeonSaturday 19th The 2021ManxTelecom Parish Walk, experience.” and gainvaluablecompetition test themselvesagainsttheirpeers training off -Island,allowingthemto they incurwhencompetingor meet thesignifi canttravelcosts “The Fundhelpsyoungpeopleto Travel Fund. the ManxHarriersYoung Athletes’ have chosentolettheirentrygointo year andthatsomanyoftheentrants we alreadyhave540entriesfornext people safe, wearedelightedthat Government guidanceonkeeping Walk hadtobecancelledinlinewith that thisyear’s ManxTelecom Parish said: “Whilewewerealldisappointed Parish Walk Race DirectorRay Cox members ofthegeneralpublic. elite athletestocharitywalkers and than 1,500entrantsrangingfrom the Islandandusuallyattractsmore mass participationsportingeventon Telecom Parish Walk isthebiggest 540 peoplesignedup. TheManx C Find outmoreatwww.manxnationalheritage.im. accounts [email protected]. for futuregenerationspleaseemailyour photographsand If youwouldlike tocontributethisrecordofourhistory donation tothecollectionatafuture date. physical objectsthatmightrefl ectthisperiodforpotential National Heritageisalsoaskingpeopletokeep holdof In additiontophotographsanddigitalmaterial,Manx Stay Home-Stay Safemessage.” working quietlyinthebackground, tothosefollowingthe and experiences–fromfrontlinekey workers, tothose We wouldlike torepresentabroadrangeofpeople story oflifeduringthepandemic. keeping theIslandsafe-anything thathelpstotellthe street artsupportingourkey workers, key workers inPPE home schoolingandchildrenentertainmentsolutions, parcels frompeopleinmasksandgloves,innovative photographs ofqueuesoutsideshops,fooddelivery to refl ecthowIslandlifehaschanged.Forexample of livingthroughthisextraordinaryperiodandalso photographs andaccountswhichrefl ecttheirexperiences We areaskingthecommunitytosharewithuspersonal Manx people. hand accounts refl ectingtheimpactofCOVID-19 onthe digital objectssuchasphotographs,journalsandfi rst- National Heritagewouldlike tocollectbothphysicaland In ordertofullyrepresentlifeduringthepandemic,Manx crisis onsocialmediaplatformsandelsewhereonline. such asfacemasks,oraredocumentingresponsestothe Others arelookingtocollectoffi cialsignageandobjects thoughts, feelingsandactivitieswhilestuckathome. organisations areaskingtheiraudiencestoshare they documentthisextraordinarymomentintime. Some “Museums aroundtheworldarestartingtolookathow Heritage explains: Katie King,CommunityOutreachOffi cerforManxNational pandemic experience. future generationstolearnaboutandunderstandour and createarecordofthisextraordinaryperiodtoenable the human dimension of the COVID-19 tragedy the humandimensionofCOVID-19 tragedy National Heritagetounderstandanddocume nt ollecting COVID IsleofManwillenableManx to COVID-19 Island’s response record the Heritage to Manx National COVID-19 pandemic. to refl ect Islandlifeduringthe images, fi rst-handexperiencesandobjects extraordinary periodinourhistorybycollecting Manx NationalHeritage, willdocumentandrecordthis As theNationalHeritageagencyforIsleofMan, | 41

