Archive for November, 2008
Local lawyers hand over sizeable cheque to NRF
(CNS): The charitable arm of one local law firm has made a donation of US$100,000 to the Cayman Islands National Recovery Fund in order to help the people of Cayman Brac that have been affected by the devastation of Hurricane Paloma. The Walkers Charitable Foundation said that with many Brac connections on the staff of the law firm it was glad to be able to assist with the recovery effort.
Grant Stein, global managing partner at Walkers and a Trustee of the Walkers Charitable Foundation said: "The storm passed so close to us here in Grand Cayman on the 7 November and it could have very easily been our neighbours on the Sister Islands that were once again helping us to rebuild and recover."
CIFSA winds down education campaign
(CNS): For six months the Cayman Islands Financial Services Association (CIFSA) in partnership with the PR Unit of the Portfolio of Finance has been pursuing an education campaign aimed at raising awareness in the local community about the contribution the financial sector makes to Cayman’s economy and culture. According to organisers “Everybody’s Business” has had a positive impact but it is now winding down.
Although the organisers say that the push to explain what our financial industry does as well as highlight the opportunities that are available to young Caymanians went well it is now winding down. The ‘Everybody’s Business’ programme will be taking a break while CIFSA evaluates alternatives for creating an ongoing educational programme it said in a press release.
“The campaign was originally set to run for six months, but the response has been so positive that CIFSA is considering ways we can maintain the program over the long run” added Eduardo Silva, CIFSA Chairman. “There is obviously a need for this information to be distributed to the public and we want to see that need is met.”
The programme has featured the creation of a website, a travelling display unit hosted at businesses and government agency sites along with various events where industry leaders and successful young Caymanians shared their experiences with audiences at schools, community groups and professional associations, CIFSA said.
It also said that there were appearances on the most popular radio and television networks all of which was supported by advertising in the newspapers and radio stations. Each month two CIFSA members donated the funds required to operate the programme and in the final month dms Management Ltd. and the Cayman Islands Insurance Association (CIIA) footed the bill.
Over the course of the six month campaign other sponsors included: dms Management Ltd, Cayman National, KPMG, Julius Bar, Aon Cayman National Insurance Brokers, Deloitte, Butterfield Bank, Cayman Free Press, and Cayman Net News. “We are proud to be a part of this important effort,” said David Bree at dms Management Ltd. “It is essential that every Caymanian realize what an important part of our islands’ economy and society that financial services has become over the last 20 years. And that it is something that has to be nurtured and protected, just as we would our reefs and beaches and natural assets.”
Nigel Twohey at CIIA agreed and said that the programme strikes a balance, “between promoting the opportunities the sector provides while also making it clear that nothing can be taken for granted and we must all be proactive in taking the correct steps to protect the industry from potential threats and to position ourselves personally for success in the industry.”
Severe eco-damage on Bluff
(CNS): The devastating impact of Hurricane Paloma on Cayman Brac has not just hit the people and their homes but it has also had a significant impact on the local natural eco-systems. Staff of the Department of Environment said that while damage to the marine environment was not too bad the Bluff forest was very badly hit and a number of the island’s brown booby population has also been lost.
Damage to the Bluff forest was more severe the local environmentalists noted. The once almost impenetrable greenery of the forest was laid open. Hardly a leaf was left in the canopy and in places, 99% of cover was lost. The tallest trees – those whose crowns emerged above the canopy, and those exposed to the full force of the winds by the developing roads network on the Bluff, bore the brunt of the damage.
In most areas, 5-20% of trees sustained severe damage, and it was noted that this damaged increased significantly towards the east end. Toppled trees included some well-known parrot nesting sites. Worst effected is the shrub land in the lighthouse area, suffering under the combined pressure of wind and salt-spray. However many of these species are designed to survive extreme weather conditions. All the endemic flora of the Brac has been surveyed, and all species have survived the storm, including Verbesina caymanensis – a species unique to the cliff face around Peter’s Cave.
Some twenty one dead Brown Booby birds have been recorded, raising serious concerns that an even larger number may have perished in the storm. This represents a significant blow to the Brac’s Booby population, which will be surveyed again in December, in more detail. Close examination of the forest, however, revealed that, in most cases, the fine branches of the trees remained largely intact. Additionally, the under storey vegetation was much less effected by the wind.
“This is good news for the forest and its wildlife,” said Dr Mat DaCosta-Cottam. “The trees which have maintained their fine branches should be quick to re-bud, and the maintenance of the understory vegetation will mean that most of the forest wildlife will have had somewhere to shelter, and ride-out the storm”.
