Archive for December 9th, 2008

Too many offenders juveniles, say police

| 09/12/2008 | 0 Comments

(CNS): Operation Thor II, the annual Christmas policing operation in West Bay, resulted in the arrest of eight men, two of which were juveniles, on suspicion of various violations including unlawful assembly and consumption of a controlled substance. During the operation, which took place on Thursday, 4 December, officers targeted suspected offenders believed to be responsible for crimes within the area.

The ages of those arrested as a result of this proactive policing policy range from 14 to 24, and Area Commander Chief Inspector Angelique Howell commented, “Too many of those offending in the community are young persons who are still under parental care. Parents need to be aware of where their children are, who they are with and the activities they are involved in.”

In the RCIPS release, CI Howell added that this was particularly important over the Holiday Season when young people were on their Christmas break from school or college. “We are actively targeting those who carry out criminal activity in our community and parents should take responsibility for their children and ensure they are not involved in illegal activities,” she said.

Residents of West Bay are encouraged to attend a crime awareness seminar on Wednesday, 10 December. The event, a joint venture between the RCIPS and Boatswain’s Beach, will take place at 6:30 pm at John A Cumber Primary School and will give key crime prevention messages as well as tips on personal safety.

Anyone with information about crime taking place in the Cayman Islands should contact their local police station 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.

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Pink Ladies donate to The Pines

| 09/12/2008 | 0 Comments

(CNS): The Pink Ladies Volunteer Corps (PLVC) recently made a donation of CI$6,300 to the Pines Retirement Home for the purchase of a hoist with slings and alternating pressure pad systems for beds with pumps for the Pines residents. “The equipment is desperately needed and will be of great benefit to our residents and our staff,”said Sue Nicholson, Manager of The Pines.

In thanking the PLVC for their donation of these vital pieces of equipment, Nicholson expressed appreciation for the continued support and generosity of the Pink Ladies to The Pines.

The two main fundraising functions of the PLVC are the Pink Hibiscus Coffee Shop at the George Town Hospital and the Annual Christmas Bazaar and Tea which bring in the majority of funds which are then donated back into the Community through support of various projects and groups.

Projects which PLVC have supported recently include the Pines Retirement Home, NCVO Foster Home, the Lighthouse School, NCVO Telethon, Special Olympics, Cayman Crisis Centre, School lunch programme at George Hicks Campus, George Town and Red Bay Primary Schools

New members are always welcome and encouraged to become part of the organisation to ensure that these projects continue to flourish and get much needed funds and support.

Further information about joining the PLVC is available from either Dorothy Miller, Director at PO Box 11402 KY1-1008 or by email or telephone 949 2269 or Jane Moon, Secretary by email or telephone 945 4383.

Photo: L-R Manager The Pines Sue Nicholson, Pines Resident Ms Mary Robinson, PLVC Director Dorothy Miller, PLVC Secretary Jane Moon

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Islanders Plead at Climate Talks to Be Saved

| 09/12/2008 | 0 Comments

(Bloomberg): Island countries from Grenada in the Caribbean to the Maldives in the Indian Ocean are telling delegates at the United Nations climate-change talks this week that their lands may be swamped by rising seas and more powerful storms unless global warming is curbed. Warmer temperatures are melting icecaps, expanding the volume of oceans and sending more intense hurricanes toward Grenada.  Go to article

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Cuban tourism surges as rest of Caribbean stalls

| 09/12/2008 | 1 Comment

(AP): Cuba’s vacation industry has remained as hot as the tropical sun here, even as the world economic crisis sparks cancellations and layoffs elsewhere in the Caribbean. The communist country says it’s booked solid through December and expects a record 2.34 million visitors this year — largely because global financial woes have so far been softer on Canada, its top source of visitors. Luck also played a role: While the island suffered three devastating hurricanes, its key tourist sites were largely spared. Go to article

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Obama will fulfil anti-tax haven promise, warns Senator

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(The Royal Gazette): American lawmakers will waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens", a leading US Senator has indicated. Sen. Carl Levinsaid the Stop Tax Haven Abuse Act — a bill which names Bermuda as one of 34 "offshore secrecy jurisdictions" — will become law next year with the support of the new president. Go to article

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Law firm boasts best team in business

| 09/12/2008 | 0 Comments

(CNS):  Providers of Special Purpose Vehicles, local firm, Walkers SPV Limited, part of the Walkers group said this week that it now has a new top team with a level of experience, qualifications and know-how unmatched in the industry. The appointment of David Lloyd as Senior Vice President, who starts work in January 2009, represents the final stage in building the group’s upper-management structure.

