Archive for August 7th, 2009
Minister in hospital scare
(CNS): Although he was admitted to the hospital earlier today (Friday 7 August) the Ministry of Education, Training and Employment Rolston Anglin said that he is feeling better thanks to the care he has received. The minister was admitted to the Cayman Islands Hospital as a result of a rise in his blood pressure and doctors have advised he will remain at the facility for observation for the next 24 hours.
“I’m feeling much better, and I thank the hospital staff for their excellent care,” said the minister who was coincidentally admitted to the hospital on the same day he was scheduled to begin two weeks of personal leave and once he is discharged, he will resume his plans, he said.
While Minister Anglin is on vacation, the Minister of Community Affairs, the Hon. Michael Adam, MBE, will act for him starting from tomorrow, 8 August, until 21 August. The Minister of District Administration, the Hon. Juliana O’Connor-Connolly, JP, however, acted for Minister Anglin on Friday.
Bodden Town establishes district council
(CNS): Residents in the Bodden Town community are being encouraged to take neighbourhood matters into their own hands by joining with their newly established district council. From upgrading the Nurse Josie Solomon Senior Centre and restoring the Savannah/Newlands Playfield the council said it is working on the issues that impact the local area. Part of the UDP manifesto local MLA and Health Minister Mark Scotland applauded the members.
“I am particularly pleased with the fact that my district’s council is already out there making a difference,” the Minister said. “It meets the requirement of my party’s manifesto which called for a council to be established in each district. TheBTDC serves as evidence that we don’t need bigger government to succeed. What we really need are civic-minded citizens such as these, who work together for the greater good.”
One of those civic minded individuals Mario Rankin chair of the Bodden Town District Council (BTDC). Said the main objective was to boost the district’s social development through targeted activities and projects. In essence, we want to create a better, safer, working and living environment for all,” he said.
Rankin said members would serve as a point of contact and report to the executive committee on the needs and concerns of their specific neighbourhoods. “They have completed a Red Cross Vulnerability and Capacity Assessment (VCA) course, enabling them to more accurately evaluate community needs and risks,” Rankin explained.
Speaking about the Savannah playing field Rankin said he hoped it would be open for this year’s district heritage day festivities in November. “After that, we hope that it will become a popular venue for birthday parties and other functions. Also, we hope to see our young people out there again, playing sports and taking advantage of the basketball court,” he added.
For more information on the BTDC and its activities, contact Harilyn Bodden on 949-2931 or at harilynbodden@hotmail.com. Or call Mario Rankin on 943-3338, 925-6919 or email him at Mario.rankin@yahoo.com. Richard Christian can be reached at 925-5361 or at richard_c_christian@hotmail.com
Boddentowners form disaster group
(CNS): A group of residents in Pease Bay, Bodden Town has come together to form their own subgroup of the Bodden Town District Emergency Response Committee to deal with the aftermath of disasters. Joseph Woods a resident of the community is leading the core group that will coordinate efforts to respond to the neighbor hoods immediate needs. Woods explained that following an emergency such as a hurricane the community wants to be able to survive on its own in case central government resources are compromised.
He explained that some residents have heavy equipment that could be used to assist in the removal of debris from the roads and some have medical training to assist in rendering first aid and saving lives. “There are also some skilled construction workers within the community that might be able to help in the drying and covering of a resident house – at least one room – if a catastrophic roof loss occurs. We want to ensure that in the aftermath of a catastrophic event that the people of Pease Bay will have basic necessities such as food and water.”
The group had its first meeting on August 6, at the Webster Memorial Church Hall, Bodden Town.
Hazard Management Cayman Islands (HMCI) Deputy Director Omar Afflick outlined how working groups like the one in Pease Bay are well on their way to being established in North Side and Prospect, and a highly functioning group is already in operation in the Belford Estates area of Bodden Town. In addition to things like minor search and rescue, food and water distribution and shuttering, one of the important functions of the DERCs is to act as liaison with the National Emergency Operations Centre (NEOC).
