Archive for September, 2009

United in cruise control

United in cruise control

| 28/09/2009 | 0 Comments

(CNS): Brac United grabbed four points from their two leaguematches in week two of the Cayman Brac Power & Light 6-a-side Football League to sit comfortably atop of the standings with a three point lead in the youth division. Nicholas Laurendo of Brac United tormented defenses again this week and snatched his third hat-trick in only four matches. He shares the lead in goal-scoring with Erick Rodriguez at nine goals apiece. Female sensation and team mate Shanelle Frederick continues to shine and remains a top choice as striker for Brac United when goals are needed.

She now has five goals to her credit and is among the top five goal-scorers in the youth division.
Team Olimpia has become the draw specialist and seem content in just taking a point from each game they play. They almost provided a massive upset last week against team Gazza even though they went down a man in the first half.

It was Gazza who in the second half were content on just defending and knocking long-balls forward instead of taking the game to an exposed and weak Olimpia. Instead it was Olimpia that took the game to Gazza in the second half as if it was Gazza that was a man short. What ever their strategy is it is working for them for they are only three points behind Bad to the Bone who still leads the senior division.

Un-Tiro Ballers picked-up the largest defeat of the season with a 9-1 loss against Lion Tail, perhaps because they played the entire game a man short when a few of their team-mates failed to show for the game. That loss kept them at the bottom of the table with four defeats from four matches even though they recruited target man Nathan Walton to help rebuild the team with confidence and provide more fire-power up front where they badly need it most. Adding Nathan should help keep the game forward providing goal-scoring opportunities and away from their defense and goal area for most of the games to come.

CD Marathon failed to keep team Bad To The Bone at bay last week also and got punished by goal hungry Cameron Brown who netted a hat-trick on them and leads the senior division with four goals from four matches. CD Marathon remained at the bottom of the table also like Un-Tiro Ballers with four losses from four matches.

Captain Brian Martin will lead his troops into week-three with no points from all of their efforts and try to keep their heads up and pull-off an upset or two in coming weeks. Marathon has nothing to be ashamed of for they provide the most entertaining football of the senior division which everyone comes to watch, but will have to turn that entertainment into win’s by improving their defense and getting some goals which seems to be a very tough feat for them to muster.

All eyes will be on Brac United next week as everyone is trying to knock them off their crown. Will Un-Tiro Ballers rise to the occasion and challenge the pack in the championship race? Can Bad to the Bones be defeated? Will Lion Tail and marksman Jacob Scott rule the nest after week-three? Next week may provide an upset or two, a clear runaway leader, or uncertainty in the making.

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World Bank warns not to take dollar for granted

World Bank warns not to take dollar for granted

| 28/09/2009 | 0 Comments

(Reuters): World Bank President Robert Zoellick said the United States should not take the dollar’s status as the world’s key reserve currency for granted because other options are emerging. In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources. "The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency," he said. "Looking forward, there will increasingly be other options."

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Auditors exposed to negligence claims

Auditors exposed to negligence claims

| 28/09/2009 | 1 Comment

(Times Online): The big four auditing firms have been left exposed to a surge in negligence claims after the Government refused to limit further the damages they could face. Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC) lobbied hard for a cap on payouts. Senior figures involved in the discussions said that Lord Mandelson, the Business Secretary, appeared receptive to their concerns but stopped short of changing the law. The decision is a huge blow to the firms — some face lawsuits relating to Bernard Madoff’s $65 billion fraud — which believe there may not be another chance for a change in the law for at least two years. At present, auditors can be held liable for the full amount of losses in the event of a collapse, even if they are found to be only partly to blame.


 

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Governor blogs his disapproval

Governor blogs his disapproval

| 28/09/2009 | 44 Comments

(CNS): Pointing to what he describes as “disturbing trends in the media”, Governor Stuart Jack used his official Foreign and Commonwealth Office blog this week to criticise sections of Cayman media that provide outlets for the views of ordinary people. With the heading “Good and not so good in Cayman’s media”, he expresses a largely positive impression of the local print media. However, turning attention to talk shows and blogs, he said he hoped for responsible reporting and made it clear he disapproved of the way they moderated the people’s views.

“Talk shows and blogs play an increasing role in forming public opinion in Cayman as in many other countries. That is great in that more people have a say,” the UK’s unelected representative said in his 22 September entry on his FCO blog.

