Archive for January, 2010
Conflict over new court
(CNS): With case loads doubling in the last ten years, the chief justice has said that there is a very real need for the new court house building. Plans to develop a new home for the Cayman judiciary were shelved by the previous administration when the recession began to bite, but Anthony Smellie is now urging government to fulfil the commitment to build it as soon as possible. However, the premier has said that when the current court house was built there were only 35 lawyers here, and now, when there are close to 400, government does not have the money and wants to see the legal fraternity make a bigger contribution.
While Chief Justice Smellie spelt out the pressing need for the building to help the judiciary cope with the increasing pressure to resolve the growing cases coming before the courts as quickly as possible, the premier has a different view. McKeeva Bush has said that with so many lawyers on island that have acquired considerable wealth from working in this jurisdiction, it is ironic that the profession is pressing government to provide them with a new court house when they are so reluctant to give back to the Cayman Islands community, in particular with regard to legal aid.
“Legal entities have grown and prospered since we built the first court house,” Bush said in his speech on Friday to the new governor, adding that he was bound to hear about the legal aid debate. The premier told the audience in the Legislative Assembly that he believed the lawyers must become more involved in the financing of justice. “Why now with nearly 400 lawyers do we have a system where we can’t afford to build a court house, when lawyers are retiring early having made hundreds of thousands of dollars?”he asked.
However, the chief justice noted that the lack of space could have a detrimental impact on the commercial side of Cayman’s legal system, which is a major pillar in the jurisdiction’s offshore sector and economic fortunes. Although judicial services has now created a dedicated court for the financial industry and introduced new judges (including Sir Peter Cresswell) to serve in that division, space was still a major problem.
“The new building is very badly needed,” Smellie said during his speech at the Grand Court opening. “There is simply no room for the expansion that is required to meet the demands of the massive increases in the case load.”
The current building was constructed in 1972 and he said there was no meaningful comparison to case loads then to those coming through the courts today. “There are noteven available statistics going that far back as there may have appeared no need to keep them,” Smellie observed, adding that a comparison with the situation just a decade ago in the Summary Court made the point in that cases had more than doubled in the last ten years. He also noted that legal and judicial services had not grown excessively when compared to the rest of the civil service.
“This kind of massive increase in case volume was bound to translate into the need for more court rooms, judicial and support staff for dealing with them,” the senior judge added. “But, to keep matters in perspective, these increasing demands of the courts may well be entirely proportionate to the increasing demands of the other arms of government, even though it seems they are the last to be addressed.”
The CJ reported that 88 cases were disposed of last year in the Grand Court but another 62 were carried over and of those 16 date back to 2008 and one to 2007. “What this means is that a significant number of cases were not resolved within the benchmark period of 12 months which has been maintained in the Grand Court for the past several years,” Smellie lamented. “Without any immediate prospect of dealing with this problem simply by way of case management, I must once more emphasise the need for more space if the courts are going to continue to be able to ensure a timely trial for people charged with criminal offences.”
He observed that many cases come up to the Grand Court because defendants elect to bring them up, although they could, quite appropriately, be dealt with in the Summary Court. “This is a matter that can only be addressed by legislative change and about which I have already communicated with the attorney general,” he said.
Attorney General Samuel Bulgin backed the CJ’s call and noted that the only reason why the judiciary was managing to keep up with the mounting case load was because of the relentless hard work of lawyers and court staff. He said everyone had hoped that the rolling out of the Commercial Division would have coincided with the availability of additional accommodation. However, despite the delay, the court has sat in at least four divisions in recent weeks.
“This has been achieved by means of singular fortitude on the part of judges and court staff,” Bulgin noted. “Chambers have had to be used as open courts and vice versa. Judges have had to be using the library as chambers and in one instance, counsels’ common room was used as chambers. While financial constraints have delayed the building of new court facilities, the need cannot be overstated and it is hoped that plans, which have gone some far way, will be given new life as financial constraints lessen.”
