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FREE Please take a copy IN FEBRUARY S EDITION Are you a local mastermind Test yourself on page 52 o Read online at www.bailiwickexpress.com Jersey s business magazine i Why de gruchy are investing millions in the high street We ve got mob rule on the Waterfront Retail Comment What s the future for finance Geoff COOK Duncan Stuart Director PEOPLE YOU We ve been dynamically growing over the past 40 years so we can offer you experience you can trust combined with the innovation of our team delivering a fresh and energetic approach. CAN COUNT ON 01534 785200 accounts rosscot.com www.rosscot.com Thomas Edge House Tunnell Street St. Helier Jersey JE2 4LU Rosscot Secretaries Limited is regulated by the Jersey Financial Services Commission Accounts Preparation Management Accounts Audit & Assurance Taxation Services Bookkeeping & Administrative Services Payroll services Business Start-Up Advice Company Secretarial Services Accounting Software Installation & Support Outsourced Accountancy Support Business Valuation Forensic Accounting o Editor James Filleul Welcome FURTHER INFORMATION PUBLISHERS If you would like to appear in Connect have a story to tell or simply want to receive a copy then please get in touch with the publishers Bailiwick Publishing (LCI) Fox Building Second Floor Suite La Rue des Pres St. Saviour JE1 3UP Telephone 01534 887740 CONNECT ONLINE For the latest news and classifieds straight to your inbox visit www.bailiwickexpress.com and subscribe to our daily news service. EDITOR James Filleul editor bailiwickexpress.com WRITERS Ben Qu r e ben bailiwickexpress.com Gwyn Garfield Bennett gwyn bailiwickexpress.com Paula Thelwell paula bailiwickexpress.com ADVERTISING Mark Ferns Telephone 01534 510309 markferns bailiwickexpress.com SUBSCRIPTIONS info bailiwickexpress.com DESIGN AND PRODUCTION Mark Jackson mark bailiwickexpress.com Artwork under 10Mb in size may be sent to this address. EDITION34 GET IN TOUCH... If you ve got a travel question you would like to put to James please email editor bailiwickexpress.com I have a big issue with green shoots . I ll make a bet with you outside of the garden centre you ll probably find those words slipping smoothly out of the mouth of a politician they are there to make you think that the calm thorough and insightful work that he she has been doing is cultivating the right conditions for a new golden bloom of economic prosperity and with careful husbandry wisdom and patience all will be well. So don t worry you re in safe hands Right. Well no actually. What you ve just read is actually the stuff which should be spread on the roses instead. Thickly. It s always worth looking at the actual language people are using to persuade you of something like military strikes are usually surgical to make you think they are precise executed on the basis of years of training and professional experiences and well...a bit painful but basically the right thing to do. Or closer to home the fact that the States are paying more attention to very young children s development is announced with the creation of a taskforce - really Like the one which recovered the Falklands for British rule maybe So borrowing the language of medicine the military or in the case of green shoots gardening is done to paint pictures in our mind to lend weight to whichever point of view is on sale with green shoots it suggests that better times are on the way and very soon we will be enjoying the full flowering of recovery. Except it looks like it s actually going to be a bit more stop start than that and to push the gardening metaphor well beyond its sensible limits there are numerous pests or variable environmental conditions which may get in the way. The optimism of the end of 2014 has actually grown into a more cautious outlook in 2015 and that s going to be the way it rolls not a steady growth to economic nirvana but a frequent dash back into the shed to find something else which will get those pesky green shoots moving again. With that disheveled weary but still on its feet ready for another round metaphor firmly in mind let me introduce our lead feature on page 22 our Chief Executive (Landscape Gardening Services) is Geoff Cook and in this edition he sets out what needs to be done to protect our premium crop (financial services) from the various pests bugs and poor conditions which it might encounter in 2015. Connect nourishment not fertiliser. 01 Please recycle this magazine. Like Bailiwick Express connectjersey www.bailiwickexpress.com jsy CONNECT February 2015 Contents Biz Quiz Copyright Bailiwick Publishing LCI. All rights reserved. Reproduction in whole or in part without written permission is strictly prohibited. Views expressed by our contributors are their own. Editorial opinions expressed in this magazine are not necessarily those of Bailiwick Publishing. Bailiwick Publishing does not accept responsibility for the advertising content. While every effort is made to achieve total accuracy Bailiwick Publishing cannot be held responsible for any errors or omissions. UNPLUGGED 52 REGULARS LOC AL NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05 LEGAL MAT TERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 TR ADING PL ACES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 LINKEDTO Sean 0 Flaherty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 TR AVEL Fred Eulenkamp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 BUSINESS ADVISER John Shenton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 UNPLUGGED John Marquis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 VIEWPOINT KPMG Barclays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 WHO S THE FOOL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 ISPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 GL A SS HALF FULL Rachel Hayden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 HERE S THE THING... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 DEADLY DIARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 THE ADVISER Olaf Blakeley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 02 February 2015 www.bailiwickexpress.com jsy CONNECT 42 FEATURES THE BIZ QUIZ The front cover of this edition shows the Chief Executive of Jersey Finance Geoff Cook answering questions on his specialist subject our financial services industry. But we didn t think it was fair to leave Geoff as the only person in the hot seat this month. And so to share the love here is the (soon to be famous) Connect Biz Quiz. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE 52 Special Report So will 2015 be a long straight road leading to more of the same or is there a surprise waiting around the next turn To find out we put the current industry mastermind Chief Executive of Jersey Finance Geoff Cook into Connect s big black leather chair and set him five key questions on his specialist subject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE 22 You can read this magazine plus the latest local UK and business new online with Special Report 22 06 30 48 59 10 www.bailiwickexpress.com jsy CONNECT February 2015 03 You ve taken the gym out of gym Experience the difference that has swept our members off their feet. Membership closes early 2015. Our story starts with you. To book your free consultation call 614800 www.healthhaus.co.uk NEWS Marketing awards go Pan-island The Chartered Institute of Marketing annual awards will be presented in March and for the first time the competition is open to Channel Islands-based marketers and organisations. Previously only available for Jersey entrants the 2015 Channel Islands Marketing Awards will celebrate excellence in marketing across all the bailiwicks. Steve Cartwright Chairman of the Channel Islands CIM Branch said Our focus this year is to reflect the rapidly changing environment that marketers face requiring ever-greater levels of innovation and creativity areas in which we feel many local firms excel. By widening the net for the first time we expect to see even more iconic and ingenious work being showcased this year at our Channel Islands Marketing Oscars . Entries are now open and a brand new online entry portal will enable submissions to be made swiftly and conveniently through to the closing date on 20 February. Further details of the awards including an exciting new venue for the ceremony will be announced on the CIM website cimjersey. com. In another first for this year s event the Chartered Institute of Public Relations Channel Islands Group will be partnering with the CIM Channel Islands branch specifically to support the Best Use of PR award and provide one of the three judges on the panel. Major investment in Jersey s high street Retail giant Next is planning on opening one of its biggest stores in St Helier. The company will relocate from its existing site in Queen Street if de Gruchy gets the green light from Planning for a 15 million makeover of its property in New Street. de Gruchy s Managing Director Neville Moore said it was an exciting time for the store that was founded in 1810 and today employs more than 200 people. Next plans to create 37 000 square feet of retail space and once open in the spring of 2017 plans to sell its range of furniture in the Island. A Next Spokesperson said This is a fantastic building for us to move into. Larger spaces like this are hard to find in the area and this will lead to a wider variety of products coming to St Helier and Jersey. The extra space will also lead to new jobs however its too early to say exactly how many. Town Centre Manager Daphne East said it was excellent news to see this kind of investment in the retail area. When the rest of the UK is still seeing a decline in investment and this kind of project on the high street it is heartening to know that Jersey and St Helier in particular can still attract development on this scale. It is also exciting to see a company that has traded for the last 200 years making this kind of commitment to the future of retail in Jersey. See page 42 for a full interview on de Gruchy s plans. www.bailiwickexpress.com jsy CONNECT February 2015 05 NEWS Mine s a pint - and 19 pubs please barman The Liberation Group has taken over a UK pub chain which runs 19 public houses across the West Country. The acquisition of Butcombe Brewery means the Liberation Group formed in 2008 after a management buyout of the pub and hospitality business run by Sandpiper now has more than 750 staff and 94 pubs bars and eateries in the Channel Islands and the UK. The deal also means that Chief Executive Mark Crowther said This marks the start of the exciting next chapter for Liberation and Butcombe both of whom share the same passion for quality beers and great pubs. The enlarged group provides the perfect bridgehead platform for further future growth in the UK market. We are really looking forward to welcoming the Butcombe team into the Liberation Group. Butcombe beers from their brewery outside of Wrighton near Bristol will be on sale here - and there will be a new market for Jersey s Liberation Ale range in the UK. 1 five reasons according to deadly diary things are better than you think... Money. Not your money silly. Everyone else s. What they re doing with it is picking it up bringing it over here and spending it. Not in the old-fashioned way by coming over for a holiday and spending a few quid here and there but by lashing out squillions of spondoolies on building stuff. In the last few weeks we ve seen Alliance s plans for a huge new supermarket selling Tesco stuff approved we ve seen the green light for a Premier Inn hotel and now de Gruchy s are planning a major expansion partly to host a top UK retailer. That s a big sign of confidence from some big companies who know what s what. TAKE FIVE 2 3 4 5 You ve just been reminded about Valentine s Day. See How brilliant is that DD is actually literally helping you with your life. Having been duly reminded you re not going to a) forget or b) leave it until the last minute and mess it all up. No it s fine you re entirely welcome. Oh alright send us some booze. The big hat-trick. We re on the verge of perhaps the greatest hat-trick since Sir Jimmy Floyd Hasselbaink tore up Tottenham Hotspur back in March 2002 oh go on YouTube it we ve managed two glorious long hot summers on the bounce. Could Jersey make it three-in-a-row You betcha we can do it. We ve only got an Island Games here as well on recent form the summer of 2015 looks set to be an absolute beauty. Crime. Succinctly we don t got none. Overall recorded crime has dropped by half in ten years with successive falls of 3% 17% 4% and 13%. That s a substantial achievement by Police Chief Mike Bowron and the boys and girls in blue. Crime in Jersey is now down to its lowest recorded levels but the force is going further and making a huge high-profile campaign against domestic violence. This affects your life in a massive and real way there were around 4 806 recorded crimes in 2008 compared to 3 172 in 2013 that s around 1 700 fewer crimes and fewer victims of crime. Looking ahead. The future s uncertain and the end is always near crooned old Jim Morrison back in 1970. True enough for him he was dead the following year. But for us there s less reason to be quite so gloomy. The reason Why our beloved political leaders of course For all that you could fairly throw at them it s a simple truth that Want more read deadly diary on page 62 06 they re considering the implications of the future and acting now. On public sector pension debt on the long-term care charge and on consideration of the old-age pension pot there is at least some focus on the problems to come. Blimey. DD might have to go and have a sit down after that. February 2015 www.bailiwickexpress.com jsy CONNECT www.aurumjewellers.co.uk 2 Charing Cross St Helier Jersey JE2 3RP NEWS Jersey s first reMote gaMbling oPerator s licence issued across the globe. The licence allows Twelve40 to base its systems in Jersey and licence its software to customers around the world. Jason Lane Chief Executive of the Jersey Gambling Commission said The change in the licensing system in the UK has seen renewed interest in Jersey as a venue for online gambling and we are delighted to have been able to grant this licence to Twelve40. Twelve40 Director Steve Hickson said We are delighted to be able to operate our platform from Jersey. The licencing procedure here and the due diligence carried out during that process along with the ongoing requirements for compliance are modelled upon and extremely similar to those top-tier countries around the world that carry gambling regulations. So we are confident that our product will be well received on the global stage. Jersey-based Twelve40 Limited is the first operator to be granted a remote gambling operator s Licence by the Jersey Gambling Commission. The company is a software platform provider to small and medium sized lotteries Helping business leaders think digital A challenge for local business leaders to help them benefit from the digital revolution takes place this month. The White Collar Coding Challenge consists of a team of five participants who during the course of one day will learn how to build a web app style it and then upload it for the world to see. There will be a maximum of ten people per day. The challenge has been devised by CodexDLD co-founded by former Le Rocquier head and IoD Awards winner Richard Rolfe and Jordan Love an EU codeweek ambassador. Together they train unemployed people business leaders and members of the public helping them to take advantage of opportunities in the digital sector. Their aim is to prove that anyone irrespective of age and 08 background can learn to write computer code. Mr Rolfe said We re not expecting people to start becoming coding wizards