Archive for June, 2009
Cayman firms join up to promote finance business
(CNS): Addressing the widespread disenchantment with the financial services industry as a result of the global financial crisis and the subsequent vilification of the offshore industry by powerful political groups, two local financial services providers have joined forces to host a forum in New York. Stuarts Walker Hersant Attorneys-at-Law and RBC Wealth Management say they will be focusing on the issues and opportunities facing private and institutional investors in today’s economic climate.
The seminar is entitled "Offshore Financial Markets Post Madoff", and will be held at the Harvard Club of New York on Tuesday 30 June. Jane Wareham (left), International Legal Consultant with Cay Solutions Ltd, a Canadian affiliate company, is working with Stuarts Walker Hersant to help organise the event.
“We felt that the timing was right for us to host a discussion about the impact of recent events on the financial services industry and in particular the potential impact of governmental and international agency proposals on private and institutional investors,” she said. “We have had a great response rate and expect to engage a number of influential industry figures. The event will also provide a useful platform to help communicate the facts about offshore financial services jurisdictions amidst a lot of negative perception.”
Deanna Bidwell, Managing Director of RBC Wealth Management, Royal Bank of Canada’s wealth management division, said that clients are increasingly reassessing their banking and investment relationships with their service providers.
“It has never been more important for the banking industry to review the best ways to serve and protect the interests of its clients and demonstrate its commitment to providing solutions to the issues presented by the current financial crisis. We are confident that our forum will prove very beneficial to wealthy investors and their advisors alike, and help educate them about the role of offshore financial services centres,” she added
The firms said they expect around 90 people at the invitation only seminar. Experts speaking at the event include Timothy Ridley, former Chairman of the Cayman Islands Monetary Authority; Anthony Akiwumi, Head of Litigation at Stuarts Walker Hersant Attorneys; Professor Andrew P. Morriss of the Institute for Government and Public Affairs, University of Illinois; Professor Houman B. Shadab, Associate Professor of Law, New York Law School; Joseph A. Field, Senior International Partner, Withers Bergman LLP, New York; and Margaret R.A. Paradis, Partner, Baker & McKenzie LLP, New York.
Global and international taxation developments, the potential impact of proposed US legislation and regulation on offshore financial centres, US litigation issues, and how fund of funds and hedge funds will have to adapt to meet private investors’ expectations are some of the topics on the agenda. The current global financial crisis, increasing attention on offshore banking centres, and high profile fraud scandals such as those involving Wall Street financier Bernard Madoff and Texas Billionaire Allen Stanford will also be discussed.
The two firms said they would also use the event as an opportunity to garner support for Facing Africa, a UK-based charity dedicated to helping sufferers of a devastating flesh eating disease, which affects children in sub-Saharan countries. Both companies’ involvement in Facing Africa has already raised considerable funds for the victims of the disease, as well as the children’s ward of George Town Hospital right here in Cayman.
Cayman Prep & High School recently raised over two thousand dollars for the project after a presentation about the infection by seven-year-old Tiggi (Jane Wareham’s daughter) at a morning assembly last month. “We asked all the students to donate at least two dollars, a toy or some clothing. In return, we all got to wear our own clothes instead of our uniform for the day” Tiggi explained. “We also gave away t-shirts to help promote the cause”.
“We are delighted with the results of our efforts and deeply grateful to our corporate supporters for their generous donations,” said Jane Wareham, “We have engaged in an initiative with the children’s ward at George Town Hospital in which local children will also share in the proceeds of our fundraising activities. We have some exciting plans for the future, which include a road race and special hospitality events.”
More information about the seminar, including the event agenda and speaker biographies can be found at www.caymanseminar.ky.
CIFSA to spread word over diner
“The dinner presents an unrivalled opportunity for the industry to hear first hand how Cayman is perceived in Washington, the challenges we face, and the strategies being used to address them,” said event organizer and CIFSA Vice Chairman, Eduardo D’Angelo P. Silva.
“In the wake of a lot of recent negative publicity, CIFSA is a major proponent of Cayman’s financial services industry among international audiences and is playing a critical part in enhancing its reputation on the world stage.”
