Archive for October 5th, 2010

Cops bring charges over fatal January car smash

Cayman News | 05/10/2010 | 5 Comments

(CNS): Almost ten months after 23-year-old Matthew Antonio Bodden was killed in a road smash, the police said today that they have charged a 21-year-old man with causing death by dangerous driving. The man, whom police have not named, was arrested for the same offence on the night of the fatal collision, which occurred on 15 January at around 10:20pm. Bodden, who was a passenger in a Honda Torneo, was killed after the car was hit by A Toyota Altezza on Shamrock Road close to Wil T Drive. The driver of the Toyota, who was uninjured in the crash, had attempted to negotiate a right hand bend when he lost control of the vehicle and collided with a concrete fence, police said at the time of the crash. (Photo courtesy of Cayman27)

The vehicle then reportedly spun around and debris flew across the roadway striking another two oncoming vehicles. The four male occupants of the Honda where thrown from the car. Two other men, aged 21 and 23 years, who were also in the Honda, were treated for head and leg injuries. Bodden was pronounced dead on arrival at the Cayman Islands hospital.

It is anticipated that the man who was now been charged for causing his death will appear in court later this month.

Study identifies more than 1 million ocean species

Guest Writer | 05/10/2010 | 0 Comments

(The Guardian): The Census of Marine Life is finally complete after a decade of work by 2,700 scientists from 80 countries. It is the culmination of a decade of work by 2,700 scientists from 80 countries, who went on more than 540 expeditions into the farthest reaches of the most mysterious realm on the planet – the world’s oceans. Today, the US$650m Census of Marine Life (COML) project announced the culmination of its work, concluding that the deep is home to more than a million species – of which less than a quarter are described in the scientific literature. Since the project started in 2000, around 16,000 species have been added to the COML databases.

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YCLA begins search for 2011 leader

Cayman News | 05/10/2010 | 0 Comments

(CNS): Nominations opened this week for one of the country’s most popular awards. The foundation of the YCLA said it’s now accepting nominations for young Caymanians between the ages of 20 and 35 for the 2011 Young Caymanian Leadership Award. The awards ceremony is a well-established annual event with over a decade of success recognising young local leaders organisers said on Monday. Anyone may nominate a young Caymanian, including parents, siblings, coworkers, fellow church members, friends or spouses. The deadline for all submissions is Saturday, 31 October. (Photo- Collin Anglin 2010 YCLA recipient)

“Everyone knows an outstanding leader that deserves recognition. We rely entirely on the community to nominate young Caymanians for the YCLA. The onus is on each individual to ensure that special person is nominated and therefore eligible for the award, ”said Melissa Wolfe of the Leadership Foundation. “The Foundation encourages the public to identify and honour our young leaders with a nomination. Well-rounded and dedicated young Caymanians surround us everyday and they are effective role models for our younger generation.”

Nominees for the YCLA must demonstrate strong leadership qualities through their personal and professional accomplishments. Determining factors include character, professional achievements, community involvement and commitment to helping others.

Previous recipients include Collin Anglin in 2010, Elroy Bryan in 2009, Stephen Ryan in 2008, Canover Watson in 2007, Jonathan Tibbetts in 2006,Cindy Scotland in 2004, Steve Blair in 2003, Sara Collins in 2002, Dax Foster in 2001 and Olivaire Watler in 2000.

The YCLA is decided upon by an Honorary Board composed of 13 prominent Cayman leaders who were selected for participation based on their established positions in the community as well as their ability and willingness to serve as role models for the younger generation.

The 2011 YCLA will be presented during the annual gala evening awards ceremony at the Ritz-Carlton, which will be televised live on Cayman27 and is attended by hundreds of Cayman’s top community and business leaders.

YCLA information packages have been forwarded to the human resource departments of major companies. Nomination forms may also be obtained by calling Melissa Wolfe at 916-8335 or emailing ycla@candw.ky or online at www.ycla.ky

CIMA offers cyber space submission service

Cayman News | 05/10/2010 | 1 Comment

(CNS): The country’s financial regulator has introduced a new e-business portal that enables online access for clients to complete and submit requests for CIMA authorisation, along with the required documents. Moving forward from what it said was its successful implementation of the electronic reporting service in 2007, the Cayman Islands Monetary Authority (CIMA) has now implemented an e-business service that will further modernise the way regulated entities do business with the Authority. CIMAConnect was activated on Monday for new fund authorisations. Service providers are now able to apply for access to the system and, once they are authorised, they can submit requests for the registration or licensing of new funds online.