“We expect each group to perform an initial damage assessment in their area and report back to the NEOC, to assist in the process quickly determining which communities have sustained themost significant impact and with that information we can then direct the appropriate resources of the state accordingly,” added Afflick.
Anyone who is interested in being involved in the District Emergency Response Committees can contact HMCI Public Awareness and Communications Officer Simon Boxall on Tel. 926-2027 or by email at simon.boxall@gov.ky
CUC says profits dipped because of ‘cool’ weather
(CNS): Following CUC’s announcement that its profits were down 6% in the year’s second quarter compared to 2008, it said today that shareholders will see an annualized dividend of US$0.66 per share. The dividend will be payable 15 September 2009 to shareholders of record as at 21 August, 2009. CUC explained that the reduction in earnings was down to lower than average temperatures throughout the first half of 2009 which pushed down electricity sales. It also noted that a change to its reporting period had impacted the results.
In August of 2008, the Company announced it would change its year end to 31 December so the analysis for the six months ended 30 June, 2009 includes comparisons to the six month period ended 31 July 2008. CUC said its net earnings for the second quarter of 2009 were $5.0 million which represented a 6% or $0.3 million decrease from net earnings of $5.3 million for the three months ended 31 July3 2008. Net earnings for the first half of 2009 were down $2.2 million which it said was down to varying temperatures and negative sales growth.
“Comparison of earnings in the first half of 2009 to the six months ended 31 July, 2008 includes, due to timing, the favourable fuel cost recovery of $2.5 million for the three months ended 30 April, 2008,” the firm stated. “The introduction of a fuel tracker mechanism in the Company’s 2008 Transmission and Distribution Licence has eliminated favourable or adverse timing differences in fuel cost recovery in the financial reporting quarters since April 2008.”
President and CEO of CUC Richard Hew said that given the circumstances the power firm was doing well. “CUC remains a strong and stable company despite the economic downturn and consequent budget and other resource constraints,” he added.
During the second quarter of 2009, CUC closed the first tranche of a private placement of 7.50% Senior Unsecured Notes in the amount of $30 million. The second tranche of $10 million closed in early July giving the firm access to working capital. “The availability of this capital to repay short-term indebtedness and to finance ongoing additions and upgrades to our systems, demonstrates the continued financial strength of the Company,” Hew noted.
Although electricity sales were down the company said the number of customers had increased connected. CUC said that 222 customers were connected during the second quarter of the year, 171 residential and 51 commercial connections. . Total customers on 30 June 30 2009 were 25,068 which CUC stated was an increase of 4% over the 24,167 customers as at 31 July 2008.
Customer growth contributed to a new system peak load of 94.4 Megawatts up by 2% and a further new system peak load has been recorded since the end of this period at 95.9 MW on 21 July, 2009.
Currently CUC has more than enough generating capacity to cover the peak loads with an installed generation capacity of 136 MW at present and an obligation to add another 16MW by September this year.
“We will continue to monitor the global and local economies and to build flexibility into our financial plans to enable us to respond to any changes in the business environment,” Hew said. “In view of the current economic downturn, CUC continues to take the necessary steps to ensure that our business remains efficient and effective,” Hew said.
Pilot aborts Brac flight after gauge failure
(CNS): Sixteen passengers set to fly to Cayman Brac this morning aboard the Cayman Airways Express flight 4421 from Grand Cayman were offloaded following the pilot’s decision to abandon the take off because of a gauge malfunction. Cayman Airways stated that with regard to passenger safety the captain elected to return the aircraft to the gate. The gauge malfunction occurred as the flight was preparing to leave the tarmac for the runway. As a precautionary measure the passengers were transferred to another aircraft.