what we are aiming to do is give business leaders the confidence to make informed strategic decisions about how technology is used in their company and help them understand the business opportunities open to them in the digital economy. The first White Collar Coding training will take place in February with more dates available in March and April. For further information visit www.whitecollarcoding.com February 2015 www.bailiwickexpress.com jsy CONNECT NEWS co-oP axes 52 Jobs The Channel Islands Co-operative Society has confirmed that 33 jobs will go in Jersey and 19 in Guernsey with the closure of its local warehousing operation in June. And another eight jobs could go with the closure of the Total Sport store although the Co-op is looking to sell it as a going concern. Society chairman Ben Shenton said that all of those who wanted to stay with the company would be offered alternative employment and that they regretted having to make the decision. He said It s been an extremely difficult decision to make but on a more positive note the Society has made a commitment to offer all affected colleagues that wish to continue their careers with the Society new positions in other parts of our business. We do fully recognise our obligation to those colleagues who are affected and as other parts of our business are growing we are confident that we can find them all alternative positions. The Society operates in a fast moving constantly evolving industry and we have no option but to run our business efficiently and take advantage of new opportunities to improve our operation whilst adapting to meet challenges that lie ahead. Financial crimes specialist links crime with global financial services global banking system Jersey resident Stephen Platt a leading expert in financial crime prevention has published a hard-hitting book examining the role played by the global financial services industry in international crime. is inextricably linked to crime and its author cites numerous examples involving terrorist financing drug trafficking political corruption sanction busting and tax evasion. Mr Platt has drawn on his career in financial crime prevention to expose the vulnerabilities of the financial services sector. He says that flawed methodologies are being applied in the detection and prevention of crime and that until fixed criminal abuse of financial services will continue to outrun its pursuers. While recognising that many financial institutions operating worldwide are committed to the prevention of illegal activity and not to its facilitation he argues that there is much to be gained Entitled Criminal Capital How the Finance Industry Facilitates Crime the book is attracting media attention in both Britain and the United States where he lectures. The book presents arguments that the economically and socially from a reformed financial industry that better balances risk and reward. 10 February 2015 www.bailiwickexpress.com jsy CONNECT Investment Outcome Preparing them for the World United Kingdom N51 31 45 W0 7 38 Where will your investments take you Your world isn t confined to a single set of geographic coordinates. Neither should your investments be. Our experts have access to investment ideas around the globe wherever they happen to be. Contact us to learn about the wealth management services we offer. 44 (0)1534 708090 canaccordgenuity.com Investments can fall in value and you might get back less than you invested. To us there are no foreign markets.TM Canaccord Genuity Wealth Management is a trading name of Canaccord Genuity Wealth (International) Limited ( CGWI ) which is licensed and regulated by the Guernsey Financial Services Commission the Isle of Man Financial Supervision Commission and the Jersey Financial Services Commission and is a member of the London Stock Exchange and the Channel Islands Securities Exchange. CGWI is registered in Guernsey no. 22761 and is a wholly owned subsidiary of Canaccord Genuity Group Inc. Registered office 2 Grange Place The Grange St. Peter Port Guernsey GY1 2QA. NEWS Teenager engineers global competition A Jersey teenager hopes to get her female peers designing in a bid to get more of them interested in a career in engineering. WHAT HAVE YOU BEEN READING a Quick look at the big stories in the last month on bailiWick eXpress Tributes pour in for Gentle Giant Blaize JCG student Rachel Hayden (17) has launched a competition challenging girls aged 13 to 18 to come up with a design for a sports venue that will transform Fort Regent. The sixth form student who is considering a career in civil engineering said Engineering is an industry that is really underrepresented by women and this will give them an insight into the career. It s not a subject we can study at school but they can apply the skills they already have. Engineering combines your creativeness and your ability to be mathematical and logical. Ms Hayden is running the competition entitled Building the Future Shaping our World through the International Women s Academy. It s open to individuals or teams of up to four and there are four tickets to the opening ceremony of the Jersey Island Games 2015 up for grabs. The winners will also get to present their design to the States Assembly and Rachel hopes it will help sway politicians in deciding what will happen to the site. She said I felt that running a female engineering competition not just locally but globally would be a fun and exciting way to promote the engineering industry to women around the world. You can read more about Rachel in this month s Glass Half Full on page 59. A gentle giant with an even bigger heart that s how a young man who died the day after his 20th birthday has been described. www.bailiwickexpress.com jsy news tributes-pour-blaze Sudden death of much-loved vet Tributes have been paid to a much-loved family vet who died suddenly earlier this week. www.bailiwickexpress.com jsy news sudden-death-much-loved-vet Sacked 69 000 incinerator manager bunked off to go swimming A senior project manager at the incinerator was sacked for gross misconduct after being caught falsifying his time sheet to cover up the fact that he was going swimming at lunch time. http www.bailiwickexpress.com jsy news sacked-69000-statesincinerator-manager-who-bunkedwork-go-swimming get this latest neWs & classifieds straight to your inboX Every day we send our top stories directly to the inbox of each of our subscribers that database includes a diverse readership or thousands from senior professionals looking for business news to house hunters in the property market. Our current email services are DAILY NEWS EMAIL Goes out everyday to our largest database keeping them up-to-date with our top stories. WEEKLY RECRUITMENT EMAIL Getting the right staff is key to all local businesses and our Wednesday e-mail is just what they are looking for. WEEKLY PROPERTY EMAIL Targeted at our readers looking specifically for property. Published every Friday it catalogues open viewings over the coming weekend so property-hunters can plan their itinerary. WEEKLY MOTORING EMAIL Goes out every Tuesday to everyone looking for a new set of wheels. Our weekly e-mail makes sure they know the latest deals and are up-to-date with what s on offer. GUERNSEY BUSINESS NEWS EMAIL Goes out everyday to a Guernsey database keeping them up-to-date with our Guernsey business news stories. 12 February 2015 www.bailiwickexpress.com jsy CONNECT Fancy eating out tonight www.bailiwickexpress.com bestcheck Just the stuff you really need to know Sign up and get the latest Jersey news straight to your inbox NEWS News RE view Nominations open for 2015 IoD Awards The Jersey branch of the Institute of Directors has launched its sixth annual search to find the top business leaders in Jersey s private public and voluntary sectors. The winners are automatically put forward for the national awards. Four previous local winners - Richard Rolfe in 2011 Eliot Lincoln in 2012 Eamonn Elliott in 2013 and John McGuinness in 2014 - went on to win their categories in the national finals. There are seven categories for 2015 including a new award that will recognise the best performer on the chartered director course DirectoroftheYearfor aSmallOrganisation (lessthantenemployees) DirectoroftheYearfor aMediumOrganisation (11-100employees) DirectoroftheYearfor aLargeOrganisation (100 employees) YoungDirectorofthe Year Public ThirdSector DirectoroftheYear GlobalDirectorofthe Year CharteredDirector oftheYear Wendy Dorman IoD Jersey branch Chairman said The Jersey Director of the Year Awards have really established themselves as a key fixture in the business calendar. I am delighted to 14 welcome on board AirtelVodafone as a new sponsor for 2015 and would also like to thank Appleby who have supported the awards since their inception. The awards are all about recognising and celebrating the skill and leadership needed to steer local organisations of all types to success and I would strongly encourage people to take a few minutes to visit our website and nominate someone they know has made a real difference through their ability dedication and hard work. The 2015 awards take place at the Hotel de France on Friday 24 April Nominations can be made online via the IoD s new website at www.iod.je and are open until Friday 13 February. CCTV monitoring. Group Operations Director for Ports of Jersey Stephen Driscoll said The safety of our passengers staff equipment and facilities are of the upmost importance to the organisation which is why it is essential we appointed a professional company with the appropriate skills to look after our interests. We are pleased with the appointment of G4S Jersey and JBS following a rigorous tender process and we look forward to working closely with them in the future. finish at the last games in Bermuda with Jo Gorrod and Sam Lee both also strong medal prospects. Going Dutch Direct flights from Jersey to Rotterdam and Amsterdam are likely to be back this year according to the Airport boss. Doug Bannister the Chief Executive of the Ports of Jersey said that he expects developments this year after last year saw a 3% rise in the number of passengers coming through the ports. And he added that new continental flights which could replace some of the direct flights lost by the decision by Blue Islands to run European flights through London City instead of direct from Jersey could be coming. He said We can reflect on a decent year in terms of passengers through both the ports they were up about 3%. A lot of that was driven by Condor through the maritime links and also on the air links with our London market which is our biggest market. We are alert to the Blue Islands changes they are changing their continental routes and transferring that product to a codeshare system with CityJet through London City and we want to work with them to make sure that s as attractive to them as it can be. We are also looking at expanding more direct continental coverage and that could include Sponsorship deal for triathlon team First Actuary is to sponsor the Jersey Triathlon Club s team for the 2015 NatWest Island Games. Managing director of First Actuary David Holmes said First Actuary is delighted to continue our support of Jersey s Island Games triathlon team which started with the games in Bermuda two years ago. The men s team includes a mixture of youth and experience with 2006 Commonwealth Games triathlete Tim Rogers alongside professional ironman triathlete and 2013 Commonwealth Games athlete Dan Halksworth and 19-year-old Demri Mitchell who is representing the Island for the first time. Meanwhile a strong Jersey ladies team is led by Jenny O Brien who is hoping to improve on her fourth place Security contracts continue Ports of Jersey has renewed the 2.8 million annual contract with G4 Security Jersey to undertake aviation and maritime security at the harbours and Airport. The local company was one of seven suppliers shortlisted from 27 applications from Island and UK suppliers. However security for the public areas around St Helier Harbour will continue to be carried out by local provider Jersey Security Bureau which was awarded a threeyear contract to undertake security in and around the three marinas emergency responses to incidents and February 2015 www.bailiwickexpress.com jsy CONNECT NEWS Email us on editor bailiwickexpress.com Got News Rotterdam and Amsterdam and there s a Zurich charter service coming in the summer. the accolades from two high profile tour operators. To receive two awards and be recognised by some of the top travel suppliers in the United Kingdom is testament to the hard work and dedication of our Travelmaker colleagues and we are very proud to receive these awards. Our team always strives to supply our customers and members with the best value travel arrangements possible he said. Travelmaker scoops two national awards Channel Islands Cooperative Society s Travelmaker has taken the top prize at two national tour operators awards for its high level of customer service. It was named the Travelsphere Travel Agent of the Year at the All Leisure Group awards held recently in Scotland and has also been named Travel 2 s Top Tailor-made Agent. Darren Davison Travel Manager at Travelmaker said the Jersey and Guernsey teams were delighted with were 1 440 people out of work but the seasonallyadjusted figure that irons out ups and downs throughout the year shows the lowest total since September 2011. The last formal count according to international rules was made by the Jersey Annual Social Survey last June it recorded that there were around 2 800 people who were out of work and looking for a job. The Island s unemployment rate of 4.6% compares to 7.2% in the UK 1.1% in Guernsey and a rate of 10.8% in France. work on the new six-unit air cargo centre which is due for completion in early summer 2015. An adjacent two-storey building will also be constructed comprising of offices and workshops which will accommodate Jersey Airport s engineering unit and is due for completion in August. Once work is complete work can begin in demolishing the existing air cargo centre will be demolished to make way for a new corporate aviation facility to be built by private jet management company Hangar8. An overall budget of 7 million has been allocated from Ports of Jersey Trading Fund for the construction of the new air cargo centre and engineering unit. Costs for the construction of the new corporate aviation facility will be paid for by Hangar8. Unemployment hits new low The number of people out of work in the Island is at its lowest for more than three years. The latest figures measuring people registered as unemployed show that at the end of the year there Work begins on new Airport cargo centre (PICTURED) Local contractor Hacquoil & Cook Ltd has started www.bailiwickexpress.com jsy CONNECT February 2015 15 LEGAL NEWS Legal Matters Law firm advises on 185 million joint venture Mourant Ozannes has advised Hermes on the sale of 50 per cent of the development phase of Wellington Place in Leeds to Canada Pension Plan Investment Board. Hermes and Canada Pension Plan Investment Board (CPPIB) have formed a new UK regional joint venture. The partnership involves Hermes selling half of the development phase of Wellington Place in Leeds to CPPIB and Hermes and CPPIB committing to fund a total gross development value in excess of 185 million on a 50 50 basis. The Mourant Ozannes team was led by partner James Hill assisted by senior associate Iain Millar and associate Daniel Richardson. Mourant Ozannes provided Jersey law advice on all aspects of the joint venture. Mr Hill said We have a long standing relationship with Hermes and it has been pleasing to assist them with this Junior laWyer of the year 2015 Advocate Simon Hurry a senior associate at Collas Crill has