Editor of Business Brief magazine and Guernsey Press guest columnist Peter Body conducts his offshore business round-up up-for-sale Jersey Telecom, which owns Wave, says that regulation is less of a problem to it in Guernsey than it is in Jersey.

The chairman, John Henwood, writing in the annual review of the States-owned group, says that the JT board has serious doubts that the benefits of regulation to the consumer in Jersey will outweigh the cost.

‘We have no such concern about the regulatory framework in Guernsey,’ Mr Henwood writes.

He complains that the Jersey Competition Regulatory Authority has developed policies which are out of proportion to the size of the island.

The report shows that last year mobile revenues in Jersey exceeded those from the fixed-line business for the first time and in Guernsey, Wave captured 13% of the estimated mobile market.

THE economy in the Isle of Man continues to grow, but this is not being reflected in house sales. According to the latest Treasury figures, the number of properties sold fell by 10% in the first quarter of this year.

However, the average price rose from £231,441 to £233,615. The average local market price in Guernsey is £319,000 and in Jersey it’s £355,000.

YET more public consultation is to be allowed on Jersey’s zero-10 tax proposals which have already undergone the most comprehensive for any States proposal. Treasury minister Terry Le Sueur has extended the consultation to the end of July.

Three documents have been produced covering the zero-10 design proposals, the draft law for a goods and services tax

and the GST treatment of financial services.

Jersey Finance, which promotes and represents the finance sector, asked for an extension to allow for further consideration.

Opposition to a manpower charge for non-locally-owned companies which will not have to pay tax under the proposals has come from the local branch of the Institute of Directors.

The IoD says that this is fraught with difficulties and the medicine could be worse than the illness. It will be a strong disincentive to inward investment, it says.

THE Isle of Man is waiting for royal assent to a comprehensive updating of the companies law, which will introduce a type known as the New Manx Vehicle.

The NMV scraps the requirement for a Manx company to have at least one resident director and introduces simplified filing requirements. Distribution of income can also be carried out more flexibly using an NMV.

INNOVATION is thriving down on the farm in Jersey.

A new artisan cheese called Classic Jersey Golden Blue was shortlisted in the annual Tesco Cheese Challenge.

The cheese comes from Manor Farm in St Peter, which also produces Classic Jersey Camembert, Classic Jersey Brie and Classic Jersey soft cheese.

BERMUDA has introduced a ‘Launch ‘n’ List’ product whereby funds can be approved by the Bermuda Monetary Authority and listed on its stock exchange in as short a time as two weeks.

The cooperation between the Bermuda authorities and the BSX means that funds can apply to incorporate and be classified under fund regulations at the same time that initial application is made to the BSX for listing.

THE Jersey Financial Services Commission has signed a memorandum of understanding to cooperate and share information with the Qatar Financial Centre Regulatory Authority.

Qatar is attracting increasing attention from Jersey’s finance sector and the

JFSC says that greater dialogue between the two regulators might therefore be

necessary. The MoU will help facilitate this.

Other Jersey MoUs have been signed with authorities in Australia, Bahrain, UAE, Hong Kong, China and 14 other jurisdictions.