CORONAVIRUS MYBIOSPHERE # 42 reasons, itscentrallocationinthe British I hadchosentheIsleofManforthree brass plaquevenue. emphasised ourIslandbaseanditwasnota General ComputerConsultancy(IOM)Ltd we from thefi rstyearofoperationwithMarine& Group ofCompaniesovertheyears.Even Kneale whohelpedusestablishtheM&G of alongrelationshipwithEricandthenPeter That visittotheadvocateswasbeginning luminaries tohelpwiththeresolution. society whenEricrangtwonotablepolitical I observed,then,theclosenessofManx advocates Kneale&Cotoresolvetheissues. erstwhile EricKnealeattheredoubtable when demanded?Ittookavisittothe we hadpaidthevariousstagepayments the builderstocarryoutbuildforwhich exclaimed. Timeenough? Timeenoughfor ‘Traa dyliooar’, thenewneighbours footings andnobuilders. abode butfoundinsteadsomerudimentary to begreetedwithourmagnifi centnew navigated totheheartofIsland,expecting Driving off theferryonacrispafternoonwe and muchoftheexternalworkourselves. Plymouth. We plannedtofi nishthepainting mature studentdegreeinnauticalscienceat restricted, Ihavingrecentlycompletedavery I saypart-buildasourfundsweresomewhat the gardenofMillHouse. detached houseinwhatwasoriginallypartof Construction (rememberthem?) topart-builda at GreebaBridgeandinstructingThreeways preparing thewaybybuyingaplotofland Of course, wehadbeenhereduringthatyear and scrappedourEnglishpassports. took uppermanentresidenceontheIsland May Iexplain? On30thDecember1969we Almost Manx This month,CaptainStuart McKenzie writes: To find outmoreaboutUNESCOBiosphereIsle of Man,ortoapplybeapartner, visitwww.biosphere.im, | MyBiosphere email regular feature, authorsfromdiff erentwalksofManxlifeoff erapersonal The Isle of Man is the only entire nation to boast UNESCO Biosphere The IsleofManistheonlyentirenationtoboastUNESCOBiosphere [email protected] orring01624686080. benefi tofbothshipandshoreoperation. help manycompaniesbeginutilisingITforthe London, Newcastle, Liverpool,Dublin,etc,to so Iwasforeverfl yingoff (nojetsthen)to companies hadembracedcomputersand In theearlyseventies,veryfewshipping experience. that hadthemostbenefi cialeff ectonmylife two reasonswereimportant,itwasthethird It graduallyemergedthat,althoughthefi rst with alaid-backlifestyle. and asanareaofoutstandingnaturalbeauty consultancy feesasastartupconsultancy; tax structure, allowingustochargelower we weretargeting;itsbenefi cialcorporate head offi cesoftheshippingcompanies Isles andexcellent airconnectivitytothe Captain McKenzie besidetheBounty anchor Captain McKenzie andhiswifeBarbara on the FranzJosefglacier, NewZealand,and status, refl ectingitisaspecialplaceforpeopleandnature. Inour on Pitcairn. restoration ofRamsey’s Queen’s Pier. or expand,andisprojectmanagerforthe Trust, whichhelpsManxbusinessesset up Post retirement,hechairstheMcKenzie seventies andtheinternetinnineties. the fi rst computerstotheIsleofManin as the‘FatherofManxComputing’, brought Captain Stuart McKenzie, oftenreferredto so yearstogo, then...’ formal lunch,helaughedandsaid:‘Only 20or observation toaformerChiefMinisterat are ‘Almost Manx’. However, whenImadethis So, onourgoldenanniversary, perhapswe don’t thinkhe’s goingback.’ stopovers andat40thereweremutteringsof‘I Twenty yearshereandwegraduatedas poultry ofallkinds. acres, whichwasmorethanenoughtokeep the IsleofMan,asournewresidencehadfi ve we movedtoMaughold,thepremierparishof As 10yearspassedandwebecamestayovers, hope Idid. was uptomeadoptthelifestyleandfiI tin. Of courseIhadtolearnthat,asacomeover, it again! pavements andsmokyroomsand,yes,breathe you couldshrugoff thestressofcrammed course headingforhomeatGreebaBridge, through Foxdale andSt John’s andontotheTT Then, asyoudroveintotheManxcountryside, nearly allUKcities. been introducedandsmogwasprevalentin Remember thatthecleanairactshadnotyet allowed onetobreatheinthecleanManxair. at Ronaldsway, despitethewhiff of Avgas, important. Thefi rststepbackontothetarmac It wasthereturntoIslandwhichso perspective on #MyBiosphere. perspective on#MyBiosphere. I don’t thinkhe’s going back. MYBIOSPHERE # reasons, itscentrallocationinthe British I hadchosentheIsleofManforthree brass plaquevenue. emphasised ourIslandbaseanditwasnota General ComputerConsultancy(IOM)Ltd we from thefi rstyearofoperationwithMarine& Group ofCompaniesovertheyears.Even Kneale whohelpedusestablishtheM&G of alongrelationshipwithEricandthenPeter That visittotheadvocateswasbeginning luminaries tohelpwiththeresolution. society whenEricrangtwonotablepolitical I observed,then,theclosenessofManx advocates Kneale&Cotoresolvetheissues. erstwhile EricKnealeattheredoubtable when demanded?Ittookavisittothe we hadpaidthevariousstagepayments the builderstocarryoutbuildforwhich exclaimed. Timeenough? Timeenoughfor ‘Traa dyliooar’, thenewneighbours footings andnobuilders. abode butfoundinsteadsomerudimentary to begreetedwithourmagnifi centnew navigated totheheartofIsland,expecting Driving off theferryonacrispafternoonwe and muchoftheexternalworkourselves. Plymouth. We plannedtofi nishthepainting mature studentdegreeinnauticalscienceat restricted, Ihavingrecentlycompletedavery I saypart-buildasourfundsweresomewhat the gardenofMillHouse. detached houseinwhatwasoriginallypartof Construction (rememberthem?) topart-builda at GreebaBridgeandinstructingThreeways preparing thewaybybuyingaplotofland Of course, wehadbeenhereduringthatyear and scrappedourEnglishpassports. took uppermanentresidenceontheIsland May Iexplain? On30thDecember1969we Almost Manx This month,CaptainStuart McKenzie writes: To find outmoreaboutUNESCOBiosphereIsle of Man,ortoapplybeapartner, visitwww.biosphere.im, MyBiosphere email regular feature, authorsfromdiff erentwalksofManxlifeoff erapersonal The Isle of Man is the only entire nation to boast UNESCO Biosphere The IsleofManistheonlyentirenationtoboastUNESCOBiosphere [email protected] orring01624686080. benefi tofbothshipandshoreoperation. help manycompaniesbeginutilisingITforthe London, Newcastle, Liverpool,Dublin,etc,to so Iwasforeverfl yingoff (nojetsthen)to companies hadembracedcomputersand In theearlyseventies,veryfewshipping experience. that hadthemostbenefi cialeff ectonmylife two reasonswereimportant,itwasthethird It graduallyemergedthat,althoughthefi rst with alaid-backlifestyle. and asanareaofoutstandingnaturalbeauty consultancy feesasastartupconsultancy; tax structure, allowingustochargelower we weretargeting;itsbenefi cialcorporate head offi cesoftheshippingcompanies Isles andexcellent airconnectivitytothe Captain McKenzie besidetheBounty anchor Captain McKenzie andhiswifeBarbara on the FranzJosefglacier, NewZealand,and status, refl ectingitisaspecialplaceforpeopleandnature. Inour on Pitcairn. restoration ofRamsey’s Queen’s Pier. or expand,andisprojectmanagerforthe Trust, whichhelpsManxbusinessesset up Post retirement,hechairstheMcKenzie seventies andtheinternetinnineties. the fi rst computerstotheIsleofManin as the‘FatherofManxComputing’, brought Captain Stuart McKenzie, oftenreferredto so yearstogo, then...’ formal lunch,helaughedandsaid:‘Only 20or observation toaformerChiefMinisterat are ‘Almost Manx’. However, whenImadethis So, onourgoldenanniversary, perhapswe don’t thinkhe’s goingback.’ stopovers andat40thereweremutteringsof‘I Twenty yearshereandwegraduatedas poultry ofallkinds. acres, whichwasmorethanenoughtokeep the IsleofMan,asournewresidencehadfi ve we movedtoMaughold,thepremierparishof As 10yearspassedandwebecamestayovers, hope Idid. was uptomeadoptthelifestyleandfiI tin. Of courseIhadtolearnthat,asacomeover, it again! pavements andsmokyroomsand,yes,breathe you couldshrugoff thestressofcrammed course headingforhomeatGreebaBridge, through Foxdale andSt John’s andontotheTT Then, asyoudroveintotheManxcountryside, nearly allUKcities. been introducedandsmogwasprevalentin Remember thatthecleanairactshadnotyet allowed onetobreatheinthecleanManxair. at Ronaldsway, despitethewhiff of Avgas, important. Thefi rststepbackontothetarmac It wasthereturntoIslandwhichso perspective on #MyBiosphere. perspective on#MyBiosphere. I don’t thinkhe’s going back. TERMS OFPROBABILITY THE BEST EXPERTS THINKIN I comparing their probable rental income with likely mortgage costs, comparing theirprobable rentalincomewithlikely mortgagecosts, In muchthesamewaythatlandlords determineaproperty’s valueby important factor:interestrates. likelihood ofthemweakening andslumpingisremotethankstoonehugely Granted, it’s entirelypossiblethatpropertyvaluesmaystall,butthe outlook wheninvestingineither. term investment,whichmeansweshouldadoptasimilarlylong- been almostexclusively shortterm.Yet property, like equities,isalonger- few months,asthecoronavirushasdominatedeverydaylife, ourfocushas outlook willremainuncertain,butweshouldrememberthatforthepast On theonehand,it’s reasonabletoassumethattheshort-termeconomic consider thecurrentpropertymarket, forinstance. temperament playsasignifi cantpartin ourinvestmentdecisionsandthen This isnot,however, asworryingitmightfi rstsound. Let’s acceptthat upon ourinvestmentdecision-making. character andotherpsychologicalbiasescanhaveanenormousimpact In additiontoaninherentlossaversionbias,ourdisposition,personality, place. remains apaperone:itonlycrystallisesintohardcashwhenthesaletakes cost becausetheybelievepriceswillcontinuetofall.Ofcourse, any‘loss’ accounts forpanicselling,wheninvestors,instocksorproperty, sellatany pair calledthisreaction‘lossaversionbias’. Ironically, lossaversionalso twice asconcernedaboutlosingmoneytheyweremakingit:the conducted aseriesofexperimentswhichconcludedthatpeoplewere in 1984whentwoeconomists,DanielKahneman andAmosTversky, Behavioural economicsfi rstcametotheattentionofmanynon-academics investment decisions. also moresuitedtoconsideringindividualbehaviouranditseff ectupon in thelecturetheatresofBritain’s redbrickuniversitiesinthelate1970s,is area ofeconomicswhich,thoughlessunambiguousthanthesubjecttaught and ‘decisionscientists’ havedevelopedaveryspecifi c,research-heavy ink!) werefi rstpenned.Overthepast30-40years,behaviouraleconomists Economics hascomealongwaysincemyancient-lookingnotes(writtenin was invariablycorrect. the Claphamomnibusdoinsituationxory?’ andheypresto, theanswer minded needonlyapplyasimilarconsideration,ie‘whatwouldthemanon This hadenormousadvantagesforeconomicsstudents:thelogically- them. demand anddevisedaseriesofalmostsacrosancteconomicrulesaround transport usertoeverythingfromsupplyshortagesinstancesofexcess Economists onceconsideredtheprobablereactionsofthisfamedpublic upon theanticipatedbehaviourof‘manonClaphamomnibus’. Thenotesreaffi rmedabeliefthatalmostalleconomictheorieswerebased from apostgraduatecourseIattendedmany, manymoonsago. a hugeinjectionofself-motivationtobegin. of thoseparticularlyunappealingjobsthatrequire hanging aroundforages,orfi nallytackleone you ask),tosortoutpaperworkthathasbeen mastering myfi rstfewguitarchordssince (very basiccookingandapainedattemptat with arareopportunitytotrysomethingnew The lockdown hasprovidedmany ofus forgotten corner of the garage when I happened upon hand-written notes forgotten cornerofthegaragewhenIhappeneduponhand-writtennotes contentedly siftingandbinningpaperworkwhichhadaccumulatedina t wasoneofthoselattertasksthatresultedinyourcorrespondentsemi- property buyersshoulddosomethingsimilar. maintains that“thebestexpertsthinkintermsofprobability”. Would-be science atMorningstar, aninvestmentresearchcompany. MrRyan they doandtoconsidertheadviceofRyanMurphy, headofdecision defeated, it’s bettertoignorestudies,researchortalkingheadswhosay Indeed, asno-onehasanyideaofhowthepandemicwilleventuallybe off eramuchclearerpictureofthefuturethanshort-termmarket behaviour. employment prospectsandgeneraleconomicactivity. Suchfundamentals more tangiblefactors,suchasthelocaleinwhichtheyproposebuying,its prove anything,would-bepropertyownersshouldtake accountofother, Aside fromeconomictheory, which,intruth, canoftenbemanipulatedto the propertymarket willremainrelativelystable. property. Moreover, shouldratesremaindepressed,there’s every chance the greaterpresentworthofrentsand,therefore, thevalueofowning discounting themusinglongterminterestrates.Thelowertherate, of longer-termrent,thepresentvaluewhichmaybecalculatedby In otherwords,forinvestorandhomeowner, propertygeneratesaform otherwise havetopay. for landlordsandanimplicitonehomeownersie, therenttheywould estate isalonger-terminvestment,whichgeneratesanexplicitmonthlyrent This ispotentiallygoodnewsforpropertybuyers,ostensiblybecausereal consistently lowinterestrates. to rebuildeconomiesacrosstheglobe, aprocesslikely tobeoiledby is, atbest,improbable. Why? Acolossalpost-Covid-19eff ortwillberequired level, theprobabilityofthemrisingsignifi cantlyoverthenext5yearsorso It follows,then,thatasinterestrateshavebeencuttotheirlowest-ever servicing mortgagedebt. new homebycalculatingwhatpercentageoftheirincomeisabsorbedin homebuyers undertake similararithmetic,gaugingtheaffa ordability of yielding anaverageof5.6%. Fordetailsofresidential Hartford Homes currently have a range of modern, Hartford Homescurrentlyhavearangeofmodern, new build investment properties available for sale, new buildinvestmentproperties availableforsale, [email protected] or telephone 01624631000. and commercialinvestment property, email By Peter Sharkey | 43