Lloyd has worked for a number of investment banks including Credit Suisse and BNP Paribas in addition to Citigroup where he was a director on the structured products desk. He brings great expertise in all areas of structured finance including issuance vehicles, product wrappers and structured products for institutional and retail investors. With a LLB law degree from the University of Wales, Lloyd qualified at the Inns of Court School of Law and was called to the Bar of England & Wales in 2006. A fellowship member of the International Bar Association, he holds a number of qualifications with the Securities Institute.

"Our approach has been to build a team with people that can add value and have a wide knowledge of transactions so that we can advise clients on alternatives and ways for them to overcome any difficulties," said Nancy Lewis, Chief Executive Officer of Walkers Global Holdings Limited. "These are people with strong business backgrounds who know what is happening in the markets."

Working alongside Lloyd, a lawyer with significant experience in the investment banking industry is Senior Vice President Richard Ruffer – a securitisation specialist and former New York investment banker; Senior Vice President Alasdair Foster, an investment banker from JPMorgan in London and Rachael Rankin, Senior Vice President and Cayman Islands attorney, with an in-depth knowledge of the local legal environment.

A veteran on Wall Street, Ruffer joined Walkers SPV earlier this year, moving to the Cayman Islands from Institutional Credit Partners (ICP), a specialist fixed income investment firm in New York, where he was Head of Investment Structuring for Commercial Real Estate and Associate Portfolio Manager for the firm’s commercial real estate debt portfolio. Prior to ICP, Ruffer spent ten years with Bear Stearns, becoming a Senior Managing Director specialising in commercial mortgage securitisation and commercial real estate CDOs. After graduating law school in 1990, he practiced as a tax attorney in New York with Brown & Wood and Rogers & Wells where he specialised in structured finance. His rating agency experience, which provided an important overview of the entire industry, came between 1994 and 1997, when Ruffer was a Senior Analyst at Moody’s Investor Service. Rating numerous transactions with the agency, he chaired the committee that set credit enhancement levels for all US residential mortgage securitisations.

"It is important to speak the same technical language as the investment bankers, collateral managers and onshore lawyers that are our clients so we can ensure we are all on the same plane," Ruffer said. "When we raise an issue we can also propose a solution. No one minds issues when they come along with practical solutions."

Also an experienced investment banker, Foster has an impressive range of qualifications. He has specialist legal experience, practicing as a barrister for five years, primarily in the field of commercial litigation. Foster holds an MA in Jurisprudence from Oxford University and gained an MBA from the Judge Business School at Cambridge University

Investment banking experience gives him the ability to understand transactions from the perspective of issuers and investors as well as lawyers, while three years spent on a fixed income trading floor provides an in-depth knowledge of the underlying collateral that deals are secured upon. A background of legal practice, meanwhile, affords the means to effective interaction with onshore and offshore counsel in terms of providing constructive advice both at the start of a new deal and during the life of a transaction.

"Previous legal experience has well equipped me to delve into the often voluminous transaction documents and establish what needs to happen when novel issues or unexpected events occur," Foster said. "The combination of market, legal and offshore experience puts me in a powerful position to offer clients advice which benefits from multiple perspectives on a transaction."

While so much of the Walkers SPV senior management team’s background has been in themajor financial capitals of the world, such as New York and London, Rankin’s vast local knowledge, with an emphasis on special purpose vehicles, ensures that clients receive the best possible attention with regard to the provision of director, trustee and related administration services. Rankin holds an LLB (Hons) degree from the University of Liverpool and has been with the Walkers group for four years possessing wide-ranging experience in all realms of structured finance transactions, including CDOs, securitisations, asset financing and MTN programmes. She obtained her professional practice qualification with distinction from the Legal Advisory Council in the Cayman Islands and was admitted to practice as a Cayman Islands attorney in 2007, having trained in the Corporate, Litigation, Trusts and Real Estate departments of Walkers.  Previously employed by Deutsche Bank (Cayman) Limited as a Senior Corporate Officer, Rankin holds a Certificate in Offshore Finance and Administration from the Institute of Chartered Secretaries and Administrators.

"As the financial services industry in the Cayman Islands continues to face increasing levels of scrutiny and the actions and duties of directors are regularly being questioned, the skill sets and knowledge base of a qualified Cayman Islands attorney increases the confidence in and credibility of the Trust Group," Rankin said. "As the potential for litigation increases, the ability for directors to be familiar with the laws under which they are bound will prove ever important."

Lewis add that with such a broad range of expertise and in-depth experience, clients of Walkers can depend on this team for the right advice "The new management structure has received an overwhelmingly positive response from our clients, many of whom are currently looking to restructure complex transactions," she said "Our expertise is also being employed on new deals and our professionals are able to impart advice on what we have learned from the current market, which combines into an unrivalled service offering."



