The Isle of Man is trying to tempt back departing graduates with a bit of Web 2.0 social networking magic.

The tax haven's government has set up a social networking site called manxgraduates.im for employers looking for staff, or to promote their firm, as well as attracting back new graduates. The idea is that Manx grads will sign up in order to stay in touch with friends and families.

So is the island planning a move away from its core money laundering industry and into technology? It wouldn't be the first time - IoM was of course the first test bed for 3G mobile networks.

The island's tax status might be enough to attract a fair few graduates back anyway. But the bolthole is currently in negotiations with the UK Treasury over exactly who should pay to bail out Manx investors with Icelandic banks.

The island is famous for its kippers, bike race, accountants, alcoholics and webbed toes. ®

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