That flight departed within 40 minutes of the scheduled departure time of 7:05am. Cayman Airways CEO Designate Olson Anderson said that the safety of passengers and crew was the airlines primary concern. “We appreciate that the situation this morning may have caused some concern for the passengers and we apologize for any inconveniences,” he said. “We want to assure our valued passengers and the public that Cayman Airways operates within the highest standards of operational safety.”
Anderson confirmed that all Cayman Airways Express flights in the afternoon were operating on schedule and that the aircraft in question had been repaired and returned to service.
HSBC shows profits
(CNS): Following the release Monday of HSBC’s 2009 interim results, HSBC Group’s CEO, Michael Geoghegan said in a release that these results show that the Bank, despite the tough economic environment, continues to deliver profit, remains financially strong and well-positioned for the future. Pre-tax profit was US$7.5 billion, broadly in line with the first half of 2008 and on a reported basis; pre-tax profit was US$5 billion, significantly better than the secondhalf of 2008.
In addition, Geoghegan noted, “In terms of profitability, HSBC is ahead of where we projected at the beginning of the year. We continue to generate capital and give a good return to our shareholders. We are paying US$2.8bn in dividends during the first half of 2009 while many of our competitors paid nothing.”
The release notes key highlights from the Interim results report: Financial Strength: Profitable, generating capital and delivering strong revenues 10% higher than early 2008; Clear strategy: Combine emerging market leadership with a global network that offers the advantage of international connectivity and scale; Global Banking and Markets: record pre-tax profit for first half of 2009; Commercial banking solidly profitable despite weaker economic conditions; Taking a long-term view of Personal Financial Services: Business remained profitable outside North America; Strong grip on costs and efficiency: Cut costs 3 per cent on an underlying basis; Further enhanced our brand. HSBC was ranked world’s No. 1 brand and named Euromoney’s Global Bank of the Year.
According to HSBC Cayman CEO, Gonzalo Jalles, “HSBC’s global strength positions us well for the future as we continue to explore new ways to expand in the local market. People around the globe are concerned about the current state of the economy and how it is affecting the financial sector. These recent results from HSBC Group allow us to continue to confidently promote HSBC’s global strength as a significant reason to bank on island with HSBC Cayman. “In addition,” Jalles adds, “HSBC Cayman’s business model and strategy are directly in line with the Bank’s corporate strategy that has produced solid results.
For example, HSBC Group’s strategy when entering new markets is to remain conservative and invest in new opportunities only where and when it makes sense. Our deliberate phased approach to entering and growing in the Cayman market is a reflection of that corporate strategy. We have taken the time to carefully evaluate the opportunities on island so that as we continue to expand our products and services, HSBC Cayman can ensure that our offerings are viable, solid, and in line with consumers’ expectations for how they believe the Cayman banking industry should evolve to accommodate the financial needs for a society with increasingly dynamic lifestyles.”
Echoing HSBC Group’s Chairman, Stephen Green, Jalles pointed out, “The industry’s push towards more innovative banking products and methods that provide customers with more globalized banking access is especially necessary given recent regulatory trends and industry changes.”
Despite HSBC’s positive mid-year results, Green asserts that the general economic outlook for the future remains uncertain. However, he is also confident in the Bank’s ability to generate sustainable long-term growth and to contribute to a balanced economic development. “The same is true for Cayman,” confirms Jalles. “At HSBC Cayman, we are confident that HSBC’s global success and network provides us the strength necessary to effectively grow our brand and services on the island. We have and will continue to distinguish ourselves with increased unique offerings found nowhere else in Cayman—a distinct bank for the 21st century.”
Man who died suddenly yesterday is named
(CNS): Police have named the man who passed away yesterday (Thursday 6 August). He was 42-year-old Igor Bozac, an American National who was living and working in Cayman. Police are working with the relatives of the victim and send condolences to all family and friends. “‘Mongo’ as he was affectionately known by all, was an extremely popular electrician at BrittHay/Hay Electric. The staff are grief-stricken. He will be sorely missed,” said employer Carol Hay. Police say a post mortem will be conducted this afternoon. Detectives are investigating the death; however, there does not appear to be any suspicious circumstances at this time.