The regulator said service providers would then be able to see when their requests were accepted, track the progress of their submissions, and receive notification when the applications were approved. CIMA said the secure web portal connects directly into an automated data management system that reduces the amount of manual processing that these submissions require, thus cutting the turn-around time for approval decisions.

“As the demands of regulating Cayman’s financial services continue to grow, so does the need to be innovative and to capitalise on technological advances that can enhance our efficiency,” explained Managing Director Cindy Scotland. “In this regard, CIMAConnect is a landmark development for the authority and the jurisdiction.”

Once the fund registration and licensing service has been rolled out, further functional improvements will be made, CIMA revealed. These will allow other types of requests to be submitted via CIMAConnect. Under the regulatory laws, CIMA’s approval is needed for existing entities to make certain changes. These include changes to the entity’s name or beneficial ownership, amendments to its business plans, and the appointment of a new director/senior officer.

On request, CIMA also issues letters certifying entities are in good regulatory standing. Expansion of the platform’s functionalities will enable service providers to make these applications online. Access for insurance, banking, trust and corporate service entities will also be phased in. As CIMAConnect is accessible only by authorised users, service providers will need to request access by completing an application available at www.cimaconnect.com. Upon approval, a management account will be activated and immediately accessible.

“CIMAConnect provides a convenient, secure and reliable connection with the authority,” Scotland said. “It eliminates delays from documents being submitted by hand or through the mail, while also providing additional reassurances that information is easily recovered following a disaster. Ultimately, we are confident that this will be a welcome enhancement to the services we provide to both our local and global stakeholders.”

The CIMAConnect project has been in development for about a year and is spearheaded by the Authority’s Information Services and Investments and Securities divisions, with the technology

platform and other services supplied by local information technology company Brac Informatics

Centre.

Trouble on dormant accounts

Cayman News | 05/10/2010 | 62 Comments

(CNS): A law passed in the Legislative Assembly in July giving government legal access to dormant accounts and as much as $10 milllion has raised concerns throughout the financial services sector. Correspondence between the financial secretary, seen by CNS, and an industry body indicates that government will have to re-write the law to address what are being described as “unintended consequences”. Opposition MLA Alden McLaughlin said that despite claims by government that it had consulted widely with the industry before passing the law, it was apparent as a result of the planned re-write and from concerns he had heard from industry representatives that this was not the case and it was another example of a rushed law causing problems for the private sector.

McLaughlin said that when the government brought the Dormant Accounts Bill 2010 to the parliament he had pointed out that the opposition had been given no time to examine the bill or consult with the industry over how the legislation was being presented and any possible problems with it. He said the opposition was not opposed to the principle of government having a legal means to access truly dormant accounts but it was the manner in which the law was rushed intp which was now resulting in significant changes to the law.

“This was rushed through the Legislative Assembly, as I noted at the time. The opposition was given no time to consult anyone about it,” he said. “The premier insisted at the time that there had been wide consultation with the offshore sector about the law but we now see evidence to the contrary as government is planning to re-write the law.”

He said the this legislation has caused major concerns in the financial services sector and as far as he was aware it was not just in need of minor amendments but was being completely re-written. The former cabinet member with responsibility for the financial sector said it was now very clear government had not consulted properly but it was illustrative of how the current administration was working.

In a letter to the Compliance Association, Financial Secretary Kenneth Jefferson indicated that, as a result of its impact on “certain investment fund and capital market transactions”, there would be a “moratorium on prosecution and inspection” on some special purpose vehicles andlonger term investment accounts. Jefferson wrote that until amendments could be made in the law a commitment had been gained from both the Attorney General’s Office and CIMA that they would not be going after the longer term instruments that fall outside the concept of “abandoned property” but appeared to have been caught up in the law.

The financial secretary further indicated in his letter that, aside from unintentionally including SPV’s in the legislation, the law had also raised concerns regarding the limitations restricting account holders from future claims. He told the compliance association that there would be further dialogue on the necessary amendments to the law and the challenges it was presenting.

The law obliges financial institutions to seek out the owners of financial accounts and products which have not been active for six years or more to give notice that government will be seizing the money if it is not claimed by the rightful account holder. However, it appears, among other problems, that the legislation encroached on some of the financial sector’s specialist long term investment products.

