Archive for April, 2010
Levin’s hedge fund tax gains new momentum
(Reuters): The leading tax writer in the U.S. House of Representatives said on Monday his effort to tax hedge fund and private equity managers at ordinary income rates has the best chance in years to become law. Talks between Democratic leaders and the U.S. Senate’s chief tax-writer signal the tax has gained new political momentum as lawmakers hunt for new revenue sources, Sander Levin, (Carl’s older brother), chairman of the House Ways and Means Committee, said at a summit in Washington. Much income earned by hedge fund and private equity managers is now taxed at the capital gains rate of 15 percent. Levin and other backers want to treat that income as ordinary income, to be taxed at 35 percent.
Premier warns of VAT for Cayman Islands
(CNS): The country could be facing 5% value added tax (VAT), despite McKeeva Bush’s statements that he would fight against a direct tax. Although the premier has not yet revealed what the Foreign and Commonwealth Office has said about the proposed three-year plan submitted to them at the beginning of this month, he has confirmed that Cayman will be seeking to borrow a further $300 million. As a result, the UK is still seeking more sustainable revenue and Bush has said if he had to choose a tax he would introduce what he called a value added fee. Contrary to his recent comments that he would not implement taxation, he has now said the country can’t go on without one.
Chocolate lovers ‘are more depressive’, say experts
(BBC): People who regularly eat chocolate are more depressive, experts have found. Research in Archives of Internal Medicine shows those who eat at least a bar every week are more glum than those who only eat chocolate now and again. Many believe chocolate has the power to lift mood, and the US team say this may be true, although scientific proof for this is lacking. But they say they cannot rule out that chocolate may be a cause rather than the cure for being depressed. In the study, which included nearly 1,000 adults, the more chocolate the men and women consumed the lower their mood.
PAC chair aims to set date to examine AG reports
(CNS): The chair of the Public Finance Committee (PAC) has said that the members of the committee are scheduled to meet this Thursday behind closed doors in order to set a date to hold an open meeting to examine the latest reports from the Auditor General’s Office.Aside from the State of Financial Accountability Reporting, Ezzard Miller said the committee would also be examining the Review of the Legal Aid Programme and the AG’s report on the internal audits of Fuel Card Usage and Management.
Budget statement cancelled
(CNS): Government will not be bringing a budget to the Legislative Assembly on Friday as required under the current law but will be convening a meeting of the House on Wednesday afternoon to change the Public Management and Finance Law instead. According to the amendment the UDP Administration intends to table, the obligation to bring a budget to parliament before 1 May each year is going to be removed, allowing government to present its budget any time before the end of the fiscal year on 30 June. This move will give government a two month reprieve to work on the problem of public sector cuts, which has not yet been resolved.
No more names on charges
(CNS): Although police have confirmed that two men have now been charged in relation to the drugs and firearms operation in the Eastern Districts last week they have not named the suspects. According to a police spokesperson a new policy has been introduced and the RCIPS will no longer name those they have charged for specific crimes but no reasons have been given for the policy decision. An unidentified 27 year old Caymanian man has been charged with the importation of firearms and being concerned with the importation of ganja and a 41-year-old Jamaican has been charged with the importation of ganja and being concerned with the importation of ganja
The charges come following a drug and firearms bust which took place in East End on , Tuesday 20 April when an unspecified quantity of ganja, cocaine and hash oil was recovered. Three firearms and a quantity of ammunition were also seized. Police said It is anticipated that both men will appear at court tomorrow, Tuesday 27 April at this point the names of the men will become public.
New auditor general named
(CNS): An auditor working for the Scottish government has been named as the next Auditor General of the Cayman Islands by the Governor’s Office. A release says that Alastair Swarbrick, who will take up his position in July, has 19 years experience in public auditing and is currently Assistant Director of Audit at Audit Scotland, which is responsible for the management and delivery of public sector audit in Scotland covering the Scottish Government and its agencies, the National Health Service, Further Education Colleges and Local Government. It employs over 300 staff.
Swarbrick is currently responsible for leading several teams consisting of 13 auditors working on a portfolio of audits, including Transport Scotland, the Scottish Courts Service and the Scottish Public Pensions Agency. In addition to his audit management role he also leads the Business Improvement Unit which is responsible for developing and managing projects to improve the way that Audit Scotland delivers its work.
According to the Governor’s Office, Swarbrick has led “a successful innovative project” to procure and implement an Electronic Audit Documentation System for 170 staff. “He is also a particular advocate for continuous training and development of staff and has developed a range of training programmes including governance, accountability and audit in Scottish Central Government and electronic audit documentation.”
The release says Swarbrick has experience in working on small islands as he audited the National Health Service on the Western Isles and the Shetland Isles which are situated off the north coast of Scotland.
Prior to his current role, Swarbrick was a Senior Audit Manager at Audit Scotland and led the audit of the Scottish Government, as well as a number of its agencies and health service bodies. Before joining Audit Scotland Swarbrick was Principal and Senior Auditor for the National Audit Office in London. In these roles he worked mainly in the health financial area where he was responsible for managing audits at the Department of Health and a number of its agencies. In addition he led on quality and performance improvement for the health financial area and spent some time as part of the Pan American Health Organisation audit team working at their headquarters in Washington DC.
