Archive for June, 2010

YUDP says change coming

Cayman News | 08/06/2010 | 53 Comments

(CNS): The battle to make politics attractive to young people is one that the Young United Democratic Party (YUDP) president, Richard Christian, is determined to win as he says change is coming to the country’s political landscape. Well aware of the criticisms young people (as well as the older ones) have of party politics, Christian believes it’s not the system or the politics that is at fault but the people. He says that Cayman’s political landscape needs more inspirational leaders and he believes that change is coming. “There will be leaders whose attitudes and character will lift the nation and change the future of politics,” predicted the young politician.

“I understand some of the concerns people may have about younger persons getting involved in politics,” Christian told CNS when we asked him recently about the YUPD and how young Caymanians fit into the politics of the future. “People are concerned that the younger generation will take on the same attitudes and inherit the old way of doing things. However, in my opinion, it’s the next generation that is going to bring this country closer together. We have a new generation of leaders or leaders to be that want positive change and have new concepts of achieving that.”

Christian revealed that there are a number of misconceptions that deter people from becoming involved with local politics and these are the issues that will need to be addressed before young Caymanians will step up and begin influencing the political landscape.

“It’s very difficult to get people in general involved in politics, not just young people. I feel the main barriers that hinder many people from getting involved is the misconception that politics is full of dishonesty,” Christian added. “People also shy away from politics because they are afraid of being stigmatized by society on which party or candidates they support, fearful of possibly losing their jobs.”

The YUDP leader said he believes that it’s not politics or the even party system that needs to change. “It’s the people behind them that must change,” he said. “People are naturally drawn towards great leaders; we saw this during President Obama’s presidential campaign and Nelson Mandela’s eventual election as President of South Africa. We also saw the thousands of people Martin Luther King Jr. attracted to his peaceful marches. People want to be associated with leaders they can trust, that give them hope and leaders that inspire them.”

Politics, Christian said, is a rare occupation where only ahandful of natural born leaders are called to serve. “It takes a much focused, strong minded, bold and determined individual to be a politician,” he added, explaining that it calls for making tough decisions which will often come under heavy criticism. Already becoming wise to the trials and tribulations, Christian told CNS that he has learned not to believe everything he hears.

When it comes to the work of the YUDP, Christian said it has an important part to play in the community akin to a service club, not just because there are things that need to be done in the community but because service is part of the role a politician should play. The YUPD will serve as a platform for tomorrow’s leaders, he noted, but those leaders need to learn they are also servants.

“In my opinion a politician is a servant to his country,” Christian added.

Since taking the helm of the YUDP, Christian says it has been involved in a number of issues and demonstrated that it can make a meaningful contribution. He said the mainstream party is taking the YUDP membership seriously as they have been successful in pushing the concerns of young people with the mainstream UDP, from job security to crime as well as having a direct influence on policy.

“Recently we were able to influence the government not to proceed with enclosing the Francis Bodden Girls Home property with barbed wire fencing,” he said, adding that the membership is looking into a number of other policy proposals and how they can influence those with an eye on the needs of the country’s youth. “I see the YUDP being one of the groups the party turns to for advice and direction on youth related issues.”

Asked what legislation he would, personally, most like to influence if he could, Christian said he would like to get his hands on the charity’s law. He said it has been on the table for sometime but could make a real difference for some of the country’s less popular, but no less important, charities.

“I love to help those in need and I truly feel that is part of what God has called us to do – share. There are a number of committees and groups in Cayman that are doing a lot of good within the community volunteering their time, but they don’t get the support from the private or the public sector. I think the charity’s law needs to be passed to make it easier for committees and groups to get funding instead of donations going to the same non-profit organizations over and over,” he explained.

With the next election still three years away, Christian revealed that he is not yet sure if he will be stepping into the political fray himself. “My wife and kids are already complaining at the number of meetings and activities that I am involved in,” he laughed when CNS asked if we will see his name on the ballot sheet in 2010. “If it is God’s will for me to run as a candidate, I will. In the meantime, I am just determined to spread the love of God and to be a positive role model. When we look around the world, there are so many inspirational figures that we admire and look up to, I would like to see Cayman start producing leaders that inspire the whole country.”

Travers takes on another US senator

Cayman News | 08/06/2010 | 49 Comments

(CNS): Following comments made about the Cayman Islands financial services industry by US Senator Byron Dorgan (D-North Dakota) on the floor of Congress recently, the chair of Cayman Finance, Tony Travers has written an open letter to him stating that his comments regarding tax secrecy and "ridiculous loopholes" are not true. Travers, who has said he will seek out and correct every public statement by influential people that he believes is false where Cayman is concerned, told the senator that most of what Americans think they know about the Cayman Islands is wrong.