Manuel Ortiz is a leading Democratic strategist who helps his corporate clients negotiate Washington’s changing environment and is widely recognized as one of the capital’s top lobbyists. He is also an experienced advisor to corporate leaders in developing advocacy style campaigns to help achieve their goals. Prior to joining QGA, Ortiz was a transactional attorney with an international law firm.
Kids make use of used paper
(CNS): Earlier this year Kids Adventures Preschool embarked on a campaign to get local business to donate their used paper for the children to use for colouring drawing and various art projects as part of a green initiative, and the word is the project was a great success. KAP said that, due to the large amounts of paper donated, two other preschools will now share in the donations – New Testament Preschool and St. George’s Preschool.
“We hope for additional donations that can be distributed to other schools in the community,” Cheyenna Stewart said. “With summer upon us there will be a lot of arts and crafts projects scheduled and the continuous supply of paper is much needed.
More than fifteen local companies donated to the Go Green Campaign and the schoolsaid they also received a number of anonymous donations as well. “We would like to say thank you to them as well. The Go Green Campaign will be an ongoing campaign and we are glad to say we have repeat donators,” Stewart added.
If anyone missed out and has paper and or supplies they would like to donate please contact Cheyenna Stewart at 939-8282 or e-mail kidsadventurepta@hotmail.com. You can also drop off items to the preschool which is temporarily located in Trinity Square on Eastern Avenue.
Referendum activists bring in expert
(CNS): Once enacted, the new Cayman Islands Constitution will give voters in the islands the chance to initiate referendums on domestic political, social and economic issues, which could directly influence legislation. With the introduction of that new democratic tool, local activists, People for Referendum, are hosting a special open public meeting today, with Dr John Matsusaka, President of the Initiative and Referendum Institute, to begin what the group says is an important education process about people-led referendums.
The People for Referendum said that Dr Matsusaka had agreed to share some of his expertise on the subject of his research and experiences in voter participative initiative and referendum governance systems while vacationing in Grand Cayman.
“The opportunity to hear from such a scholar on this subject is of interest to all of us in the Cayman Islands as the implementation of the revised Cayman Islands Constitution begins and the legislation to give effect to the beginning of binding voter initiated referendum systems to influence governance will be discussed in the near future. It is incumbent upon all voters to become educated on this very important subject,” the local activists added.
At the meeting, which will take place at the UCCI this afternoon (Thursday 25 June) at 2:45pm in the Cascade Room (Administration Building, second floor), Dr Matsusaka will share his expertise and offer some insight into what this new constitutional provisions could mean for the community.
According to section 70 of the new Constitution, voters in Cayman will be able to initiate a referendum if they can present a petition to Cabinet signed by not less than 25% of the electorate and any subject of national importance, provided it does not contravene the Bill of Rights or the Constitution. The referendum would be binding if assented to by more than 50% of registered voters – unlike the referendum for the Constitution itself, which required only 50% of voter turnout to pass.
Dr Matsusaka’s research focuses on the financing, governance, and organization of corporations and governments. He has published numerous scholarly articles, served as a consultant for the White House Council of Economic Advisors, and is the author of For the Many or the Few: The Initiative, Public Policy, and American Democracy (University of Chicago Press, 2004).
Dr Matsusaka, an expert on referendums and other ballot propositions, is also a noted expert on government budgets and taxes, and in 2001 he joined with 60 plus economists to write President George W Bush a letter urging his rejection of the Organization for Economic Cooperation and Development’s (OECD’s) so-called "Harmful Tax Competition" initiative.
For more details, email rights@pfr.ky
Cops take kids on underwater adventure
(CNS): As part of the effort by West Bay police to reach out to young people in the district, officers from the station took 17 students who had done well in school from John A Cumber Primary School, Wesleyan Christian Academy and Grace Christian Academy on a trip aboard Nautilus Cayman last week. “We have had really good feedback from teachers and parents about this initiative, which sees the police reward young people for their efforts in the classroom,” said Area Commander, Chief Inspector Angelique Howell.
“It’s important that young people build constructive and healthy relationships with the police and this is one way we hope to do this,” added Howell, who sent her thanks to the schools for their support and also to Nautilus Cayman, which donated the trip to the children.
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.
