Archive for July, 2009
Free football summer camps
(CNS): The Cayman Islands Football Association (CIFA) is holding a series of youth football camps over the summer, and thanks to corporate sponsors such as FirstCaribbean International Bank, the camps are completely free of charge. This year there will be four camps held across the Cayman Islands: one in George Town, one in North Sound, one in Cayman Brac, and one that is open todisabled children.
Kennedy Ebanks, accepting the donation on behalf of CIFA, explained in a release from the bank, “These annual football camps have been running since 1984. They are free for boys and girls between 6 and 16 years of age. The kids receive a free t-shirt, lunch each day and a souvenir ball at the end of the camp.”
Making the donation for FirstCaribbean was Patrick Cover, Corporate Relationship Manager. “These camps perform an important community service and FirstCaribbean International Bank is proud to join with the other sponsors to ensure they remain free of charge to Caymanian families,” he said, adding that as long time supporters of the Lighthouse School, FirstCaribbean knows how important it is to have one of these camps focused on the needs of disabled youth, who are too often overlooked.
For further information on dates and times for these football camps please contact the Cayman Islands Football Association.
Brac Reef may be back by year end
(CNS): No reopening date has been set for the Brac Reef Beach Resort on Cayman Brac, which was partially destroyed by Hurricane Paloma, November 2008. However, resort manager Trudy Viers says she expects construction and repairs to be completed by the end of the year. Because no finishing date has been set, no room bookings are being taken by Brac Reef at this time, she said. The lobby area, offices, boutique and work-out room, which were levelled are being rebuilt and will have the same architectural footprint as the ones before them.
Major damage was caused to the upper floor guest rooms, which are currently being repaired and upgraded. More balconies are being built for the guest rooms and all buildings are being reinforced against hurricanes, such as storm resistant windows and reinforced roof. The Brac Reef is even getting a new look, Viers said.
The main focus on construction is the main lobby and finishing the rooms, she said. Plans for the lobby have received approval so construction will begin shortly. The kitchen and spa of the Brac Reef are still functioning, though the kitchen hastemporarily moved into the conference room, and the catering service is operating off-property.
A lot of work has also been done on the beach and Viers said she is hoping to build back the dock soon, though this is not their primary focus.”It’s been a real challenge because 2008 was a record year, but I’m also excited about the improvement being made,” Viers said.
The Brac Reef dive shop, Reef Divers I, was also severely damaged. Dive Operations Supervisor Mick Maher said the shop reopened just last week, but it is not fully operational. Only 5 of a staff of 12 remain after Paloma. In spite of all this, the Dive Pirates, a non-profit organization which allows disabled people get training for diving certification, came for their 5th annual trip, from 20 to 27 June with 58 divers.
Reef Divers also works with the Cayman Brac High School with their Water Sports course. This was supposed to run in January but due to the damage caused by Paloma, it was impossible for Reef Divers to conduct lessons this past school year. Maher said, “We should be back to normal by next year, and we’d love to take a class.”
NRF working hard in the Brac
(CNS): The Cayman Islands National Recovery Fund (CINRF) has raised over CI$1 million specifically for the Brac towards the repairs of homes destroyed during Hurricane Paloma and is planning to raise more. They estimate the total costs to be around CI$2.5 million. So far, the CINRF has spent some CI$700,000 on 50 properties, which averages about CI$15,000 per property. Currently the CINRF has received 212 applications on Cayman Brac with about 140 of them being approved.
So far, they have completed 50 houses in 7 months. With 90 or so more houses to go, the NRF still has a while before they are completed. When asked about how much longer the repairs will take, Director of the National Recovery Fund, Dr Mark Laskin said, “We have no firm deadline, but it is expected that we shall finish our work in the Brac before Christmas at the current rate.”
The Cayman Islands National Recovery Fund was created to help repair the Islands after natural disasters. It was established back in 2004 after Hurricane Ivan and now is being put into use again in Cayman Brac. It receives its money through charity events and donations. In order to be eligible for coverage from the NRF; the house must have had significant Paloma-related damage, the owner/occupier was not insured and he/she did not have enough income to do the necessary repairs themselves.