DoE Marine Enforcement Officer Robert Walton is heading up the Brac side of the project, with the help of his father, George, and a volunteer team of Brac residents. Together, they have constructed and placed a dozen feeding stations at strategic locations around the island. Areas known to support large numbers of birds are being targeted – the elevated constructions allowing the birds to feed without attracting rats and predators. Individual feeders have also been placed around the island. The DoE said that support from Brac residents for the project has really been overwhelming, despite the fact that most are dealing with the devastating repercussions of Paloma for themselves.
Woman killed in crash
(CNS): UPDATED 1 Dec 11:00 am Yet another serious single vehicle car crash on Cayman’s roads has claimed a life. A 28 year old woman was killed on Sunday morning, 30 November when the car she was driving crashed into a pole along the Bodden Town Road in the Breakers area. The male passenger also sustained serious injuries and was taken to hospital, CNS has learned he was released yesterday evening.
Police have said that the 911 Emergency Communications Centre received a call at around 8:10 am on this morning (Sunday) reporting that a car had crashed into a CUC light pole in the vicinity of Breakers Speedway on Bodden Town Road. Police and medics responded to the scene and found two persons in a white Toyota Camry, which had been travelling towards East End. The 28-year-old female driver died at the scene, while the male passenger sustained serious injuries and was taken to hospital. Scenes of Crime officers processed the scene and an accident reconstructionist is carrying out investigations.
This is the sixth death to occur on the road in Cayman this year there have also been a number of very serious casualties as a result of road crashes.
Anyone who witnessed the crash or believes they saw the vehicle prior to the crash is asked to contact Police Constable Kenville Holder on 926 1671.
Another bouncing ball
The Secretary-General of the OECD (a Paris based organisation whose staff enjoy privileged tax free remuneration packages, yet roundly criticises genuine tax free jurisdictions), Angel Gurria, lobbed another ball onto the court on Friday 28th November.
Towards the end of his speech in Doha, he stated “We must all work to strengthen anti-corruption efforts to minimize tax evasion. We can no longer turn a blind eye to the massive loss of revenue through the diversion of public and private funds to third countries.”
So now corruption and tax evasion (by no means the same thing) are neatly tied together and will become the new mantra. Just in case people were getting bored with the mantra of money laundering and tax evasion.
Now he did not actually state that he had places like Cayman in mind when he referred to “third countries”, but the inference is clear and has quickly been drawn by the international media that picked up on the code words.
Certainly, Mr Gurria could not have had the UK in mind, even though the OECD recently issued a scathing report on the UK’s commitment to anti-corruption, particularly foreign bribery. Few will have missed the irony of the UK’s recent public statements about helping the overseas territories fight international corruption in the face of the UK’s continued foot dragging over the Bae fighter aircraft sale to Saudi Arabia (and how inconvenient of the US to bring this all to light by alleging the laundering of the commissions paid to the former Saudi ambassador in Washington). A further irony is that the UK is to take on the chair of the G-20 (a group of major economies furthering their own self interests, usually at the expense of smaller and/or poorer non-member nations). And at least one newspaper in the
Mr Gurria’s words will tie in with another project that has not been much noticed in Cayman yet. The World Bank (another organization with a poor history of transparency and dealing with corrupt practices with respect to aid from the Bank to third world countries) in 2007 launched its STAR project (stolen asset recovery initiative) to help developing countries trace and recover assets stolen from them by corrupt leaders, politicians and civil servants.
No one could argue against the importance of this project and Cayman should enthusiastically endorse and assist its implementation. But it would be a great shame if a thoroughly worthwhile endeavour of the World Bank was hijacked by Mr Gurria’s would-be global tax police to track down citizens who in their view are not paying enough tax (but are not engaged in public corruption). That will confuse and detract from the project and make participation much less enthusiastic.
Cayman has recently enacted the Anti-Corruption Law (ACL), but it has as yet to be brought into effect. This will be of great assistance in allowing Cayman to assist in the legitimate investigation and prosecution of foreign corruption and the tracing, freezing and recovery of relevant assets (should there unfortunately be any in Cayman).
But the ACL is manifestly defective in one key area. The Law provides for an Anti-Corruption Commission mandated to investigate local and foreign corruption. All well and good, one might conclude. But not when one looks at the composition of the governing board of the Commission: the Police Commissioner (also the chairman), the Auditor General, the Complaints Commissioner and two qualified private citizens. This does not measure up in comparison to equivalent commissions elsewhere.
