A comprehensive round-up of the latest business news covering all sectors within
the Isle of Man’s diverse and dynamic business environment.
ISLE OF MAN EXPLORING
INTERNATIONAL LOTTERY
PROVIDING CRITICAL NEED
AFTER CYCLONE IDAI
Digital Isle of Man, an Executive Agency within
the Department for Enterprise, is seeking input on
proposals to develop a Manx International Lottery.
A major Island bank is playing its part to help
fund aid following a devastating natural disaster
in southern Africa.
The proposed Manx International Lottery would see an exclusive licence
issued to an operator under new primary legislation with an annual licence
fee set by the Treasury.
Standard Bank Isle of Man Limited has donated £15,000 raised through
fundraising activities to survivors of Cyclone Idai, which impacted
Mozambique, Zimbabwe and Malawi earlier this year.
The operator would be solely responsible and accountable for the
operation of the lottery, guaranteeing prize amounts and ensuring payouts.
Approximately 1,000 people were killed by the extreme storm which also
left an estimated 100,000 at risk of disease.
The proposal has been shaped through collaboration from Digital Isle of
Man, the Treasury and the Isle of Man Gambling Supervision Commission.
The bank has given vital funding to World Vision International which has
been responding to the disaster by providing food and water, shelter,
medical and hygiene kits and sanitation for those affected. WVI estimates
more than 34,000 children have been impacted in Malawi alone, with
in excess of 500,000 people displaced in Mozambique and more than
50,000 in Zimbabwe.
Laurence Skelly MHK, Minister for Enterprise, commented: ‘The
development of a Manx International Lottery could be a positive
opportunity to raise the profile of the Isle of Man around the world, raise
valuable funding for charitable projects, and generate additional income
for the Manx taxpayer. The development of this new product would also
further diversify the growing digital economy here in the Isle of Man,
showcasing the innovation and commitment to the sector as well as
adding local jobs and expertise.
‘There are a number of ‘national’ lotteries around the world, so we are
issuing this initial notice as an exercise to fully understand the feasibility of
this new product and the potential of the market.’
To test the market for a potential Manx International Lottery, Digital Isle of
Man has issued a Prior Information Notice to give interested parties the
chance to comment. This can be found at www.gov.im/procurement
If the proposal proves viable and is to be progressed, Digital Isle of Man
will commence a full tender process in due course.
Standard Bank has pledged to donate a further £5,000 for the
emergency appeal by matching funds raised by staff members who
organise their own fundraising activities for the cause.
Chris Till, CEO of Standard Bank Isle of Man, said: “Once the stories
and images of the devastation on the coast of Mozambique began to
emerge, it was truly harrowing. It has left communities homeless, unsafe,
without food, emergency healthcare and other essential services.
“As an organisation with its roots in Africa, we wanted to contribute to
the emergency appeal. The amount of post-disaster reconstruction and
recovery that needs to be done is vast and hopefully our continued
contribution will support those affected as they rebuild their lives.”
OPTIMISTIC OUTLOOK FOR ISLE OF MAN ECONOMY
The latest Business Confidence Survey from the Economic Affairs Division of the Cabinet
Offi ce, continues to show a confident business sentiment despite global economic risks.
The Isle of Man Business Confidence Survey invited feedback from local
employers to gauge business activity, future employment and investment
for all sectors of the economy: Manufacturing, Services, Retail and
Wholesale, Construction and Finance.
The results from the April 2019 survey indicated that Construction
business over the traditionally subdued winter period has been strong
and much improved. Indicated employment growth over the next six
months is the largest this sector has reported since the survey began, with
most of this expected to be full time.
All sectors report a generally optimistic outlook, although uncertainty
around Brexit means some businesses are cautious in making investment
decisions, with Retail and Wholesale businesses being particularly impacted.
Minister for Enterprise, Laurence Skelly MHK, said: ‘It’s encouraging to see
Construction looking forward with confidence, and anticipating growth
and new jobs. Large public sector schemes are taking place along with
private developments, which have helped give the sector a real boost
over the winter months.
He added: ‘It’s worth noting that the latest report has been compiled in
a challenging economic climate due to Brexit risks and this will have an
effect on our outlook locally.’
The survey also indicated further improvements in satisfaction with the
work permit system, and found that 75% of employers currently feel
that it is easy to do business in the Isle of Man. There was also a strong
improvement in satisfaction with Government’s support for innovation and
technology, which follows increased activity in this sector.
The Isle of Man Business Confidence Survey report is published on the
Economic Affairs Division section of the Government website.
The Department for Enterprise offers a range of support and financial assistance
for businesses at all stages of growth. Visit the website to find out more.
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