been named junior lawyer of the year by the Jersey Law Society. The award is made each year by the society s committee to recognise excellence among members who have been qualified for less than three years. The President of The Law Society of Jersey Advocate Jonathan Speck said it was important for the profession to encourage and support its junior members of our profession and to recognise those who stand out. While Simon Hurry only qualified in 2014 as a Jersey Advocate he has already made a material and substantive contribution to both his firm and the profession particularly in the field of dispute resolution acting with skill and professionalism in a range of regulatory trust employment and property matters he said. Nicholas Le Quesne associate and English solicitor in the family law department at Hanson Renouf received the annual Jersey prize for obtaining top marks in the Jersey Legal System and Constitutional Law paper in the 2014 Jersey Law examinations. Advocate Barbara Corbett Partner and Head of Family Law at Hanson Renouf said We at Hanson Renouf are all very proud of Nick s achievement in his exams and are pleased that all his hard work has paid off. The Jersey Law exams are some of the most difficult lawyers have to pass and the Jersey Legal System and Constitutional Law module is especially tricky but is the foundation of Jersey law. Nick certainly has a bright future ahead of him. high profile joint venture. Berwin Leighton Paisner LLP acted as main legal adviser to Hermes Real Estate and Herbert Smith LLP acted as the main legal adviser to CPPIB. Ogier advises on diversified portfolio deal Ogier in Jersey has acted for Moorfield Real Estate Fund - and Moorfield Real Estate Fund II - in connection with the exchange of contracts to sell a diversified real estate investment portfolio to Lone Star Real Estate Fund III. The 1 billion portfolio comprises retail and offices and hotels residential and student accommodation. Ogier Partner Katrina Edge said 16 We were delighted to once again assist Moorfield on such a significant transaction which is likely to be one of the largest real estate transactions of the year. The Ogier team consisted of Ms Edge Matthew Gilley Christian Lawler Michael Robinson and Jennifer Cox. English legal advisers were Herbert Smith Freehills LLP for Moorfield Group and Allen & Overy LLP for Lone Star. February 2015 www.bailiwickexpress.com jsy CONNECT Question What s the best business to business platform in Jersey (show working out) Answer High footfall areas x 6 000 print Delivered to 7oo key locations (inc. airports hotels etc) 10 magazine stands x 155 000 1 000 mailed direct to business leaders Online at www.bailiwickexpress.c om x 6 000 social media audience (2 000 business tweets) 2014 8 000 e-publisher edition readers 1 000 Guernsey business email subscribers 14 000 readers 7 000 Jersey daily news email subscribers (read online worldwide) CONNECT How business should be done If you d like to advertise in CONNECT magazine please contact Mark Ferns on 01534 510309 or email markferns bailiwickexpress.com 34 510309 4 510309 030 0309 30 309 APPOINTMENTS Trading places Four corporate lawyers promoted at Carey Olsen Carey Olsen has promoted four lawyers bringing the number of senior associates in its Channel Islands corporate team to 29. The news senior associates are Rose Clements Emma German and David Taylor in the Jersey office and John Scanlan in Guernsey. Advocate German advises local and international financial institutions and private clients on Jersey corporate and finance law and in particular Jersey investment holding structures. Ms Clements has acted on a range of banking real estate finance corporate finance and structured finance matters. She also specialises in advising financial institutions and corporate borrowers. Mr Taylor advises corporates institutions and private equity sponsors and funds on a range of international and domestic acquisitions disposals restructurings and general corporate and commercial transactions. Mr Scanlan advises corporates institutions and private equity sponsors and funds on the structuring and restructuring of local and international acquisitions and disposals of funds and other regulated entities. Michael Goulborn Joins carey olsen s litigation practice Two new faces at Viberts experience dealing with a variety of family law cases large personal injury matters historic abuse cases and criminal cases at Davies and Ingram and Le Gallais and Luce. He will specialise in family cases. Managing Partner Advocate Zoe Blomfield said We are excited to welcome Craig and Jamie who are excellent additions to the team. Craig brings a wealth of global finance and business management expertise which will assist the firm s growth targets and Jamie has substantial legal experience and will add further depth to the largest family law team in the Island. T rust lawyer Advocate Michael Goulborn has joined Carey Olsen s litigation team as of counsel in the firm s Jersey office. Advocate Goulborn has particular expertise in contentious and noncontentious trust matters both in Jersey and internationally. He is listed by Citywealth Leaders and is a member of the Association of Contentious Trust and Probate Specialists. After a successful career in the Royal Air Force Mr Goulborn read law at Cambridge University and qualified as a solicitor (England and Wales) in 1992. He was admitted as an Advocate of the Royal Court of Jersey in 2004 and is also qualified as a Jersey notary public. Carey Olsen head of litigation in Jersey Advocate John Kelleher said Michael adds an extra facet to our expertise in contentious and noncontentious trust litigation which continues to be an active area of business for the firm. A chartered accountant and an Advocate have joined law firm Viberts. Craig Grant who was previously the Group Financial Controller at CPA Global for 12 years has been appointed Practice Director to oversee management of the firm as well as its business development. Viberts is also pleased to welcome Advocate Jamie Orchard to the family law department. Advocate Orchard graduated with a 2 1 in Law from Exeter University in 2008 and achieved a distinction at the University of Law in Guildford the following year. He has significant 20 February 2015 www.bailiwickexpress.com jsy CONNECT APPOINTMENTS Visit www.bailiwickexpress.com for all the latest business news or subscribe to get the latest news straight to your inbox Looking for more Business News New senior management leadership team at RBS RBS International has created a new senior management structure for its operations in the Channel Islands Isle of Man and Gibraltar. Led by Adrian Gill Chief Executive Officer RBS International the business heads are Stephen Reilly Managing Director of Corporate and Markets and Steve Camm MD of Retail and International Personal Banking and Coutts Crown Dependencies. The team also includes Finance Director Lynn Cleary Compliance Director Tim Smith Head of Legal Chris Nicol and HR Director Steve Scott - who all continue in their longstanding roles. Mr Gill said The creation of this new structure and team are central to the streamlining of RBS International consistent with the changes across the wider RBS group designed to serve our customers well and position the business well for the future. The combined experience of the team and their knowledge of the offshore markets is immense and along with their proven leadership qualities will provide a solid platform to maintain the recent strong performance and steer the growth of the business in the years to come. New Group Finance Officer at JTC Moore appoints non-executive director Independent corporate fund and private client services provider JTC has appointed Martin Fotheringham as new Group Chief Financial Officer. Nigel Le Quesne CEO and Chairman of JTC Group said I am delighted to welcome Martin to our team as we maintain a focus on our strategic expansion. His experience in overseeing organic growth acquisitions and building alliances will be crucial in this respect. Mr Fotheringham who will be based in the Jersey office is a CA qualified accountant and highly-experienced CFO having held positions in private equity-backed businesses during his career including Moody International PwC and Deloitte. Mr Fotheringham said In JTC I am delighted to be joining such an ambitious firm which last year recorded its 27th consecutive year of growth saw the value of assets it administers grow to more than 25 billion across its three core divisions and expanded its global footprint to have a presence in 17 jurisdictions. 21 Moore a First Names Group company has appointed Joanna Dentskevich as a non-executive director. Ms Dentskevich has over 25 years investment banking and finance experience with extensive market product and technical skills from working internationally in leading global banks hedge funds and the offshore funds and trust industry in London Tokyo Singapore and Sydney. Jon Trigg Head of European Fund Services for Moore said they were delighted that Joanna has joined the board to support the company s ambitious growth strategy across products and jurisdictions. She has significant experience in all aspect of risk management derivatives and valuation as well as in depth knowledge of fund formation and regulation. Joanna s experience will be invaluable as we continue to build out our private equity real estate structured products and open-ended product offerings he said. Prior to joining Moore Ms Dentskevich was a risk director in global organisations such as Morgan Stanley where she headed the global customer valuation group and Deutsche Bank where she established the exposure management departments in Tokyo and Sydney. www.bailiwickexpress.com jsy CONNECT February 2015 M asterminding the future BIO name geoff cook occupation chief eXecutive Jersey finance specialist subect the future it Would be silly to say that 2015 is a big year for Jersey s finance industry because frankly they re all big years given its importance to our economy. but continued consolidation a marketing effort targeting other markets turmoil in europe the threat of economic trouble in russia and the prospect of a uk election all make this year stand out. Even a cursory glance at the figures in the panel accompanying this article show that the last five years have been tough ones for financial services. Put simply costs have increased (mainly through regulation) while business levels have fallen making the industry relatively less profitable albeit still in a healthy state. So will 2015 be a long straight road leading to more of the same or is there a surprise waiting around the next turn To find out we put the current industry mastermind Chief Executive of Jersey Finance Geoff Cook into Connect s big black leather chair and set him five key questions on his specialist subject risks of action by international bodies on the basis that we are not up to the required standard of performance. A number of jurisdictions are at risk. I do not think that we are because this is one of the best jurisdictions in the world we comply with international legislation and we apply it and our government works very hard at communicating that we are doing that to key officials and organisations such as the OECD IMF and the World Bank. I think that we are much much further on than we were even two years ago but certainly five years ago. What about the uk election hoW likely is that to focus attention on the island as the various parties find their Way to the subJect of Jersey All parties will do that but while there will be a lot of heat perhaps there won t be as much light as we would like. You need a basis for taking action and if the party you are targeting and opposed What keeps you aWake at night What are the main risks for Jersey We do not have I don t think the significant 22 February 2015 www.bailiwickexpress.com jsy CONNECT SPECIAL REPORT 2 words Ben Qu r e A PICTURES Gary Grimshaw SPECIAL REPORT to is performing to a higher standard than Britain itself then it is hugely difficult to form a basis to justify action. If you look at the IMF reviews and things like the G20 common reporting standard there s a whole dialogue about beneficial ownership which is just a way of saying who really knows whose money we re talking about. We have been recording that since 1998 here. When you book a piece of business here you have to say who the real owner is. In many jurisdictions you do not have to do that and that includes Britain. If you are a corporate here you have to give the register beneficial ownership information at the point of incorporation and Britain does not do that in fact most countries do not do that. The thing that does worry me is a more generic global problem about absolute levels of business booked and our cut of that business within it. The other thing that does concern me is that many institutions are reassessing their risk aptitude and the reason that they are doing that is the US in particular has been very strong in addressing what they see as a regulatory shortfall and that has resulted in significant fines and deferred prosecution agreements. That has nothing to do with Jersey however we have blue chip banks here and parts of much larger banking groups the US has taken some fairly stringent action some would say lacking proportionality and balance and they are reappraising their business not just in the US but globally and as most transactions are conducted in the dollar that has an impact on everyone. www.bailiwickexpress.com jsy CONNECT February 2015 23 b the thing that does Worry me is a more levels of business booked and our cut of that business Within it. generic global problem about absolute Jersey s finance industry since the crash... Total net profit of finance industry 2008 1 520 000 000 2013 1 180 000 000 Mean net profit per FTE employee 2008 123 000 2013 101 000 Total expenditure on employment 2008 700 000 000 2013 720 000 000 Mean employment costs per FTE employee 2008 56 000 2013 62 000 Size of the Island s economy (GVA) 2008 4 310 000 000 2013 3 690 000 000 Size of the finance industry (GVA) 2008 2 285 000 000 2013 1 548 000 000 SPECIAL REPORT b the Jtc have hoovered up a number of small companies but their strategy is a groWth strategy. they are building capacity and scale and they are groWing. it doesn t mean less employment or capacity it means that We concentrate on feWer but larger firms. and that s about the costs of compliance - the minimum that you need to run a business noW is much higher than it used to be so you need a bigger business on top to Justify the costs. i am sure that many people regret that because for many years Jersey has had this tradition of small trust companies that presented very much of a backbone for the industry. they are not consolidating because they have a problem but because they need to absorb costs. is Jersey in control of its oWn destiny and What can We do to better protect promote the industry We never can be because of our size. If you face storms and tempests you can t change the weather but you can adjust your sails and your navigation. We have prioritised asset management as a growth play we have prioritised growth in the funds industry but not just in administration but also investment managers. That is why we have seen a flow of hedge fund managers. The average contribution to the economy in broadbrush terms of people in the asset management industry is four times what it is in the banking industry. We have been trying to grow the private equity industry but PE tends not to change very often they have an investment timeframe of seven to 12 years so they are not going to be hopping around very frequently in terms of location. The wider environment is critical. Transport links are critical and