“But I have been disturbed, recently in particular, by the tone of some of the anonymous free for all in some of Cayman’s media. Criticism (including of myself) is fine. But some of the comments pit one part of the community against another, and sometimes crudely. Some might even fall foul of incitement laws in the UK or other jurisdictions – or possibly libel law here. I personally have no truck with divisive rhetoric and in particular expressions of racial intolerance by and against whatever nationalities or ethnic groups.”

However, he claimed he was not in favour censorship in Cayman. "We can hope for responsible reporting and moderation of postings to blogs and talkshows to eliminate offensive material. Self-regulation of the media along the lines of the UK’s Press Complaints Commission has also been suggested. That would be fine if the media themselves buy into the idea,” he said.

Jack concluded, “Government in my view should only intervene in rare circumstances like national security or public morals, but there too only when really necessary and subject to safeguards. Otherwise it just has to put up with criticism, however unfair that may sometimes seem, as a fact of political life. In a democracy like Cayman politicians are free to defend their policies and actions through the media and, if an individual feels he or she has been libelled, to defend their reputation through the courts.”

A single comment in response by someone who identifies herself only as “Jane” says, “I always find it funny when people try to avoid the divisions in society by hushing it up under the rubric of ‘racial intolerance’ and ‘incitement laws’. If countries like the UK and US had dealt with their social divides when the divisive language started, rather than trying to outlaw it, they wouldn’t have their own nationals blowing up fellow citizens. Violence is the problem, hateful talk is the warning sign and needs to be responded to, not hushed up. How about looking into social-building initiatives, rather than ways to censor the public observation of the intolerant? No one ever had their mind changed by being told to shut up and no one was ever protected by not knowing that other people ‘hate’ them.”

Vote in the CNS online poll: Is Stuart Jack doing a good job as governor?

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Blacklisting threats persist as tax havens still blamed

Blacklisting threats persist as tax havens still blamed

| 28/09/2009 | 6 Comments

(CNS): Cayman and other offshore financial centres are not out of the onshore countries ‘bad books’ just yet. The latest meeting of the G20 has revealed more pressure to come on tax havens and yet more potential black lists. According to the communiqué from the Pittsburg round, the G20 countries will be continuing to fight non-cooperative jurisdictions (NCJs). Although it is widely acknowledged that offshore financial centres had little to do with the recent global economic melt down, the G20 members have agreed to use countermeasures against tax havens from March 2010.

However, the OECD has warned the G20 nations that it maybe their own tax regimes that need addressing first.

The G20 members have said they are committed to maintaining the momentum in dealing with tax havens and to deliver an effective programme of peer review.  “The main focus of the Forum’s work will be to improve tax transparency and exchange of information so that countries can fully enforce their tax laws to protect their tax base. We stand ready to use countermeasures against tax havens from March 2010,” the communiqué stated.

It also indicated that it would require the Financial Action Task Force (FATF) to issue a public list of high risk jurisdictions by February 2010. “We call on the FSB to report progress to address NCJs with regards to international cooperation and information exchange in November 2009 and to initiate a peer review process by February 2010.

However, the Organisation for Economic Cooperation and Development (OECD) has warned the G20 nations that dealing with the symptoms of the problem and not the real causes can cause more harm than good. Speaking to AFP, the OECD said reforming national tax regimes in leading countries should be where the focus is because onshore tax incentives encourage the legal use of offshore entities and complex instruments to take best advantage of onshore tax allowances.

The OECD said that the causes of the global economic crisis lay with policymakers in many fields and in many countries.

Speaking to Reuters in the wake of the summit, Leader of Government Business Mckeeva Bush said the campaign against offshore centres was misdirected. "It’s not fair," said Bush. He said that the anti-tax haven "finger pointing" by the world’s richest and most powerful governments is hypocritical and seeks to shift blame away from their own failed policies and lax regulation. "It’s the fault of the onshore centres who taxed their own people … money is running away from them now," Bush said.

An OECD report "Reform and exit strategies" implies that the main causes of the global crisis were borrowing by governments and unduly low interest rates by central banks. Official distortion of exchange rates then prevented markets from absorbing the global trade and savings imbalances which resulted. In the West, a social bias towards "easy money policies" led to "excess liquidity, asset bubbles and leverage."