Blues get grant of over half million euros
(CNS): The Blue Iguana Recovery Programme (BIRP) has been given a $646,000 (€550,000) by the European Union to help with the goal ofreturning a viable population of the critically endangered species to the wild. According to government information services, the grant from the EU was brokered through the Cabinet Office and made to the National Trust’s blue iguana project as part of a regional EU programme to help countries sustainably manage their protected areas. EU Representative Marlene Lamonth, who toured the blue iguana captive breeding site during the EU delegation’s visit earlier this month, met with BIRP Director, Fred Burton, to discuss key aspects of the project.
“The grant focuses on developing sustainable and low-impact tourism products that can be combined with education,” she said. “During our visit we aimed to meet with those who will execute the project to talk about how they will achieve agreed project goals. We especially focused on what should be done in the first year of implementation."
The iguana relocation project took off last year after the previous administration committed to protecting almost 200 acres of Crown land in Grand Cayman’s eastern interior, via a 99-year peppercorn lease to the National Trust.
“Securing the grant is the culmination of much hard work, and we are excited to start work on the project,” said the Cabinet Office’s Christina Rowlandson.
Currently located in the Botanic Park, the entire iguana breeding programme will eventually be relocated to the leased area. And according to Burton, plans also include building an interactive visitor centre and trail system.
Young investors measure their competing returns
(CNS): With several months still to go before the game is up so far the St. Ignatius Shantastic Krew are leading the investment pack in the Saxon Investment Club groups competition. More than 75 year 10-12 students from Cayman Prep and High School, John Gray High School and St. Ignatius High School started hypothetical portfolios, capitalizing on the opportunity to get hands-on experience investing as they simulate the excitement of the New York Stock Exchange. To date Shantastic Krew are ahead with a 4.2% return on investment (ROI), followed closely by St. Ignatius Generations with a 3.6% ROI.
Saxon described the contest as a platform for young people to experience the realities of the investment world and the students have endured more than two months of gruelling competition as they choose, analyze and hypothetically trade stocks in accordance with real-time stock market information. With portfolio performance being reported on each month, the groups battle it out for the $3,000 grand prize up for grabs, as well as monthly prizes.
Each group began the fiscal year with $100,000 in their hypothetical portfolio and chose companies based collectively on their interests or research. For the month of December, five groups showed a profit – St. Ignatius Shantastic Krew and St. Ignatius Generations as previously announced, as well as St Ignatius Five Star with a 2.6% ROI, Cayman Prep Group 4 with a 2.2% ROI and Cayman Prep Group 3 with a 0.01% ROI.
“The students are now really starting to find their footing in the investment world, learning just how unpredictable and volatile the markets can be – but gaining an understanding of strategies used to ensure the best performance,” said CEO of Saxon Brian Williams. “I am very proud of all of our students – it is a learning curve and they are enthusiastically taking each day at a time, gaining a sound understanding of the investment world.”
Across the board, group portfolio performance varied between 4.2% ROI and -3.5% ROI. Though not necessarily a significant loss, Cayman Prep Group 2’s disappointing -3.5% ROI can be attributed mainly to the poor performance of Proshares Ultra Gold which took a hit of -$2,989.
Williams said the groups that made profits had more diversified portfolios which had more stability and performed better. He commented that the groups that had negative returns tended to only invest in two or three stocks. “One of the lessons that the students are learning is that having a wider range of stocks can typically have an overall stabilizing effect as it can counterbalance the poor performance of a single stock,” he added.
This strategy certainly proved true for St. Ignatius Generations, with the most diverse portfolio boasting over 13 stock investments. Even though three of their stocks suffered losses, the other 10 ultimately performed to counteract the effect, resulting in an impressive 3.6% ROI. “The whole point of this club is to provide students exposure to the realities and fast pace of the investment world. Learning from experience is a crucial part of this process – and the groups that made losses are committed to meeting to reassess their strategies to ensure they are better prepared for next month,” Williams explained.
As well as engaging in real-life trading experiences, students are also being trained to follow the stock markets, using several industry and website blogs. The group discussions lend themselves to garnering a well-rounded understanding of the performance of their investments.