Mr Bozac was taken to hospital yesterday morning after being found unconscious in his car at his workplace on Piper Way. A colleague has told police that he had spoken to Mr Bozac that morning, shortly before he was found unconscious. He was taken to hospital but was unfortunately pronounced dead.
Dart sponsors CIFSA
(CNS): Dart Cayman Islands was a key sponsor of the CIFSA (Cayman Islands Financial Services Association) dinner held last month at the Ritz Carlton Grand Cayman. Tina McLaughlin, Chief Financial Officer of Dart Management Limited, attended the dinner and explained in a release from Dart the company’s interest: “It is clear that the continued growth and enhancement of the financial industry in the Cayman Islands is critical to the well being and future of the country, and Dart is supportive of the efforts of CIFSA to further this cause.” (Left: CIFSA Director Andrew Johnson accepts a cheque from Lynn Smith-Moore, Communications Manager, Dart Cayman Islands)
CIFSA has engaged the firm of Quinn Gillespie & Associates to lobby in Washington DC on behalf of the Cayman Islands financial services industry, and two individuals from the firm, Jack Quinn and Manuel Oritz, spoke at the event.
Andrew Johnson, a Director of CIFSA, was pleased to have Dart participate as sponsor. “I had the pleasure of sitting with Ms. McLaughlin during this dinner and learned more about Dart’s commitment and views on the CIFSA. It is of critical importance that the business community is supportive of the CIFSA’s objectives, and we are absolutely delighted that Dart is involved.”
At the event last month, speakers Jack Quinn and Manuel Oritz explained their efforts to engage in what they called “retail education”, which means that they are focusing on educating individuals who are in a position to influence legislation. In addition to addressing the role the Cayman Islands plays in the world financial markets, these lobbyists plan to make efforts to keep Cayman off any black list and will be supporting the efforts of the alternative US legislative movement, which is aimed at improving compliance with existing laws rather than changing the laws.
India celebrations on Brac
(CNS): On the day that India celebrates its anniversary of its independence from Britain, the Backyard Caboose Theatre Company will be be presenting a show called "In celebration of India". The theatrical presentation will take place on Saturday, 15 August, starting at 6:00pm at the Heritage House in North East Bay, Cayman Brac. As always, admission is free of charge and it is a family friendly event. There will be poetry readings, storytelling, Indian music, dance and fashion show. There will also be presentations on Indian History, Hinduism, Christianity and Islam. Indian food will be on sale.
Organizer of the event, Quincy Brown says, "BCTC is putting this event on to celebrate India’s independence and to encourage local Indians living in Cayman to integrate into mainstream Caymanian Society, as they recall their ethnicity."
Organizers of the event say that talks on the lives of Mahatma Gandhi and Sir Vassel Johnson will be given. The event promises to be entertaining and informative. All residents living and/or visiting Cayman Brac are encouraged to attend. More information may be obtained by calling 1 345 546 2270.
LIME’s acts of kindness treats movie goers
(CNS): LIME conjured up a little of their own magic at a showing of Harry Potter and the Half Blood Prince last Friday at the Hollywood Cinema, surprising movie goers by giving away tickets. LIME Country Manager Tony Ritch said, “Lots of people were surprised when they turned up at the cinema to be told that LIME was providing them with their tickets for the movie. This is not the first time that LIME has treated the general public to its ‘Random Acts of Kindness’ we have done several of these since we launched our new brand." (Left: two recipients of the free movie tickets)
Ritch continued, "The public love it and they have no idea where or when we will strike. We have done things like free breakfasts; free car washes, given out grocery store vouchers and roses on Valentines Day.”
LIME will continue showing its customers that it cares throughout the year with a schedule of Acts of Kindness that continues to demonstrate the company’s commitment to the Caribbean and its people.
For more information on LIME visit www.time4lime.com.