Jewel Scott, who lives in The Rock and whose house was damaged during the storm, said, “My roof was gone and my front porch wasn’t there.” The house was initially built in 1960 with it being expanded in 1976, and it was the newer part of the house that was destroyed, she said. The repairs were initially started by the NRF, but were then transferred into the hands of the Paloma Recovery Committee. Atlantic Star is now constructing the building. She said repairs have come along quite well; the roof is on and the front porch is there again. She currently receives electricity from her son’s house via an extension cord, which supplies the fridge, the water pump and the washing machine. Repairs aren’t quite finished yet, but she still stays at the house during the day and sleeps at her daughter’s house during the night.
Robert Ebanks, a resident of West End whose house was damaged by the storm who is being assisted by the NRF said, “The repairs are really good. They really helped out.”
The CINRF receives help from many organizations, such as NCB Homes which donated a team of 9 workers to help the rebuilding effort in Cayman Brac. The men will be stationed in the Brac for 2 weeks, providing the Fund with invaluable skills and man hours to help re-house those who are eligible for coverage by the CINRF.
Switzerland top tax haven
(shelteroffshore.com): If you wanted to know where the super wealthy like to hide away from increasing taxes in countries like the UK, a new survey of the so called ‘mobile wealthy’ – i.e., those who can relocate overseas and not have their working lives affected by the move – prefer Switzerland above all other offshore tax havens. The survey, spoke to high net worth individuals and their advisers in 11 nations internationally to determine which country stands out as a top tax haven. While Switzerland topped the chart the UK and the Cayman Islands also scored highly.
Mac announces board and key post changes
(CNS): As the new United Democratic Party government settles into the business of running the country, McKeeva Bush announced today a number of changes and new appointments to boards and other key posts. He said that it was customary when a new government took office that members of the various boards would resign and await for government to either accept or refuse those resignations. Speaking about the Cayman Airways Board, where there were a number of resignations in the last few months and weeks, he said that a new board had now been appointed under the chairmanship of Jude Scott.
He also confirmed that the questions over Olsen Anderson, who had been CEO designate, was a staff matter for the airline but as far as he understoodhe had not been confirmed in post by the Civil Aviation Authority. Bush said there was no automatic say so for anyone to be appointed CEO and it had to be confirmed by the CAA.
Bush told the media at the first press briefing for the new government that Ken Hydes, the former managing director, would be returning to the Turtle Farm but this time as chair of the board. At the Trade and Business Licensing Board the LoGB said Garth Arch had been appointed as chair. He also announced his intention of creating a port authority for Cayman Brac, which he said would be headed by Sammy Jackson.
Following his announcement in the Legislative Assembly that George McCarthy would be taking up the chair of the Cayman Islands Monetary Authority, Bush also confirmed that McCarthy would be heading up the Financial Services negotiating team, which would be dealing with the necessary details relating to tax information exchange agreements. He said that he had established a new Financial Services Council, which would include McCarthy, along with Anthony Travers, Eduardo Silva, Nick Freeland, Charles Jennings, Sophia Dilbert and Paul Byles, who has also taken up the chair of the Cayman Islands Development Bank.
Turning to the UCCI, he said that he was in discussions with that board to recruit a permanent president and he was going to recommend that Roy Bodden should be given the post.
Bush also said that he was creating an entirely new committee as part of his goal to look at establishing a long term national development plan for the country. While Kenneth Ebanks, the former Director of Planning, along with Carson Ebanks, the chief officer from his own ministry, would be heading the initiative, he said the new committee would be chaired by Burns Connolly and further appointments to that committee would be confirmed soon.
Asked what was happening with Angela Martins, who was the Chief Officer in the Ministry of Education before being replaced last month by Mary Rodrigues, Bush said that was a matter for the chief secretary.
El Niño variant could drive hurricanes in Atlantic
(NYTimes): Scientists have known for some time that El Niño, the warm spell that turns up every four or five years in the waters of the eastern Pacific Ocean, reduces hurricane activity in the Atlantic. But in a new study, researchers at the Georgia Institute of Technology have linked a variant of that pattern — periodic warming in the central Pacific — to more frequent hurricanes in the Atlantic, particularly on the Gulf Coast and in the Caribbean. Researchers however said they were unable to confirm if this was linked to climate change.