Our Commission must be independent and with a strong board of qualified persons, who are entirely outside Government, the police and any other statutory agency or authority or similar and free of any conflicts of interest (real or perceived). It would stand Cayman in good stead internationally and would make the community here sleep more soundly if this could be done sooner rather than later.
Offshore lawyers bag another industry gong
(CNS): Ogier’s have received another piece of silverware for the trophy cabinet after being named “Offshore Law Firm of the Year, 2008” at the British Legal Awards on 26 November. The event, hosted by Legal Week and is said to be one of the most prestigious in the legal calendar, attended by over 800 industry professionals. Ogier has won a number of industry awards in recent years and this latest success it said, is a huge endorsement for the firm from one of the most respected legal publishers.
The firm said in a release that a number of factors were taken into consideration in selecting it as the top offshore law firm. These included deal and case highlights, client wins, technical innovation, client and employee satisfaction, financial performance and a commitment to diversity and corporate social responsibility.The award was collected at the gala event at Old Billingsgate Market in London, by partner Marc Yates, representing the Ogier Channel Island’s offices and Simon Dinning, Head of the London office, representing the Ogier BVI and Cayman offices.
Managing Partner, Cayman practice and head of Ogier ’s Global Investment Funds Team, James Bergstrom, said it was pleasing to receive such recognition from industry commentators.
“The last two years have been pivotal for the Group, both in terms of the level of growth we have experienced and the expansion into new regions and markets. We are regularly involved in innovative and noteworthy transactions and strive to consistently deliver excellent levels of client service. This is an accolade of which we are immensely proud and it is a credit to the commitment and expertise of all Ogier staff across the Group,” he added.
This latest Ogier achievement comes on the back of previous award wins from professional bodies such as the Society of Trust and Estate Practitioners and publications such as The Lawyer, Chambers, Hedge Funds Journal, Hedge Funds World, IFLR, Alpha Magazine, Who’s Who Legal and Citiwealth.
Cayman hosts EU forum
(CNS): Officials of European Union (EU)-affiliated Overseas Countries and Territories (OCTs) and the European Commission (EC) will be revealing some the details of the annual OCTA Ministerial Meeting and OCT EU Forum held here in the Cayman Islands later today, at a press conference to mark the end of the talks The LoGB said the meeting had offered an opportunity for Cayman to improve relations with the European Union.
The meeting which brought together officials for high-level discussion of issues of mutual interest started on Wednesday 26 November and ahs reportedly focused on the future of EU-OCT relations in the context of a Green Paper recently published by the EC. The Cayman Islands are hosting the conference as the current chair of the OCT Association. Welcoming delegates to the three-day event, Leader of Government Business,. Kurt Tibbetts said the Cayman was looking forward to improving what is already a good relationship with the EU. "We certainly believe that there are opportunities forgreater cooperation that could further assist our development.”
Other issues down for discussion relate to competitiveness, trade, regional integration, capacity building, and financing for development in the OCTs under the 10th European Development Fund (EDF) programme. “The Cayman Islands benefit substantially from EU aid programmes which are regional in scope and shared with other nearby OCTs,” Tibbetts added, referring to regional weather radar to be located here. This project is intended to reduce disaster risk and improve early warning information on adverse weather conditions in the region.
The Cayman Islands directly received EU aid for the first time following the devastation caused by Hurricane Ivan in 2004. This assistance greatly supported the recovery and reconstructioneffort. Two EU officials were also scheduled to visit Cayman Brac on Wednesday to see first-hand the extent of damage caused by Hurricane Paloma earlier this month. Tibbetts, Education Minister, Alden McLaughlin, and Financial Secretary, Kenneth Jefferson, are the Cayman Islands’ representatives at the conference. Visiting representatives includes Heads of Government, the Commission’s Directorate General for Development Stefano Manservisi, Head of the Commission’s Sector for Overseas Countries and Territories, in addition to the representatives and officials of OCT Governments, the UK, France, Denmark and the Netherlands.
Fuel bills finally falling
(CNS): As the price of fuel decreases on the world markets, CUC said this week that its customer’s bills in Grand Cayman are now coming down. The Fuel factor for November is 22 cents falling from an all time high of 27 in September and while the fuel factor is still higher than the start of the year’s rate of 18 cents, the firm’s CEO Richard Hewsaid it should fall to 17 cents next month.