Another cause was the so-called "American dream" vote by Congress to push out zero asset-backed home loans to low income households. "Banks respond to the signals they are given," the report suggests. It also points to the risk that mortgage tax relief, of the type associated with subprime loans, could result in households falling into excessive debt.

Author of the report, Adrian Blundell-Wignall, says a cause of the crisis, given little or no public attention, was national tax systems in leading economies. These unduly favour corporate risk and debt leverage and were the main force behind much-criticised structured financial instruments. But the issue of domestic tax reform "needs to be on the long-run agenda," Blundell-Wignall said.

He also cites a degree of incompetence in bank boardrooms, the pooling of businesses within financial groups which ensured contagion if part of the group collapsed, and unduly complex or overlapping rules and supervision.

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Rich tax dodgers in firing line

Rich tax dodgers in firing line

| 27/09/2009 | 0 Comments

(Reuters): The U.S. government is stepping up prosecutions of wealthy individuals dodging taxes through off-shore accounts, with new cases expected to be made public "every couple of weeks," a top government attorney has said. US officials have been sifting through about 250 client names obtained through the settlement of a criminal probe against UBS. Banks that helped U.S. clients hide money off-shore are also a target. The government has secured six guilty pleas so far including one on Friday, where a New Jersey man pleaded guilty for failing to report about $6.1 million he had held in a Swiss bank account.

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New Cayman governor backs TCI takeover by UK

New Cayman governor backs TCI takeover by UK

| 27/09/2009 | 50 Comments

(CNS): According to reports across a number of Caribbean news websites, Cayman’s incoming governor, Duncan Taylor, has said he supports the UK’s intervention in the Turks and Caicos Islands (TCI) and has made it clear that Britain has a right to step in wherever there are perceived problems in its territories. He rejected the notion that the decision to set aside the elected government in the TCI amounted to modern day colonialism. Duncan stated that he didn’t think the situation would happen in the Cayman Islands but made it clear the UK had the constitutional power if necessary.

Taylor, who is preparing to take up office in Cayman in January 2010 after his four-year tour of duty as British High Commissioner to Barbados and the Eastern Caribbean is over, has expressed doubt that a similar situation could emerged here in an interview with the Caribbean Media Corporation (CMC) .

“I hope it won’t come to that in the Cayman Islands and I would be very surprised if it did but the nature of the relationship with the British Overseas Territories is that they are still British Overseas Territories and that is the constitutional position,” he said.

He said he did not think the situation in TCI was necessarily a backward step. “I think the circumstances which had developed in the Turks and Caicos were truly exceptional, and once the Turks and Caicos remains a British Overseas Territory, in extreme circumstances, the power of the British government to take control still exists,” he told CMC.

Last month, Governor Gordon Wetherell signed a proclamation suspending sections of the Turks and Caicos Islands (TCI) constitution in a move that Premier Galmo Williams has condemned as a “coup” by the British government. The move was made after a UK-appointed commission said it had uncovered evidence to support damning allegations made against the former government led by Michael Misick, who had unsuccessfully appealed the decision of the United Kingdom government to suspend the constitution and impose direct rule. 

Taylor also responded to the criticisms of the UK government that it has no moral authority to tell others how to operate, given recent scandals that have emerged in its own backyard, such as the expenses furore.

“I think we are dealing very vigorously with the expensesscandal. There has been some pretty tough action taken already against a small number actually of the worst miscreants in the expenses scandal and a major review of the way parliamentary expenses are operated in Westminster,” Taylor added. “I think that the leaders of all the parties in the parliament of Westminster have committed themselves to very tough action to ensure that a system is put in place that is more transparent and accountable and to ensure that some of the difficulties which arose and which were made public over this summer don’t recur.”

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Crime experts offer security

Crime experts offer security

| 27/09/2009 | 0 Comments

(CNS): The Security Centre Ltd has been at the forefront recently in the drive to increase awareness about and help protect the community from rising crime. From free security assessments to introducing some of the most affordable domestic alarm systems to the island, the staff at the TSCL has helped hundreds of residents over the last few months better protect themselves against crime. However, crime comes in many shapes and forms, says Vice President Frank Brennan, and TSCL offers a range of services that can significantly reduce the risk of you, your business, your home or family becoming victims.

