Archive for September 17th, 2010

Ritz developer selling luxury sail boat for $10m

Cayman News | 17/09/2010 | 26 Comments

(CNS): According to reports in the international yachting online media the developer of the Ritz Carlton Grand Cayman is selling his luxury sail boat for $10.3million (€8.25 million). Michael Ryan’s 128 ft (40metre) sailing yacht Tenaz, will be on show next week at the Monaco Yacht Show in Europe which takes place between the 22-25 September. Originally launched as Mamamouchi by the Pendennis Shipyard in Falmouth, in 1996, Ryan purchased and renamed the boat in 2007 before taking it on a round the world sail with his family in 2009. Tenaz has recently been refitted and the yachting press says it is in excellent condition with the mechanics and the infrastructure having been comprehensively refitted and replaced.

“This involved a top to bottom, interior and exterior repaint, refurbishment of the teak decks, general interior re-touching, main engine exhaust rebuild, maintenance and updating of rigging and systems and general electrical and mechanical refurbishment,” the Yachting Times reported.

Described as having a sleek profile which “gives wonderful visibility forward from her huge cockpit,” the boat has also reportedly earned a superb reputation for her performance under sail.

Tenaz sleeps 10 guests in a master and three twin cabins plus two Pullman berths. The yacht also won the Voyager’s Award at this year’s World’s Superyacht Awards in May. The sailing yacht is listed at boatinternational.com: View this superyacht’s media and specifications

Obesity epidemic simply caused by eating too much

Guest Writer | 17/09/2010 | 0 Comments

(The Telegraph): The obesity epidemic has nothing to do with modern sedentary lifestyles and is entirely down to eating too much, a leading academic has claimed. Despite appearances, overall physical activity levels have remained constant for the last quarter of a century during which time weight levels have rocketed, Professor John Speakman said. He claimed that the average man burned 1380 calories per day in the 1980s and continues to do so today. The average woman has burned 950 calories a day during the same period. What has changed is that calorie intake has increased by at least a third to on average 3,500 calories a day, he said. Prof Speakman said that his research showed that small changes in lifestyle were not enough to fight the obesity crisis.

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Football for girls kicks off another season

Cayman News | 17/09/2010 | 0 Comments

(CNS): Kicking off another exciting football season, the Cayman Islands Girls Football Organization (CIGFO) invites all girls ages 4-12 to George Hicks Field at 9:30am on Saturday mornings, beginning Saturday, 25 September. Female footballers of all skill levels are welcome to join the fun for the next 12 weeks, at a cost of only $15 for the entire season. Each player will receive a jersey and is asked to bring a soccer ball (with the player’s name on it), shin-guards, and a water-bottle. CIGFO’s Fall 2010 program is an excellent way for girls to develop football, teamwork, and self-esteem skills in a fun and exciting environment.

For more information, please contact Sue Greene, CIGFO President, at 325-8252 or suegreene@hotmail.com

CIGFO wishes to thank our generous sponsors; Generali’s “Be Active” Program and The Phoenix Group.

Mac has eye on Asian pie

Cayman News | 17/09/2010 | 67 Comments

(CNS): The Cayman Islands should be able to benefit from the growth of economies in the Far East but the country has been slow to recognise the shift of business from the west to the east, the premier has said. McKeeva Bush has announced that he will be travelling to Singapore and other countries next week in order to promote Cayman as a potential business jurisdiction as well as a tourist destination and tap into the growing economies there. Pointing to China in particular, Bush said it was second largest economic power in the world and Cayman had to form a relationship with that nation because before long its economy would overtake that of America.

“Its rate of growth and industrialisation has never before been experienced in the history of the world,” the premier said of the Asian giant. “The achievements of China are unprecedented and failure to recognise and form relationships with a country growing at this rate with the largest base of possible wealthy tourists in the world will be to our detriment. “

During his trip to Asia the premier said he would be promoting the Cayman Islands as a business friendly, sensibly regulated jurisdiction as part of government efforts to encourage new business to Cayman. “The window of opportunity is short as there are numerous businesses considering moving some of their activities to other jurisdictions, of which we wish to be one, and at the same time there are numerous businesses in Cayman considering other locations,” he warned.