the government has done a good job over the last few years. I don t think that we will get a Heathrow route back unless Heathrow gets the expansion because they are capacitybound and they will make less from a domestic flight than they will from a long haul flight who s going to sell tickets from Heathrow to Jersey when they could be selling Heathrow to Hong Kong But Gatwick do some long haul Emirates go there you can get through London City to most European centres and the Easyjet services have brought the frequency that we thought that we might lose you can still do a full business day in London. I have just heard recently that one or two of the continental routes might be at risk if the airlines cannot build volumes but they are not so critical to us to be honest. The Paris and Amsterdam routes are more important for tourists they are handy but it would not be disastrous if they went. In terms of modern standards of office accommodation we are now at a pinch point after being able to absorb that for several years. Given our confidence in our long-term future we should ignore short-term cycles in real estate because it tends to work over the long term when you consider the design planning and building stages I think we will have a shortage before we get too far. What Will happen to future employment levels hoW big a threat is consolidation given the reliance on a feW big employers in some sectors The JTC have hoovered up a number of small companies but their strategy is a growth strategy. They are building capacity and scale and they are growing. It doesn t mean less employment or capacity it means that we concentrate on fewer but larger firms. And that s about the costs of compliance - the minimum that you need to run a business now is much higher than it used to be so you need a bigger business on top to justify the costs. www.bailiwickexpress.com jsy CONNECT February 2015 25 b i think that the industry that has had the biggest impact from neW regulation has been funds Where We have had the aifmd directive Which has affected funds and they have had to absorb a lot of change and cost. i think they have done that pretty Well. but overall because this is a compliant Jurisdiction and if something happens We Will Work With it and apply it We tend to be an early adopter. that is the right strategy but one of the doWnsides is We take the cost on earlier than competitors although We put ourselves in a good place reputationally. it is the right strategy but if others dig their heels in We can look for a time to be more eXpensive. I am sure that many people regret that because for many years Jersey has had this tradition of small trust companies that presented very much of a backbone for the industry. They are not consolidating because they have a problem but because they need to absorb costs. In terms of bank consolidation we have tried to position ourselves as a go to jurisdiction. You have to consolidate to as well as away from somewhere and we have had some success with that. HSBC have headquartered their global trust operations here and Coutts headquartered their international trusts here they are growing that business but they have pulled out of other jurisdictions including Switzerland. RBC have just announced that they are going to close their US international wealth business and they are pulling out of the Caribbean completely. They are transferring their clients those who are happy to be transferred - to Jersey and they will grow from this platform and do more from here. We are the largest Crown Dependency or Overseas Territory and we have the largest workforce. We have tried to make ourselves as attractive as possible. It s not that we re not at risk we are. It is possible that some groups will say Jersey s a great place but we have a bigger 26 February 2015 www.bailiwickexpress.com jsy CONNECT operation in another place and we can add Jersey to that. We are at risk. A lot of banks will have a very large wholesale operation and a very large ringfenced operation and our deposits won t be able to travel into the ring-fenced bank because we are not in the EU or the EEA. We think that affects a relatively small number of banks perhaps two or three - and we think that there are solutions but nonetheless if we create a problem in terms of extra regulatory costs it starts to ask the question. There is interest. In the next year to 18 months we are hoping to get a couple of new banks. We have got a good pipeline that we are talking to at the moment and we would expect more new entrants in 2015 and beyond. But we are doing that carefully. Our employment level in the industry is 12 510 now and that is predicted to get to 13 500 over the next three to five years. And they think that they can find 80% to be recruited locally we have been working with education for five years and you can now do the entry level finance certificate at school and we have 30 doing a financial services degree at Highlands College. SPECIAL REPORT the cost on earlier than competitors although we put ourselves in a good place reputationally. It is the right strategy but if others dig their heels in we can look for a time to be more expensive. Where is the neW business coming from and What are the risks from those markets London is still hugely important to us. And London business is not Britain it s London as a clearing-house for the international capital markets. People go there to do their business from all over the world. And London needs an international partner like Jersey to deal with. After that I would say the second largest footprints would be Europe where we have got a very well established funds business. That is not about bringing money out of Europe it s about bringing money into Europe we have investors from all of the world who want to invest some of their assets in Britain. After that the largest areas are the Middle East and Asia and probably the largest segment would be the Middle East. We have been working hard trying to be one of the largest providers for five years but we have been going there for around 15 years. By the Middle East we mean mainly the GCC we don t promote or do business in North hoW big a threat to various sectors is the increasing compliance burden Banking is not too affected by compliance and changes in regulation because banking standards are operated globally and they have been for a long time. The only thing is required capital but our required capital already exceeds the benchmark. The old bar was 8% the new one is 10% but we are about 15% - we are well beyond where the world is trying to get to in terms of stability. The trusts did find the process of becoming fully regulated in the late 1990s challenging but they still have had 15 years of it. The big challenge is about installing transparency systems for automatic information exchange it s about systems and that means extra costs. I think that the industry that has had the biggest impact from new regulation has been funds where we have had the AIFMD directive which has affected funds and they have had to absorb a lot of change and cost. I think they have done that pretty well. But overall because this is a compliant jurisdiction and if something happens we will work with it and apply it we tend to be an early adopter. That is the right strategy but one of the downsides is we take www.bailiwickexpress.com jsy CONNECT February 2015 27 SPECIAL REPORT Jersey s finance industry since the crash... Employment (FTE) 2008 Banks 5 540 Fund managers 690 Trust and Co admin (inc legal) 5 200 Accountants 920 Other 460 Total 12 800 2013 Banks 4 770 Trust Co Admin and Funds 3 470 Legal 2 260 Accountancy 1 020 Other 980 Total 12 510 Africa or the Levant. So we re talking about Saudi Qatar Kuwait the UAE and Oman. And then there s Asia. Asia tends to be more about Asian money coming to Europe to be invested. They tend to use us for structuring so we are a conduit for capital into Europe. The other interesting development is renewed interest in the US using Jersey to invest into Europe mainly from Private Equity groups. They feel that by global standards continental European property prices are depressed and there are big firms looking to buy distressed property. not money from the proceeds of crime or money on which the due tax has been avoided because that s not our model. There are moral reasons for not wanting to do that but also sound business reasons because when things go wrong it s hugely damaging in reputational terms. In Russia there are businesses and business people in respect of whom you can identify how they started their business and how they handle their money they are not on a list of people subject to international measures. And the reason that a segment of Russian society wants to book business here is that there are honest Russian businesses and Jersey is very attractive because it matches those values and that is why they want to put their business here. And they have to give exactly the same amount of information as anyone else and the good quality end of Russian business know that and that is why they want to come here. They want privacy but that s no barrier to complete confidentiality we have a Tax Information Exchange Agreement with Russia so we will send information if the Russian authorities send a legitimate request. END it seems that russia has slipped off that list of target Jurisdictions... We have not moved away from Russia. You find that if you get uncertainty in any market whether it s because of economics or politics investors just tend to do less. They tend not to make big long-term investment decisions if you are not certain what the future holds you tend to sit on your hands. Russia has reputational issues and there are issues with the political situation. We always look for people who map across Jersey s brand values as a jurisdiction we want clean disclosed money 28 February 2015 www.bailiwickexpress.com jsy CONNECT At work Going swimming this lunchtime www.bailiwickexpress.com readthis Just the stuff you really need to know Sign up and get the latest Jersey news straight to your inbox PICTURE THIS Up to 3 500 000 litres of road fuel is delivered per ship with about 30 deliveries per year. Over 80 members of staff in the Channel Islands 30 February 2015 www.bailiwickexpress.com jsy CONNECT PICTURE THIS We re launching a neW series in this edition telling the stories of local businesses through pictures rather than Words. first up is RUBIS suppliers of energy oil and heating services since 1955. if you drive a car or oWn a house you ve probably been one of their customers but hoW much do you knoW about the people behind the pump take a look at this... A PICTURES Gary Grimshaw picture this The entire volume of road fuel in Jersey could be fulfilled by just 4 supermarket forecourts in the UK. The UK market for road fuel is 1 000 times larger than Jersey. www.bailiwickexpress.com jsy CONNECT February 2015 31 PICTURE THIS Each tanker holds between 4 500 litres to 12 000 litres. 32 February 2015 www.bailiwickexpress.com jsy CONNECT PICTURE THIS There are 12 trucks in the Rubis fleet. www.bailiwickexpress.com jsy CONNECT February 2015 33 PICTURE THIS 34 February 2015 www.bailiwickexpress.com jsy CONNECT PICTURE THIS The terminal comprises of 11 main storage tanks with individual sizes ranging from 500 to 2 500 cubic metres and a total working capacity of 18 000 cubic metres. The fuel terminal covers over 203 000 square feet. Delivering unleaded petrol diesel kerosene marine diesel gasoil and premium kerosene. www.bailiwickexpress.com jsy CONNECT February 2015 35 PROMOTIONAL FEATURE The New New Year s Resolution Healthhaus is an exclusive boutique styled private members club for the discerning health-conscious individual located at the Hotel De France founded by Glenda Rivoallan & Nathalie Le Mottee. Call 614800 for more information. January and February are Prime Time months for New Year resolutions. Good intentions are played out in a flow of kaleidoscopic images in our minds as we imagine our ber slim selves running along a Caribbean beach. However usually by March reality hits and colourful imaginings fade to black and white treadmills fall silent smokers take to puffing once again and the pounds pile back on. The only winners of this resolution craze are businesses that rely on revenue from this annual bout of guilt led marketing. Gyms in the US reported that members who signed up for gym memberships in January typically only worked out once a week. with the ethos of Healthhaus and its co-founder Glenda Rivoallan. After years of experience in the health and fitness industry Glenda has seen the impact of short-term diets and exercise regimes. She has observed how bursts of determination have left many strong willed people in a hopeless heap of desperation their The new paradigm Healthhaus isn t a gym Capitalising on resolutions may help to boost the bottom line but this approach doesn t resonate 36 February 2015 www.bailiwickexpress.com jsy CONNECT PROMOTIONAL FEATURE FIT FOR BUSINESS only loss being the pounds out of their wallets. It is hard to change overnight. Glenda believes the habits of a lifetime can be the result of deeper underlying conditions such as stress or anxiety. The Healthaus philosophy is about total wellbeing nutrition being deeply individual and investing in a personal lifestyle that will last she believes. The team have thought outside the standard gym box to help deliver a more personalised approach to wellness. We want our members to feel as much at home in the club as they do in their own home... our club is designed not to be intimidating says Glenda. a whole lot of resources available to help people help themselves... we believe in coming along-side... inspiring and more importantly educating. Today people want to beat to the sound of their own drum and create their own rules. Tools and technology for life resolutions On joining members are assigned their own Wellness Mentor enjoy a complimentary nutrition course focusing on healthy eating strategies plus cardiovascular respiratory and orthopedic screening with the resident medical professional. HealthHaus also holds regular lectures on subjects like physiological profiling for Personal Coaching and mindfulness techniques. Glenda believes this kind of education is so important that s why she has also created a library of health and fitness related resources so that members can educate themselves. Glenda and her team have found the perfect partnership between technology and fitness. It s the award winning Milion and it s the Mercedes of fitness equipment this cutting edge technology gives members balanced total body training. With equipment like this it s easy to see why HealthHaus is ahead of the curve. 37 Self-help is so 1980 s Remember the self help era The late 80 s and early 90 s were all about the Green Goddess Mr Motivator and Tony Robbins. We were all told we could achieve anything with a positive mind-set and a pair of leggings. Willpower still plays a part in personal wellness and fitness but again Glenda believes the paradigm has changed into something far more holistic HealthHaus is more about having www.bailiwickexpress.com jsy CONNECT February 2015 LINKEDTO Home People Contacts Groups Jobs Inbox Companies More People Sean O Flaherty Director Rosscot What piece of advice do you find yourself giving most often Keep up-to-date with your paperwork and accounts. It s easy to fall behind but it gets harder and harder to catch up the longer you leave it. I ve seen clients get into great difficulty simply because they are disorganised and file paperwork for another day. If you had 1 for (What ) you would be a millionaire For every time I ve suggested to clients that they need to make sure they get advice from day one (or earlier). Many start-ups worry about the cost of using professionals to help with their first foray into business especially if they are on a tight budget. In today s world there are many considerations when setting up a business numerous applications to submit laws to comply with not to mention making a business profitable. I ve seen it on countless occasions on both sides of the coin those setting themselves up with professional assistance from the get go and those seeking help to remedy what they should have done weeks or months earlier. It is far more cost effective to seek professional assistance early on rather than just trying to wing it. What are you most proud of at work Without question our team here at Rosscot. They are our most valuable asset bar none. To be successful every company needs to have a good team in place to support the directors and to provide a personal professional and quality service to their clients. 