“Everyone knows that they can depend on The Security Centre Limited for security systems and guards,” said Brennan. “However, we offer numerous other services that can help you protect your assets as well. From secure mail to private investigation services that can do background checks on potential employees for example, or discreet due diligence checks on the people you do business with, there is a lot we can help with.”

Brennan said the modern criminal is increasingly sophisticated and when it comes to protecting yourself, security is no longer about one size fits all. “At the Security Centre we can assess your personal or business security needs and help you address specific concerns or vulnerabilities,” he added.

TSCL’s secure mail service is there to help businesses get information and valuable goods where they need to be on time and safely, from sensitive information to critical documents. When it comes to more discreet forms of security, from checking personnel to due diligence on business partners, the TSCL takes a professional approach to investigation. TSCL can check internal security breaches, deal with concerns over fraudulent business transactions or other commercial threats.

“Our investigators are skilled professionals who are very experience in covert surveillance operations,” said Operations Manager Maria Mclean. “Customers can trust us to be discreet and efficient when it comes to dealing with their more sensitive and delicate security issues. TSCL is able to send investigators anywhere in the world or can use its network of professional resources to deal with international issues or those on your doorstep.”

Controlling who gets into your commercial facility through sophisticated card access or residential premises with security gates or video entry is another service that TSCL offers to help people protect homes and business premises from anyone who should not be there – something that has become a particular concern as a result of a rise recently in home invasions as well as a number of armed robberies. 

“It can be very traumatising for people to be burgled when they are out, but when someone invades your home when you’re there it can be terrifying,” said McLean, adding that commercial entry systems can ensure that those who should be on your business premises can access efficiently while keeping intruders out.

 

Security lighting, domestic and commercial fire alarms as well as security alarms for homes, business and even boats, sophisticated vaults or mini-room safes, CCTV, professional guards and executive protection at home and abroad are just some of the service the firm offers.

“What we pride ourselves on is the custom-made approach we can take to security,” McLean said. “Everyone’s security needs are different but everyone has something valuable to protect. Whether it is corporate intelligence, a valuable commodity, your home and, above all, your loved ones, we can find a way for you to lower your vulnerability to crime.”

Not everyone’s needs are the same and not everyone wants high profile systems, Brennan pointed out, so TSCL staff takes time to find out what people need and want. “Customers’ needs are always diverse. There is no one size fits all when it comes to protecting your assets and lowering your risks, and at The Security Centre we make it our business to meet our clients’ needs based on budgets and circumstances. From those who need high levels of protection to those look for a simple and efficient way to protect the family, we can help,” he explained.

For more information on the diverse range of services offered by The Security Centre Limited or a no obligation security assessment contact: The Security Centre Limited, Unit B1, Cayman Business Park, 10A Huldah Avenue, George Town, P.O. Box 10055, Grand Cayman, KY1-1001, CAYMAN ISLANDS. Tel: (345) 949-0004, Fax: (345) 945-6591, Email: info@security.ky www.security.ky Or visit the Retail Showroom on North Sound Road, George Town, next to the Butterfield Roundabout. Tel: (345) 949-744

 

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Cayman’s reefs in peril from bleaching

Cayman’s reefs in peril from bleaching

| 27/09/2009 | 10 Comments

(CNS): Local reefs are suffering from significant amounts of coral bleaching, the Department of Environment (DoE) staff has confirmed following reports from the diving community as well as a ‘bleaching potential’ alert from the recently installed ICON monitoring station in Little Cayman. The news of the damage comes at a time when tourism is fighting to survive and the local reefs remain one of Cayman’s key selling points. The DOE said nearly all corals in the shallow reefs to about 30 ft now show signs of moderate to severe bleaching, while approximately 80% of corals in the deeper reefs to 120 ft are exhibiting the early signs of coral bleaching.

The DOE staff recently conducted a rapid assessment of reefs on the north, west and south coasts of Grand Cayman and found the distressing results. The DoE said the bleaching appeared more intense on the north coast although the department stated the reasons for this are not fully understood at this stage.

“Coral bleaching is a stress related reaction whereby the coral colonies lose their colour and ‘bleach’ white either due to the loss of pigments by microscopic algae living in symbiosis with their coral hosts, or because the algae have been totally expelled.  Bleaching is closely associated with sustained elevated water temperatures and UV light and has been linked to global climate change as the world’s oceans heat up,” Timothy Austin explained in a department release.

