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A comprehensive round-up of the latest business news covering all sectors within the Isle of Man’s diverse and dynamic business environment. NATIONAL INCOME REPORT INDICATES 7.4% GROWTH IN GDP The Isle of Man Government has published its National Income Report. The report shows that GDP has increased by 7.4 per cent in real terms during 2016/17 financial year. This is after a small reduction of 0.9 per cent during 2015/16. Out of the 24 sectors covered in the report, 16 showed areas of growth with the information and technology sector being a significant driver. Other areas that demonstrated significant growth were e-gaming, and finance and businesses services. In addition, the report shows that total personal income increased by 4.4 per cent in real terms. The report follows the business confidence survey, published last month, that highlighted all sectors of the Isle of Man economy were confident about their growth prospects. Chief Minister, Howard Quayle MHK, said: ‘This report shows that there has been a real increase in personal income for our population. This demonstrates the confidence and commitment that business have in the Isle of Man. ‘The report shows growth across our economy including construction and manufacturing and this along with the results of the business confidence survey shows that our economy is getting stronger and more diverse. However, we are not complacent and know that we have a lot of work to do over the next few years to ensure that this growth is sustainable.’ The link to the report can be found here: www.gov.im/categories/tax-vat-and-your-money/national-income/#menu TOP AWARD FOR IOM SHIP REGISTRY The Isle of Man Ship Registry has been awarded ‘Best Shipping Registry 2019’ by World Commerce Review. The awards celebrate achievement, innovation and excellence across several fields of endeavour. Laurence Skelly MHK, Minister for Enterprise, commented: ‘I am delighted for the Ship Registry team to receive this award. The registry provides an essential platform for the Isle of Man, stimulating economic growth and demonstrating our commitment to a diversified economy. This award recognises the excellent service the Isle of Man Ship Registry provides its clients.’ The World Commerce Review publication covers the international marketplace for finance, business, law and government. The awards recognise professional conduct and excellence and during the selection process the panel took into account product innovation, ongoing customer support and best practice criteria as well as a continuing commitment to deploying the best possible solutions for the benefit of their clients. The judges said: ‘For their continued diligence and excellence in this field, World Commerce Review is proud to award the Isle of Man Ship Registry ‘Best Shipping Registry 2019.’ ‘The panel observed the commitment to detail and customer-care provided by the Isle of Man Ship Registry and were impressed with the skill, knowledge and awareness provided.’ BETFRED REINFORCES ITS REGULATORY COMPLIANCE THROUGH PARTNERSHIP WITH THE SMP COMPLIANCE ACADEMY Leading online gaming and sports betting operator Betfred has announced a partnership with the SMP Compliance Academy to reinforce its regulatory compliance efforts. The Compliance Academy, which is CPD accredited, was developed by SMP eGaming, the highly regarded Isle of Man-based specialist eGaming consultancy, and launched in 2017. Ted Pepper, Director of SMP eGaming, said: ‘The partnership with Betfred is based on a subscription model and our Academy will deliver tailored compliance and regulatory training. Betfred can also utilise our platform as a knowledge hub and document repository for its company policies and procedures. ‘We are delighted to team up with one of the biggest names in the Gaming industry and it’s a further strong endorsement of the work being undertaken by the Academy and the services it provides.’ 6 | Adele Farrell, Director of Digital Compliance at Betfred, said: ‘The platform provided by SMP Compliance Academy provides a powerful tool and voice, not only to deliver the obligatory training and company policy and procedures that Betfred requires, but also to instil a positive and responsible compliance culture. The platform allows us to apply a risk-based approach to our training via the powerful analytical tools, which can be used to identify any training deficiencies within the business. ‘We are committed to the ongoing training of our staff, ensuring they have the latest relevant knowledge and skills, and the SMP Compliance Academy meets all our requirements perfectly.’