Bush said that over the past number of years, Cayman had failed to recognise the impact of globalisation and failed to implement immigration policies in a manner which allows the continuation of growth in the country’s major industry.

“Our unfriendly over-nationalistic policies allows countries such as Canada, Ireland, Europe to encourage the movement of good jobs and economic activity created by our financial industry, which enjoys the registration of the majority of hedge funds in the world, the leading banks, insurance companies, and financial institutions in the world, to their countries,” he said in a television address on Thursday evening.

His government policy, Bush told the television viewers, was to enhance and encourage economic growth, and in order to do so the country had to bear in mind the changing global conditions. He said that the mistakes of the past couple of years had to be reversed.

“Over the last 16 months we have worked diligently to improve and correct our international image,” he added. “We have strengthened incentives which will encourage persons relocating from other major countries to consider the Cayman Islands as an acceptable place to establish and maintain their businesses.”

Cayman he said had to be competitive and to encourage businesses to come to here instead of Switzerland, Ireland, other parts of Europe, Canada, Singapore, and China, which he warned was also now in the process of creating an international outsourcing financial centre.

Premier names five new National Heroes

Cayman News | 17/09/2010 | 38 Comments

(CNS): As the architect of the National Heroes programme that recognises those who have made a significant contribution to the development of the islands, the premier has announced five new National Heroes. McKeeva Bush said the committee had agreed that the late William Farrington, a former West Bay legislator; Desmond V. Watler, Cayman’s first chief secretary; former legislator Ormond L. Panton; Evelyn Wood, Cayman’s first female legislator; and Joyce Hylton, a social development pioneer, will all be officially installed during next January’s National Heroes Day celebrations. Bush said these people had set the foundations for what Cayman has today.

The national heroes are usually awarded posthumously, with the notable exception of Sybil McLaughlin, a former speaker of the Legislative Assembly, who was the only hero so far to be awarded while still living.

“Without these great men and women, where would the good ship Cayman be today?” Bush asked rhetorically, as he announced the latest heroes during a television broadcast on Thursday evening.

He also announced that the country’s primary schools would all be renamed in honour of Caymanians who have made great and valued contributions to our communities. The first two to begin this naming exercise will be the Bodden Town Primary School, which will now be known as the Theoline McCoy Primary School, and the Savannah Primary School, which will be named after Edna Jackson.

“Whatever I do is for the good of all the people of these islands, and I ask for your understanding, your support and your prayers,” Bush stated as he ended his broadcast.

Cayman to talk with Jamaica about removing visas

Cayman News | 17/09/2010 | 39 Comments

(CNS): Jamaica and the Cayman Islands have agreed to resolve the issue of the visa requirements for travel between the two countries. The agreement to talk about the matter was made during informal talks yesterday (Wednesday, 15 September) between McKeeva Bush, the premier and Jamaica’s deputy prime minister, Kenneth Baugh. Bush spoke with Baugh when he visited Cayman with former Jamaican Prime Minister “PJ” Patterson, and CARICOM Economic Adviser Byron Blake when they were in transit to attend a CARICOM Foreign Ministers’ Conference in Cuba.

The visa was first introduce by the CI government in 2005 following the large increase of Jamaican naitonals coming to Cayman as a result of the economic boom here in the wake of Ivan. The requirement was then reciprocated by the Jamaican government which in turn introduced a visa for Caymanians visiting Jamaica.

Given the significant amount of Jamaicans living and working in Cayman and the huge family ties of Caymanians with Jamaica the visa has been criticised and blamed for further fuelling divisiness.