Williams said the even though some groups might have experienced an overall loss the majority had at least one company they invested in that made a profit. “We are only two months into the programme, and I can already confidently say that each and every student is wiser today than they were yesterday when it comes to the tricks of the trade in the world of investing. The next few months are bound to bring a whirlwind of lessons – and at this point in the game, it is still too early to decipher which group is going to walk away $3,000 richer!”he noted.
Marine photographers donate image library
(CNS): Award-winning photographers, William and Donna Goodwin are hoping to inspire Cayman’s young people about their own marine environment. The husband and wife team have donated five DVDs to the Education Ministry containing more than 800 images and video clips of marine life and underwater scenery taken just off the coast of Cayman Brac. The couple said with the pressures of climate change and man’s impact on the environment, the marine world was changing rapidly and they want to enthuse young Caymanians to understand what they have beneath the waves before it is all lost.
“Most kids may never have an opportunity to dive and experience Cayman’s marine beauty for themselves,” Donna Goodwin explained. “With all of the environmental changes, we wanted to capture some of that beauty before it’s gone, but we also hope to inspire the kids to take charge and become advocates for their environment.”
The images have been loaded onto the Education Department’s interactive Studywiz web portal, where both teachers and students can access them for lessons and projects. They have been dubbed the Cayman Islands Underwater Image Bank for Students and are under copyright for use as educational tools only. The images and videos will also help supplement resources in the Central Caribbean Marine Institute’s ocean science programme. They can also be used in the biology component of GCSE science; GCSE leisure and tourism studies; and any other areas deemed relevant by teachers.
The idea for the donation was born following a chance meeting between the Goodwins and the Education Minister during the grand opening of the Alexander Hotel in Cayman Brac last year.
“I think that this is a good indication of what can happen when private citizens, who are simply doing what they love, use their talents to assist our school system,” Rolston Anglin said. “For them to have stepped up and done this, completely free of cost, is highly commendable and we really just want to thank them. They have demonstrated that it’s possible to assist our education system without spending a lot of money, and that all of us can have a profound impact on our children’s education by simply sharing our own work and interests with them. I encourage others to partner with the education system in similar fashion.”
Rapid growth predicted for fund sector
(CNS): Experts are predicting a surge in the fortune of hedge funds over the coming years. Despite the global economic crisis, Joel Press Managing Director of Morgan Stanley’s Prime Brokerage Division has predicted hundreds of smaller hedge fund start-ups in 2010. With inflows still coming into the market Press suggested that the industry will be worth US$3 trillion four years from now, compared to the current estimated value of US$1.8 trillion. "There is no need for hedge fund fees to go down," Press said at an offshore conference in New York recently sponsored by local offshore law firm Walkers.
“Market discipline from investors is back with a vengeance,” said Groome. “Investors are asking for greater transparency. They want to use the transparency to create a more idiosyncratic contract for their particular situation and a particular strategy.”
Search over for missing five boaters
(CNS): After hundreds of hours searching land and sea, the Royal Cayman Islands Police Service Marine Unit has called off the search for the five people lost at sea eight days after it began. Police confirmed on Monday morning, 18 January, that the operation had been called off and the families had been made aware of the decision, which was taken following a thorough evaluation of the searches undertaken to date, areas covered, currents analysis, and the weather conditions, both at the time of the incident and in the following days. (The 26ft canoe which was found days after the five were reported missing on Sunday, 10 January)
The families of Raynell Wood, Astor Range, Joshua Gilman, Jeamie Avila and Michelle Wood told the RCIPS that they are comfortable with the decision and fully understand the reasons for doing so.
Chief Inspector Courtney Myles, the officer co-ordinating the search for the group, said it had already been a difficult week for the families as the unit moved from what was originally a search and rescue operation into a search and recovery mission as hopes faded of finding any of the group alive.
“Hundreds of hours have been spent conducting air, land and sea searches for Raynel, Astor, Joshua, Jeamie and Michelle, in the hope of bring some kind of closure to the families. We will, of course, continue to provide support to the families and keep them fully updated with any developments," Myles added.