PROPERTY COMMUNITY 44 S TRUST FUNDING GROUP FLOURISHING WITHMANXLOTTERY ACTION SONGS POPULAR EARLY YEARS near future. launch aYoutube channelinthevery Preparations arealsoinplaceto take partineach45minutesession. meaning upto1,000 familiescan sessions onlinethroughlivevideo, its virtualoff eringwhichprovides singing. Sincethen,ithaslaunched happiness andlaughterthrough fi ndingalternativewaysofbringing but theteamwas looking into to theimpactofcoronavirus, suspended forthetimebeingdue announced thatallsessionswere In March,SingingJo&Co homes tojoinintoo. invited elderlypeoplefromlocalcare carers. Inrecentmonths,SingingJo&Cohas supported bytheirparents,grandparentsand children andschoolreceptionchildren, around 600babies,children,toddlers,preschool the IsleofManweeklyandareenjoyedby Ordinarily, sessionsareheldatvenuesaround for pre-schoolchildren. important learningopportunitiesandmusicalfun bringing communitiestogetherandproviding provides auniqueprogrammeacrosstheIsland, songs, dancing,rhymes,musicanddrama. It to support early learning through action to supportearlylearningthroughaction which wasestablishedinMarch2018 inging Jo&Coisalocalcharitygroup | laughter throughsong. determined tocontinueprovide‹learningand the Islandandnowinternationally. Thecharity is continue tooff eritsuniqueprogrammeacross and individuals,hasenabledSingingJo&Coto to helpandsupportoff eredbyothergroups The fundingfromManxLottery Trust, inaddition running costs. possible, fromthosetakingparttohelpwiththe to join;thecharityonlyasksforadonation,if sessions runMondaytoFridayandarefree Similar totheusualgroupsessions,online coronavirus to thriveandexpanditsreachothersocialgroups,despitethe A £15,000 grantfromManxLottery Trust ishelpinganIslandcharity impacting uponitsnormaloperations.

