Archive for June, 2009
CIFSA Chair calls OECD ‘impotent’
(Accountancy Age): The world’s tax watchdog has been branded ‘impotent’ by the chairman of the Cayman Islands Financial Services Association. Speaking exclusively to Accountancy Age, Anthony Travers said criticism from the Organisation for Economic Cooperation and Development on the role of the Cayman Islands as a centre for tax evasion is “one of horrible mischaracterisation.” He claims the OECD has ignored some 27 multilateral tax treaties signed by the offshore centre as “they only count treaties in a form they approve.”
Half of Brac NRF applications being held up
(CNS): While the National Recovery Fund has either completed or is still working on around 50% percent of the homes which were eligible for assistance on Cayman Brac following Hurricane Paloma’s strike last November, the local charity says that the other half of the applications are being held up by planning, tendering or information-pending issues. However, the NRF said it is pressing on and still hopes to have all 103 applicant’s homes completed before the year end.
Meanwhile, work for the fund on Grand Cayman is drawing to a close with the expiration of the European Union Funding, but it did recently complete one home in collaboration with the Church of God, Full Gospel Hall – Savannah.
Beverly McLaughlin was living in her mother’s one bedroom house with her 4 children in the aftermath of Hurricane Ivan, but the NRF donated funds so that The Church of God, alongside many generous donators, could build Beverly and her family a spacious home of their own. “There were numerous people and organisations that came together on this project and the NRF is pleased to have played its part in building a house for this delightful family,” said Dr
H1N1 flu declared pandemic
(CNS): UPDATE Thursday 11:30am: The World Health Organization (WHO) declared an H1N1 flu pandemic today, Thursday, 11 June. Locally public health officials and the Health Services Authority have reiterated that this does not indicate a major change in the nature of the virus and people needn’t panic. “A pandemic means that there is global sustained human-to-human transmission, and does not in anyway reflect the severity of the disease. Fortunately, to date, the H1N1 remains a mild virus. Today’s WHO announcement will therefore not change our response, as we have already adjusted our strategy to fit the situation,” said HSA Medical Director Dr Greg Hoeksema.
Public Health officials said earlier that person to person local transmission of H1N1 flu, formerly swine flu, has started in the Cayman Islands based on the latest test results and the third confirmed case. Dr Greg Hoeksema, Medical Director of the Health Services Authority, said that HSA’s strategy for dealing with H1N1 will now change from containment to trying to mitigate the spread of the virus by getting people who are sick to stay home.
“We have our first laboratory confirmed case of person-to-person transmission of the H1N1 virus in the Cayman Islands,” said Dr Hoeksema. “As a result, we are now shifting our public health strategy to minimize the spread of the virus within the community as much as possible. We are advising the public that anyone with a fever and a flu-like illness should stay in home isolation until your symptoms have completely resolved. There is no longer a need to report to the hospital or seek medical care unless you are concerned about the severity of your illness.”
The latest confirmed case is another student at First Baptist Christian School, Dr Hoeksema said, adding that it is the only confirmed case of novel H1N1 from the tests which were done at the school as part of the public health investigation last Friday following the first case. Tests of six other samples completed by CAREC have been negative for the novel H1N1 virus. Results on the remaining samples will be available by the weekend.
Dr Hoeksema said the youngster is doing well recovering at home without any medical treatment and emphasized that, with frequency of travel between the Cayman Islands and the United States, it is inevitable that there will be both additional imported cases and more human-to-human transmission in the islands.
"There is no reason for panic. Our main aim now is to contain the spread of this flu virus as much as possible.” Persons with fever and a flu-like illness must stay home from work and sick children must be kept in home isolation to avoid spreading the virus.
Health officials understand the anxiety in the community and the concern among parents in particular about this novel virus but it is important to remember that this new strain is no different from the cases of typical seasonal flu that are seen every year in Cayman. Only those who are seriously ill need to seek medical care. In addition, people who are at increased risk of developing complications of the flu should also visit their doctor. These patients include children under 5 years old, people over 65, those with serious chronic medical problems, people with immune deficiency, and women who are pregnant. All of these groups should be considered for treatment with the antiviral drug, Tamiflu.
A flu hotline has been set up to help patients who would like additional advice on 926-2812.
"Not everyone that has fever and a flu-like illness needs to seek medical care," said Dr Hoeksema. "Persons with uncomplicated illness should stay home.”
He explained that home isolation and self care is best for the majority of people infected with all flu viruses, including H1N1. He recommends that people who have a fever and flu-like symptoms (headache, chills, cough, chest pain, sore throat, muscle aches, diarrhea, vomiting) should remain at home until all symptoms have resolved (typically 4-10 days); take over the counter medication as needed to relieve symptoms, but do not give children under 18 years of age any products containing aspirin; drink lots of fluids (water and other non-alcoholic, non-caffeinated beverages) to avoid becoming dehydrated; and If you have diarrhea or vomiting, it’s a good idea to rest, eat only small amounts of food at a time, and drink plenty of fluids to prevent dehydration. The majority of patients worldwide have recovered from H1N1 flu following these simple recommendations.