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Risqué Rugby for charity

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(CNS): The Cayman Rugby Football Union has released of the first ever Men’s and Women’s Rugby Calendar, which features 12 months of , according to the CRFU, “exciting and racy” photos of both the Cayman Women’s National Rugby team and men from the local Alex Alexander Rugby competition. The double-sided calendar will hit the shelves in time for Christmas, with sales proceeds going to both the Cayman Rugby Football Union and The Cayman Islands Cancer Society.

Fans of local Rugby will no doubt recognise many of the models in the calendar, who preserved their dignity with well placed rugby balls and tackle pads, all in the name of a good cause. With the boys on one side and the girls on the other, the CRFU says it is a perfect gift for anyone.

When asked for comment, model and press relations officer for the Cayman Rugby Union, Peter de Vere, said “This has been a labour of love for all involved. Many of the models were a little apprehensive about shedding clothes in front of the camera but our photographer was very good at putting us at ease and managing to get the very best poses out of us.”

Model and Women’s Captain Rowena Lawrence added, “We owe everything to Rebecca Davidson and the Staff of Picture This who have put together a great product for us to sell and raise money for charity.”

For more information on where to pick up your copy of the 2009 CRFU Calendar check online at


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FirstAid training for security staff

| 09/12/2008 | 0 Comments

(CNS): The first group of Camana Bay Safety Patrol Officers from The Security Centre Ltd. recently took a CPR and First Aid training course and, according to James Dudley, Director of Training for Red Sail Sports, the participants ‘excelled’. The next group of officers will begin their training in early January.

The course meets OSHA Guidelines and covers Cardio-pulmonary Resuscitation and emergency cardio-pulmonary care standards set by Basic Life support (BLS) Working Group of the International Liaison Committee on Resuscitation (ILCOR) which includes Scene Assessment and Barrier Use, Initial Assessment, Conscious Choking management, Rescue Breathing/CPR and AED use.

Stuart Bostock, CEO of The Security Centre Ltd. said “ We are delighted to have our officers do so well on such an important training course. Of course we hope they’ll never have to use it, but successful security is all about being prepared and ready to deal with the unexpected.”

Left: Stuart Bostock, CEO; Maria McLean, Operations Manager; Robert Arch, HR Manager; James Dudley, Course Facilitator and the participating officers from TSCL.

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UK sends funds for Brac through Governor

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(CNS): The promised donation to the Cayman Islands National Recovery Fund (CINRF) from the United Kingdom government of $150,000 was handed over by H.E the Governor Stuart Jack on Friday, 5 December to the Fund’s Executive Director Dr Mark Laskin, who is still carrying out damage assessments on the Sister Islands.

Jack who has visited Cayman Brac and witnessed the devastation, said he was pleased to contribute what he described as a ‘significant’ donation from the UK to the CINRF efforts to help people on Cayman Brac. The CINRF is currently carrying out damage assessments as well as signing contracts with construction firms and Brac homeowners. ”I am extremely grateful for the donation from the UK Government and its recognition of the plight of so many in Cayman Brac,” Laskin said.

However, the average cost of rebuilding just one home is around $150,000 and given the number of properties which have been completely destroyed or very severely damaged that are not insured, the Brac remains in dire need.

The CINRF is a private charitable trust which was created in the wake of Hurricane Ivan in 2004.It receives donations from the private sector and individuals as well as government and has to date restored homes for over 600 families. Another 400 families have been assisted with both new and donated white goods (appliances) and furnishings.

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Investment bureau creates definitions for SMEs

| 09/12/2008 | 0 Comments

(CNS): The Ministry of Tourism, Environment, Investment and Commerce says that the Cayman Islands Investment Bureau (CIIB) is working on developing specific definitions of micro-businesses for the country’s small and medium-enterprises sector (MSME’s).  Minister Charles Clifford said the initiative is aimed at ensuring more targeted development assistance in future.


“Given the importance of small business development to the continued economic prosperity of the Cayman Islands, the establishment of definitions concerning enterprises in this sector is an essential base for government policy,” he said.

Dr Basdeo, Executive Director of the CIIB, explained that in the past this group has been inconsistently defined across sectors in the Cayman Islands. This has made gathering MSME data difficult and directing assistance to businesses that need it most has also been problematic.

Basdeo cited as an example the importance of having proper definitions to support businesses which will emerge under the Go East Project, which is geared towards fostering tourism development in the eastern districts. Basdeo said that definition input was sought from key stakeholders: “We have consulted several entities in both the public and private sectors, and we also incorporated considerations from regional and international definitions,” he noted.Basdeo encouraged local stakeholders and others in the business community to provide further input in order to finalise these definitions.

 “Despite the poor global economic outlook for 2009, we know that opportunities will exist for local entrepreneurs in our MSME sector.  Our goal is to support them so they can achieve their highest potential, thereby bolstering our economic capacity to handle such economic conditions,” Clifford said.


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