Inspector Brad Ebanks of the RCIPS Marine Unit said the community response to the tragedy had been phenomenal. “Every single day we’ve been inundated with calls from people and private companies, volunteering to help either by coming out their own boats, searching on wave runners, providing aircraft, conducting land searches or by working alongside our divers,” he said. “On behalf of RCIPS and the families I would like to extend out heartfelt thanks for that effort and commitment.”
Kids compete to make movies
(CNS): The Cayman National Cultural Foundation (CNCF) and the Cayman Islands Film Commission (CIFM) have come together to encourage young Caymanians to try their hand at making movies with a filmmaking competition. The “Young Image Makers Short Film Competition” is part of this year’s Cayfest arts festival and kids from 10 to 15 years old can enter the preliminary round of the competition by submitting a 2-5 minute video by 20 January. Videos can be shot with any kind of camera even a video phone and the winning film will earn is maker a scholarship to a one-week New York Film Academy Summer Camp.
From the preliminary submissions received, a select group will be chosen to go on to the final round and have the benefit of a one-day filmmaking workshop. The workshop will introduce the fundamentals of filmmaking, which the competitors will use in making their final project. Finalist in the “Young Image Makers Short Film Competition” will have their final projects screened at the Harquail Theatre during Cayfest in April.
The winning film will also be aired on Cayman 27’s “Kidz Stuff” programme. Among those on the judging panel is Cayman’s very own Hollywood filmmaker Frank E. Flowers. CNCF is actively promoting the competition to schools and the CNCF said educators are very enthusiastic about getting their students involved. The school with the most entries will be recognized with a special award. Entries must be submitted on DVD or Memory Stick to CNCF at the Harquail Cultural Centre or to the Film Commission at the Cayman Corporate Centre on Hospital Road along with a registration form. Registration forms are available from both offices and from their websites: www.artscayman.org, click on Hot Topics and at www.cifilm.ky.
Tesco is too dangerous says top cop
(Times online): A senior police officer has declared that popping into the supermarket for his lunchtime sandwich maybe too dangerous for him and that someone else will have to do his shopping. Peter Vaughan the newly appointed Chief Constable of South Wales who has been in the job for just two weeks and is not yet a household name, even in his own patch has astonished colleagues with his claims hecan’t go to Tesco. It is unclear how many people would recognise him if they bumped into him in the aisles. And, if they did, is it likely they would attack him, possibly pelting him with breakfast rolls, as happened to Camilla Parker Bowles in Sainsbury’s before her marriage to the Prince of Wales?
TV firm warns of outages during upgrades
(CNS): As a result of upgrades to its main antenna Weststar TV said that there will be intermittent outages during the day on Wednesday 20 January while the work is being done and the antenna, is being switched out. Around half of the channels will be effected, the TV provider stated as, it said, the antenna is only one of the two used for broadcasting signal to the island. The work has to be done during daylight hours so evening viewing should not be impacted.
West star said that the replacement of the main antenna on the tower, located at Television Centre in George Town, would improve signal to the entire island. “We strive to provide our customers with the best service possible and this new antenna will help us fulfill that goal,” added Director of Operations, Traci Bradley.
“The work needs to be done during the day so that the engineers have proper light, but we do want to minimize any inconvenience to customers at the same time,” Bradley said. “We have scheduled the work to be completed between 8 and 5 so that we don’t interrupt Daybreak, News27 at 6 or any evening programming when most of our customers are watching TV.”
WestStar said it was sorry for any inconvenience the outages might cause, but assured its customers that the work would be worth it as the end result would be better service.
New York Times ready to charge online readers
(New York Magazine): New York Times Chairman Arthur Sulzberger Jr. appears close to announcing that the paper will begin charging for access to its website, according to people familiar with internal deliberations. After a year of sometimes fraught debate inside the paper, the choice for some time has been between a Wall Street Journal-type pay wall and the metered system adopted by the Financial Times, in which readers can sample a certain number of free articles before being asked to subscribe. The Times seems to have settled on the metered system. One personal friend of Sulzberger said a final decision could come within days.