A view from Washington
(CNS): The Cayman Islands Financial Services Association (CIFSA) will be revealing a little of what its lobbyists have been doing in Washington recently with a special dinner at the Ritz-Carlton Grand Cayman on the 7 July. With the help of local financial services firm dms Management Ltd the main sponsor the event is expected to attract the glitterati of financial services industry professionals eager to learn from CIFSA’s Washington’s lobbyists about perceptions of this jurisdiction in the capital, as well as the challenges Cayman faces and some of the strategies in play to help address them.
David Bree, Managing Director of dms Management Ltd. and a former CIFSA director said with so many employees in the Cayman Islands it was significantly invested in the ongoing success of the jurisdiction. “We want to ensure that the Caymanians we are developing to lead the next generation of business will have the maximum opportunity to succeed in a thriving Cayman. We felt that this event was a valuable opportunity to underscore the importance of CIFSA’s efforts to Cayman’s financial services sector and provide a good gauge for industry participants of the challenges we face and what needs to be done to address them,” Bree said. “CIFSA’s efforts are instrumental in enhancing this jurisdiction’s reputation globally. dms is delighted to be the premium sponsor of this CIFSA business dinner.”
CIFSA said the event will feature presentations from Jack Quinn and Manuel Oritz, who are the main drivers behind U.S. based lobbyist firm Quinn Gilliespie and Associates (QGA), which has been retained by CIFSA to represent Cayman’s financial services industry in Washington. The dinner follows on from the success of a series of business lunches hosted by CIFSA last year and is expected to draw many of the industry’s leading figures as well as some significant media coverage.
Event organizer and CIFSA Vice Chairman, Eduardo D’Angelo P Silva, expressed his gratitude to all the event’s sponsors. “CIFSA strives to make its events informative and beneficial to Cayman’s financial services industry. We rely on our corporatesupporters to help us achieve this so I would like to express our deep appreciation to dms Management and our other sponsors for their valued involvement.” He adds, “Our business dinner represents a timely opportunity for the industry to learn more about the critical issues affecting it. This is particularly important amidst much widespread cynicism about offshore financial centres among some influential political groups. We are confident that the dinner will be a great success,” he added.
Tables and seats are still available for CIFSA’s business dinner and may be purchased online from the association’s website, www.caymanfinances.com.
Two more arrests following ganja haul
(CNS): A man believed to have captained a canoe seized by officers from the Drugs Task Force and another man have been arrested, bringing the number of arrests made in connection with last week’s seizure of 196 pounds of ganja to four. A 35-year-old man was detained on suspicion ofimportation of ganja and possession of ganja with intent to supply, while the charges that the suspected captain has been arrested for are unknown. The drugs were found by officers from the Drugs Task Force who carried out a raid on Thursday, 25 June.
Two men were arrested at the George Town address during the operation. All four men arrested in connection with ganja haul have been released on police bail pending further enquiries.
As part of the enquiry, officers confiscated the 32-foot Jamaican canoe fitted with a 1 x 65 horse power engine. The vessel, which was found abandoned in the water in the Prospect area, has been seized and will be forensically examined, police have said.
Anyone with information about the use and supply of illegal drugs is asked to contact their local police station, the Drugs Task Force on 949-7710 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.
CIDB to give cheap loans
(CNS): The leader of government business announced today that the Cayman Islands Development Bank (CIDB) will be offering low cost loans and mortgages to small business and individuals in financial trouble to help the community weather the financial storm. McKeeva Bush explained that the bank, which is under his ministry, would be launching this assistance programme on 13 July when loans would be given to those in need with a interest rates as low as one percent.
“This initiative is aimed at providing assistance and relief to small businesses affected by the downturn,” said Bush, who added that during the election campaign the UDP had promised to put in place measures to assist Caymanians to enable individuals and small business owners to make it through the economic downturn.
Speaking at the new government’s first live press briefing, the LoGB explained that small businesses would be able to access funding for debt consolidation and get lower interest rates of between one and 5 percent as well as loans for operational and capital expenses from the CIDB.