This is not the first time Travers has taken on those who use Cayman’s name in vain when it comes to what he sees as misunderstandings or myths about the country’s role in the world’s economy. In his latest correspondence to Washington, Travers sent an open letter on Wednesday morning to the senator following the remarks Dorgan made during a recent debate on financial regulatory reform. The senator had implied that the Cayman Islands is a "tax secrecy jurisdiction" with "unbelievably ridiculous loopholes".

In his letter Travers wrote, “Neither of those claims is true.” The Cayman Finance chair pointed out, as he has now on numerous occasions both verbally and in writing, that the Cayman Islands has full tax transparency with the United States and with 27 members of the European Union.

“The US Department of Justice has had complete authority to access needed records in the Cayman Islands since 1990. Profits and capital gains made in the United States by Cayman Islands investment vehicles are fully taxable under United States law,” Travers wrote. “The anti-money laundering legislation of the Cayman Islands has been evaluated by the International Monetary Fund and by the Financial Action Task Force and is found to be superior to that of the United States and most EU jurisdictions.”

He pointed out that Cayman is a member of the International Organization of Securities Commissions (IOSCO) and has full "regulator-to-regulator" disclosure with all other IOSCO regulators.

The chair of Cayman Finance stated that the jurisdiction’s financial services sector is enormously important to the economic growth of the United States as the preponderant flow of capital is from the Cayman Islands into, not out of, the United States. “Most of what Americans think they know about the Cayman Islands is wrong. It’s time to learn how our financial services industry is working to promote economic growth in the United States and around the world,” Travers wrote.

Gunmen rob GT Burger King

Cayman News | 08/06/2010 | 92 Comments

(CNS): Three men armed with a shotgun and a hand gun robbed the George Town Burger King at around 10.00 last night (Monday 7 June) police have now confirmed. A spokesperson for the RCIPS said that one of the employees in the restaurant sustained a slight head injury when one of the gunmen hit him with a weapon as the robbers demanded money from the tills. There were no customers inside the restaurant at the time the robbery took place, although it appears some customers were at the drive in. Police said the three young men all wore hooded tops and dark clothes and witnesses said they spoke with Caymanian accents. The gunmen escaped on foot with around $300, no shots were fired during the incident and no arrests have yet been made.

The incident is the fifth armed robbery in Grand Cayman in the last five days which has included hits on two gas stations -the Seven Mile Beach and Red Bay ESSOs, Dominos Pizza and the Tortuga Liquor Store in Passadora Place.

Police have said recently that they do not believe any of the robbery’s are connected but are stepping up patrols and warning people who are victims of robberies to remain calm, make a mental note of what is going on and not to put up a fight.

Detective Francis of George Town CID, is appealing for anyone who may have been in the area at the time, and witnessed anything out of the ordinary to come forward and share the information. Or call 949-4222 or crime stoppers at 800-8477.

Novice farmers learn lessons in growing greens

Cayman News | 08/06/2010 | 7 Comments

(CNS): The boys at the Bonaventure community home have been taking part in some valuable lessons in more ways than one recently. Learning to grow their own vegetables as part of a project at the home the boys are involved in a garden enterprise from seeds to table and are now branching out to sell their quality produce to local restaurants and grocery stores. A report on News27 revealed that although it takes effort to grow the vegetables and herbs it’s extremely rewarding. With hep from local Rotarians boys at the home built the green house and are now growing and harvesting their crops with their Basil said to be some of the freshest and best around.

Go to News 27 video

Alternative investments transforming, say accountants

Cayman News | 07/06/2010 | 0 Comments

(CNS): A new report by the Cayman office of KPMG reveals a shift in the balance of power in the alternative investment industry. The accountants say that in today’s market institutional investors now have the upper hand. “Transformation: The Future of Alternative Investments” found their demands for institutional grade controls, increased transparency, liquidity and flexible product strategies are driving fundamental changes in the very fibre of the industry. Managers are no longer calling the shots, KPMG said, and investors might want more transparency but not necessarily more regulation.

Anthony Cowell, Partner at KPMG in the Cayman Islands and principal author of the report, noted some of the fundamental changes in the report. “Historically, anyone considering an investment in alternatives had to invest on the manager’s terms. Today, the picture of the industry has been turned on its head; it’s now one in which investors are firmly in the driving seat and, fundamentally, investors want to see managers’ interests more closely aligned with their own.”