The cost of diesel fuel used in the generation of electricity is passed on to consumers as a separate line item on their monthly electricity bills, without mark up CUC said but that customers can see the exact cost of fuel used to generate the electricity they used under the line entitled “Fuel Charge”, which is comprised of the fuel factor multiplied by the number of kilowatt hours they consumed during the billing period.
The fuel factor is the per kilowatt hour charge for fuel which over the past few months has been as follows: January 0.18; February 0.18; March $0.18; April 0.19; May0.21; June 0.22; July 0.22; August 0.26; September 0.27; October 0.25 and November 0.22/
“We expect theDecember fuel factor to be in the range of CI$0.17 reflecting the dramatic drop in fossil fuel and refined product costs,” said President and CEO of Caribbean Utilities Company, Ltd, Richard Hew. “I am pleased to see that the cost of fuel has been coming down and customers are seeing lower bills. CUC uses its volume fuel purchasing power under long term contracts to minimize fuel costs and passes these costs directly through to customers. None-the-less, fuel costs are subject market fluctuations driven by worldwide supply and demand. ”
He encouraged customers to still minimize their consumption by following conservation practices outlined in the Energy Smart section of CUC’s website. In particular, consumers purchasing appliances can help reduce consumption by understanding appliance energy ratings and choosing high efficiency units.
Meanwhile, according to the second quarter results for 2008 the firm said earnings on Class A Ordinary Shares were $5.3 million or $0.18 per share down in comparison compared to the $6.1 million or $0.24 per share for the second quarter of fiscal 2008.
“We continued to experience growth in demand for electricity in the second quarter of fiscal 2009 as ongoing commercial and residential construction projects came online,” Hew said. “Electricity sales Electricity sales were up 4 per cent over the second quarter of fiscal 2008 despite above average rainfall and below average temperatures during the month of October. A new peak load high of 93.7 MW was achieved in August.” He added that the Company continues to monitor the weakening global economic indicators and to assess the potential impact on the growth of electricity sales in Grand Cayman.
3.25 per cent rate reduction, both in January of 2008, partially offset by 4 per cent KiloWatt-hour (“kWh”) sales growth.
Operating revenues for the second quarter were $63.2 million, a 32% increase over $44.6 million for the same period last year. This $17.6 million increase was driven principally by a 54 per cent increase in fuel factor revenues, which were offset by higher fuel expenses. Total electricity sales for the quarter increased 4 per cent to 145.8 million kWh from 139.7 million kWh for the same period last year. Total customers as at October 31, 2008 were 24,430, an increase of 4 per cent over last year. Total operating expenses increased 52 per cent to $57 million and were primarily driven by higher power generation expenses, including fuel costs.
The fuel factor is the per kilowatt hour charge for fuel which over the past few months has been as follows: January 0.18; February 0.18; March $0.18; April 0.19; May0.21; June 0.22; July 0.22; August 0.26; September 0.27; October 0.25 and November 0.22/
“We expect the December fuel factor to be in the range of CI$0.17 reflecting the dramatic drop in fossil fuel and refined product costs,” said President and CEO of Caribbean Utilities Company, Ltd, Richard Hew. “I am pleased to see that the cost of fuel has been coming down and customers are seeing lower bills. CUC uses its volume fuel purchasing power under long term contracts to minimize fuel costs and passes these costs directly through to customers. None-the-less, fuel costs are subject market fluctuations driven by worldwide supply and demand. ”
He encouraged customers to still minimize their consumption by following conservation practices outlined in the Energy Smart section of CUC’s website. In particular, consumers purchasing appliances can help reduce consumption by understanding appliance energy ratings and choosing high efficiency units.
Meanwhile, according to the second quarter results for 2008 the firm said earnings on Class A Ordinary Shares were $5.3 million or $0.18 per share down in comparison compared to the $6.1 million or $0.24 per share for the second quarter of fiscal 2008.
“We continued to experience growth in demand for electricity in the second quarter of fiscal 2009 as ongoing commercial and residential construction projects came online,” Hew said. “Electricity sales Electricity sales were up 4 per cent over the second quarter of fiscal 2008 despite above average rainfall and below average temperatures during the month of October. A new peak load high of 93.7 MW was achieved in August.” He added that the Company continues to monitor the weakening global economic indicators and to assess the potential impact on the growth of electricity sales in Grand Cayman.
3.25 per cent rate reduction, both in January of 2008, partially offset by 4 per cent KiloWatt-hour (“kWh”) sales growth.