The DoE has warned that while corals can recover from less severe bleaching episodes recovery is variable and in some instances entire reefs have been lost to single bleaching events.  “The last major bout of bleaching to impact the Cayman’s reefs occurred in 1998 with significant mortality following. Minor bleaching events have been recorded in the warmer summer months with increasing frequency during the last decade,” the government expert added. 

The DOE has a Long Term Coral Reef Monitoring Programme, in place since 1997, to the track the health of Cayman’s reefs, which the DoE says will monitor the current extent and severity of impact associated with the recent bleaching having only just completed an extensive video survey at 55 reef sites around all three islands. 

“Monitoring efforts will be increased over the next few weeks to better quantify and assess the impact of this bleaching event and to determine levels of recovery,” Austin stated. “The DOE expects this current bleaching episode to increase significantly in severity in the following weeks as water temperatures remain above the threshold 29.5 degrees Celsius.”

There is hope however based on past water temperature data collected since 1996 that suggests local waters start cooling down from mid-October, which hopefully may bring some relief for the heat stressed corals.

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Exercise your right to know

Exercise your right to know

| 27/09/2009 | 23 Comments

By now most of you have heard the repeated mantra that: Freedom of Information (FOI) legislation is essential to any democratic society in that it promotes transparency and accountability of a government to its people, who through the law now have a right of access to information… Yeah… OK… sure that sounds good, but what does it really mean?

Respectfully, FOI is not just another act of the Legislature it is much more complex. Not complex in the sense of being difficult to interpret, but rather in the sense that it is not capable of being wholly reduced to a simple definition or repealable law. Instead, try seeing FOI as a lofty politico-philosophy, which allows examination of the general array of government practices that benefit the country, which is the essential underpinning of good governance.

This allows the electorate to be informed and if necessary hold firm-reign on their government. In turn the government is compelled to be efficient by implementing and adhering to good record keeping practices, exercising fiscal prudence, and demonstrate general appreciation for human rights. No doubt we all in this time of economicuncertainty are adamant about the need to ensure that we manage our finances properly. These standards should exist in all organized democratic societies whether that society has FOI legislation, some other open government policy or no formal requirement at all.

Government, as stewards of the country’s resources, are obliged to provide the people with records they request, or at least provide full legal and written reasoning for why those records cannot be provided. It is therefore the responsibility of the public to make request in order to make transparency work.
Surely like myself, advocates of FOI are happy that such legislation has been enacted in Cayman. However, the fact that such legislation has been enacted does not mean that Government automatically becomes transparent.

There is some evidence (based on the statistics outlined in the reports produced by the FOI Unit) that the public is using the law to obtain real information which is useful, practical and capable of helping people develop an informed opinion. However, most of the requests that have provoked dialogue among the general populous are the few made by individuals with ties to the media. If we as a people expect to reap the full benefits of the law we must actively and aggressively ‘Exercise our Right to Know’, and be willing to appeal our requests to the Information Commissioner if we are not satisfied with the response from the public authorities. Whether our governments have historically operated under strict secrecy is for you to decide, but it does not change the fact that we now have a powerful tool at our disposal, which is also confirmed in our new Constitution.

The Cayman Islands is experiencing cultural change in many areas. New horizons in respect to our international status, political representation, finance, immigration and education system are inevitable. Included at the forefront of these changes is the requirement for open-governance through Freedom of Information. This is also incidentally what we must use to be better informed on how our representatives navigate us through these turbulent times.

A recognized and appreciated move towards cultural change brought in by the FOI Law is the strong requirement for protection of Whistleblowers, allowance of anonymity and procedural fairness. Within the meaning of the FOI Law there is a duty imposed on Public Authorities to assist applicants wherever possible, especially if it is with helping to properly articulate their requests. The oft-repeated comments in regards to lack of assistance and fear of reprisal can now become a thing of the past. Ultimately FOI provides new rules on the relationship between citizen and state.

We all hope to one day be able to say that the culture of secrecy surrounding government operations, in reality, no longer exists; and the fact that the people of this country have taken up the mantle to ensure transparency and good governance has served to ensure that. With proper use, it will be this country’s residents who determine whether the law is working and how long it will take for this cultural change to be realised.

Only an informed people can properly determine whether the Government is doing its job… only if you ‘Exercise Your Right To Know’.



Sonji Myles is the Intake Analyst for the Information Commissioner’s Office

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