38 What keeps you up at night When you are out of the office your mind switches off and relaxes and it s then that I find the best ideas are born and solutions to problems become apparent. Just remember to write them down so you don t forget. Apart from that not much really except for the odd episode of Homeland perhaps To be Sean you would need to... Be driven positive patient and respectful. All mixed in with a light(ish) dusting of humour February 2015 www.bailiwickexpress.com jsy CONNECT TRAVEL How technology can help business travellers GET IN TOUCH... If you ve got a travel question you would like to put to Fred please email editor bailiwickexpress.com F red Eulenkamp Managing Director of TravelSolutions looks at how businesses can be helped to remain compliant with legislation by using the latest travel technology. In the business world we are always hearing about the tightening of legislation. For most companies the focus of implementing this legislation is on what happens in the workplace with regard to interaction with customers. The impact of legislation on a company s travel is therefore sometimes not as high up the pecking order as it should be. Events over the last few years have however focused the minds of travel professionals on how they can help their customers implement the various duty of care regulations brought in since the events of 9 11 SARS the Icelandic volcano and concerns with the safety of travel within and over regional hot spots. To this end do you know where all your employees are at any given time Do you know which airlines are currently on the EU banned or watch lists Can you reach your staff quickly and efficiently within seconds and notify them of dangerous situations that may be affecting them whether that means all employees worldwide - or just one or a few - in a particular city or number of cities If a business does not answer yes to the first two questions and is unable to easily contact its employees there is a good chance there is a lapse in the duty of care a company has to its employees while they are travelling. By mandating the use of a travel management company these questions can all be answered with a yes and a company is able to demonstrate that it has fulfilled its care obligations and often finds it has saved money in the process a winwin on all scoreboards. w At TravelSolutions we have recently implemented two of the latest traveller tracking systems and are rolling these out to our clients over the next few months. This means travellers current and future locations can be seen easily on an interactive map and those in danger zones can be quickly identified grouped together and contacted within seconds. The basic system allows us to send alerts and updates via the traveller s chosen method and is provided free to all our clients via our itinerary system. A company login is also provided with this allowing travel bookers and or HR departments to stay in contact with their staff when they are travelling for work. The upgraded system allows for automated security and other alerts to be sent and provides two-way instantaneous communication via a smart phone app asking simple questions such as Do you need help with a single yes or no one-click answer. In addition as long as it s enabled by the traveller the smart phone s location system can be accessed - giving the ability to track someone which is useful if you have employees travelling to designated hot spots . We are happy to provide advice on the logistics of implementing either of these systems for businesses either here in Guernsey or from our offices in Jersey Bristol Bromley and Oxford. www.bailiwickexpress.com jsy CONNECT February 2015 39 Travel o Columnist FRED EULENKAMP TravelSolutions BUSINESS ADVISER Business Adviser GET IN TOUCH... If you ve got a business question you would like to put to John please email editor bailiwickexpress.com T How safe is your business he recent shocking events in France have made everybody more aware of personal safety and we can expect to see security become universally accepted as a necessity in the world today. stocking over their faces. The new criminals are far more sophisticated. I am sure the film executives at Sony were more concerned with the quality of the acting in The Interview rather than being subjected to a cyber attack. Every day our businesses change and we are continually updating our thinking amending our product offering and reviewing our business plans. The market and business moves quickly. The nimble agile and forward-thinking businesses tend to survive longer in this challenging market. IT is still seen mostly as an enabler to business in the traditional sense of making administration and processes simpler. Nevertheless it should be viewed as a potential threat as no matter how quickly technology moves for the better it also moves at the same pace for the less scrupulous. However it must be accepted that the real work is going on quietly behind the scenes watching listening monitoring. The global terrorist threat is now accepted as an everyday thing and each one of us will be able to relate in some way to the horrific events in France and the threats to our personal safety. So what about the security of our business Business terrorism is fortunately rarely as horrific but this activity usually will fund the more extreme acts of violence. The cyber criminals are faceless. It is no longer the case that they enter your business carrying a crow bar and wearing a 40 Anyone who knows me would agree that IT is not my strong point - so chatting to Matthew Parker our information security specialist I asked him what should I be wary of in relation to running our business. I noted a common theme running through my own and most of my clients businesses that if we stand still then our livelihoods are at risk. Matthew told me that in today s digitally inter-connected universe businesses of all kinds from small retail outlets to large financial services businesses are often completely dependent on information technology systems. Unfortunately even the best systems and controls cannot provide 100% protection. However good you think your systems are speak to a specialist who will stress test your security to its limits. As ever prevention is better than cure. Consider an IT risk audit by cyber February 2015 www.bailiwickexpress.com jsy CONNECT BUSINESS ADVISER specialists with an unbiased view of current IT security and recommendations for improvement. Protect your business as far as you are able and make sure you carry the right insurance. Cyber liability insurance is one of the fastest growing sectors of the insurance market. If an incident does occur immediate and effective response is everything - the earlier that a company reacts the greater the chance of minimising the damage. As soon as a breach has been found the business needs to identify the source of the breach the extent of the breach and whether systems continue to be affected. I was surprised when Matthew added that the cost of a security breach is ever increasing with the average cost per breach for small businesses up to 115 000. This is simply the monetary cost to correct and restore damaged IT networks and it is much harder to put an exact price on the loss of profits whilst systems are down and then there are the costs of notifying affected customers payment of damages to third parties and regulatory fines and 7 penalties. You need to think further than simply IT. The most immediate and potentially most damaging consequence of a cyber security breach is the potential damage to your reputation. A loss of confidence in the ability of a company to protect and keep client data confidential could be catastrophic in terms of future revenue and value. Reputation is hard won and easily lost. Business o Columnist JOHN SHENTON Grant Thornton When is 50p is worth 20 www.bailiwickexpress.com answer Just the stuff you really need to know Sign up and get the latest Jersey news straight to your inbox www.bailiwickexpress.com jsy CONNECT February 2015 41 JohnMarquis o Photography By Gary Grimshaw What does retail have in store for 2015 UNPLUGGED Y Unplugged I s it true that rumours of the death of physical retail (that means going into a shop to buy something...remember that ) have been greatly exaggerated There was a time last year when local retail seemed in intensive care with concerned observers leaning over its bedside saying ...if you re going to do something do it now And then towards the end of last year the patient s condition suddenly seemed to improve with Christmas providing a welcome shot of adrenalin. That was followed with the announcement in January of a massive investment in the high street by one of the island s best-known retailers de Gruchy. So what s happening in our shops James Filleul sat down with John Marquis Store Director de Gruchy and asked him if the Christmas period was festive or frugal JOHN MARQUIS Well the Christmas quarter or the golden quarter as it s known starts as far as we re concerned at the beginning of November. We come of out of mid-season sale activity and then move into Christmas set-up. We were delighted with November s trade. We got some good growth. Possibly a little bit unexpected. It s not been an easy year. You know sales have been challenging from February through to that time. Footfall on the high street has been down in a number of b i think things Will come more back into balance over time. there is no doubt that online has an important role to play and Will continue to groW and perhaps the groWth online Will still outstrip the bricks and mortar groWth but you knoW customers like a social eXperience weeks over the year but November suddenly bounced into life and I ve got to say it was a little bit of a surprise - but a pleasant surprise. JAMES FILLEUL Why do you think that was JM Perhaps there was just a little bit of pent up energy. I suppose from a seasonal aspect fashion has been a challenge. The warmer weather made retail trading Got a story to tell Get in touch email us at editor bailiwickexpress.com on fashion in particular extremely difficult. We had a good August because the weather was a little bit damper and cooler than perhaps we expected and that kicked off some good early season trade but then coming into September and www.bailiwickexpress.com jsy CONNECT February 2015 43 October with the temperature level in particular business just dried up because people were still out enjoying themselves with leisure activities. Their mind wasn t on retail and wasn t on fashion in particular so I think by the time we got to November the thought of Christmas being just around the corner there was some energy in the market and mainly on non-fashion departments I have to say. Menswear had a good November but home wares and fashion accessories all did really good business as well in that month. JF Is it linked to the economy picking up JM There is a little bit more positivity. I think it would be dangerous to say people have got a lot more cash in their pockets. I suppose inflation does seem to have settled to some degree. We re probably not feeling quite as much under pressure as we did over recent years since 2007 2008 when the big crash in the economy came so I think there is a degree of comfort that s starting to gather pace. It s pretty broad. I mean being a department store I guess we are in a win win situation because with that broad range when something is struggling there s usually something else that s doing quite well so we can move forward. JF What does it mean for this year s trading JM We re still cautious about the next 12 months. 44 February 2015 www.bailiwickexpress.com jsy CONNECT We re obviously going into a new investment but I guess in terms of trends and forecast the next 12 months with the disruption that we will have due to the refurbishment we are taking a fairly cautious approach. We feel that there are some strong categories in there that will give us growth but there s always then going to be something that will slow down to offset that. So if you re asking me to put a figure on the next 12 months if we got one or two per cent growth we d be delighted. In real terms we re probably going to be cautious and say if we get a level year with everything we ve got going on in store that would come through nicely. JF Outside of de Gruchy what does 2015 have in store for retail generally JM I think it will still be quite a challenging year. I guess if you look at the world market place you know oil prices unrest terrorism all of those factors the EU and how they manage their economy the pound dollar ratio there will be challenges and I think the mix will be up and down. It will be volatile at times if I m honest but I suppose in an Island like Jersey where despite everything else that is going on we are quite secure and we do feel safe and quite comfortable to some degree. Overall there is a good solid base here hence our investment in the future. UNPLUGGED b JF What else could be done to support retailers JM Access in terms of creating footfall is obviously something that every retailer needs whether you re in a town centre or out of town. Customers need access to your products and your premises. If we create a layout in store we have to try and make sure that customer flow is easy and that customers can get to products and there are no obstructions. You ll see people turn around and walk back out if it s that difficult and I think it s the same in town. If we make it difficult for people to get into town business dries up. People have got smart phones tablets PCs access to online and internet is virtually in everybody s hands these days so from a town perspective we need to create good access to enable customers to come in. To park easily. To have a safe environment and then a clean and enjoyable environment. So things like street entertainment promotional activity is all quite key. I think that the appointment of the new Town Centre Manager is a positive step forward. We ve got a better working relationship as retailers with each other through the Town Centre partnership and I have to say on a positive note the support from Economic Development in the last 12 months is a godsend and something that we really need and we welcome. JF Did physical retailing recover ground from i ll give you an eXample the space behind us the cook shop and linens department We spent 600k three years ago refurbishing despite the challenges of internet Which particularly effects the cook shop products and electrical products We ve seen 5-6% year-on-year groWth each year for the last three years. online this Christmas JM I think things will come more back into balance over time. There is no doubt that online has an important role to play and will continue to grow and perhaps the growth online will still outstrip the bricks and mortar growth but you know customers like a social