Zicam cold remedies recalled by FDA
(CNS): The Health Services Authority (HSA) said that it is advising the public to stop using three Zicam intranasal products following an announcement by the U.S Food and Drug Administration (FDA) to recall them. Zicam Cold Remedy Nasal Gel (15mL, NDC 62750-003-10); Zicam Cold Remedy Swabs (20 swabs, NDC 67250-003-20); Zicam Cold Remedy Swabs, Kids Size (20 swabs, NDC 67250-003-21) were recalled as a result of over one hundred 130 reports of people losing their sense of smell.
“If you have these products in your home, it is imperative to stop using them immediately and discard them,” said Dr. Greg Hoeksema HSA Medical Director. “We are concerned that consumers may unknowingly use a product that could cause serious harm, and therefore we are advising them not to use these products for any reason.”
The FDA said more than 130 reports of anosmia or olfactory anaesthesia, which is loss of the sense of smell after use had been reported about these Zicam products are regularly sold over the counter in pharmacies, and retail shops, as well as over the Internet. The FDA is reportedly concerned that loss of the sense of smell after any one-time use of the three Zicam products listed may be permanent.
Dr Hoeksema added that loss of the sense of smell can adversely affect a person’s quality of life, and can limit the ability to detect dangerous odours such as the smell of gas or smoke or other signs of hazards in the environment. If you believe you have suffered any ill effects from using Zicam, you are encouraged to speak with your health care provider right away.
Cops tackling cause of crime
(CNS): In an effort to help address one of the causes of crime – unemployment — the Royal Cayman Islands Police Service is teaming up the Department of Employment Relations to host a jobseekers workshop. The joint initiative has been designed to help people into work instead of crime, and will cover areas such as effective methods of job searching, resume and letter writing, interview skills and appropriate attire, and behaviour for the workplace.
Chief Inspector Angelique Howell, Area Commander for West Bay, explained that the move comes as part of the police’s efforts to address all areas of crime, from prevention right through to detection. The workshop has been designed for job seekers and business owners who could be on the look out for new talent.
“It has become clear that there is a real concern around employment and the problems people can encounter when seeking work,” said Howell. “We want to do as much as we can to help people secure permanent employment and we hope as many people as possible will attend the workshop.”
The workshop which is free and open to everyone especially job seekers and business owners looking for talent will take place between 4pm and 7pm at the John A Cumber Primary School Hall on 11 July and will be administered by the Department of Employment Relations.
“We must all look to address the underlying causes of crime,” said Jean Solomon, Employment Development Outreach Coordinator. “Sustained employment is key to people leading crime-free lives and we hope our workshop will assist people who may either be having difficulty finding work or those who need some extra confidence when it comes to job seeking.”
Solomon added that she hoped young people would attend to find out how they can maximize their skills when it comes to job seeking and employment hunting. “Entering the workplace can be daunting and the tips, advice and guidance that we can offer can be useful to those just starting out in the job market. We must also pool our resources together as a community and foster harmonious relationships to create a safe and crime-free environment,” she added.
Anyone wanting more information can contact Chief Inspector Howell at West Bay police station on 949-3999 or email angelique.howell@rcips.ky. Jean Solomon can be reached on 244-7005 or jean.solomon@gov.ky
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.
Armed robbery in GT
(CNS): Two men who carried out an armed robbery at the Esso gas station on Shedden Road last night (23 June) at around 10:20pm, and police are appealing for information which could help identify the suspects. The offenders were both wearing dark clothes with hoods and had their faces covered. One is described as 5ft 9ins to 6ft tall, of slim build with a dark complexion and a small scar under his right eye. The second offender is described as 5ft 5ins tall, medium build with a brown complexion. The RCIPS says it received information at around 10:20pm that a robbery was taking place.
(CNS): Two men who carried out an armed robbery at the Esso gas station on Shedden Road last night (23 June) at around 10:20pm, and police are appealing for information which could help identify the suspects. The offenders were both wearing dark clothes with hoods and had their faces covered. One is described as 5ft 9ins to 6ft tall,of slim build with a dark complexion and a small scar under his right eye. The second offender is described as 5ft 5ins tall, medium build with a brown complexion. The RCIPS says it received information at around 10:20pm that a robbery was taking place.
Officers responded to the scene and were told that two men armed with handguns had entered the store and had demanded money from the security guard and the cashier who were present. The men then left the area on bicycles. The two staff and one customer who were in the store at the time were not injured in the incident.