develop regular collaborative sessions with develop regularcollaborativesessionswith normality resumes,wewillalsobelookingto ‘Further downthelineandoncesomesortof welcome distractionforeverybody.’ format canbeagreatcomfortandactas able tocontinueoursessionsinafamiliar lead toanxietyandsocialisolation,sobeing Being athomeforsuchanextendedtimecan their parentstocarryoutnormaldailyroutines. continuity andhelpingourlittlesingers ‘These sessionsarealsoimportantinproviding Founder JoJacksonexplained: friendships. emotional andphysicalskills and numeracyskills,promoting communication, language, literacy sessions focusondeveloping the healthvisitingteams.These Education, SportandCulture organisations, theDepartmentof a numberofothercharity ‘Singing Jo&Coworksalongside had was98!’ inclusion. Theoldestparticipantwe way topromotefriendshipand these sessions,andthey’reagreat received fantasticfeedbackon Lottery Trust funding.We have care homesthankstotheManx ‘ T writers intheIsleofMantocreatetalesinspiredbylifeduringCovid-19lockdown. Manx LitfesthasteamedupwithsponsortheManSatGrouptoprovideanopportunityforshortstory SOUGHT FROMISLEOFMANWRITERS Man has.We lookforwardtoseeingtherange just howmuchexcellent writingtalenttheIsleof supported ManxLitfest,wehaveseenfi rst-hand Chris added:‘Duringtheeightyearswehave original tale.’ reimagining ofanexistingfairytale, orapurely Manx fairytales–thatcouldbeanupdateor The secondcategoryispurelyformodernday freedom totrywhateverkindofstorytheywant. restriction ongenre, andoff erswritersthe ‘The fi rstcategoryiswideopen,withno inspired bylifeduringlockdown. approached uswiththeideaofshortfi ction supporter ofthefestivalandCEOChrisStott ManSat Grouphasbeenalong-standing Manx LitfestDirectorJohnQuirksaid:‘The Man, ofanyageornationality. competition isopentowriterslivingintheIsleof Each piecemustnotexceed 2,500words.The representatives ofManxLitfestandManSat. category, withallsubmissionsjudgedby Each writercansubmitonestoryineach the Covid-19pandemic. retelling ofaclassicManxFairyTale setduring second aspecialcategoryforthemodern The fi rstcategoryisopentoanygenre, the winning £100. in touchviathecharity’s emailaddress [email protected] Any concernsorrequestforadditional supportpleasedon’t hesitatetoget make contactwithussowecanreviewyourcaseforfi nancialsupport.” a patientorprimarycarerfi nd themselvesinthissituation,thenpleasedo to considerapplicationsforfi nancialassistanceonacasebybasis. If direct resultofCOVID19. We havesetaside abudgetandwewillbewilling patients andprimarycarerswhoareexperiencing fia nancialhardshipas also beenindiscussiontoallowsmallfi nancialgrantsavailableforthose making specialistequipmentavailable. Oursmallteamofvolunteershave utilising ourfundsforexistingandproposedresearchprojectsaswell both patientsandcarersmaywellbestrugglingfi nancially. We havebeen Niall Carey, charityDirector, toldB365:“We areconsciousatthistimethat COVID19 situation,whichcanbeaccessedvia theirwebsite. The Multiple System Atrophy Trust UK alsohasspecifi cadviceonthe limit andmanagethespreadofthisdiseasewithinManxcommunity. believes thattheIsleofManmedicalcliniciansaredoingagreatjobto be abletooff erandadvisespecifi ctoindividualsituations.Thecharity The medicalcareteamontheIslandisanamazingresourceandwill here tosupportthem. and theywantManxpatientstheirfamiliestoknowthatthey’re time forpatientsandcarersaffected byMultipleSystem Atrophy (MSA) Local charity, theManxMSA Trust understands thatthisisanunsettling DURING COVID19 MAN X MSA TRUST OFFERSHELP LOCKDOWN FICTION’ favourite fi veentriesineachcategory has twocategories,withthejudges’ he ManxLockdown Fictioncompetition and objectstorefl ectIslandlifeduringthe by collectingimages,fi rst-handexperiences and recordthisextraordinaryperiodinourhistory – CollectingCovidIsleofMan.Thiswilldocument complement itsowninitiative, launchedthisweek Manx Lockdown Fiction,whichithopeswill Manx NationalHeritageissupporting proceeds goingtocharity. options topublishtheentriesinabook,with of theentriesaspossible. We mayalsolookat with afuturefestival,whichincorporatesasmany look atholdinganevent,possiblyinconnection to readontheManxLitfestwebsite. We mayalso with aselectionofotherentries,willbeavailable The fi vewinningentriesineachcategory, along and thelockdown.’ of writingconjuredupasaresponsetoCovid-19 than itcanbebroken down. and thesoilsurface, buildingupwhenturfproduces organicdebrisfaster shoots, stemsandrootsdevelopbetween thezoneofgreenvegetation build-up ofthatch.Thisloose, intermingledorganic layerofdeadandliving scarifying andoverseeding,butaside effa ectofallthisworkhasbeen of coresfromthelawn,agoodwayto aerateandrelievecompaction), The Clubhasinvestedtimeandmoney inhollowtining(theremoval to benefi tgreatlyfromthisimprovement tothegreen.’ once we’re backup-and-running thenorthernbowlscommunitywillbeable ‘For obviousreasonstheseasonhashadtobeputonholdfornow, but and League andcompetitionvisitors. a smoothsafesurface–greatnewsforourever-increasingmembership encourage newrootsandverticalleafgrowth.All-inallthisshouldmaintain of thenewmowingmachinehashelpedkeep thethatchoff thegreen, the greenabumpysurface, notsuitableforplayingbowls.Weekly use Trust’s supportisinvaluable. Thegrasswasgrowingsidewayswhichgave David Kelly, Greenkeeper atSouth Ramsey BowlingClubsaid:‘ManxLottery grasses tofl ourish,increasingbowlspeed onthesurface. machine tohelpreducethatch,improvetheswardandencouragefi ner The £2,500fundinghasenabledthepurchaseofaVerticut TTmowing grant fromManxLottery Trust. South Ramsey BowlingClubhasimproveditsplayingsurfacethankstoa RAMSEY BOWLING CLUB LOTTERY TRUST BOOST FORSOUTH For full competition guidelines, visit For fullcompetitionguidelines,visit 2020. It isanticipatedthewinnerswillbeannouncedby31 Monday, 22 The deadlineforentriestobereceivedis5.00pm on Manx Litfest,8MilnerClose, Port Erin,IM96BG. email entrieswherepossible. Thepostaladdressis– to email,wewillacceptpostalentries,butwouldprefer them [email protected]. Ifyoudonothaveaccess To submityourentriesforLockdown Fiction,pleaseemail www.manxlitfest.com/about-us/competitions/ Covid IsleofMan.’ of Man([email protected])aspartCollecting resources withastrongconnectiontotheIsle fi rst-handrecollections,familyhistoriesorother tell, wewouldbepleasedtolearnaboutyour produced. Forthosewithdiff erenttalesto ‘I amexcited toseethevarietyofcreativewriting of recordingresponsestothisextraordinarytime. but allsubmissionswillbevaluedasameans writers. Lockdown mayunlockhiddenpotential, many tohaveago, evenifnotregularfi ction Litfest andManSat.Hopefully, itwillencourage welcomes thisjointinitiativebetweenManx Thirkettle commented:‹ManxNationalHeritage Manx NationalHeritageArchivistWendy Lockdown FictionentriesforitsCovid-19archives. Covid-19 pandemic.MNHwillconsidertheManx nd June2020. | st July July 45