experience they like a service experience they like to come in and relax and you know have a coffee or the other associated services whether it be nail bar hair salon. Things you can t get online. It s an overall package. From our perspective we will be looking to develop our online presence. Providing the environment is good the service is good and the products on offer and range is good people will want to come and talk to you. JF You ve just announced a major investment in the high street what s happening www.bailiwickexpress.com jsy CONNECT February 2015 45 UNPLUGGED JM Well we ve been in conversations with a high street retailer from the UK Next about taking some space that we ve had plans to develop over a number of years and that space fundamentally is on the New Street side of the building. I have to say we ve got some retail space there and it s not our proudest space in terms of its condition. It certainly needs some work and some investment on it so we ve been looking at how we can develop that space and through discussion and conversation Next have agreed to come and take some of that space within the de Gruchy footprint. What we found then through those conversations and negotiations was that whilst we were going to develop about 20 000 sq ft of extra retail space Next saw an opportunity and wanted a little bit more. From our perspective we had space that works very well for us and we ve got some space that doesn t work as hard as it should or could - so we ve taken the opportunity to go back and look at our internal footprint and say ...what can we do with this store that makes it a great store for the local customer for now and over the next five ten and fifteen years So we ve agreed with Next that they will take a separate unit within our footprint so there will be no access from de Gruchy to that unit. We will trade alongside Next in King Street and on New Street because we ve entrances in both locations. We are obviously in a slightly different product market to them. We would like to think that we re mid to premium product and we will be looking to enhance our environment our product selection our brand ranges our customer service our brand identity for the next ten or fifteen years. We re trying to consider the customer in everything we do here and we ve already mentioned access and flow so we ll be building a double bank of escalators in the centre of the store to get customers up on to the first floor to increase circulation. We ll be adding services to the offer within the store to combat the online opportunity to make sure that customers come and get what they want. There will be a certain digital element to what we do to try and upgrade us and get us into the 21st century retailing and at the same time we ve got a project going on at the moment where we are re-looking at our current website offer so that will be enhanced and improved in the next ten to twelve months or so. If you look at John Lewis House of Fraser ASOS it s going to be very difficult for de Gruchy in Jersey to ever go to the size of those guys. I mean I ve got a great deal of respect for John 46 February 2015 www.bailiwickexpress.com jsy CONNECT Lewis in terms of their trust their service what they offer as a brand and the way that they have grown and changed over the last fifteen to twenty years. I guess as an ex-House of Fraser store manager I ve got respect for them but if there s one retailer on the high street that I do admire it is John Lewis and I think that de Gruchy has many qualities that John Lewis has but on a much smaller scale. We ve got a great strong heritage just like they have. We ve got a fantastic product offer. I believe that our customers trust us and we re quite transparent in terms of our pricing local prices versus UK pricing and all of those aspects. JF It s still a major investment at a time when retail seems under continual pressure why JM Because we do see a future and whilst the road might be a little bit rocky at times at the moment and business has obviously contracted in the Island whether it s through online or through lack of tourism but there is fundamentally a good core business here and de Gruchy has been here for over 200 years. I can t predict it s going to be here in another 200 years but if we can secure a good future in the next fifteen to twenty and provide as I said a range and a service that the Jersey customer deserves that s what we d like to do. JF What s it going to be like JM We will obviously be doing a review of our product selection and our space apportionment to various categories. I believe that where we are dominant in a particular product sector or where there is a growth opportunity we can buy into that. We can become the strongest player in the market place. I ll give you an example the space behind us the cook shop and linens department we spent 600k three years ago refurbishing despite the challenges of internet which particularly effects the cook shop products and electrical products we ve seen 5-6% year-on-year growth each year for the last three years. I think that s quite remarkable but we ve provided the customer with a good range and choice. We ve given them a fair price and a nice environment for them to shop in. I mean one customer complimented us or challenged us just after we opened this floor three years ago and she said ...this looks like John Lewis. I think she was being a bit critical but we took that as a compliment because if we could meet John Lewis standards then we re happy. END Unplugged VIEWPOINT E Viewpoint Fintech - what opportunities are there for Jersey vieWpoint puts forWard a key Question facing one of the island s main industry sectors and then a group of leading practitioners give their take on the ansWer and What it means for Jersey. if you Would like to be included in a future panel of eXperts Just email editor bailiWickeXpress.com A rguably financial services has so far resisted the rapid rise of technology. But further resistance furthermore as often do not have the funding or financial expertise to fully realise the potential of their ideas. In these circumstances effective collaboration is vital. Only by sharing resources will firms succeed in this rapidly changing environment. Globally HSBC and Santander have already created Fintech funds totalling over 300m to invest in technology start-ups and many more will follow. Jersey s own innovation fund will also need to make some leaps of faith. The government also has a part to play innovation friendly policies digital education in schools and the right infrastructure are vital and indeed steps are already being taken here through the installation of fibre optic cabling creation of Digital Jersey coding classes in schools etc. However the pace must surely increase how do we ensure that sufficient of the skills are on island Surrendering first mover advantage has far-reaching consequences that can take years to recover from. Despite the many potential pitfalls most of which arise from a failure to act Fintech presents a gear changing opportunity for Jersey as a leading financial services centre with a rapidly expanding digital sector. Government led initiatives and private sector investment are already taking the first steps toward establishing a Fintech ecosystem. An improved culture of innovation and collaboration between government and industry could position Jersey to capitalise on opportunities in new markets new opportunities and new capabilities. digital innovation in the financial services industry has accelerated both for Business to Consumer and Business to Business interactions. These rapid and disruptive changes are going to transform how financial services are provided. Fintech as it has become known is not just changing the way businesses and individuals interact with financial institutions but in some transactions it has removed the institution altogether. As a result the challenge for the Channel Islands financial services sector is how to take advantage of the efficiencies that can be achieved through technology whilst avoiding the threat presented by disintermediation. An extreme example of this is the way in which Kenya and other African countries have embraced mobile banking with more than US 21.5bn changing hands in Kenya alone during the course of 2014. Many island businesses both within the finance industry and across the economy currently lack the skills required to understand and harness the wave of digital innovation. Smaller technology firms particularly start-ups where the most innovative ideas are often found 48 director advisory kpmg Rob Kirkby February 2015 www.bailiwickexpress.com jsy CONNECT VIEWPOINT I head of offshore and local markets at barclays in Jersey nnovation in the finance sector is of critical importance to Jersey. The way businesses communicate with their customers is changing and this is something the local finance industry particularly the banking sector is adapting to by investing in Fintech. For us Fintech is about using technology to facilitate banking services ensuring our colleagues customers and clients can do what they want when they want and in a way that suits them best. It s about how we use technology to enhance the way we do business how we generate efficiencies improve security enhance communication and speed up transactions. At Barclays we re developing mobile banking and innovative payment solutions like Pingit which enables our customers to make payments using their phones via a mobile phone number. This will be available in Jersey later this year. We are also supporting business startups and entrepreneurs that are focused on developing the future of Fintech. The Barclays Accelerator powered by Techstars is a 13-week intensive start-up programme designed to support new businesses on their journey to delivering breakthrough innovations to support the future of financial services. We held a launch event in partnership with Digital Jersey to promote the programme locally. Fintech is constantly evolving and it s clear that technologies are being developed almost everywhere there is a thriving business sector no matter what its size or focus so the potential opportunities it could bring for Jersey businesses both big and small are significant. Neil McCluskey NEXT MONTH Next month s Viewpoint question is To build a thriving digital sector in Jersey we need to... If you want to take part please e-mail editor bailiwickexpress.com It s all FREE There is no catch So sign up at www.bailiwickexpress.com today and turn your unwanted items into cash www.bailiwickexpress.com The Bailiwick Express Classifieds... www.bailiwickexpress.com jsy CONNECT February 2015 49 WHO S THE FOOL Who s The Fool when people feared the government there was tyranny but when government feared the people there was liberty Thomas Jefferson o Illustration By Mark Jackson 50 February 2015 www.bailiwickexpress.com jsy CONNECT WHO S THE FOOL T he fool is a great fan of liberal democracy. Having an individual s civil and human rights enshrined within a representative democratic process seems in the absence of something better a pretty fair system of government. Absent certain limitations largely predicated on avoiding visiting harm upon others the ability of an individual to live his life free of threat and censure is one of society s greatest achievements. In order for society to function successfully most of us accept that there are certain services that the State should provide. We in turn through public elections put in place representatives to oversee and hopefully enhance the delivery of those services. The fact that elections are only held infrequently however means that without an illegal or idiotic act we have to trust that between now and when we next get the opportunity at the ballot box to kick them out politicians will do the right thing. Along with Toblerone excellent mountain scenery and a strong line in neutrality the wacky Swiss have an interesting take on democracy. On top of their usual elections they hold a series of referendums run about four times per year when the population gets to vote on changes to initiatives and policies covering such trifling subjects as healthcare taxation welfare and the like. In fact any citizen assuming they can collect the necessary number of signatures on a petition (either 50 000 or 100 000 depending on the purpose) can initiate a referendum challenging any law enacted by parliament and can propose a change to the federal constitution. Bonkers maybe but it does have the undoubted effect of ensuring that politicians can t do too much that goes against the majority interest of the population. Now depending on one s viewpoint this is either democracy in its purest form or an example of a system of governance with which many won t be familiar Ochlocracy. In the modern vernacular we refer to this as Mob Rule. (Or if you ve ever wondered what political science graduates really add to our society Mobocracy. Somebody somewhere is proud of inventing that word. I never want to meet that person). Wikipedia defines Ochlocracy as democracy spoiled by demagoguery tyranny of the majority or the rule of passion over reason. I happen to like that last one as it seems to chime with the process that has guided a number of decisions in our island in recent years. It would appear that if you can raise a sufficiently vocal mob with a sufficiently passionate tale to tell of why something should or should not be done you really can guide or even change government policy. Now as somebody who makes a claim to liberal ideals about freedom of expression and absolutely believes in democracy this should fill me full of cheer. But something doesn t feel right about it. The recent decision to withdraw the Port Galots development plans is a prime example. Whatever one s feelings about the aesthetic quality of the design the effect upon views of the harbour or the impact upon existing businesses in the area one can only sit back and admire the rabble-rousing skills of the fish shop owner. In fact given her proven ability to in a matter of weeks gather thousands of signatures on a petition garner acres of regular press coverage and to galvanise interest groups as wide as fishing community and the elf n safety brigade one has to ask why the world of PR or politics has thus far failed to snatch up this phenomenon Here s what s troubling me is Port Galots or even Plemont symptomatic of how we really want our island to be run If we are now basing planning decisions on who shouts the loudest or longest or who can tug hardest at the heartstrings how the hell is this island ever going to develop or change And why should we stop at planning decisions. If The Fool or perish the thought somebody with even less scruples could raise a sufficiently raucous mob that demanded a change to something less subjective than a few buildings let s say tax rates or immigration policy think of the damage we could do. Thomas Jefferson recognised that when people feared the government there was tyranny but when government feared the people there was liberty. I m not sure I want to know the answer but what is it called when at times the people fear the people WHO S THE FOOL Connect s insider in the finance industry sits at a desk somewhere near you. He s unspinnable unbiddable and very strictly anonymous. Don t expect marketing speak don t expect a rosy feeling inside and don t expect to like him (we re not entirely sure about him ourselves). Only expect this every month he ll bring you the unvarnished truth from the heart of the finance industry... DEFINITION The Fool A privileged position held at an ancient king or queen s court the fool was not taken seriously by the high and mighty but was the only person able to speak the truth to power. The Greater Fool Theory The