Weekly Client Update – 29th September 2023

Market Update

FTSE 100: The FTSE 100 is up 0.83%.

European markets: European markets are higher today with shares in London leading the region. Germany’s DAX is up 0.83% and France’s CAC 40 is up 0.83%.

US markets: The Dow Jones Industrial Average climbed 116.07 points, or 0.35% to 33,666.34. The S&P 500 added 0.59% to 4,299.70 — just shy of the key 4,300 level. The Nasdaq Composite jumped about 0.83% to 13,201.28.

Asian markets: Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 2.59% and the Shanghai Composite rose 0.13%. The Nikkei 225 lost 0.05%.

Emerging markets: The world’s fastest-growing economy is on track for more than 100% growth, largely fueled by profits from its oil production and export sector. South American country, Guyana, with a population of about 800,000 people, is projected to grow 38% by the end of the year, according to recent GDP forecasts by the International Monetary Fund.


The Crab Shack to close their doors

Hospitality business, JP Restaurants, has announced the closure of The Crab Shack at Gorey on October 15th, as their lease for the location, which they’ve operated since 2005, is ending.

The Crab Shack was sold earlier this year due to reduced foot traffic in the area. JP Restaurants plans to focus on other opportunities and will continue investing in Jersey.

They currently operate three restaurants and six Café Ubé outlets, with no job losses expected from the Gorey closure. The future of the Gorey site, owned by Randalls, remains uncertain.


One in five Jersey deaths avoidable

Around one in five deaths in Jersey in 2022 were deemed ‘avoidable’ according to the Jersey Mortality Report. This report revealed that out of 920 total deaths (450 men and 470 women), 170 were considered preventable and treatable.

These avoidable deaths were primarily caused by cancers and diseases of the circulatory and respiratory systems. Cancer, particularly lung cancer, was the leading cause of avoidable deaths.

The report highlights the importance of addressing lifestyle factors, such as tobacco and alcohol use, and diet, to reduce avoidable deaths. The Public Health Strategy, to be released soon, will focus on these factors. Efforts to promote healthier eating habits among children are already in place.

The average age of death in Jersey was 79, with cancer being the primary cause of death at 31%.

The main causes of death, including cancers and circulatory diseases, have remained consistent since 2007 and accounted for 54% of all deaths in 2022. COVID-19 was the underlying cause of 4% of deaths, similar to the figure in England.

Additionally, there were approximately 130 deaths among individuals of working age (16 to 64), and 290 were premature deaths occurring before the age of 75.


Portelet Bay Café granted permission for seasonal parking

The owners of Portelet Bay Café have been granted planning permission to create two seasonal parking spaces at the end of a field for their use.

The Planning Committee voted in favour of this decision, going against the Planning Department’s recommendation, which argued that private parking in the Protected Coastal Area was inappropriate.

The committee justified their decision by emphasising the economic benefits of allowing the beachside eatery to continue operating. Previously, the café owners were allowed to park near a pumping station, but that area was sold to residents who no longer permitted their parking there.

The new 55m² parking area will be discreetly located at the southern end of publicly-owned fields and will only be used between March and October by the café owners.

This decision followed a public debate, with 104 supporting comments and 36 against.

While some committee members found it a difficult decision, they leaned on a policy in the Bridging Island Plan that supports development in the coastal environment when it benefits the local economy.


Players Reds lose their livelihoods

The Jersey Reds ceased trading this week, due to being on the brink of liquidation.

A total of £370,000 in short-term funds was granted to Jersey Reds by the Jersey Government. It was provided over the past three months to give the club some time to secure private investment.

The director of rugby for Jersey Reds, Harvey Biljon, is primarily focused on helping the devastated players who have lost their livelihoods due to the sudden demise of the club.

He contacted the squad early in the morning to inform them of an emergency briefing instead of their planned flight, as the team’s upcoming Premiership Rugby Cup tie against Cornish Pirates has been cancelled.

Biljon is deeply concerned about the players who won’t receive their paychecks this month, some of whom can’t even afford rent or airfare off the island.

He is working on finding ways to support them, either financially or by assisting them in finding new clubs. Biljon has yet to fully comprehend the personal impact of the news, as he has been preoccupied with the players and their well-being.

The future of scheduled rugby matches is uncertain, and efforts are being made to assess the impact on other rugby clubs on the island.


New Code of Conduct for Jersey politicians

Deputy Moz Scott, who recently faced criticism from the States commissioner for standards for using profanity towards a fellow politician, is proposing a new Code of Conduct for elected politicians. The aim is to rebuild public trust in the Assembly by addressing behaviour that could be seen as harassment, bullying, or intimidation by any States Member.

Earlier, Deputy Scott was found to have breached the Code of Conduct for her explicit language towards Deputy Max Andrews, who, in turn, faced censure for inappropriate remarks and gifts. Now, Deputy Scott seeks changes in regulating States Members’ behaviour.

Her proposition includes five key points, with the main focus being on aligning professional standards in the Code of Conduct with ethical standards in professional organisations outside the government. She also suggests the establishment of an independent third party to offer informal advice on conduct issues, reducing the need for formal referrals to the commissioner for standards.

Additionally, Deputy Scott calls for the Privileges and Procedures Committee to develop guidelines and training materials for States Members on interpreting the Code of Conduct and handling formal claims related to conduct, making this training mandatory.