The doctor also recommended that, to prevent spreading or catching someone else’s germs, cover your nose and mouth with a tissue when sneezing, coughing or blowing your nose. Throw out used tissues in the trash as soon as you can. Always wash your hands after sneezing, blowing your nose, or coughing, or after touching used tissues or handkerchiefs and wash your hands frequently if you are sick.
Dr Anna Matthews, Acting Medical Officer of Health, is also encouraging residents to plan ahead and think about what they would need to have in their house in case someone were to become infected with influenza and need to stay home, such as enough fluids (such as water, juice, soup) available to last for at least 10 days; basic household items to last for at least 10 days and to think of someone you could call upon for help if you became very ill and discuss this with him or her.
Coupled burned in explosion
(CNS): Two people have been injured in a gas explosion which took place at their home in West Bay on Tuesday night (9 June) because of a missing seal and incorrect connector on a kitchen propane tank. The Fire Service received the 911 call just before 9:00 pm reporting the explosion at a house on the junction of Watercourse Road and Boatswain Bay Road. Fire fighters aboard a fire tanker and rescue vehicle were dispatched from West Bay Sub Station, and arrived five minutes later.
Emergency medical personnel also attended the scene, and treated a man and a woman for burns.
The 20-lbs cylinder was found inside the building, under a two-burner stove. Fire officials say this is a dangerous and illegal practice, as these tanks should be kept outdoors. The explosion damaged the house’s second storey, which is constructed from wood.
This is the fourth serious, and potentially fatal, kitchen incident this year, McLaughlin said, adding that the Fire Service would be issuing more public advisories about the proper use of gas. He also advised residents to install smoke detectors and gas detectors in their homes.
For more information, or fire-safety tips, contact Fire Services at 949-0077, or Home Gas at 949-9339.
CAL lauds pilots in recent flight incident
(CNS): Cayman Airways confirmed today that a standard internal investigation into the incident on 3 June aboard flight KX107 bound for Grand Cayman from Miami, found the abnormality was caused by a pressurization malfunction while at a cruising altitude of 33,000 feet. The airline said that due to the numerous redundant systems in place on all Cayman Airways aircrafts, at no time was flight 107 in danger.
CEO Designate of the airline, Olson Anderson applauded the pilots for their professional behavior.
CAL said the crew followed standard procedures for this particular situation and the captain chose to descend slowly to a lower altitude of approximately 10,000 feet as a precautionary measure for the remainder of the flight. “The descent took about 20 minutes to reach 10,000 feet so it was not a rapid occurrence, but it would have been noticeable by passengers in the cabin,” explained Acting VP Flight Operations Captain Rex Miller. “Maintaining control of the cabin is the priority for the flight crew in cases like these, after which time the captain offers passengers an update on the occurrence.”
Miller noted that at no time was it necessary for an emergency to be declared in this instance, and the aircraft landed normally at Owen Roberts International Airport. CAL’s VP of Maintenance and Engineering, Fabian Whorms, said the abnormality was subsequently rectified and the aircraft was returned to service.
Anderson said Cayman Airways pilots receive mandatory simulator training every six months on how to handle such situations.
“Cayman Airways applauds the captain and crew of this flight for managing the situation swiftly and professionally while following procedures to ensure the safety of passengers, and regrets any anxiety that may have been caused to passengers,” headded.
CIMA admitted into key organisation
(CNS): Updated 9:00 am Thursday – The Cayman Islands Monetary Authority (CIMA) has been formally admitted as a member of the International Organization of Securities Commissions (IOSCO). The move is expected to be welcomed by the private sector owing to potential commercial advantage as well as affirming Cayman’s commitment to cross border information exchange. CIMA was admitted as the 189th today (10 June) during the meeting of the Presidents’ Committee at IOSCO’s 34th Annual Conference in Tel Aviv, Israel.
As a full member CIMA also officially becomes a party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information. CIMA signed the MMOU, which is the benchmark for international cooperation among securities regulators earlier this year on 24 March.
Speaking to the IOSCO President’s Committee CIMA Managing Director CindyScotland said the admission marked the culmination of a period of mutual engagement, dialogue and action by the two bodies.” It serves as a testament to the good faith of both sides in seeing the process through, and is an example of what can be accomplished when international standard setters engage jurisdictions as equal partners with a common objective, ” she added stating that the move was also a validation of Cayman’s willingness to engage other regulators to facilitate cross-border information exchange and assistance.
On hearing the news the Leader of Government Business McKeeva Bush who is travelling in the US said it gave a boost to the jurisdiction’s reputation “This is yet another example of the Cayman Islands continued commitment to meeting and exceeding international standards,” he said. “As a major player in the hedge funds industry worldwide, it is fitting that the leading hedge funds domicile is now a full member of the international standards setting body for securities markets. It is proof that not only does the Cayman Islands exceed commercially in this important area of the global financial services industry, but that we are also recognized as meeting the highest international regulatory standards.”
Following the admission Scotland said in a statement that the granting of membership was an accomplishment not just for CIMA but for the jurisdiction as a whole as the membership screening and jurisdictional assessment process had been rigorous.