belief held by one who makes a questionable investment with the assumption that they will be able to sell it later to a greater fool . www.bailiwickexpress.com jsy CONNECT February 2015 51 % The Biz Quiz The front cover of this edition shows the Chief Executive of Jersey Finance Geoff Cook answering questions on his specialist subject our financial services industry. But we didn t think it was fair to leave Geoff as the only person in the hot seat this month. And so to share the love here is the (soon to be famous) Connect Biz Quiz. We ll roll it out any time we think everyone is getting a little complacent and need to be reminded they are but mortal. And he looks like such a nice chap The prize by the way is to feature on the next front cover of Connect but only if you get full marks in less than a minute. Otherwise you ll just have to bask in the warmth of your own magnificence. Acronym challenge.. There s a bewildering and ever-changing number of acronyms flying about these days but how many of them do you actually know CICRA AIFMD OECD CIIC MTFP FOI IMF 52 February 2015 www.bailiwickexpress.com jsy CONNECT NO ORDINARY DAY JOB True false.. Are these statements accurate or not Careful now there s a couple of tricky ones to make it interesting... You don t need a firearms certificate for a shotgun in Jersey. You can drive a tractor with a trailer from the age of 16. The father of Communism Karl Marx once visited Jersey. Iron Maiden wrote their Number of the Beast album in Jersey. Jersey contains the most southerly public toilet in the British Isles. Jersey is the only place in Europe to have a filter-in-turn system. Ronnie Kray s autobiography praised Jersey s fine dining and restaurants. Constables in Jersey swear an oath to oppose and arrest rebels seditionists loafers whores and blasphemers. TRUE FALSE TRUE FALSE TRUE FALSE TRUE FALSE TRUE FALSE TRUE FALSE TRUE FALSE TRUE FALSE Did you know.. The Biz Quiz is the ONLY local news quiz that combines Communism Heavy Metal and Firearms. Match the survey response.. Every year a massive survey by the States gives us a mass of facts and figures about who we are and how we live. Can you match the responses to the response rates Of households don t watch TV. Of people drive to work on their own. Of people over 65 use the internet for email. Of adults are very of fairly satisfied with their local neighbourhood. Of households earn 95 000 or more. www.bailiwickexpress.com jsy CONNECT February 2015 3% 14% 45% 81% 95% 53 What are the rules.. Rules rules so many rules. But do you know the law of the land A business can open on a Sunday if... You don t need Planning permission for an extension to your house if... Entitled registration means... If you own a car and you move house you have to notify the Driver and Vehicle Standards department within... Under Branchage rules landlords must ensure that if they have hedges or trees that hang over roads and footpaths that... Match the slogan to the business.. The highpoint of 90 s sloganeering is gone and that s no bad thing. But a slogan is a great way to get across what a business does in just a few words. Can you match the business to the slogan Excellence is our starting point Advantage through Insight Excellence Innovation Teamwork Clear investment. Pure energy. Driving down the cost of motoring in the Channel Islands. Jersey Electricity Company Camerons Elian Motor Mall Direct Input Name the face.. NO ORDINARY DAY JOB What do we do To get money (yay ) most of us have to go to work (boo ). But what do we do when we get there Can you identify the five industries that employ the most Islanders 12 510 7 680 6 770 6 340 4 970 Education health and other services Construction and quarrying Hotels restaurants and bars Financial and legal activities Wholesale and retail trades Did you know.. Taking part in this quiz will make you a better person - you ll be able to soap the back end below the fold (see below). Tech speak translation.. The English language bears only a passing connection with the utter nonsense that comes out of the mouths of IT types. But can you translate the following The Back End Below the Fold Hit Hypertext Soap Answers on next page www.bailiwickexpress.com jsy CONNECT February 2015 55 NO ORDINARY DAY JOB Who are these people really Jersey s politicians are an odd group of people. By that we mean that they have diverse and varied backgrounds as you can see from their entries in the Register of Members Interests. Can you name the right politician to go with the following entries Occasional teaching work now and then. I own a small country estate comprising agricultural and meadow land Manor House Houses Cottages and various agricultural out-buildings. I live with my family and I pay board. Part-time self-employed theatre director and playwright. 13 fields in St Saviour four fields in St Ouen two fields in St Helier and St Mary and one field each in St Martin Trinity and St Lawrence. Did you know.. Statistically if you can answer all of these questions correctly you re a little odd. What did they start out doing Not everyone ends up doing the same kind of work that they started out doing. In fact the most interesting people tend to have done some very different things over the course of their professional lives. Can you match the public figure to their first job Retail trainee at Harrods Nurse Foreign Office official Toilet roll delivery driver Record shop clerk Stage magician 56 February 2015 www.bailiwickexpress.com jsy CONNECT ITV Channel Head of News Karen Rankine Chamber of Commerce President James Filleul Economic Development Minister Lyndon Farnham KPMG Managing Director in the Channel Islands Jason Laity Advocate Olaf Blakeley BBC presenter Sara Palmer How did you do Acronym challenge... CICRA Channel Islands Competition Regulatory Authority AIFMD Alternative Investment Fund Manager s Directive OECD Organisation for Economic Cooperation and Development CIIC Channel Islands Information Commission MTFP Medium Term Financial Plan FOI Freedom of Information IMF International Monetary Fund If you own a car and you move house you have to notify the Driver and Vehicle Standards department within... seven days. Under Branchage rules landlords must ensure that if they have hedges or trees that hang over roads and footpaths that... there is a clearance of 12 feet over roads and eight feet over footpaths. words viewers would have to scroll down to see the content). Hit Contrary to popular belief a hit does not represent a single visitor to a website. A hit is actually a request for a single file from your web server. This means one page can actually generate multiple hits as each page generally has more than one file (an html or other base file a css file multiple images etc.) and each one is requested from the server whenever the page is loaded. Some marketing people like to quote hits to unknowing consumers as the number makes their site sound like it s getting a whole lot more traffic than it actually is. Hypertext Hypertext is any computerbased text that includes hyperlinks. Hypertext can also include presentation devices like tables or images in addition to plain text and links. Soap Stands for Simple Object Access Protocol. It s an XML-based protocol exchanging information across the internet to allow an application on one site to access an application or database on another site. Match the slogan to the business... Excellence is our starting point - Elian Advantage through Insight Direct Input Excellence Innovation Teamwork Camerons Clear investment. Pure energy. Jersey Electricity Company Driving down the cost of motoring in the Channel Islands. Motor Mall True false... (False) (True) (False he came here at least three times.) (False but they wrote Piece of Mind at Le Chalet hotel.) (False it s at the Minquiers.) (False they use it in Guernsey too.) (True he said they were smashing .) (False they used to but a far more boring oath was introduced a few years ago.) Name the face... Mark Loane Martin Bralsford Doug Bannister Gary Drinkwater Ian Taylor Who are these people really Occasional teaching work now and then. Education Minister Rod Bryans I own a small country estate comprising agricultural and meadow land Manor House Houses Cottages and various agricultural out-buildings. - Treasury Minister Alan Maclean I live with my family and I pay board. Deputy Jeremy Macon Part-time self-employed theatre director and playwright. Deputy Russell Labey 13 fields in St Saviour four fields in St Ouen two fields in St Helier and St Mary and one field each in St Martin Trinity and St Lawrence. St Saviour Constable Sadie Rennard. Match the survey response... 3% - of households don t watch TV. 14% - of households earn 95 000 or more. 45% - of people drive to work on their own. 81% - of people over 65 use the internet for email. 95% - of adults are very of fairly satisfied with their local neighbourhood. What do we do 12 510 - Financial and legal activities. 7 680 Wholesale and retail trades. 6 770 Education health and other services. 6 340 Hotels restaurants and bars. 4 970 Construction and quarrying. What are the rules... A business can open on a Sunday if... it has permission from the Parish Constable and the retail floor space is over 700 square metres if it s bigger than that they still need a permit but can only get one to cover five days in a year. You don t need Planning permission for an extension to your house if... it s smaller than 30 square metres it s on your property (not an adjoining field) it s not at the front of the house and it s not going to be used for a commercial purpose. Entitled registration means.... you ve lived here for 10 years or more and you re allowed to buy sell or lease any property and can work anywhere without a licence to be employed. Tech speak translation... The Back End The back end of a website is the part hidden from view of regular website visitors. The back end generally includes the information structure applications and the CMS controlling content on the site. Below the Fold This term is a carryover from newspaper publishing days. In newspaper terms below the fold means content was on the bottom half of the page (below the physical fold in the paper). In web design terms below the fold refers to the content that is generally going to be below the point first viewable to the average website visitor in their browser (in other What did they start out doing ITV Channel Head of News Karen Rankine nurse. Chamber of Commerce President James Filleul toilet roll delivery driver. Economic Development Minister Lyndon Farnham retail trainee at Harrods. KPMG Managing Director in the Channel Islands Jason Laity record shop clerk. Advocate Olaf Blakeley stage magician. BBC presenter Sara Palmer Foreign Office official. 57 www.bailiwickexpress.com jsy CONNECT February 2015 W iSPY elcome to iSpy a columnist whose role is to observe and comment on those who normally do all the observation and commentary the media. Nothing is sacred from their seat in a local newsroom iSpy will be turning skeptically through the pages of Connect and Bailiwick Express too as well as the work of agencies and the chatter on social media. JE SUIS UNDERWHELMED Back here it s notable that Bailiwick Express - published by the same people who produce this magazine - took the decision to publish the subsequent Charlie Hebdo magazine cover featuring a cartoon of the prophet Mohamed. They described it as a difficult decision though a website in an off-the-radar Island with a handful of staff would surely be less of a target than national newspapers and TV news outlets most of whom chose not to print the cartoon under the auspices of not wanting to cause offence but also for the security of their staff. And there s the rub. While exercising their freedom to print or not to print that cartoon the fears caused by the terrorists have caused a measurable erosion in their freedom of expression. Should they have printed it Well in terms of pure news importance and to add context to the reporting iSPY would argue yes they should. But life s not that simple. A collusion by all newspaper editors and TV news heads to print the cartoon would perhaps have been the better outcome so that the cartoon was everywhere. On the flip side it s just a cartoon it s just a moment in time the issue is bigger deeper wider. Credit to Jersey s media for their coverage of the island s reaction to those events in Paris powerful images from the Royal Square vigil on the front page of the JEP Channel s 6pm news programme broadcasting live from the steps of the Royal Court as hundreds gathered. Now though time for Jersey s media to wake up and realise some home truths. They re all and iSPY does mean all pulling their punches. Where s the truly robust reporting Where are the really revelatory scoops Where is the really groundbreaking journalism We cannot find it. There s some great journalism. There are many excellent original stories. But there isn t stuff that s exposing wrongdoing that must be going on in the corridors of power somewhere. Not because Jersey is more corrupt than elsewhere (it might be it might not be) but because there is inevitably corruption in every jurisdiction. The barmy bloggers would have you believe the media are hand in glove with J ust last month this column focused on the word freedom. The freedom to challenge those in power. The freedom to provoke. The freedom to cause controversy. Since then the question of what the freedom of the press means has gone global. The horrors meted out at the offices of a satirical magazine in Paris have brought those freedoms into sharp sharp focus. The instant reaction from millions worldwide was to say Je Suis Charlie. Commentators have pointed out that all those to utter the phrase to share it on social media or to join a March or a vigil with the statement on a poster may not have been as Charlie as those killed at Charlie Hebdo. What isn t in question is the sentiment. To iSPY those commentators were displaying extreme and untimely pedantry but that is their right. 