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The Journal

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ISSUE EIGHT

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BUSINESS • FINANCE • LAW • RECRUITMENT

BUTTERFIELD SENT STUDENTS

TO LONDON HACKATHON TO TACKLE PLASTIC POLLUTION

As part of its continued environmentally-focused efforts and its partnership with Plastic Free Jersey, Butterfield covered the costs for two students to travel to London to participate in a Hackathon to create solutions to the global plastics problem. BUSINESS

In December, GCSE students were challenged to devise practical solutions to combat plastic pollution in the Island at Plastic Free Jersey’s Design Sprint event, which was sponsored by Butterfield. Following the event, Gemma Newman and Katelyn Ridgeway from Hautlieu School were chosen to represent Jersey at the Plastic Hackathon at the Imperial College London in February. Organisers of the Reuse/Refill Hackathon challenge curated teams of industry experts from the sustainability sector and brands such as Marks & Spencer and Just Eat, with at least one teenager included in each team to add a fresh perspective. Teams were tasked with finding innovative solutions to the plastic pollution problem associated with ordering takeaways, grab and go food, personal care, as well as internet and grocery shopping. Both Hautlieu students delivered keynote speeches at the hackathon. Gemma’s team’s concept, “Mindful Minis”, was awarded first place by the judging panel and will be working with the investment committee of Sustainable Ventures to move their idea forward. Gemma said: ‘I thoroughly enjoyed my experience at the Plastic

Hackathon. I felt that I was part of something that was going to improve my future. It’s so imperative that my generation have a voice when discussing the future sustainability of our planet and this event allowed my voice to be considered. The experience has given me some reassurance that the drastic problem of plastic pollution isn’t being ignored or left for generations to come. It was inspiring to see so many likeminded individuals come together and consider other, more sustainable ways for the future. We need to make people ready to change, not to be scared of it. ‘Initiatives like this are so important, having a whole host of people each with their individual ambitions and motives, working collaboratively to achieve sustainable solutions. I would like to thank Butterfield for allowing me the opportunity to go to this event and I’m looking forward to working with Sustainable Ventures in progressing our idea,’ she added. Noel McLaughlin, Managing Director at Butterfield Bank (Jersey) Limited, said: ‘We are delighted that Gemma and Katelyn were chosen to represent the Island at the Reuse/ Refill Hackathon in London working with experts in the sustainability sector. The Hackathon is an innovative and creative way of devising solutions

to the global problem of plastic pollution. Following on from the success of the Design Sprint, this was a fantastic opportunity and we’re thrilled to have enabled the students to be part of such a creative and important initiative. At Butterfield, we are committed to the betterment of the natural environment in the communities we call home.’

 Above: Katelyn Ridgeway and Gemma Newman at the London Hackathon Left: Noel McLaughlin, Managing Direct at Butter�ield Bank (Jersey) Limited


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CONFERENCE GOERS URGED TO INVEST IN CYBER TRAINING

Training staff and ensuring that employees understand basic security steps were the key priorities identified for over 100 business professionals who attended the Logicalis CI cyber security event on 20 March. BUSINESS

The conference was attended by people from across Jersey’s business community who heard expert global training, testing and product providers share their experiences of helping companies to mitigate the risk posed by hackers and data breach. They also provided recent information and statistics on the scale of the security risk and the ways in which international businesses are now trying to change employee behaviour to provide a layer of defence. Logicalis CI’s Managed Security Services Director, Ricky Magalhaes: “The numbers who attended today shows that businesses are beginning to understand that they need to take cyber security seriously. Attacks are ever more prevalent and managers need to be aware of the risks and ensure that their staff also understand what their role is in protecting company data. The theme which ran through all the talks we had today is that no matter what technology you invest in, the crucial first step is to train your staff and make security a normal part of their day.

 Logicalis CI’s Managed Security Services Director, Ricky Magalhaes

“Companies need to think far more broadly than simply reacting to a recent or existing threat and I hope

that everyone who came along got a sense of the positive steps that they can take.”