Over 50 percent of institutional investors surveyed said they intend to increase their allocations to alternatives in the next three years; some anticipate an allocation of over 10 percent of total assets. And managers, for their part, are not blind to this change in dynamic with 70 percent attesting that client service is their top priority after performance.

While regulation has been widely promoted as a way to protect investors, the report finds that the majority are against it. Reasons cited include the belief that regulation will not produce any tangible benefits, it will add costs and bureaucratic burden, it will stall the industry’s engine of creativity and it will limit choice. In addition, and of particular note, 81 percent of institutional investors indicated that domiciliation makes little difference with regard to allocation decisions.

“There’s an interesting distinction here and an important observation for the Cayman Islands,” said Wanda Mellaneo, Director, KPMG in the Cayman Islands and Chair of the Editorial Team. “While investors are clearly looking for products with increased transparency and liquidity, they do not seem to be demanding regulated products. Nor are they particularly concerned with the question of domicile, which runs counter to how much attention the onshore/offshore debate has attracted lately.

Andy Stepaniuk, Head of Alternative Investments, KPMG in the Cayman Islands and co-author of the report notes that there is also an emergence of a new breed of manager. “Recently, we’ve seen the rise of the entrepreneurial-institutional (EI) manager; one that’s more formalised and offers clients multiple products (including complementary services like financing, private placements and proprietary trading, for example) through multiple distribution channels. Despite their size, though, they seem to have managed the balance between the needs of a creative environment and the rigidity of the institutional infrastructure that investors are demanding,” he stated.

Investor allocation decisions are also shaping the alternatives landscape. Fund of funds did not have a good market crisis, say their investors. As a result, larger institutional investors are moving to an allocation model with a clear trend in favour of direct investment and managed account platforms, the latter for reasons of security, liquidity and transparency. At the same time, allocations to fund of funds are falling. Larger fund of funds managers with the resources to expand into managed accounts, diversify their offerings in other ways, and use their brand name to attract investment will survive. Many smaller players, however, are unlikely to be able to compete and the result may be a wave of M&A activity.

Nor are administrators immune from investor influence as demands for reporting transparency and liquidity requirements rise and force greater standardisation. Data demands from fund managers and regulators are also expected to swell exponentially, so administrators will need robust and flexible technology platforms that are capable of high-volume transaction processing and customized ‘real-time’ reporting. In this environment, the challenge of capacity comes to the fore. The research shows that nearly three in four administrators are currently operating at between 71-100 percent. If alternative inflows develop as forecast, or anywhere near to it, administrators will face serious infrastructural issues.

Cowell added, “Led by demands from institutional investors, the alternatives sector is going through a period of transformational adjustment and while the industry is no stranger to change, this time around it will be profound.”

To download a full copy of “Transformation: The Future of Alternative Investments” go to www.kpmg.com.

Hope pinned on shipwreck

Cayman News | 07/06/2010 | 54 Comments

(CNS): The tourism sector is pinning its hopes that a shipwreck could boost the flagging industry’s fortunes. The long awaited sinking of the USS Kittiwake to create an artificial reef is now set to take place next month, the Cayman Islands Tourism Association (CITA) has said. The tourism body stated that although the project has been a long time coming – seven years — given the current slump in the tourism sector the sinking of the ship could not come at a better time. The event is expected to attract much needed international attention, which CITA anticipates will convert into an increase in visitors to the islands.

The project, which promises to enhance the local dive experience, has been some seven years and many challenges in the making. Finally, however, subject to weather and other unforeseeable circumstances, the former US Naval Submarine Rescue Ship will be sunk in Cayman waters on Tuesday, 27 July.

The 2,290-ton 251-foot ship will be sunk off the cost of the West Bay Public Beach, creating the Kittiwake Shipwreck Park. It will cost snorkelers $5 and divers $10 per day to enter, which will be used for maintenance, safety equipment and management of the attraction. A portion of the visitor fee will also be paid to an Environmental Contingency Fund.

The sinking of the Kittiwake should have a positive economic impact as a new tourism attraction, CITA said, noting that it was also important in the preservation of a ship that protected its nation for decades, which fits in well with Cayman’s own long maritime history and motto, “He hath founded it upon the seas”.

The ship was commissioned in 1945, and underwater it will last for many, many decades, prolonging her life rather than condemning her to a ship’s scrap yard. The new Kittiwake shipwreck will also create another habitat for marine life in the Cayman Islands.

“The Kittiwake shipwreck attraction may assist in diversifying the product offering in order to reduce the environmental impact on Stingray City and other frequented reefs by cruise ship traffic and stay-over guests for dive and snorkeling,” said Nancy Easterbrook, CITA Project Manager and past CITA Board Member.