CIMA’s Deputy Managing Director – General Counsel, Langston Sibblies who is also in Israel attending the conference, which ends on Thursday, explained that in addition to being an acknowledgement of the Cayman Islands regulatory system and international cooperation regime, IOSCO membership had significant commercial benefits. “Some countries either do not allow investment vehicles from non-IOSCO member countries to be sold in their jurisdictions or will require greatly enhanced due diligence which makes it more difficult to do business with those jurisdictions,” he added.
“IOSCO membership will remove these impediments and open up these markets for Cayman-domiciled securities providers. This is a development our private sector has looked forward to for a long time. It will be welcomed by the private sector.”
IOSCO is the principal global standard setting body for the regulation of securities markets. Its objectives encompass cooperation and information exchange, standard setting and surveillance, and mutual assistance.
Police rescue 500lb turtle
(CNS): A Logger Head Turtle, estimated to be 30-years-old and 500 pounds in weight, was helped back into the sea last night after police officers found it in a distressed condition on the beach in East End. Officers from the Uniformed Support Group appear to have disturbed a poacher while on routine patrol in the district when they spotted the turtle near the new sea wall. The officers were alerted to a man who was seen running onto the road and a pursuitensued. Unfortunately, the man, who was described as tall, of slim build, with a dark complexion and who was wearing shorts and a T-shirt, was not located.
The animal was found to be turned over onto its back with its fins stabbed, threaded with string and tied up and police sought assistance from the Department of Environment and Officer Carl Edwards attended the scene.
“This turtle is one of twelve reproducing Logger Heads who come ashore to lay eggs,” said Edwards. “During the examination the bleeding stopped and the turtle appeared to settle a little so we decided to release her back into the ocean. Due to the stress and injuries inflicted through the cruelty of the poacher – it is likely that she will dispose of her 3 to 4 hundred eggs at sea.”
The Royal Cayman Islands Police Service (RCIPS) and the Department of Environment remind the public that no-one may disturb or take turtles in Cayman waters without a license from the Marine Conservation Board. Possession of turtle eggs is also prohibited and even for licensed fishermen the season is closed between 1 April and 30 November. The loggerhead turtle is an endangered species and despite being one of the earth’s oldest survigin species, its numbers have dramatically decline in recent decades.
Anyone with information about this incident or any other incidents involving turtle poaching should contact the Department of Environment on 949-8469, their local police station or Crime Stoppers. 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.
Teenagers arrested after jeep joy ride
(CNS): Police said today that three teenagers have been arrested after the theft of a jeep from outside a home in George Town. At around 11am yesterday (9 June) the owner of the jeep called the 911 Emergency Communications Centre reporting that his Geo Tracker had been stolen from outside his home in Templeton Street. The caller stated he had seen it travelling towards Smith Road. Police carried out checks in the area and found that the vehicle had flipped onto its roof in the vicinity of Lincoln Drive.
Police said that the young offenders had decamped from the vehicle and that a short foot pursuit ensued which resulted in the three teenagers being arrested. Each was arrested on suspicion of taking and driving away a vehicle without the owners consent. They remain in police custody at this time.
Residents are reminded to never leave valuables on display in vehicles and under no circumstances should the keys be left in the car. More crime reduction advice can be found at http://www.rcips.ky/vehicles.htm
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.
Tax havens lobby hard
(Law.com): The Cayman Islands Financial Services Association, Malta and the Isle of Man among others have reportedly spent over $800,000 on lobbyists at firms to campaign against Senator Carl Levin’s Stop Tax Haven Abuse Bill and the potential sanctions that may come with it. The lobbyists have said Levin’s list is out of date because their clients have negotiated, or are negotiating, agreements with the United States that require cooperation and transparency on tax issues.
Ball hockey players head to World Championships
(CNS): The Cayman Islands Ball Hockey Association’s select World Cup team is off to the 8th World Senior Ball Hockey Championships to be held on June 13th – 20th in Pilsen, Czech Republic. The team, lead by General Manager Mark Thompson and Head Coach Bassel Durzi are excited about Team Cayman’s 3rd appearance in the World Championships. The team has been training hard over the past six months dedicating themselves to training as a team three times a week along with various personal training regiments. “This is the best team we have ever entered into a World Cup competition and as such we are looking to improve on our 6th place B-Pool finish,” Thompson said.
Team Cayman’s task won’t come easy as they are expecting the toughest competition in the history of the championships in Pilsen. Cayman is in the C-pool along with Pakistan, Gold medal B-Pool finalist in 2007; Bermuda, Caribbean Cup defending champions; and Finland, an unknown as they are competing for the first time in the World Senior Ball Hockey Championships. “We know the competition will be tough but our guys have been working hard to raise their fitness levels and feel confident that we can compete at this level” says team captain Darryl Hather.
Team Cayman will face-off on Friday night against Team Canada, four time defending world champions, for an exhibition match to ready both teams for the tournament. This is the first time Team Cayman has played an exhibition game prior to the tournament and team officials are hoping it will give their players the added motivation they need to be successful against Team Pakistan, their first game opponents.