Anyone who saw the suspects prior to or after the robbery or anyone who recognizes the description of the offenders is asked to contact George Town CID on 949-4222 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.
NS students go sailing
(CNS): Students from North Side Primary School are learning to sail with the generous help of Red Sail Sports and instructors and support from the Cayman Islands Sailing Club (CISC). In May and June 2009, Red Sail Sports donated the use of its beach and security at Rum Point where the Cayman Islands Sailing Club set up a small sailing school. This allowed the children at North Side Primary School to partake in sailing lessons without having to drive the 45 minutes to the CISC in Red Bay.
So far the CISC coaches are impressed with the students’ ability. “We are delighted to work with the children from North Side. They are very well behaved and most show confidence and some natural talent on the water,” said head instructor, Garth Griffiths.
The sailing lessons are part of a much larger school programme offered by the CISC. In the 2008/09 school year, the CISC has taught sailing to over 600 young children, some as young as 5 years old, from eight schools.
Sailing Director, Michael Weber, stressed the importance of the schools programme as well as appreciation to Red Sail Sports. “We will continue to try to ensure that every child in the Cayman Islands learns sailing. It is a healthy, environmentally friendly, and culturally relevant activity. I sincerely thank Red Sail Sports for helping us introduce sailing to the children of North Side Primary School.”
For more information on sail training at CISC, please contact Mike Weber at sailing@sailing.ky
CHF launches War on Weight
(CNS): The Cayman Heart Fund is looking for ten volunteers to participate in a contest to lose weight, get fit, and live a healthier lifestyle. On Monday 24 August The CHF will launch its second annual weight loss competition, “War on Weight” or just “WOW” for short. For sixteen weeks contestants will become dedicated representatives to the Cayman Heart Fund’s mission of promoting a healthy change in lifestyle while competing in a weight loss challenge.Contestants will be monitored and advised by a team of professionals throughout the competition, ensuring weight loss is safe and consistent. (Left: last year’s WOW winners, Dwight Ebanks, 1st place, and Summer LaRue, 2nd place)
Contrary to many weight loss regimens seen on television, there will be no drugs, herbs, diuretics or other weight reduction medicines allowed. The contestants are encouraged to lose weight by altering their diet, exercising on a daily basis and making health conscious choices while under the guidance of a dietician, personal trainer, and general practitioner.
Nutritionist Chad Collins RD will establish a customised weight loss eating regime for each individual based on their measurements, physical health and exercise, among other information. During the contest, Collins will meet with contestants on a regular basis to monitor and adjust their meal plans as needed. He will also offer personalised counseling to the contestants both in person and online.
Physicians, John Addleson and Marli Ellis, will supervise the candidates’ progress, ensuring competitors methods of weight loss are safe. An initial blood test and physical examination will determine if you are healthy enough to enter the contest and will perform periodic tests throughout the contest.
WOW’s fitness guru, Ernest Ebanks of Body Sculpture will supervise contestants physical activity, take measurements including weight, and provide an exercise plan for their specific needs. Participants will have access to utilise the gym, personal trainers, and Boot Camp fitness classes during the competition.
Marking its second year as a non-profit organisation, the CHF has a number of goals, one of which is to reduce the incidences of cardiovascular diseases in the Cayman Islands, as well as improve the quality of life to all those effected by this disease by providing the community with information, education, and participation through free screening clinics, contests, events, and its annual expo.
Summer LaRue, the Vice-Chairman to the WOW Committee says, “The WOW Committee is very excited about this year’s competition. Most of the members were contestants last year and we have experienced first hand how effective this programme is, losing over 200 pounds combined. The goal of WOW is to get community awareness of the obesity problems we are experiencing in Cayman, and to try and get everyone to do something about. We plan on scheduling various events through out the competition that will include not only the contestants, but also give an opportunity to family, friends, and the community to participate and offer support.”
Volunteers interested in applying for the competition can obtain an application from the Cayman Heart Fund website at www.caymanheartfund.com or via email at wowcayman@yahoo.com. The deadline for applications to be submitted is 31 July.
For more information on this press release, please contact the WOW Committee at 548-6134 or 548-4817.