Vistra further JT’S HAS EXTENDED ITS strengthens ACCREDITATION WITH its compliance GLOBAL TECH GIANT CISCO expertise RECRUITMENT

Vistra, a leading global trust, fund administration and corporate services provider, has announced the appointment of Paul Sewell as Compliance Director, UK, Ireland and Channel Islands, effective immediately. Based in Jersey, Paul will be responsible for the strategic direction and implementation of Vistra’s compliance strategy in the region. He will play a critical role in ensuring Vistra continues its strong track record of meeting international compliance standards and local regulatory requirements. Paul has more than 30 years of experience in the finance industry, primarily involved in the provision of fiduciary services, having previously worked for some of the leading financial services providers including Deloitte and Citigroup. He has served as an executive board director for four trust companies since 2000, including Chiltern, which founded Vistra in 2006 through the management buy-in of its private client business. During this time he has been a registered “principal person” with the Jersey Financial Services Commission.

The conference covered a number of major issues from taking out cyber security insurance to the changing

face of phishing and the fact that email compromise and gaining account privileges remain one of the main threats from malicious hacks. Security scientist Joe Carson, from software company Thycotic was one of the industry experts who spoke at the conference, sharing his experience of testing businesses resilience to attack. He emphasized that it was crucial that cyber security information and actions needed to be as simple as possible and fully aligned to each business. “What is important about these events is that they bring everyone together to share their experiences. Everyone has different priorities and challenges in their daily working life and they want to be able to do their job without interference. What we are always trying to get across is that we need to introduce cyber security to reduce risk but it is not a goal in itself – it is there so that you can carry on doing your job securely,” he said. Experts representing Cisco, KnowBe4, Thycotic, McAfee, Sophos and Bromium all delivered presentations and were on hand for a panel Q&A at the end of the conference.

Jersey OIC sees a drop in local data breaches

The number of data protection complaints by Jersey residents and self-reported data breaches by organisations JT’s Business teams across the Channel Islands are significantly down since October 2018.

and London have boosted their already strong relationship with world technology giant Cisco by achieving a further premier accreditation. BUSINESS

This makes JT the first Channel Islandbased provider to have gained two full Cisco architectures enabling JT to expand the range of Cisco products within their portfolio. These products include JT’s newly launched ‘next generation’ firewall which allows JT’s customers to actively monitor systems and, if needed, lockdown and isolate any devices which have been compromised with an advanced managed service approach. By achieving this Advanced Enterprise Networks Architecture Specialisation, JT’s team has demonstrated that they have met the stringent training standards required and have further secured the team’s expertise in supply, design and deployment of complex Cisco solutions. Katie Corbett, Director of CI Enterprise & Business Services at JT said: “Cisco is the largest networking

company in the world and our 20year partnership with them helps us to deliver the very best solutions for our global customer base. We pride ourselves on having within our dedicated team some of the finest Cisco experts in the islands, who between them have now clocked up some 60 hours of intensive training, often in their own time. So, we are delighted to add this second architecture specialisation to our portfolio further expanding what we offer to our customers in the Channel Islands and around the world. “This achievement is testament to their hard work putting in a huge amount of time and effort to reach this status. As one of the Channel Islands largest digital employers we are committed to investing in our teams and encouraging them to take part in training like this, so that they can maintain the standards that our customers need and further their own professional development.”

BUSINESS

This is according to the Jersey Office of the Information Commissioner, the independent statutory authority responsible for ensuring privacy of personal information. 79 total breaches were reported in Jersey from 22nd October to 21st December 2018, with that figure being almost halved in the preceding two months. Dr Jay Fedorak, the Island’s Information Commissioner, points to the increased awareness among islanders and businesses regarding their personal information rights as the reason for the drop in reported data breaches. “We have been educating islanders on the types of data breaches to report, including a very successful series of presentations as part of the recent Data Protection Week. These include implementing simple data protection measures, for example, turning off auto fill on emails to prevent personal

data being sent to the wrong person.” The Office of the Information Commissioner has also been working closely with the Island’s businesses to enable them to better understand the types of breaches which need reporting. “Breaches are an inevitability, but the managing and learning is key,” he added. “Through continued awareness and education, organisations have a greater understanding of what they need to report and understand the importance of training staff around practicable breach reporting mechanisms. They also understand that the law still requires the organisations to complete internal data breach register which we have the power to review.” The Office of the Information Commissioner is available for help and guidance to assist organisations and individuals in protecting personal information.