58 February 2015 www.bailiwickexpress.com jsy CONNECT This month s Glass Half Full is with Rachel Hayden a Year 12 student at Jersey College for Girls who has created a project to increase awareness among girls of the possibilities of a career in engineering. With the help of fellow student Alex Rive her project Building the Future Shaping our World has been launched through the International Women s Academy and is aimed at young women here and around the world. the States keeping the big stories suppressed. iSPY knows that to be entirely untrue. The boring truth is understaffing tight deadlines and a hand to mouth existence in newsrooms gets in the way. Well editors of the JEP BBC ITV Bailiwick et al the time has come to prick your own conscience and question whether it s time to let some of your big hitters off the leash (and for that matter your untested upstarts with bags of enthusiasm and curiosity)... let them go do some journalism. Send them out. Take them off the rota. Let them know they are allowed to fail. But give them the freedom to go find us the truth. That would be a fitting tribute. B GLASS HALF FULL WITH Rachel Hayden competition. I not only learnt a lot completing the challenge but enjoyed it too and my bridge made of pasta ended up winning If I had not entered that competition two years ago I don t think I would have thought of engineering as an exciting career and be considering studying civil engineering at university now. During a recent radio interview the presenter pointed out that lots of boys would probably want to enter the competition but questioned whether girls would be as interested The fact is that at school girls are already taught many of the skills required to be an engineer through subjects like science maths design and technology ICT art geography etc - they just don t realise it An engineer has to be logical yet creative mathematical and a good team player. The other exciting thing about engineering is that it s such a broad industry from civil to environmental mechanical to aeronautical acoustical to chemical the list goes on. More information about the competition can be found at www.iwa-building-thefuture.com 59 If you re a journalist iSpy wants titbits from your newsroom if you re in the headlines iSpy wants the inside track of your media encounter if you re a reader viewer or listener let iSpy know if you ve stumbled across something that s worth sharing. Email in confidence to ispyjersey live.com uilding the Future Shaping our World is an engineering competition for girls aged 13 to18. In the Jersey section of the competition individuals and teams of up to four people have to design a sports venue for the derelict Fort Regent swimming pool site. The winning team will receive four tickets to the opening ceremony of the Jersey Island Games 2015 present their design to the States Assembly and automatically be entered into the global competition. The panel of judges include Chief Minister Ian Gorst Steve Bailey Games Director of the Jersey Island Games 2015 Becky Slater former JCG student who is now a civil engineer at Arup Dr Jon Hare an engineering professor at Southampton University and John Rogers Chief Officer of Transport and Technical Services. As Rachel explains I launched the competition as I believe it is a fun and exciting way for girls to get an insight into engineering and raise awareness in this field. The first insight I had into engineering was aged 15 when my physics teacher encouraged me to enter the Channel Island Group of Engineers GCSE www.bailiwickexpress.com jsy CONNECT February 2015 Here s Here s the Thing A few weeks from now Jersey s marketing and public relations industry will get together for their annual outing the Chartered Institute of Marketing awards. It is pretty easy to take the mickey out of media design types but the honest truth is that they re a pretty hard-working bunch they are creative and they re in a business that demands results. Yes there is a tendency towards bad shirts and worse haircuts and yes there s a habit of making perfectly simple things sound more difficult by inventing new words every six months for no reason but they are not actually an inherently dishonest lazy or superficial group of humans irony of ironies they just get an unjustifiably bad press. Here s the thing. Jersey s top marketing brain the most impressive brand designer and manager the most fearless and effective communicator is barring some deeply peculiar developments not going to be at the CIM event. She s probably never been. She s probably never even been invited. And so when the winner of the Campaign of the Year prize is called up on stage Vicky Boarder probably won t be stepping up for her moment in the spotlight. But she should be. Her successful campaign to stop the Ports Galots development saw plans for a new maritime centre community facility offices and 18 flats stopped dead in their tracks despite the vocal backing of Chief Minister Ian Gorst and Transport Minister Eddie Noel working with developers architects and PR consultants. How did she do it A simple grass roots campaign with elements of social and traditional media. A video that Mrs Boarder put on the Facebook page of The Fresh Fish Company was viewed more than 8 000 times a petition against the development effectively broke the Planning department which had to admit it couldn t respond to each of the respondents individually and she made herself available to the media at every possible juncture while the other side weren t taking any questions so that the coverage was essentially one-way traffic all going in her direction. Her work asked and answered the five key textbook questions for any kind of campaign What do you want to achieve Who can do that for you What motivates those people What channels can you use to reach them And how can you motivate them to act for you To put it a slightly different way a woman who runs a fish stand at the harbour took on a bunch of politicians and professionals in a media war and kicked them into touch. All this is a bit of a knock for a Council of Ministers that has pledged to work harder than ever before to consult engage and work with the public to make sure that the ideas and priorities that come out of Cyril Le Marquand House are the ones that the public want to see. They re planning on public drop-in sessions community meetings and online Q&As in order to in the words of the Gorstmeister increase openness and transparency in government. That s a laudable aim and it is a fairly natural one coming from 60 February 2015 www.bailiwickexpress.com jsy CONNECT the politician who just topped the Senatorial poll. But the Ports Galots fiasco should perhaps give ministers pause to ask themselves those same five questions. In fact they should just ask themselves the first one and scrap the rest. What do they want to achieve by engaging with the public If they re looking for a box ticking exercise then they can keep doing what they do now consulting on subjects that don t really interest the wider public such as the exercise on incorporating the Ports of Jersey changing the law on wills or how to fund the Financial Services Ombudsman. Those are questions that might be important and worthy but they will never excite anyone. Hold all the public meetings you like do as many Twitter Q&As as you want beg the media to cover it if you fancy but it s not going to work. The problem is the message not the medium. If they are looking to authentically engage then they need to ask bigger questions that are likely to get a response. If they re serious engage about the site for the new hospital. Engage about how to fund healthcare and not just by offering two insane extremes of opinion flanking what you want them to do anyway but by posing a genuine question. Engage about how to restructure the education service to support every child not just high achievers. Engage about whether the Guernsey proposal on potential cap for taxation contributions and charges (and thus public spending) is a good idea. But Galots-gate (come on you knew it was coming) demonstrates that there is a potential cost to that kind of engagement on a big topic and it s one that ministers might want to consider. The advent of social media has made it easier for people to ask and answer those five questions for campaigners and to build a strong plan of attack based on them. Are ministers really ready to take chances on questions on population the new hospital site health funding or a cap on the size of the public sector in the knowledge that these things can go very and irredeemably wrong in a very short space of time Put another way and borrowing from something that JRFC head coach Harvey Biljon said about dialogue with his players in an interview with Connect a few months ago If you re big enough to ask the question you ve got to be big enough to hear the answer. In this instance (and not hopefully too many others) what applies to rugby players also applies to politicians - the answers to the questions that ministers want to ask might not be the ones that they expected and they might not be ones that they like. Have your say... Connect s political columnist Ben Qu r e spent far far too long covering the States during his 13 years as a noted news reporter and commentator. In Here s The Thing... he takes on a key subject each month drawing on his experience knowledge and contacts to lift the lid and stir things up If you want to contact Ben Qu r e please email ben bailiwickexpress.com Do you want a more comfortable retirement If you are over 65 and you would like to raise a tax free cash sum to see you through your retirement you could sell your home through Lifetime Enjoyment and continue to enjoy living in your home until you pass away or until you need to move permanently into a care home. For more information about our service or if you have any questions please call us on 01534 888818 or email info lifetimeenjoyment.com www.lifetimeenjoyment.com A LOCAL FIRM PROVIDING A SERVICE FOR LOCAL PEOPLE 01534 888818 info lifetimeenjoyment.com www.lifetimeenjoyment.com DISCLAIMER Lifetimeenjoyment.com does not provide any legal or financial advice and we strongly recommend that you take professional advice before proceeding with any transaction. 3 February States line-up passes the 100-day Doesn t time fly The first States sitting since the new n in a normal job has got a mark is almos t upon us by this point a normal perso ties and what s expec ted of them and pretty good handle on their new responsibili excuse. It remains to be seen if is long past the point where I m new is a legitimate ts of normal but they have the the new mob are going to live up to the heady heigh on the insanity defence in criminal chance to impress us all as they debate err.. a law HMS Iron Duke and a tax trials proposals to formalise ceremonial ties with the agreement with Romania. 11 February es Chamber lunch Steve Bailey Natwest Island Gam Director sh we re basically in the hands The Island Games. Could be brilliant could be rubbi is (hopefully) a lot better of the weather. That s what DD thinks but Steve Bailey ics cos he s running it. DD s informed about Jersey s version of the London Olymp perfectly that means we can assumption is that it will follow the London template Simon Crowcroft (the only expec t Eric Idle to turn up at the opening ceremony get caught on a zipwire and that candidate for Jersey s version of Boris Johnson) will forever. Lovely stuff. literally everyone will be doing the Mobot all the time 12 February Education A Level Results s pretty straightforward but Education are going to publish exam result s. Sound ago. The new team (from you have no idea how unthinkable that was a few years enlightened attitude to the Minis ter down) seems to have a significantly more ying tendency not to follow the old line that accountability and openness and a gratif ASSAULT ON OUR CHILDREN S anything inconvenient to them personally was AN this new policy goes. They ve said FUTURE . Anyway it ll be interesting to see how far after. it s A Level result s on 12 February and GCSEs the week Deadly Diary Will be flicking carefully through the future calendar of political and business events ...and cheWing over What it finds there. every month connect 62 February 2015 www.bailiwickexpress.com jsy CONNECT 24 February Question Time St Clement er and let you into the closes tGather round readers DD is going to turn whistleblow ise not to tell anyone. Here guarded secret in Island politics but you have to prom ssion (and every British man over goes if you can do a bad Michael Caine impre able Len Norman s voice well 30 can) then you can impersonate St Clement Const not at libert y to disclose how this enough to fool a BBC repor ter on the phone. DD is se such practices. But it can knowledge has been come across and would not endor ps Len Norman will be at the be done. Apparently. Anyway Michael Caine or perha out east. Remember you re only second Ques tion Time event this time taking place supposed to blow the bloody doors off etc... 26 February House Price Index flat for a little while that all The last time out house prices had been more or less ers behind the stats that cause sounds a bit stable and rosy but it s the cold numb 205 000 and a three-bed the trouble. A one-bed flat is going for an average of s money especially if you re house is on average 512 000. That s serious seriou to live. Unfor tunately shared equity-type a young family looking for somewhere so it looks very much like building arrangements don t seem to be working over here and in a parliament dominated more homes is the only way to bring down prices to development. This is one of the by local representatives there s always opposition gh the key questions of how things that s on the Gorstmeister s To Do list althou and when are very much to be decided. Want more read take five on page 06 www.bailiwickexpress.com jsy CONNECT February 2015 63 N Unpicking the Evidence contained notes of meetings and conversations which if believed would support his claim against my clients. In fact because of the content if believed it would have had the effect of presenting my clients as nothing short of liars. But how could the content of the journal be wrong How could someone make so many mistakes when making contemporaneous notes In my submission it could only be wrong if it had been made up if it had been fabricated. On careful examination of the notes a number of things began to stand out it was written in the third person as though some onlooker had been compiling the notes rather than by the person who was involved in the events it was recording. It was written in the same pen it recorded matters which proved the ex-director s case (almost in the same order in which they were pleaded in his formal case) yet was noticeably silent in recording any other events. But most of all its content was fanciful to say the least. I began my cross examination by tackling other matters in which I knew I could establish the plaintiff had lied. Then moved on to look at actions by the plaintiff which I knew would not sit well with the court and which caused the plaintiff s credibility to be seriously questioned. Then eventually to the contemporaneous journal comparing it with other contradictory evidence ridiculing its content and revealing its many silent parts. In its judgment the Royal Court said There are serious issues as to the credibility of [him] and we found his evidence to be unreliable at best.... We were troubled in this respect by the moleskin notebook...All the entries are in the same ink.... There are no entries for the significant events which took place later...In our view these notes were not made contemporaneously and no reliance can be placed upon them.... So while I stand by my previous article in which I said notes and other records may assist you at trial clearly should they not be believed they can also spell your downfall. In this case the claim brought against my clients was dismissed in its entirety. o t long ago in a previous edition of Connect I wrote about the importance of making notes keeping records saving emails and the like because they can be very forceful evidence in legal battles should you be unlucky enough to become embroiled in one. Little did I know that not long after that publication that I would be representing clients in a trial in which I was tasked with having to disprove in cross examination the content of a journal which my clients opponent claimed he had written contemporaneously. The action was brought by a disgruntled shareholder who had been removed as a director by his fellow shareholders for underperforming and not contributing to the growth of the business. My clients were adamant that removing him as a director was the right thing to do and had offered him a fair price to buy his shares so that he could move on to pastures new. Conversely the shareholder claimed that he had been sacked as part of a plot cooked up by the other directors and additionally the price offered for his shares was derisory. The ex-director s journal The Advisor Olaf Blakeley is an Advocate specialising in litigation and commercial law If you have a legal question you would like to put to Advocate Blakeley please email editor bailiwickexpress.com 64 February 2015 www.bailiwickexpress.com jsy CONNECT Would you work with this business TWITTER FACEBOOK LINKEDIN Put a face to your business. We all know the importance of creating a good first impression. 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