COMMUNITY Exactly what it says on the tin – news snippets, forthcoming events and information from the business world.

PEOPLE OF THE IS LE OF MAN AND WIDER WORLD TO BE CELEBRATED IN HISTORIC POSTAL TRIBUTE The Isle of Man community, in particular its key frontline delivery workers and health care professionals, are to be recognised and celebrated in a landmark set of stamps acknowledging countless acts of kindness, unity, care and positivity during the Covid-19 pandemic.

‘Carry Us Through’, announced today part in thanking the people who #CarryUsThrough (Sunday), refl ects the unique response of an and raise the morale of everyone that receives Island population to the challenges brought by them. Celebrates people coronavirus; highlighting the message that Love, ‘The stamps also proudly display the three legs supporting each other Faith, Care, Compassion, Work, Community, of Man, its meaning – “Whichever way you Words and Science will #CarryUsThrough these throw us, we will stand”. That motto summarises and working hard to unprecedented times. A donation from the sale of the Manx spirit and the determination of Manx the stamps will be made to the Manx Solidarity Fund. overcome adversity. people to fi ght on through this crisis. The collection of eight stamps has also been ‘A big thank you to the team at Glazier Design designed as an offi cial thank you to everyone for their superb work at such short notice and who has followed the rules of the current crisis so creating a theme that is uplifting.’ our key workers and our community - including doctors, nurses, health workers and volunteers the Chief Minister Howard Quayle added: ‘When I world over – can #CarryUsThrough. became Chief Minister in 2016, I would never have believed that in 2020 the Isle of Man would The concept was created by Ben Glazier who be facing its biggest crisis since the Second wanted to create a set that would inspire, not just World War. The decisions we have had to take in the current crisis but long into our recovery. have been unprecedented and no Government It has been endorsed by the Isle of Man would ever wish to impose such restrictions on Government as an issue which refl ects the deep everyday life, if it was not essential to save lives. impact the global pandemic has had on society ‘However, it is also times like these where we and celebrates people supporting each other and see the very best of our Island community. working hard to overcome adversity. Through technology and through being good Maxine Cannon, General Manager Isle of Man neighbours, we have in some ways become Stamps and Coins, explained: ‘We wanted to more connected to our families and our send a positive message into every home in the communities. The way in which so many of Isle of Man and to our friends overseas to say us have rallied to support each other and, in how much we appreciate the people who are particular, look out for the most vulnerable working tirelessly for us all and to share the sense members of our society has been humbling and of strength and fortitude in our community. inspiring. ‘Key workers are so wide-ranging, from the NHS ‘Our community spirit is what makes our Island to our pharmacists, nursery staff and teachers to such a unique and special place, and I think this our frontline postmen and women and counter is perfectly refl ected by this stamp issue.’ staff , the list goes on and they are all playing an The issue, available as presentation pack, a important role in our community. First Day Cover, postmarked with the fi rst day of ‘By replacing our normal stamps with these issue and mint condition from 4th May, is now beautifully illustrated tributes, we hope to play our available for pre-order. www.iompost.com/CarryUsThrough