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Tassili’s Restaurant Manager wins bronze award at La Coupe Georges Baptiste

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The Tassili Restaurant Manager at Grand Jersey Hotel & Spa proved he’s got fine dining restaurant gueridon service down to a fine art, winning bronze at a prestigious international restaurant service competition in France. BUSINESS

Nicolas Marais was third out of 12 finalists, including many from Michelin starred establishments, in La Coupe Georges Baptiste – Professional which took place this year in Limoges, Limousin. Nicolas was competing against some of the top Maἲtre D’s from restaurants all over the world and was coached through the competition by Antoine Woerlé, one of the most famous sommeliers in France. He had to demonstrate his fine

dining technical skills through a series of tasks including devising recommendations for wine and cheese – dependent on guest tastes; carving and flambéing, recommendation and preparation of cigars, and the preparation of the restaurant prior to service. Commenting on the award, Nicolas said, “This was a really tough competition, but also a fantastic opportunity for me to work alongside a true expert in the business, Antoine Woerlé and hone my fine dining service skills. I’m thrilled to have placed

in the top three!” Simon Miller, General Manager of Hand Picked Hotels Jersey, added, “This is a fantastic personal achievement for Nicolas. We truly believe we have some of the best professionals in the industry on our team and this showcased Nicolas’ talent on an international stage.” Nicolas who joined the team at the award-winning restaurant at the AA Five Star St Helier Hotel last November, was presented with his medal at a Gala dinner at the end of March.

CO-OP MEMBERS CAN REGISTER FOR ONLINE VOTING IN UPCOMING DIRECTOR ELECTIONS

Following the success of the inaugural online voting service offered during the Directors Elections in 2017, the facility will be offered again to all eligible Members of the Society to allow them to get in-volved and exercise their democratic right to vote in 2019. BUSINESS

Eligible Members of the Society will be able to register to vote in the upcoming Director Elections. To ensure transparency, impartiality and security, the Society has appointed the independent scrutineer UK Engage to administer the online voting process on its behalf. The Channel Islands Co-operative Society’s Chief Governance Officer & Society Secretary, Chris Lintell, said: “We have over 125,000 Members, each with a right to vote in our Director Elections, and it’s important that we provide our Members the most convenient means to vote for their chosen can-didate. Having used UK Engage for our last Director Elections in 2017, we are confident of their ability to serve the Society’s needs again. UK Engage oversee local and national elections in the UK, as well as overseeing elections for a wide variety of Membership organisations, such as pension schemes and trades unions. Their e-voting system is extremely robust, featuring high level encryption

and three-factor authentication to securely process millions of votes each year. Voter access is via a Unique Security Code issued by UK Engage directly to each eligible Member. The system holds all election information and resources in one place, is easy to use and Members can vote using all types of devices. If any Member does not want to vote online, votes can be cast at our Grand Marché stores or at the Annual Meeting of Members (AMM) but only one vote can be made per Member. The Society is asking Members to look out for emails about the voting process in the coming weeks. Online voter registration is now open. Eligible Members will be invited to vote for Directors from 4 April 2019. The Guernsey AMM takes place on 14 May, followed by the Jersey AMM, which will be held on 15 May. The election will conclude at the AMM in Jersey. To find out more information about the elections and how to register Members are being invited to visit the Society’s website www. channelislands.coop/OnlineVoting.

VG PRESENTS FUNDRAISING CHEQUES TO MIND JERSEY AND JERSEY ALZHEIMERS ASSOCIATION

VG presented cheques of £4,500 each to its chosen charities – Mind Jersey and Jersey Alzheimer’s Association. The funds were raised as part of a year-long fundraising project by the firm which included bingo events, bake sales and quiz nights. VG is proud to be partnering with two local charities who do such important work within the local community.


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DELOITTE APPOINTS CYBER EXPERT

Deloitte’s Channel Islands advisory expertise continues to grow in strength and depth with the appointment of cyber expert Caroline Honeycombe as Manager in the Risk Advisory team. RECRUITMENT

Miss Honeycombe has over 10 years’ experience working for the UK Government within the intelligence community on national security and cyber investigations, both within the UK and UK assets worldwide. Miss Honeycombe held a number of analytical and investigative cyber roles during her time with the UK Government and has developed a particular interest in cyber risk management, cyber strategy, and cyber incident response to help organisations build good practice in these areas. She has planned, led and delivered numerous tactical incident responses and longer-term complex strategic investigations. In her time working in government, Miss Honeycombe was also instrumental in the implementation of new solutions and pioneered new capabilities in forensic data analysis and computer and digital forensics. Miss Honeycombe has developed an extensive understanding of the evolving technology landscape and the associated cyber threats that technology faces. She is able to advise organisations on the complex nature of associated threats exposed by the

