Archive for August, 2008
Market should control gas prices
The government’s decision to have oil distributors notify the Chief Petroleum Inspector before increasing their prices goes against the principles of a free market, is biased against the oil companies and will not address the problem of escalating fuel costs, says Alan Neesome, Country Manager of Esso. “Competition is to the benefit of all consumers and Governments must promote equal treatment among market players, industries, technologies and favour policies that enhance competitiveness,” said Neesome on Friday.
Responding to the government announcement that they would be making changes to the Dangerous Substances Handling and Storage Law (2003) to regulate the process by which the wholesale distributors of gasoline and diesel products can increase their wholesale prices, Neesome made it clear this was not a welcomed move. "It is evident from comparing regulated oil markets with free markets that consumers are best served by allowing market forces to determine fuel prices. Government policies that minimise interference in the free market system are the best course to ensure adequate supplies,” added Neesome.
He explained that while many people assume wholesale or retail regulations protect consumers from higher prices, more often than not such market distortions undermine service, supply and reliability by encouraging gasoline consumption and discouraging investment. But above all the government would not prevent international price variation from impacting local prices.
Neesome said that Esso already looks for the most economic sources of supply based on well-known public and transparent reference pricing systems, which include the cost of products, service fees for the coordination of supplies, quality inspections, insurance and marine transportation.
“These efficiencies, obtained in a free market system, have been transferred to wholesale prices. If the government is planning to relate just international prices with wholesale prices, they could well be higher as the competitive element is being removed. The petroleum business is a very complex industry and these changes must be discussed with the oil industry,” Neesome noted.
He believed that Esso could help government by bringing its experience and international best practices to the table to work with the authorities in their efforts to look for the best solution for all Caymanians, given the global volatility. Profit margins were always adversely affected in times like these and the government’s regulations could have the opposite effect to the stated intent by causing higher pricing, as has happened in many regulated markets around the region, he said.
Leader of Government Business Kurt Tibbetts said on Thursday, 7 August, that while the government couldn’t control the global oil problem they could at least examine the local situation. However, Neesome noted that as international price variations are not under the control of the Cayman Islands Government and that is what controls the price at the pumps, price regulation in Cayman could not prevent the price volatility. If international prices continue to increase, the regulation can’t stop the corresponding impact being passed on to end-consumers. With many other national governments seeking to deregulate their petroleum industries, Neesome said consumers in those countries have benefited by having adequate fuel supplies at competitive prices to support economic growth.
“Governments should not backtrack on these important gains as a political response to recent volatility in crude oil and finished product prices,” Neesome added.
He also sought to remind government that Esso has long been a good corporate citizen in Cayman, committed to contributing to the development of the islands and that the facilities had been continuously improved, with important investments like a new vessel anchoring system in 2000, new submarine pipelines in 2003 and the major redevelopment after Hurricane Ivan in September 2004.
“In this reconstruction Esso incorporated the latest technology available. Promptly after Hurricane Ivan, Esso sent an emergency team to Grand Cayman with many pieces of equipment and spare parts, including several power generators to resume activities at the terminal, supply CUC immediately and put back into operations several service stations in order to provide energy to the people of Grand Cayman,” Neesome noted, adding that any attempt from the government to limit profit margins would limit Esso’s availability to make necessary investments, which in the long run would be detrimental for the country and consumers.
Science close to unveiling invisible man
(Times Online): Invisibility devices, long the realm of science fiction and fantasy, have moved closer after scientists engineered a material that can bend visible light around objects. The breakthrough could lead to systems for rendering anything from people to large objects, such as tanks and ships, invisible to the eye – although this is still years off. Go to article
Sub to explore Cayman Trough
(BBC): Scientists are set to explore the world’s deepest undersea volcanoes, which lie 6km down in the Caribbean. Delving into uncharted waters to hunt for volcanic vents will be Autosub6000, Britain’s new autonomously controlled, robot submarine. Once found, the life, gas and sediment around the vents – the world’s hottest – will be sampled and catalogued. Go to article
Chief Magistrate Ramsey-Hale joins Rotary Sunrise
(CNS): Her Honour Margaret Ramsay-Hale has been appointed an Honorary member of Rotary Sunrise. She was introduced by past President Rosie Jamieson (left) and inducted by President Woody Foster (right). She joins almost 100 other members from Cayman (27 ladies) and 21 other countries. Rotary Sunrise was chartered in 2002 and meets for breakfast at the Grand Old House on Wednesday mornings. (Photo: Geoff Matthews)
The Neanderthal murder mystery
(The Independent): The mystery of what killed off the Neanderthals about 30,000 years ago comes a step closer to being solved with a study suggesting that they formed a tiny population that had been teetering on the brink of extinction. Neanderthals first appeared in Europe at least 300,000 years ago but they disappeared after the arrival of anatomically modern humans, Homo sapiens, who first arrived in Europe 50,000 years ago. Go to article
When Antarctica used to be green
(Mongabay.com): At one time an alpine lake was inhabited by mosses and diatoms; insects such as beetles and midges crawled among sparse ferns and various crustaceans lived amid the lake’s calm waters. This tundra-like landscape was the last stand of life in Antarctica, and it existed up to 14 million years ago before suddenly vanishing. Go to article
Forbes flies the flag
With a 14,000 man cast, watched by an estimated four billion viewers around the world, the Beijing Olympic opening ceremony has been described in the international press as the best in the history of the Olympics. Cayman’s own small team was privileged to be there and Ronald Forbes (left) from North Side, who will be competing in 110-meter hurdles, proudly carried the Cayman flag into the Bird’s Nest stadium.
