www.business365iom.co.uk | AUGUST 2020 ISSUE £100M RECOVERY UNEMPLOYMENT CELEBRITY CHEF FUND FALLS IN JUNE MASTER CLASS Treasury Minister Alfred Cannan has announced The number of people registered unemployed Guests of Standard Bank have been treated a £100m Economic Recovery Fund and unveiled was 400 in March, rising to 1,350 by the to a personalised dining experience in their measures to protect jobs, secure investment beginning of May. There are currently around own homes with a Michelin-star chef. Michel and enable growth as part of the Isle of Man’s 1,100 people registered as unemployed and Roux Jr gave a 90 minutes master class full of financial fightback from coronavirus. claiming Jobseeker’s Allowance. invaluable tips and tricks. THE ISLE OF MAN’S ONLY DEDICATED BUSINESS MAGAZINE NEWS | COMMENT | INSIGHT | PEOPLE | MOVEMENTS | FEATURES | TECHNOLOGY | HEALTH Connectivity To be the best you need the Secure and resilient data connections worldwide. right team supporting you Voice & Mobile Future proof your business Sure’s technical expertise is communications with business mobile plans and IP Voice just the start solutions. Managed Services Improve performance, eliminate Our combination of local knowledge, global expertise and downtime and lower costs. close collaboration with market-leading industry partners DC & Cloud ensures your business can benefit from the latest innovation Robust and secure offshore hosting via data centre and and technologies on island and throughout the world. cloud solutions. Contact our locally based team to find out more. Security Protect your data in a secure offshore environment with guaranteed data residency. Support business.sure.com Connectivity To be the best you need the Secure and resilient data connections worldwide. right team supporting you Voice & Mobile Future proof your business communications with business Sure’s technical expertise is mobile plans and IP Voice August just the start solutions. Managed Services Improve performance, eliminate downtime and lower costs. Our combination of local knowledge, global expertise and TREASURY’S £100M RECOVERY FUND close collaboration with market-leading industry partners 5 DC & Cloud ensures your business can benefit from the latest innovation Robust and secure offshore A comprehensive round-up of the latest business news BUDGET AT A GLANCE hosting via data centre and covering all sectors within the Isle of Man’s diverse and and technologies on island and throughout the world. cloud solutions. 7 dynamic business environment. Contact our locally based team to find out more. AGREEMENT SIGNED WITH GUERNSEY Security NATIONAL TRUST Protect your data in a secure 8 offshore environment with guaranteed data residency. Expert comment from leading figures within the WHY EUROPEAN EQUITIES COULD BE business community, on a variety of topical issues 9 COMING OUT OF LOCKDOWN across a range of sectors. ‘IT WAS THE FIRST TIME I’D FACED 12 A FINANCIAL CRISIS AND A HEALTH Looking at the people who keep the wheels of CRISIS AT THE SAME TIME’ - commerce turning on the Island; features, profiles, EXCLUSIVE B365 INTERVIEW WITH achievements and stories with a human dimension. WILL THORP - CEO STANDARD BANK OFFSHORE GROUP ISLE OF MAN’S INTERNET EXCHANGE Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within 13 GOES LIVE the business community. RECORD BREAKING FIRST HALF FOR TISE LifestyleHELPING YOU MAKE THE MOST OF WORK AND PLAY Lifestyle 18 Living a full and productive life is all about finding the right Support balance between work and play. Here at B365 we know C19: WHY LONG-TERM TECH the importance of both. Our new lifestyle section will 20 INVESTMENT PAYS OFF include regular topics covering travel, motoring, property, Living a full and productive life is all about fi nding the right balance between work and play. Here at B365 we know the importance of both. Our new lifestyle section covers topics including travel, motoring, property, health, sport and leisure. health and leisure. B365 – bringing a bit of balance into your life! 25 THE MANAGEMENT OF CHANGE 26 THE APPEAL OF SHARIAH INVESTING Exactly what it says on the tin – news snippets, forthcoming events and information from the business world. WORKING FROM HOME AND THE 41 PROPERTY MARKET 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. 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Getting the economy back on track The Treasury Minister’s emergency Budget is memorable not so much for the content of the package, but more for his bold reassurance that the Island is not going bust, and our finances are robust enough to withstand the seismic impact of the Coronavirus. t’s a good starting point from which to launch a dearly, and the legacy of that inaction is an improve our national infrastructure, and we will recovery, and something Boris and his cohorts economy still crippled by the effects of ongoing actively invest now to support the development Iacross the water would walk on hot coals for. restrictive measures to deal with the virus, which of new sectors of our economy. That said the Manx economy faces serious is still rampant in some parts of the country. We will plant the seeds now that will bear fruit in issues, not least how to get people back to work Then there’s Brexit. If the UK leaves without a 2021 and beyond.’ and earning real wages after the life support of deal, as now seems likely, there will be another He is absolutely right and the priority now is MERA is switched off. significant financial tremor for an economy that’s to hit the ground running and launch these At the heart of Mr Cannan’s recovery strategy running on empty. campaigns without delay. is a £100 million Economic Recovery Fund. The Now nobody should take pleasure in benefiting Even taking into account the massive hit from hope is that the sum required will be much less, from the tribulations of others, but the reality is the pandemic the Isle of Man still has strong but that’s how much the government is prepared that the Isle of Man could, if it plays it cards right, reserves. Getting us out of difficult situations to spend to get the Island back on course for reap rewards from the fact that it’s own largely and supporting the needs of the people and prosperity. successful anti-Covid strategy makes the Island the economy is what they are for. When the Our primary obstacle to growth is our nearest an attractive place to be - from both a lifestyle time is right we can look to build them further, neighbour. The UK, our biggest trading partner, and a business perspective - a point not lost on but for the immediate future stashing cash in is in a mess. Unthinkable sums of money have the Treasury Minister, who stated: ‘We will look to the national piggy bank - a policy that’s been already been ploughed into various support capitalise on the opportunities our response to something of an obsession for previous Manx schemes, and hopes for a rapid V shaped the pandemic has given us – through enhanced administrations - is not on the agenda. Using recovery, seem to have evaporated. Failure marketing of the Island as a great place to live what we have to get the economy back on track, to act decisively with measures to contain the for entrepreneurs and business leaders. We will supported by prudent borrowing is the number Coronavirus early on have cost the country look to accelerate initiatives already underway to one priority. 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. £100M ECONOMIC RECOVERY FUND TO HELP ISLE OF MAN’S FIGHTBACK FROM CORONAVIRUS PANDEMIC Treasury Minister Alfred Cannan MHK has announced a £100m Economic Recovery Fund and unveiled measures to protect jobs, secure investment and enable growth as part of the Isle of Man’s fi nancial fi ghtback from coronavirus.