Bush added that the second part of the initiative would be to help individuals who are about to lose homes or who are in financial trouble and that the bank would provide mortgages and help people consolidate their existing personal debt and property loans. He said the intention would be to help people with arrears to spread the payments over manageable periods and to providing financing for insurance premiums and hurricane shutters.
Although he stated that it was unrealistic to think this initiative was going to solve all the problems, as there was a limit to the funding, he hoped it would minimise the fallout from the crisis.
“Business owners and residents have struggled during this economic downturn and the CIDB will be able to help,” he said. “We have taken a holistic approach to the solution and we intend to form partnerships with other financial institutions in order to get more funding for the initiative.”
He added that the idea was to use the bank’s expertise in credit risk and management as would be the case for normal bank lending, but the main difference is that the initiative was structured to target specific areas where people needed the most help at very low interest rates. Bush explained that this initiative would form 12 percent of the total portfolio of the bank’s current loans but the bank would be investigating other funding options to enable it to increase the scope of the initiative and availability of loans. In short, the government has allocated a portion of the bank’s existing lending capacity just to this programme.
The LoGB also announced that government had appointed a new board for CIDB with Paul Byles as the chair. He looked forward to the bank serving the economy and he had great hopes for the future of bank and its involvement in the economy.
Ralph Lewis, the bank’s managing director, said that over the next week or so the staff would be engaged in training and fine tuning the mechanics of how loans would be assessed and awarded but full details of how people can apply would be announced shortly.
LoGB outlines national plan
(CNS): Despite the challenges that he expects to face, the leader of government business has announced his intention to create a national development plan. McKeeva Bush said that various administrations had attempted to address the speed of the islands’ development over the last four decades but despite the production of some good sector plans there had been a notable absence of real national planning. He said that the country’s current plans were both outdated and a hindrance to inward investment.
Bush added that there were a number of major issues that were in dire need of addressing, such as a comprehensive sewerage system for George Town among many others, and he intended to produce a national plan that would guide the islands over the next twenty years.
“This plan will provide strategies, policies, programmes and it will include area plans and it will reflect the wishes and aspirations of the Caymanian public,” Bush said, adding that it would be a collaborative effort through his ministry and be headed by Kenneth Ebanks and Chief Officer Carson Ebanks.
In the first instance he announced that the planning law and regulations were in need of a serious review and that a review committee was being appointed. Bush explained that although planning is suppose to be reviewed every five years, the current review had been ongoing for the last nine years without any changes to the law.
“The current planning laws and regulations are based on planning and design principles from the 1900s and are out of date,” he said, noting that modern principles of urban design and planning were difficult to achieve in Cayman due to the existing laws. “It’s a headache, it’s a mess for this country,” Bush lamented. “While the department planning director gets the stick for it, the laws are really to blame.”
He explained some of the red tape problems, which he described as nonsense, and said as a practical person he was going to change it. Bush said real changes were required and those who used the laws on a regular basis would be involved in the review. He said he hoped to generate a new modern planning vision, which would be incorporated in the new national development plan.
The goal, the LoGB explained, was to immediately impact inward investment positively and promote new development under modern principles, as well as creating a new planning and zoning map. He said Burns Connolly would chair the committee and representatives from various relevant professions and areas would be involved.
“All of us know that over the years, once a government starts on this it could be the death knell of a government because the country always wants better planning but no one is willing to give an inch,” Bush warned. “But there are far too many things that are not right, that are inhibiting development and we are losing revenue on all sides. Some of the reasons why the country is suffering are because bureaucracy is so high and so tight and people just shy away. This administration has a mandate to change that.”
He also confirmed that his government supported the National Conservation Bill, albeit with some amendments, but he committed to ensuring that someone with environmental expertise would be involved in the committee. Bush also announced that in future planning meetings would be held in a public forum.
Speaking about the plans for the port, he confirmed that while there was some opposition he felt Cayman needed cruise berthing facilities in George Town and his government would be examining how that could best be done. However, he said he wanted to see cargo facilities eventually move to the eastern end of the island where facilities for mega yachts and other marine commercial activities could be developed.
Bush also said that the George Town landfill was a priority and the Minister, Juliana O’Connor- Connolly was wrapping her hands around that problem.