Shaune Fraser (Left ) who competed on Sunday 10 August in the 200 metre freestyle, where he recorded a time of 1:48.60 in his heat, was unable to join the parade but the rest of the team was able to enjoy the incredible experience.
The ceremony, which covered ancient Chinese history and avoided the legacy of former Communist dictator Mao Zedong, was directed by acclaimed Chinese movie director Zhang Yimou. The performance, which began with thunderous drumming and, according to Reuters News agency, a chanting troupe intoned the Confucian proverb "Friends have come from afar, how happy we are".
A collection of flying acrobats recalled the grottos of Dunhuang; blue-robed oarsman enacted seafarers travelling between Southeast Asia and the coast of Fujian; dancers clacking bamboo props represented some of the oldest Chinese records, whose delicate brushstrokes are preserved on bamboo strips over 2,000 years old, and undulating grey blocks symbolized the printing blocks of ancient China that invented moveable type, which morphed into the Great Wall.
Children wearing the outfits of China’s 56 different ethnic groups carried the flag into the stadium, illustrating China’s claim to unite its diverse population under one nation and one party. As the climax approached, three astronauts "flew" through the stadium, before Li Ning, a three time gymnastic gold medallist, circled high above the heads of spectators to light the cauldron in a show-stopping, daredevil high-wire act.
One Cuban still on the run
(CNS): All but one of the 23 Cuban migrants that made a bid for freedom from the Immigration Detention Centre (IDC) on Thursday night, 7 August, are back in custody. 27-year-old Raylan Rodriquez Ramos (left) remains on the run, according to Immigration Department officials. During the early hours of Fridaymorning 17 migrants were apprehended and detained while another turned himself in at the IDC. Four more men were found Friday night.
Immigration officials said they urge people to be on the look out for the remaining migrant and they sought to remind the public that assisting an escaped migrant is an offence attracting penalties of up to $50,000 and imprisonment of up to seven years. The numbers to call are Immigration at 926-0433 or 244-2028, or the police by calling 911.
Police seek masked robber
A machete-wielding robber made off with cash stolen from a grocery store in George Town last night. The Royal Cayman Islands Police Service (RCIPS) report that 911 Emergency Services Communications Centre received a call from a worker at McRuss Grocery Store, Party Lane, reporting that a robbery had occurred at approximately 8.10 pm Friday night, 8 August.
The Police responded to the scene and were told that the 26-year-old female shop attendant had been behind the counter when a masked man carrying a machete entered the store. She says he came around the counter and demanded she hand over cash, which she did. A second store worker, accompanied by staff from neighbouring businesses, entered the store and the offender made off on foot. He is described as having a dark brown complexion, a slim build and aged in his early 20’s. He was wearing a white coloured tam, a greyish t-shirt and dark coloured long pants.
An area search was carried out but the offender was not located. Scenes of Crime officers processed the scene and police have taken a number of statements. Anyone with information, who has not yet spoken to a police officer, should contact Detective Constable Ronald Francis on 926-2578 or Crime Stoppers on 800-8477. All persons calling crime stoppers remain anonymous, and are eligible for a reward of up to $1000, should their information lead to an arrest or recovery of property/drugs.
Motorcyclist in fatal accident arrested
(CNS): Police said today, 8 August, that they have arrested a 31-year-old man who was riding the motorbike which crashed on Sunday evening, 3 August, killing the pillion passenger, 31-year-old Tabia Henriques-Bodden. The man who remains in hospital was arrested on suspicion of various offences including causing death by dangerous driving, driving whilst intoxicated, consuming a controlled substance.
Police said the man is due to be flown off-island for treatment shortly for the injuries he received after the fatal crash, in which he was driving the Kawasaki motorcycle that crashed into a wall on South Church Street, South Sound at around 11:00 pm.
Police officers from the Traffic Management Unit said they are investigating the circumstances surrounding the crash and anyone who witnessed what happened or saw the motorbike prior to the crash is asked to contact officers on 946-6254 or Senior Investigating Officer, Sergeant Ivan Wedderburn on 916- 3871 or Crime Stoppers on 800-8477 (TIPS). All persons calling Crime Stoppers remain anonymous, and are eligible for a reward of up to $1000, should their information lead to an arrest or recovery of property/drugs.