Aside for discussing the possible removal of the visa requirement the Jamaican delegation also visited the Cayman Islands Legislative Assembly, where as well as Bush they met with the speaker Mary Lawrence as well as the deputy governor Donovan Ebanks as well as government ministers the opposition leader, MLAs and official members.

After watching the Legislative Assembly at work, the guests talked about the close historic ties between the islands. They also spoke of the need to rebuild the traditional Caribbean foundation of strong parenting and families in their countries, A GIS release stated.

Premier says rollover gap can be cut

Cayman News | 17/09/2010 | 94 Comments

(CNS): The premier told the country on Thursday night that he has legal advice from the UK which says the Cayman Islands government can make the rollover as short as it chooses and he will be examining changes to the immigration policy. Speaking to the country during a television address, McKeeva Bush raised the issue of immigration and the need to attract people to the Cayman Islands as well as the need to encourage people to keep their earnings here. He said that Cayman was exporting part of its GDP as a result of the way the country’s immigration policy encouraged foreign workers to send money out of Cayman. He said any country which exported its GDP was doomed to failure.

Bush stated that new initiatives and incentives were needed to encourage people to relocate to Cayman and conduct business on the ground here, a key factor that government had to focus on. He said Cayman was not offering security for staff of potential investors or good service, which had to be addressed.

“These initiatives can be achieved without the necessity of granting Caymanian Status,” he said. “We have legal advice from the UK that says we can make the rollover time as limited as we want to in our legislation.”

Currently the law requires expatriate workers on work permits to leave for a minimum period of twelve months after working for seven years before they can return. The period was originally set at two years but was then reduce to twelve by the previous administration as they said it was the minimum period which could be accepted in law as a genuine break in stay. This would then prevent all permit holders from meeting the threshold to be entitled to begin the process of becoming Caymanian and in turn what was perceived as an imbalance between indigenous Caymanians and foreign status holders.

Bush did not say if he intended to scrap the concept of the seven year rollover policy or, if it remained in place, how short he was willing to make the mandated break in stay but he implied there would be immigration changes. He added that everybody needed to examine how best people could be attracted here while still creating jobs and upward mobility for Caymanians. Bush further revealed the intention to remove work permits for visiting foreign business people who were here for short business trips.

He said he would make a further announcement on the issue of immigration in a few weeks.

Bush also sent a warning to the members of government appointed boards would be changed if they were either incapable or unwilling to carry out government wishes or were not complying with government policy for enhancing economic development.

Following Wednesday night’s public meeting, when the premier berated the bureaucracy of the public service, on Thursday he used the TV platform to criticise the wider members of society who were not supporting his efforts to attract development. He warned that he would be “asking the governor to do something” about people who worked for government who were not supporting him.

“As premier I cannot and will not allow our country to suffer at the hands of a few,” he said. adding that it was time to embrace foreigners and guest workers to Cayman as they were an intrinsic part of the economy. He warned that with as may as 10,000 people gone from the country, if this wasn’t addressed the country would not be able to pay bills, there would be more unemployed, children would not be able to receive an education and government would not be able to pay the civil service wage bill.

Kenneth Dart turns his attention to The Bahamas

Cayman News | 17/09/2010 | 29 Comments

(The Tribune): Cayman businessman and developer Kenneth Dart is turning his attention and investment to the re-birth of the Bay and Parliament Street area of the Bahamas’ capital. The Dart Group, founded by the billionaire heir to a Styrofoam cup fortune, and developer of the 500-acre Camana Bay project, has, according to sources, signed an agreement to purchase prime downtown Nassau real estate opposite the country’s House of Assembly on Parliament Street. Dart Group’s representatives are believed to have visited Nassau last year and were attracted by the waterfront properties that will be freed up for commercial/residential development when the shipping companies relocate to Arawak Cay.

Sources told The Tribune that Dart had “the skills and deep pockets necessary” to turn the vision for downtown Nassau into reality, having created Camana Bay from scratch.

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