internet, the ever-increasing level and type of cyber threat and the associated risks faced by organisations. She has also worked for the Jersey Financial Services Commission where she managed a number of entities for regulatory supervision within the Investment Business and Trust Company Business team. Her role with Deloitte will see her focus on the firm’s worldleading cyber risk portfolio which delivers end-to-end cybersecurity services. She will help drive and deliver best practice for Deloitte’s clients through cyber assessments and strategy and transformation projects, and will lead the local delivery of the firm’s offering in cyber risk management, cyber training education and awareness, incident response and cyber threat intelligence. Alex Adam, Deloitte Advisory Partner, says: ‘I am delighted that Caroline has chosen to bring her skills and expertise in this critical area back to Jersey and to our team in the Channel Islands. Clients are increasingly

Carey Olsen and Oak advise on Quinbrook Clean Energy Fund BUSINESS

recognising that the management of cybersecurity and protection of their data assets are key to protecting their business today and for the future. ‘With Caroline’s appointment, combined with our world-leading global cybersecurity practice, we are uniquely well placed to meet the growing needs of clients in this area.’

Carey Olsen’s investment funds team in Jersey has advised Quinbrook Infrastructure Partners on the Jersey legal and regulatory aspects of Quinbrook Low Carbon Power Fund’s final closing, which raised a total of US$1.6 billion in primary and coinvestment fund commitments. Oak Group (Jersey) Limited (“Oak”) acted as Jersey administrator to the fund. The fund focuses on investments in the ‘new build’ lower carbon and renewable energy sectors of the United States, the United Kingdom and Australia. The fund took advantage of the regulated ‘Jersey Eligible Investor Fund’ regime to target institutional investors, including those in the UK, US and Australia. Rory Quinlan from Quinbrook said: “We are delighted to have closed the Low Carbon Power Fund, and are grateful to both our long-standing investors and new institutional investors who

have shown confidence in our energy investment expertise and commitment to ESG principles. The well-established Jersey regulatory environment and the high quality support from our Jersey advisers have enabled us to provide these sophisticated investors with the stringent operational assurances they require.” The Carey Olsen team was led by partner Chris Griffin, assisted by senior associate Sarah Townsend and associates Adriana Boscariol and Calvin Crilly. Oak provided directors and company secretary with demonstrable knowledge in the clean energy sector and experience in administering significant funds. Oak’s managing director in Jersey, Nicola Gott, said: “With Jersey seeing record fund administration values, as of December 2018, the market is feeling very buoyant and this fund, with its very topical asset class and high value, is a perfect illustration of that.”


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THEJOURNALFINANCE 7

25 money saving life hacks

Controlling your money and life may require some new hacks for saving money more easily and achieve financial freedom in 2019. These moneysaving hacks are related to your day-to-day life with the goal of helping you cut costs. By: The Poor Swiss

I

n order to improve your savings this year, you will definitely require a few money-saving hacks so that you may easily wipe out all of your financial problems! So, try to implement these money-saving hacks and save more in 2019!

buying. Make sure you get rid of one item from your room for every other item you buy, whatever it may be. 19. Try DIY options You can watch online videos for free tutorials. Some easy money saving DIY tips may include: - Maintain and clean your car on your own - Prepare your own meals every time - Adjust your thermostat and air conditioner on power saving mode - Clean up your lawn once in a month - Perform small home repairs like – leaky pipes, broken fence, rusty door hinges, etc.

1. Create a budget The budget will be an important part of your financial plan. If you do not already have a budget, try to create one asap. For instance, here are a few reasons for creating a budget: - It will help you to manage money matters. - This will help you to stop overspending money. - It will give you a plan to spend less and save more. - It will help you to live a high quality of life because you can identify the most important expenses of your life. - If you are married, a budget can also help to avoid tension caused by finances. 2. Set clear financial goals This is one of the most important things you need to do. The financial goals should be measurable and specific and should contain a deadline. - Your financial goals could involve things like: - Building an emergency fund - Short and long term saving - Maximising your income - Debt pay off - Reducing expenses - Growing the net worth, etc.

3. Negotiate with employer A proper salary is required to manage all of your expenses. So, at your new job or at your current job, you must negotiate with your employer to increase your salary. It will be helpful to cope up with your finances and save more.

4. Track your expenses and investments Similar to budgeting, you should track your expenses as early as possible. You need to set up a system for tracking and recording your expenses. You might use a spreadsheet to record your expenses.