46 | COVID-19: Isle of Man Institute of Directors invites members’ views on post-lockdown business Exactly what it says on the tin – news snippets, forthcoming events and information from the business world. re-emergence strategy

he Isle of Man branch of the Institute after lockdown. In short, we need to be of Directors is inviting members’ preparing now for what business recovery Tviews on post-COVID-19 lockdown might look like in the coming months, in PEOPLE OF THE IS LE OF MAN business re-emergence strategy. collaboration with government. Chair Jennifer Houghton said: ‘Members ‘As with every crisis, though, extraordinary remain fully supportive of the measures times can inspire extraordinary creativity AND WIDER WORLD TO BE CELEBRATED IN implemented by the Isle of Man and vision. It’s been encouraging to see government to contain the spread of how many local businesses have been COVID-19. Business confi dence has, admirably “fl eet of foot”, adapting to new however, understandably plummeted ways of working and keeping vital direct HISTORIC dramatically, given the current fragility lines of communication open with their of the global economy and widespread customers. Similarly, we applaud how concerns over job security. Tynwald has been adept at upholding parliamentary democracy through the ‘To counter the potentially corrosive eff ect POSTAL TRIBUTE medium of virtual sittings. the coronavirus could have on business The Isle of Man community, in particular its key frontline delivery in the months and years to come, we’re ‘In crisis response, digital technology is workers and health care professionals, are to be recognised and calling on members and the wider business proving an invaluable tool. But perhaps celebrated in a landmark set of stamps acknowledging countless acts community to share their experiences of what’s proving even more invaluable of kindness, unity, care and positivity during the Covid-19 pandemic. To share your views on business re-emergence strategy grappling with the impact of COVID19 and, is the Isle of Man’s collective national after lockdown contact Institute of Directors Isle of Man crucially, to off er their views on strategies resolve and national eff ort. Never has the ‘Carry Us Through’, announced today part in thanking the people who #CarryUsThrough branch regional administrator Rachel McKenna, for re-opening business and managing phrase “we’re all in this together” rung (Sunday), refl ects the unique response of an and raise the morale of everyone that receives [email protected] the re-emergence of the economy truer than now.’ Island population to the challenges brought by them. Celebrates people coronavirus; highlighting the message that Love, ‘The stamps also proudly display the three legs supporting each other Faith, Care, Compassion, Work, Community, of Man, its meaning – “Whichever way you Words and Science will #CarryUsThrough these throw us, we will stand”. That motto summarises and working hard to unprecedented times. A donation from the sale of the Manx spirit and the determination of Manx MANX LOTTERY TRUST TO HELP PROJECTS the stamps will be made to the Manx Solidarity Fund. overcome adversity. people to fi ght on through this crisis. The collection of eight stamps has also been ‘A big thank you to the team at Glazier Design AT THE FOREFRONT OF COVID-19 designed as an offi cial thank you to everyone for their superb work at such short notice and who has followed the rules of the current crisis so creating a theme that is uplifting.’ It has been agreed by the Trustees of Manx our key workers and our community - including Lottery Trust that all funding decisions made doctors, nurses, health workers and volunteers the Chief Minister Howard Quayle added: ‘When I world over – can #CarryUsThrough. became Chief Minister in 2016, I would never for the next six months will be in line with its have believed that in 2020 the Isle of Man would The concept was created by Ben Glazier who be facing its biggest crisis since the Second partners at The National Lottery Community wanted to create a set that would inspire, not just World War. The decisions we have had to take Fund. in the current crisis but long into our recovery. have been unprecedented and no Government This means it will be looking to support projects at the forefront of the Covid-19 It has been endorsed by the Isle of Man would ever wish to impose such restrictions on pandemic and prioritising getting money to these organisations to best support Government as an issue which refl ects the deep everyday life, if it was not essential to save lives. the Island Community in these challenging times. impact the global pandemic has had on society ‘However, it is also times like these where we Chairman of Manx Lottery Trust Sarah Kelly explained: ‘Through this and celebrates people supporting each other and see the very best of our Island community. commitment we hope to be able to benefi t the organisations currently under working hard to overcome adversity. Through technology and through being good an immense amount of pressure. This might include the likes of the foodbank, Maxine Cannon, General Manager Isle of Man neighbours, we have in some ways become Stamps and Coins, explained: ‘We wanted to more connected to our families and our homeless charities and causes that combat loneliness and isolation, as well as send a positive message into every home in the communities. The way in which so many of helping the elderly and projects that support health organisations. Isle of Man and to our friends overseas to say us have rallied to support each other and, in ‘The application process will remain unchanged and organisations will still how much we appreciate the people who are particular, look out for the most vulnerable need to complete our Community Awards application form, however the working tirelessly for us all and to share the sense members of our society has been humbling and Trustees have agreed to meet more frequently so applicants won’t be waiting of strength and fortitude in our community. inspiring. too long for a reply. ‘Key workers are so wide-ranging, from the NHS ‘Our community spirit is what makes our Island ‘Be reassured that we will continue to honour our current grant commitments to our pharmacists, nursery staff and teachers to such a unique and special place, and I think this and will be fl exible with existing grants in terms of end dates. our frontline postmen and women and counter is perfectly refl ected by this stamp issue.’ staff , the list goes on and they are all playing an ‘Please continue to stay at home and follow the Isle of Man Government’s The issue, available as presentation pack, a important role in our community. advice. We look forward to meeting up with you all when we are able but for First Day Cover, postmarked with the fi rst day of now, stay safe everyone.’ ‘By replacing our normal stamps with these issue and mint condition from 4th May, is now beautifully illustrated tributes, we hope to play our available for pre-order. For more information, please contact Manx Lottery Trust via email at: [email protected] www.iompost.com/CarryUsThrough

| 47 ROSSBOROUGH ACHIEVES DIFERA CERTIFICATION Rossborough Insurance, the Isle of Man’s only Chartered Insurance Broker, has reinforced its commitment to inclusion and diversity in the workplace by securing the DIFERA employer accreditation by Liberate.