When CNS asked the financial services secretariat what was happening with the law and what changes would be coming, Dax Basdeo, the acting chief officer, gave a different impression of the amendments needed to those revealed in Jefferson’s correspondence.

“Due to the tight time frame in implementing the law with dates that had been agreed on with the banks, an extension of time was given to 30 September to allow them to complete their notifications," Basdeo said, but made no mention of the unintended consequences, the need for a re-write and the major concerns that appear to have been raised about the law in its current state.

McLaughlin said that when the previous administration, in which he served, began examining the possibility of implementing a dormant accounts law this issue was raised by the industry. He said it was clear some three years ago that the legislation would need to be carefully crafted in order not to encroach on areas that were not genuinely abandoned and therefore avoid the risk of unnerving the industry as a whole, in particular, those who advise people to invest in financial products here.

As a result of the passage of the law however, local banks have already begun running advertisements in the local print media, withhundreds of accounts being listed as seeming to be falling within the definition of dormant and abandoned property, despite the need for legislative changes.

Government said at the time the legislation was passed that it could receive as much as $US10 million, for the public purse, which was welcome at a time when it was still struggling to meet its bills as a result of continuing declines in revenue from other sources, such as work permit fees and duty collections. However, there are now concerns that the law currently gives government the power to seize money that is not genuinely dormant, which it will then be forced to return.

Chamber backs rollover cut

Cayman News | 05/10/2010 | 79 Comments

(CNS): The government’s announced intention to reduce the length of time for a break in stay from twelve months to as little as one month for work permit holders reaching their seven year limit (aka rollover) has been welcomed by the Cayman Islands Chamber of Commerce. Chief Executive Officer Wil Pineau told CNS that recruiting and retaining staff was still one of the most challenging areas for local businesses and any move that would make attracting and keeping talented people easier would provide a much needed boost to the private sector. Although government has not yet brought the necessary amendments to the legislative assembly to reduce the rollover period, immigration reform features big on the government’s list of moves toturn around the country’s flagging economic fortunes.

“The recent announcements regarding the possible reduction have been welcome,” Pineau said. “When the Chamber met with the premier in September last year, concerns were expressed about immigration and we recommended that government take a look at that. The reality is we are competing in a global community where tourism and the financial services industry need the best talent.”

The business sector appreciated that the question of the term limit was being examined as it was an important concern for many businesses, he revealed.

The CEO said there were distinct signs of economic recovery in 2010 compared to the real economic slump experienced by most businesses in 2009, but Cayman had to be ready for the future economic environment and managing talent would be an important part of that. “It’s a brave new world and we have to adjust to that environment. If we don’t adjust we won’t be ready for the turnaround,” he added.

The economic downturn, he said, had forced the country to re-examine how it does business and its position as a competitive jurisdiction. Pineau said the world had changed and we had to change with it. While there were no easy answers, the goal was to create the best environment for business to flourish.

With a school of thought in the community that the significant increase in business fees, not issues of immigration, were the major stumbling block to the economy’s growth, Pineau said he still believed that the challenges over recruitment were very high on the agenda for many businesses. He acknowledged that the increases in work permits fees and duties were hard on small businesses in particular, and the increases impacted the bottom line for businesses, stifling expansion, but, the Chamber CEO said, the private sector felt changes to the immigration policy were a significant issue for the overall domestic economy and should not be underestimated.

Pineau added that he still believed businesses were looking for qualified local labour and it was a fallacy that the private sector doesn’t hire Caymanians. The Chamber boss noted that the increase in work permit fees had made Caymanian workers that were properly qualified even more attractive.

Another important issue was training, he observed, adding that at the new Chamber of Commerce location there had been an increased take-up of its courses and training seminars as businesses recognised the importance of well trained, professional employees during tough times.

Pineau said he did believe, however, that things were finally beginning to improve and that Chamber members were reporting improvements in the bottom line this year over last. The changes to rollover, he said, would be a significant help in allowing businesses to manage their talent and he looked forward to seeing the twelve month rollover period reduced.