The seven-plus year project has had many obstacles with ‘goal lines’ constantly evolving as new laws and regulations relating to artificial reefing came into play. CITA said it has ensured that all precautions have been strictly followed to ensure hazardous materials, paint, lubricants, oils and fuels will be removed prior to sinking to protect Cayman’s marine life.

The project was spearheaded by CITA and supported and funded by the Cayman Islands Ministry of Tourism, Finance, Investment and Commerce. The Kittiwake is scheduled to arrive in Cayman on 20 July, which will trigger a week of celebrations to mark the sinking event, including a gala dinner with a live and silent auction for one-of-a-kind artifacts from the ship and memorable experiences, such as the first dive or snorkel on the wreck. Kittiwake ex-crew members and their families will also be visiting the island during the celebrations.

A public viewing of the ship is also scheduled to take place on the Monday before the sinking (26 July) including a special dedication ceremony. The sinking itself is planned for Tuesday between 10am and 1pm, when spectators will be able to view from a distance.

On Wednesday safety inspections and final preparations will take place before the first dive, snorkel and semi-sub trips take place the following day.

For more details visit www.KittiwakeCayman.com

The beginning of the end for the plastic bag

Cayman News | 07/06/2010 | 0 Comments

(CNS): Efforts to rid Cayman of the environmental scourge of plastic bags begins in earnest on Wednesday (9 June) when Grand Cayman’s three major supermarkets begin charging 5 cents per plastic bag and start encouraging their customers to carry reusablebags with them to their stores. Cayman BECOME spearheaded a campaign at the beginning of April to encourage shoppers to become plastic bag free. To help the transition to the upcoming implementation of this charge, supermarket cashiers and baggers have received training on the new programme to help them answer customers questions on why plastic bag reduction is important for the Cayman Islands.

The Cayman BECOME education and training committee passed on information about the campaign and how cashiers and baggers can pass the information to customers. This included a presentation and role play, and gave the cashiers a chance to have their own questions answered.

“We are aiming to adapt the interaction between cashier and customer for when the charge is introduced. Cashiers are now being urged to ask customers directly if they have their own bags with them and if not they will ask whether the customer needs a bag and wishes to purchase a reusable bag, or purchase plastic bags” said Joni Kirkconnell, Sr. Sustainable Development Officer at the Department of Environment – one of the trainers for the program and part of the Cayman BECOME education and training committee.

“This should not only make people think about bringing their own bags in the future, but it will also make cashiers more aware of how many plastic bags they are providing, and customers more aware of how many plastic bags they are using. We expect people will not want to pay for more plastic bags than they have to.”

The Cayman BECOME program will present a major change in the supermarket shopping experience on Grand Cayman so supermarket cashiers need to be ready.

“We are trying to ease the transition as far as possible – the cashiers are really on the front line of the campaign, as they will have the most contact with customers, who will no doubt have a lot of questions once the charge is introduced,” said Daphine Watson, trainer with the Department of Tourism’s PRIDE program, who managed the Cayman BECOME training and developed the training presentation.

“We want to prepare them as much as we can so that this change is manageable for all concerned. The Department of Tourism is very pleased to be able to sponsor this effort, through utilising the training skills and experience we have developed in the PRIDE program to assist in this important element of the campaign.”

The training was well received by the cashiers. “Cashiers were very enthusiastic about the training as customers have been very curious, having heard about the changes,” said Raquel Solomon, Training Manager at Fosters Food Fair. “The Cayman BECOME campaign was widely accepted by all the cashiers because of the obvious benefits to the environment that we all enjoy. Many cashiers feel much better now that they know some facts about the program and why it is being done.”

Feedback from cashiers reveals that many customers appreciate the initiative and have already begun to use reusable bags instead of plastic.

“The customers who are most concerned about the planned changes are those that do not seem to be aware of the benefits of the Cayman BECOME campaign. We encourage customers who have questions to just ask, so that we can all do our bit to truly go plastic free,” said Solomon.

West Bayers call for more eyes on crime

Cayman News | 07/06/2010 | 7 Comments

(CNS): West Bay residents say they do not have enough neighbourhood watch programmes in their districts but would welcome a more widespread use of the crime fighting initiative along with the use of CCTV. A survey conducted among residents in West Bay by CODAC in March found that the majority of people who took part would like to see more proactive community measures to tackle crime in their neighbourhood. They also said they would like to see the pictures of criminals published in the media.