5. Make on-time payment We often spend too much money on late fees or additional charges because we do not focus on making payments on time. These little charges add up very fast and increase your total debts. As a result, it will slow down your progress if you are working to build savings. If you are really struggling to pay your bills, you may call your bank and automate payments. You may ask your creditor also and see what they are willing to waive. 6. Get out off debt If you have huge debts like highinterest payday loans, credit card

20. Cut off your expensive hobbies Do you overspend on your expensive hobbies rather than making debt payment? If so, stop it right now. You should choose a cost-effective way to fulfil your hobbies. 21. Negotiate your rent Depending on the location, the demand for homes, and rental markets you may negotiate a more favourable rate. Landlords and rental companies will be looking for dependable and consistent renters. So you can always negotiate your rent and see what might happen. debts, or personal loans, try to pay off these debts asap. The most popular DIY debt consolidation method to manage your debts is the debt snowball and debt avalanche method. Credit card balance transfer is another good debt consolidation option to manage credit card debts. 7. Consider a side hustle A part-time job might help you to maintain your budget this year. There are several part-time jobs available such as – online content jobs, script writing, content editing, babysitting, or work as a Virtual Assistant. You may also earn by renting out your extra room.

8. Build your credit Whether you have good credit, fair credit, or bad credit, you should constantly work hard to grow it further. Loans, insurances, and mortgage payments can be offered at a lower interest rate if you have a decent credit score.

9. Use rewards credit cards Use reward cards or cash back credit cards for your purchases. You should use the right credit card that can give you good “every day” cash back or rewards for using in both online and big stores. 10. Prioritise your savings The best option to grow your savings each month is to prioritise your savings. Initiating a money transfer as soon as you are getting your paycheck or from your current account into

your savings fund can make you stress-free.

11. Start a carpool with a friend or neighbour Instead of using your own car, you may use a carpool service. It is better if you can talk to your friend or neighbour to help you in this matter. If they are willing to give you a lift on the way to the office, you may easily save a lot from your monthly gas cost. 12. Make a shopping list prior to hitting the store Think about what you actually need at the store and make a list. This way, you are going to save a good amount of time and money. Why? You will have a list to focus on in the store rather than roaming around and tossing things in your cart.

13. Build an emergency fund It should be enough to cover your urgent money needs at any point in time. If you can invest in a decent emergency fund instead of having a high-interest credit card, you can easily manage a critical financial situation without making more credit card debt. 14. Start investing in a proper asset category Investment is the ultimate way to get financial freedom. Investments can be divided into three main asset classes safety, income and growth. Make sure you invest in any asset class after doing proper homework. The sooner you invest, the better your

chances will be of getting a decent return.

15. Buy things in bulk if possible Buying things in bulk may give you decent saving. Normally stores offer a good discount if you get commodities in a bulk. From soap to toothbrush, dog food to veggies, everything can be purchased on a good discount if you can get them in bulk. 16. Secure your financial information If you want to keep your personal financial data secure, then you must take initiatives to protect your financial information. Use uncommon passwords for your online accounts, Emails, and other login details. Keep your devices up-to-date with authentic software and drivers. Do not share personal financial data with anyone else.

17. Buy enough insurance If you have a good credit score, the cost of insurance will be lower for you. But if you want to buy insurance for your parents, the premium will be much higher. If you do not have enough insurance to cover your life and assets, you should consult a professional for an assessment. 18. Declutter your house Organising your home may help you to clear more space and it can also give you extra income. You may sell unused or old items by listing them in local online marketplaces. Take a break to reduce the temptation of

22. Enjoy meals at home Spending on junk food seems bad. But if you can cook spicy food at home and enjoy the meal with your family, it will be satisfying and money saving too. You cannot avoid junk food, cutting back several times might do the work. If you make too much food at home, freeze them and use them as a next day meal.

23. Quit smoking The cost of smoking is much higher than the price of a pack of cigarettes. Smoking may cost you more on health insurance, life insurance, long-term care insurance, and disability insurance compared to the nonsmokers. So, stop slow-poisoning yourself and save money by doing so. 24. Buy generic items Did you know that many top brand products carry the same ingredients and quality just like generic brands? So, you may save thousands of pounds by simply buying the generic brands instead of the most popular top brand products. 25. Drink water before eating Drinking water before a meal will reduce your appetite and allow you to consume a certain portion of food that you actually need. This will also save you money on meals.

Conclusion Trust me, there are lots and lots of money saving financial hacks that might come in handy. But whatever you do, make sure you are doing it with proper dedication.


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