Swarbrick obtained his Master of Arts, Honours Degree in Economics at the University of Dundee and was awarded the Bowie Memorial Prize for the Most Distinguished Student in Economics. He is a qualified accountant and is a member of the Chartered Institute of Public Finance and Accountancy.
DHL Storm crowned Waterford champs
(CNS): With the PSM AA CUP League trophy already in the Don Fosters Dive Iguanas Trophy Cabinet for 2010 spirits were high that the Iguanas would reach their first ever season double with a win over the DHL Storm, a team that the Iguanas had already defeated twice in the regular season, a release from the CRFU reports. However it was the DHL Cayman Storm who rounded out their 2010 season campaign with an impressive 40-10 win over the Don Fosters Dive Iguanas. The Waterford Vase, the DHL Storms’ 3rd trophy of the 09/10 club season after the A.R. Scott 10’s trophy and the Heineken Charity Shield was by far the biggest prize of the three.
The Storm were determined to make it 3rd time lucky and the Iguanas were focused on the ‘clean sweep’ and it was the Iguanas who drew first blood, with a fine Andre Ormond try set up by an excellent De Vere dummy run to score under the posts mid way through the first half. This score seemed to lift the Storm from their slumber and three tries in 10 minutes created from Iguana handling errors had the Iguanas suddenly reeling. Tries from Center Michael Sumares, Scrum Half Scott Forrest and Flanker Raqtoi all converted by the excellent Josh Brown meant the Storm led 21-5 at half time.
The Iguanas started the second half with real intent to turn things around and brought the scores closer with a Bryan Little try but, the Iguanas were held from scoring any more thanks in part to great play by the Storm forwards especially stand in Hooker MacDonald Machingura and determined work in defense by Josh’s Brown and Clarke. With the Iguanas pre-occupied with the darting forward runs of the Storm’ s Michael Sumares, Fijian try machine Raqtoi was able to find space and run in three further tries, 2 of which were converted by Josh Brown.
Following a season in which the Storm fought against the adversity of being disrupted by numerous injuries to key players, the final whistle was met with flamboyant celebrations. DHL Cayman Storm manager Mark Woollard said “I’m so proud of what my team has achieved this season. I tip my hat to the Iguanas for proving to be really tough opponents all season long, but so proud that my team could pull out such a big win in the final today.”
Iguanas captain Peter de Vere could only add “this is a real heartbreaker for us, we were certainly outplayed today but as a team we’re look forward to playing for 3 trophies next year.”… “And whilst we couldn’t get the double we’re glad our hard work this season has meant we’re the league champions”.
Scorers:
Don Fosters Dive Iguanas:
Trys: Andre Ormond, Bryan Little
DHL Storm:
Tries: Raqtoi (x4), Michael Sumares, Scott Forrest
Conversions: Josh Brown (x5)
Below: The 2010 Waterford Trophy Winners, the DHL Storm.
Young people with global views to attend seminar
(CNS): Rotary Central is once again sponsoring up to 3 students to attend the 2010 World Affairs Seminar. This year’s seminar has the theme “The global fresh water challenge” and is being held at Carroll University in Waukesha, Wisconsin 26 June to 2 July. Rotary Central will select students to attend based on established criteria: those between 16 and 18 who are in good academic standing and are interested in global issues. As in previous years, students will also have to explain why they want to attend the seminar as part of the evaluation. All expenses for the students will be paid by Rotary.
“This is another great opportunity for Cayman Islands students to gain exposure to a world classevent for youth, explains Martin Ruben, chairman of Rotary Central’s World Affairs Seminar Committee.
“Rotary Central has been sponsoring students to the World Affairs Seminar for more than a decade and we always look forward to hearing from our local students on their return on how the seminar has been a learning experience to them,” said Paul Byles, President of Rotary Central.
Established over 32 years ago, WAS offers students the chance to interact with people who have worked in government, international organizations, the media, and business. The World Affairs Seminar is a unique educational program for high school students, which provides a forum for future leaders to be introduced to some of the most perplexing global issues and problems. It enables hundreds of the best and brightest students from all over the world to come together to study and discuss these issues in a safe and non-threatening environment. In the process, participants will also learn about each others’ customs, traditions, opinions and aspirations. Up to one-fifth of the Seminar participants may be exchange students representing some 50 countries. This year over 1100 students are expected to attend the Seminar.
Information has been provided to schools throughout the Cayman Islands and more information about the seminar and application forms can be obtained from the World Affairs Seminar website www.worldaffairseminar.org. Students interested in attending this year World Affairs Seminar are invited to submit their applications directly to Mr. Martin Ruben at Martin.Ruben@gov.ky Or by mail to PO Box 30245 SMB, Grand Cayman. The application deadline is 15 May.
Don’t talk to aliens, warns Stephen Hawking
(Times Online): The aliens are out there and Earth had better watch out, at least according to Stephen Hawking. He has suggested that extraterrestrials are almost certain to exist — but that instead of seeking them out, humanity should be doing all it that can to avoid any contact. The suggestions come in a new documentary series in which Hawking, one of the world’s leading scientists, sets out his latest thinking on some of the universe’s greatest mysteries. Alien life, he suggests, is almost certain to exist in many other parts of the universe: not just in planets, but perhaps in the centre of stars or even floating in interplanetary space. The universe, he points out, has 100 billion galaxies, each containing hundreds of millions of stars. In such a big place, Earth is unlikely to be the only planet where life has evolved.