Operating revenues for the second quarter were $63.2 million, a 32% increase over $44.6 million for the same period last year. This $17.6 million increase was driven principally by a 54 per cent increase in fuel factor revenues, which were offset by higher fuel expenses. Total electricity sales for the quarter increased 4 per cent to 145.8 million kWh from 139.7 million kWh for the same period last year. Total customers as at October 31, 2008 were 24,430, an increase of 4 per cent over last year. Total operating expenses increased 52 per cent to $57 million and were primarily driven by higher power generation expenses, including fuel costs.
Eden speaks out over silence on gender abuse
(CNS): A special report on how the community can address gender violence was handed to government this week at the start of the 16 Days of Activism Against Gender Violence Campaign in Cayman. Anthony Eden, Minister for Health and Human Services called on the community not to allow a culture of silence and denial to surround this sort of violence and abuse as silence perpetuates the problem. He said the government had chosen to speak out.
This year’s theme for the 16 days of activism is “Human Rights for Women Human Rights for All” reflecting the right of every human being to live a life free from violence, and violence against women is one of the most globally perpetrated human rights violations.
He said the community should not allow the ‘Culture of Silence’ and denial to surround this sort of violence and abuse. “We must not offer this level of protection to the perpetrators, nor unintentionally prolong the suffering of the victims, through our silence.”
The minister explained that one of the real challenges was that people often don’ recognize that their own behaviour may at times be perpetuating abuse. “We may say it is none of our business, when we see a neighbour or acquaintance being affected. We may even be struggling in situations with our own children, the younger ones, and the adults too – or other close family, and either we may not admit what we see, or feel helpless to do anything about it. What this campaign says is that this is not good enough; that anyone in such a situation deserves better, and that help is available; the first step is to be honest about what we are faced with, and to resolve to do something about it.”
He said as Minister for Gender Affairs he was pleased that government had chosen to speak out joining some 60 other governments, as well as many other organizations and individuals around the world, by endorsing the United Nations Development Fund for Women’s (UNIFEM) Say NO to Violence Against Women Campaign – www.sayNOtoviolence.org a petition where over a million people had added their names to a global call to action that the issue of gender based violence must be a top priority.
“Given our Government’s desire for a peaceful society for all women, men and children in the Cayman Islands, I am pleased that the Cayman Islands can be counted among those countries that are speaking out on this issue,” he said.
The minister also noted that the Special Advisory Committee on Gender Violence would be recommending to the Government, both short and long term solutions to strategically address this issue. “The report from this Special Advisory Committee will be handed over to the Cayman Islands Government,” he added. “I take this opportunity to publicly thank those who worked tirelessly on this committee, for their dedication to finding more effective ways to work towards eliminating gender violence, child abuse and domestic abuse from our shores.”
As well as thanking the various agencies and people in government and civil society, who work with the victims and perpetrators of the crime of gender violence and domestic abuse he said their work and collaborative efforts makes an invaluable contribution to tackling manifestations of gender inequality, and the ripple effect it has in our society. “I trust that we all will put our support behind this issue not only through 10 December when the campaign officially concludes, but in the following months and years to come,” he concluded.
Police arrest six men in George Town
Police say they have arrested a number of people for drug offences as well as actual bodily harm and drunk driving over two nights this week in the George Town area. The arrests were made in separate incidents by officers from the Drugs Task Force and the George Town Police station.
A 30-year-old man was arrested on suspicion of possession of cocaine, possession of cocaine with intent to supply and consumption of cocaine. A 47-year-old man on suspicion of possession of cocaine, consumption of cocaine and possession of drugs utensils and another man who is 26-years old was arrested on suspicion of possession of ganja and consumption of a controlled drug. No quantities details regarding the quantities of drugs involved were given in the Royal Cayman Islands Police Service statement.
They did say that officers had also arrested a 21-year-old man on suspicion of assault actual bodily harm, a 38-year-old man on suspicion of driving under the influence of alcohol and carrying an offensive weapon and a 44-year-old man on suspicion of driving under the influence of alcohol. The arrests were made on the 26 and 27 November and the RCIPS said it remains committed to tackling crime and ensuring the safety and security of the Cayman Islands. Police welcome any reports of criminal activity or suspicious behaviour.
Anyone wanting to speak with an officer should contact their local police stationor their neighbourhood officers. People can also call Crime Stoppers anonymously on 800-8477 (TIPS). All persons calling Crime Stoppers are eligible for a reward of up to $1000, should their information lead to an arrest or recovery of property/drugs.