Following a meeting held by the premier McKeeva Bush in West Bay as a result of a surge on shootings in the district in March, the West Bay Action Committee also conducted a survey asking people who lived in the area what measures they wanted to see introduced to tackle the crime in the community.

A total of 112 people took part in the independent and anonymous survey but 14 papers were spoilt. From the remaining 98 the committee learned West Bayers wanted to see more Neighbourhood Watch schemes only 11 people said they lived in a street with the scheme but 88 said they would like to have one in their neighbourhood. Almost all the respondents (94) said they encouraged the use of Official CCTV Cameras at roadsides and in Hot Zones throughout the district and 84 people said they would go as far as supporting a permanent 8:00pm curfew for unaccompanied minors (16 and younger).

Nearly all the respondents also said they would encourage the publishing of mug shots of anyone charged with a capital crime such as murder, rape or armed, robbery and wanted to be advised when inmates who have committed those types of offences are being released from prison,

West Bayers also offered overwhelming support for a mandatory National ID for all residents as well as the fingerprinting and DNS samples of all work permit holders.

Those who took part also expressed a desire to see higher police visibility, including foot and canine patrols throughout the district and in particular the know crime hotspots.

Ship runs aground in George Town Harbour

Cayman News | 07/06/2010 | 9 Comments

(CNS): Tug boats came to the rescue of Seaboard Venture this weekend when the container ship got stuck on the sand. The Port Authority explained that the ship was executing a manoeuvre to berth stern in, but during the process the vessel drifted too far north and over a shallow bar that is only 14 feet deep and the centre of the ship got stuck. After pumping ballast and receiving assistance from two tugs, the ship was eventually pushed off the shallow bar and was able to berth. Its cargo of over 60 vehicles and 25 containers was unloaded without further incident and the ship departed as planned on Saturday. (Photo by Dennie Warren Jr)

Gambling vote to go ahead

Cayman News | 07/06/2010 | 100 Comments

(CNS): As the gambling debate continues, the premier says he plans to hold a vote on the subject in November of this year. McKeeva Bush has said that the matter needs to be settled and the people will get a chance to vote ‘yes’ or ‘no’. Although no details about how the vote will be conducted have yet been revealed, it is very unlikely that anyone other than those on the electoral register will be able to participate. If the premier opts for a constitutional referendum, only the 15,000 or so registered voters will be entitled to cast their ballot. Although the debate has heated up over the last few days, with those in favour of legalisation dominating the CNS posts and the radio waves, an official referendum may still produce a ‘no’ vote.

The Cayman Minister Association has already submitted a petition to government with over 1200 signatures against gambling, and the church leaders have said they intend to campaign against the introduction of any form of gambling if the government goes ahead with a referendum. Those against legalised gambling tend to be older members of the Caymanian population who are more likely to be registered voters.

Much of the support for gambling is coming from the private sector as well as ex-pat residents and there has been little overt political support for its introduction. With the exception of Ezzard Miller, the independent representative from North Side, no other MLAs have publicly supported legalisation. The PPM has said publicly that it has always opposed and continues to oppose any form of legalised gambling and the premier has not revealed either his own position or the UDP’s policy on the issue.

Speaking to News27 last week, the premier said that he would be seeking to settle the matter once and for all. “I am planning to have a vote in November and I encourage people who want to vote ‘no’ to come out against it and those who want to vote ‘yes’ to play their democratic role, but the matter must be settled now,” Bush said.

The premier has also stated that once the people have the chance to vote on the subject, if they vote ‘no’ the police will start clamping down on the illegal numbers game, which is said to generate hundreds of thousands of dollars ever weekend for the black market as many residents are believed to play one of at least three illegal lotteries.

With the advent of online gambling, many people are also able to gamble at home on their computers and participate in overseas lotteries, which is almost impossible for the police to prevent and which is seen by many as lost revenue to the local economy.

Support for gambling is coming for various sectors of the community but there is not a single body or organisation campaigning directly for its legalisation. Although the Cayman Islands Tourist Association and the Chamber of Commerce had their names associated with an open letter from Michael Ryan to the local press listing a number of alternatives to direct taxation including gambling, the two bodies have denied offering their full support.

Both CITA and the Chamber have stated that their respective memberships have mixed opinions on the subject but say they support a referendum on the topic. In both CNS polls on the subject around 80% of voters who have participated have said they are in favour of some form of gambling or a national lottery. Over 140 comments were posted on the most recent news story on CNS (See Anti-gamblers gather support) with many readers expressing strong opinions in favour of some form of gambling.

Vote in the new CNS online poll: Should gambling in the Cayman Islands be legalised?

Results of the first poll