DIFERA is a quality mark off ered to Isle of Man and Channel Islands organisations which demonstrate to their employees that diversity, inclusion, fairness, equality, respect and acceptance are principal tenets and embedded in their culture. James Anderson, Group Managing Director at Rossborough, confi rmed he was delighted with the accreditation. James Anderson ‘Rossborough is committed to driving an inclusive workplace for the benefi t of our clients, employees and the communities in which we live and work. As part of the Gallagher Group, we strive to create a culture of respect and trust that embraces the diverse talents and ideas of all employees, enabling them to reach their potential. ‘Everyone is important and everyone’s job is important, so we are thrilled to be recognised through the award of the DIFERA employer standard.’ Vic Tanner Davy, CEO of Liberate, said, ‘The DIFERA accreditation is not awarded to every organisation, which is why Liberate audits the businesses we work with – to understand where they are on their journey with the DIFERA values. We are therefore delighted to award Rossborough with the DIFERA accreditation in the Isle of Man, Jersey and Guernsey. ‘We are excited to be part of the work Rossborough is already undertaking around equality, diversity and inclusion, and we look forward to working with their DIFERA champions group to develop and support that work.’ For information on the DIFERA scheme, https://liberate.je/difera

PASSENGER OPTIONS CONFIRMED FOLLOWING CLASSIC TT AND MANX GRAND PRIX CANCELLATION

Following the cancellation of the 2020 Isle of Man Classic TT and Manx Grand Prix, the Isle of Man Steam Packet Company has confi rmed it will be contacting all aff ected passengers.

nyone currently booked to travel from 19th August – 4th or receive a full refund. This has been very well received by TT September inclusive will be off ered the chance to transfer passengers, so we hope it will be the same for this event. their booking to next year’s event or, alternatively, receive a A ‘We thank passengers for their patience and understanding while full refund. There is no need to immediately contact the Company as our Reservations Team works through this period of extremely high they will be in contact with an automated rebooking/refund form by demand and we confi rm the schedule for next year’s event.’ mid-May, as soon as provisional 2021 timetables have been fi nalised. Those booked can transfer to 2021 at the same rates as 2020. Isle of Man Steam Packet Company Chief Executive Mark Woodward Amendment fees have also been waived for the time being to allow explained: ‘Naturally it is extremely disappointing that there will be passengers to book alternative services. no Classic TT and Manx Grand Prix in 2020 but, in the wake of the Coronavirus pandemic, the health and wellbeing of those on our The Isle of Man Steam Packet Company has created an FAQ page to Island has to be the number one priority. assist passengers with concerns or questions regarding future travel ‘As with this year’s TT, we will be facilitating the same process to allow plans amid the pandemic. It can be accessed via: www.steam-packet. customers to seamlessly transfer to the equivalent sailings for 2021, com/information/coronavirus

48 | ROSSBOROUGH ACHIEVES DIFERA CERTIFICATION Rossborough Insurance, the Isle of Man’s only Chartered Insurance Broker, has reinforced its commitment to inclusion and diversity in the workplace by securing the DIFERA employer accreditation by Liberate.

DIFERA is a quality mark off ered to Isle of Man and Channel Islands organisations which demonstrate to their employees that diversity, inclusion, fairness, equality, respect and acceptance are principal tenets and embedded in their culture. James Anderson, Group Managing Director at Rossborough, confi rmed he was delighted with the accreditation. James Anderson ‘Rossborough is committed to driving an inclusive workplace for the benefi t Funds raised by the Give A Coff ee #Yessir campaign will be shared equally by the Manx Solidarity Fund and Isle of Man Foodbank. of our clients, employees and the communities in which we live and work. As part of the Gallagher Group, we strive to create a culture of respect and trust that embraces the diverse talents and ideas of all employees, enabling them to reach their potential. ‘Everyone is important and everyone’s job is important, so we are thrilled to be MAKE THAT COFFEE TO GO YESSIR! recognised through the award of the DIFERA employer standard.’ Vic Tanner Davy, CEO of Liberate, said, ‘The DIFERA accreditation is not awarded to every organisation, which is why Liberate audits the businesses STILL TIME TO SUPPORT #YESSIR we work with – to understand where they are on their journey with the DIFERA values. We are therefore delighted to award Rossborough with the DIFERA accreditation in the Isle of Man, Jersey and Guernsey. CAMPAIGN IN AID OF MANX CHARITIES ‘We are excited to be part of the work Rossborough is already undertaking around equality, diversity and inclusion, and we look forward to working with There’s still time to donate to a fun fundraising campaign supporting the Manx their DIFERA champions group to develop and support that work.’ For information on the DIFERA scheme, https://liberate.je/difera Solidarity Fund and Isle of Man Foodbank – charities that are both helping those on the Island who are most in need due to the COVID-19 emergency.