Project fighting obesity in kids moves into 2nd year

Cayman News | 05/10/2010 | 8 Comments

(CNS): The Children’s Health Task Force (CHTF) Health4Youth Programme has moved into the second year of the two year pilot programme designed to help fight childhood obesity in the Cayman Islands. Following a group of students from Year 7 at George Hicks, the project aims to chart the improvements in the children’s health as a result of better diet and more exercise. A joint effort between health insurers, NGOs and the HSA, the students were actively engaged in nutritional counselling and an after school exercise program. Feedback so far has revealed that the students have increased energy levels as well as improved stamina in sports, sleep patterns, self esteem and motivation to continue exercise and sport.

“The CHTF team is very pleased with the progress of the program to date,” said Maureen Cubbon, one of the programme coordinators. “We saw some great success at the end of year 1 and have seen the direction we need to take in order to continue the program successfully.”

The goal for this year is to continue with the pilot group of students and work on engaging parents. “With the continued support of our sponsors, we are able to continue this critical program that will give us some tangible results and some direction on how to fight the rising epidemic of childhood obesity in the Cayman Islands,” Cubbon added.

The Health4Youth Programme has also worked with the Ministry of Education to the Standards for Food Provisions (CISFP) which has seen fast food banned from school campuses and healthier meal options on offer during lunch and snack breaks in government school canteens. The document lists 11 standards as guidelines for the different types of food groups and details items that should and shouldn’t be served in school. It also outlines the frequency with which certain foods should be offered. Serving and good practice suggestions are also outlined.

“Poor childhood nutrition can have lasting effects, impairing cognitive development and school performance,” Education Minister Rolston Anglin said. “This is our opportunity to make a measurable difference in student health and well-being. Research consistently shows that children who eat healthier meals perform better academically and are absent from classes less often."

The Health4Youth Programme is a collaborative effort between the Cayman Heart Fund, Generali Worldwide, TrinCay Medical, Rotary Sunrise, Cayman Islands Health Services Authority and Body Sculptor. For information on the Health4Youth Program, please contact Maureen Cubbon at Generali Worldwide: 747-2002 or Maureen.cubbon@ihs.ky or Dr. Sook Yin at: l dryin@sevenmileclinic.ky or 516-1237.

Officials justify trip to Moscow conference

Cayman News | 05/10/2010 | 45 Comments

(CNS): Government officials who went on a trip to Russia recently to attend a UNESCO conference on early education said it highlighted many of the issues that the education ministry is focusing on here in the Cayman Islands, as they justified the controversial trip. The delegation to Moscow was led by Rolston Anglin, the education minister, who said the conference supported his ministry’s priorities. Despite establishing the Early Years Unit, he criticized the previous administration saying it made little progress in this area of education. Anglin said many children were “learning to fail early” and his ministry would be focusing on this area of learning in the hope of identifying problems before children entered compulsory school.

“The whole world is prioritizing improvements in the education and care of our youngest children in pre-schools and reception classes,” Anglin stated in a release from the Education Ministry. “However, in Cayman we have made very little progress in this area, although the previous administration set up an Early Years Unit for this purpose some four years ago. We have no national standards, no curriculum, no training or no inspection programmes, very little data to support decision making, and issues with the registration and operation of pre-schools.”

The minister said he had devoted a lot of time in his first year in office to improving compulsory education and although there was still much to do, making real advances in education was not just about the compulsory years. “Too many of our children learn to fail early,” the minister added. “If we really want to ensure success for all children we must do all that we can to ensure their earliest learning experiences are positive and that we identify and resolve problems early.”

Chief Officer in the ministry, Mary Rodrigues, one of several people who accompanied the minister on the Russian trip, said the issues raised at the UNESCO conference were remarkably similar to the initiatives that the ministry in Cayman is working on.

She said these included the establishment of an early years taskforce to assist with the development of standards and an early years curriculum, the launch of a reception programme in George Town Primary this year and a re-launch in other government primary schools and the reassignment of early years inspection to the Education Standards and Assessment Unit (ESAU), among other initiatives.

She said the under-lying message at the conference was the need to attend to the care, nutrition and stimulation of young children. “The early years lay the foundation for later learning and can create a level playing field by reducing the gaps between children of different means,” she said.

Tunisia Barnes, a young Caymanian Early Years teacher and another member of the delegation that spent last week in Moscow, said she found the conference very beneficial. “As an Early Years teacher, it was good to see the recognition being given to what research confirms is the most critical period of development in an individual’s life. We learned a lot and made a lot of good contacts,” she said.