urich International created the ‘Give A colleague who simply must have a mocha at PASSENGER OPTIONS CONFIRMED FOLLOWING Coff ee #Yessir’ campaign which runs every team meeting – so if that reminds you Zuntil May 31st and asks those who can of someone who’s a real coff ee connoisseur, aff ord it to donate money which they would and they haven’t donated yet, give them a CLASSIC TT AND MANX GRAND PRIX CANCELLATION normally be spending on coff ee. Go to www. nudge yessir!” yessir.im for full details and to fi nd a link to The campaign is also being supported by donate via JustGiving. Every pound donated His Excellency the Lieutenant Governor will be match funded (up to a total of £25,000) Sir Richard Gozney – Patron of the Manx Following the cancellation of the by the Z Zurich Foundation which is Zurich 2020 Isle of Man Classic TT and Manx Solidarity Fund – who described the Insurance Group’s charitable foundation. More Grand Prix, the Isle of Man Steam initiative by Zurich International as ‘another than £5,600 has already been donated by Packet Company has confi rmed it will good example of the community working be contacting all aff ected passengers. Zurich International employees and generous together in this time of unprecedented members of the Manx public, so following challenges’.Among the many coff ee shops match funding that will mean at least £11,200 and cafés supporting the campaign are will be shared equally between the Manx 1886, The Alpine, Barista Express, Bohemian Solidarity Fund and Isle of Man Foodbank. Coff ee House, Coff ee Mann, Costa, nyone currently booked to travel from 19th August – 4th or receive a full refund. This has been very well received by TT Martin Malone, International Distribution September inclusive will be off ered the chance to transfer passengers, so we hope it will be the same for this event. Manager at Zurich International The campaign was the idea of Martin Malone, Courthouse, Cycle 360, Java Express, Noa their booking to next year’s event or, alternatively, receive a International Distribution Manager at Zurich Bakehouse,Shed By The Sea, Spill The A ‘We thank passengers for their patience and understanding while full refund. There is no need to immediately contact the Company as Beans, Starbucks, Tea Junction, and The our Reservations Team works through this period of extremely high International. He said: “We’ve had a great they will be in contact with an automated rebooking/refund form by Windsor Coff ee Co. demand and we confi rm the schedule for next year’s event.’ response already, so thank you to everyone mid-May, as soon as provisional 2021 timetables have been fi nalised. who has made donations. Even in these Zurich International has already donated Those booked can transfer to 2021 at the same rates as 2020. Isle of Man Steam Packet Company Chief Executive Mark Woodward diffi cult times when many people are facing £30,000 to the Manx Solidarity Fund, and the Amendment fees have also been waived for the time being to allow explained: ‘Naturally it is extremely disappointing that there will be fi nancial diffi culties the Manx public have Z Zurich Foundation has donated £30,000 to passengers to book alternative services. no Classic TT and Manx Grand Prix in 2020 but, in the wake of the once again proved to be incredibly generous. Isle of Man Foodbank. Zurich International has Coronavirus pandemic, the health and wellbeing of those on our The Isle of Man Steam Packet Company has created an FAQ page to Every pound that’s donated will make a real also launched a ‘Wellbeing Toolkit’ available Island has to be the number one priority. assist passengers with concerns or questions regarding future travel diff erence to those most in need, so we online at www.zurichinternational.com/ ‘As with this year’s TT, we will be facilitating the same process to allow plans amid the pandemic. It can be accessed via: www.steam-packet. want to make one last big push before the wellbeing which is a one stop shop with a customers to seamlessly transfer to the equivalent sailings for 2021, com/information/coronavirus campaign ends. We all know someone who wealth of information and advice to help local can’t start the day without an espresso, or a businesses cope during the pandemic.

| 49 ■ 19 marathons completed over 19 consecutive days ■ Marathon #19 started by Chief Minister in Peel ■ Challenge has raised over £80,000 – original target was £19,000 CHRISTIAN VARLEY COMPLETES MAGNIFICENT “19 IN 19” MARATHONS CHALLENGE He’s done it! Christian Varley has completed 19 marathons over 19 days and in the process has raised over £80,000 for the Manx Solidarity Fund.

hristian’s 19th and fi nal marathon started at Peel Castle on the the interest and respect of our Island. Christian’s eff orts have raised a afternoon of 19th May, where he was fl agged off by Chief Minister phenomenal sum of money and signifi cantly raised the profi le of the charity.’ Howard Quayle. Despite the past 19 days taking their toll, he still C Christian’s challenge has included a celebration of some of the Island’s managed to look strong on the way to the fi nish at the top of Tynwald Hill, key workers. Included in the list of 19 starters have been: fi refi ghters; Isle St Johns running a time of 4 hours 48 minutes. of Man Constabulary; the nurses, doctors and staff at Ramsey Cottage Christian was greeted at the fi nish by members of his family and the team Hospital; midwives from the Jane Crookall Maternity Unit; refuse collectors; behind the Manx Solidarity Fund, including its Patron, Lieutenant Governor shop workers; Isle of Man Post Offi ce; Isle of Man Creameries; farmers; Sir Richard Gozney KCMG, CVO. RNLI; coastguards; and teachers. Mel Kermeen, Trustee of the Manx Solidarity Fund told B365: ‘What an The Manx Solidarity Fund was formed at the end of March to provide incredible once in a lifetime personal achievement, which has inspired so fi nancial support for local individuals, charities and businesses negatively many. It has been a privilege to help coordinate and support Christian on impacted by the COVID-19 pandemic. his challenge and see him run each of his 19 marathons. He has remained At the time of press nearly £500,000 has been raised to support our positive and upbeat throughout the time despite the huge physical toll on community and donations are still being sought. his body and the mental and emotional exhaustion he has experienced. IMAGES © LIAM GILMAN ‘Seeing his swollen ankle at the end of the third day, I wasn’t sure we would be celebrating the 19th fi nish. He’s made of grit! So many people have been generous with their time in supporting him and we’re hugely grateful. He’s inspired us to get exercising and captured

Christian’s dedicated JustGiving page is at https://www.justgiving.com/fundraising/Christian- Varley-Msr and this page also provides a link to the routes for each of his 19 marathons. Alternatively donations to the Fund can be made at www.manxsolidarityfund.com/donate or via its JustGiving page at www.justgiving.com/manxsolidarityfund Call Michael on Call Sarah on 07624 07624 233423 481189 michaeljordan sarahashall @mannin-group.im @mannin-group.im

HEALTH AND SAFETY Mannin Print will support your printing needs during the Covid-19 outbreak and can help you prepare for the reopening of your premises with a range of products that will help you inform your customers and colleagues of the recommended guidelines.

WE OFFER A RANGE OF MANX THEMED FACE MASKS AND CAN ALSO SUPPLY THEM PERSONALISED WITH YOUR COMPANY LOGO Each mask is manufactured from 100 per cent polyester and is machine washable. All masks have been sterilised with an ozone treatment before packaging for added security. Contact [email protected] for an instant CUSTOMISED quotation All profits from the Face Masks will be donated to MASKS The Friends of Nobles Hospital