Archive for January, 2011
New National Heroes honoured on Heroes Day
(CNS): The Cayman Islands now has five new National Heroes, Thomas William Farrington, Sybil Joyce Hylton, Ormond L. Panton, Desmond V. Watler, Mary Evelyn Wood, who were installed on National Heroes Day (Monday 24 January) in Heroes Square,George Town. The five join the two previously-named Cayman Islands National Heroes: the late James (Jim) Manoah Bodden and Sybil Ione McLaughlin. On the same day 24 people were presented with the new Order of the Cayman Islands and five New Year’s Honours recipients were presented with the Cayman Islands Certificate and Badge of Honour. (Left: Alicia Hydes accepts a Founder Award honouring her father, the late Thomas William Farrington)
Governor Duncan Taylor and other elected and official members of government lauded awardees for their significant contributions to nation-building and community service in a range of areas, GIS reported.
Premier McKeeva Bush said in his address, “The persons to whom we pay tribute have been deemed by their community representatives to be worthy of such high honour. Their contributions and sacrifices have notably moved their country further on its journey than it ever would have reached without them.” He added, “When I talk about sacrifices, I mean professional, social, economic and personal interests, endangered and forgone. In remarkable instances some honourees proved willing to sacrifice their lives.”
As this year’s Heroes Day theme revolved around the development of aviation, contributors in this field were also guests of honour. They were honoured during an Aviation Awards Luncheon this weekend (Saturday, 22 January). The Heroes Day festivities included live entertainment, local foods and opportunities to reminisce on the significance of earlier stalwarts who so selflessly served this country.
See full biographies of the new National Heroes.
Related articles:
Slow recovery predicted for the US
(CNS): Journalist Clive Crook and keynote speaker at this year’s Cayman Business Outlook said that the United States would be in for slow growth this year because of a number of pressures bearing down on its economy. Whatever happens in the US was, according to Crook, of tremendous importance to the Cayman Islands because the island’s tourism was based upon US visitors and the Cayman Islands dollar was pegged against the US dollar. “We should not underestimate the US,” he said, however he noted that current politics in the US were currently at a “pivotal moment” as the world was about to find out about America’s capacity to govern itself, as President Obama comes to grips with a Republican majority in the House of Representatives.
“There is currently a clash between the chronic difficulties with the infrastructure of government in the US and a convergence of economic problems which have no roots in politics. These are clashing head on,” he said. The US, Crook said, was in for a very un-American long and slow recovery. “Past deep recessions have seen a sharp recovery but this recovery is more like a British recovery and will happen very slowly,” he said.
The recession has, according to Crook, “disturbed the whole pattern of economic life in US households” as they try and get their heads above water as a result of the housing crisis. “I believe the zeal to deleverage will abate eventually to just moderate anxiety but this is why the recovery will be so slow,” Crook explained. “There will be no rapid recovery. So long as households try and get on top of their personal finances and restore their savings, consumption will be slow and there will be sluggish growth.”
Another worrying event that Crook believes will slow down recovery will be the influx of regulation by the US government to attempt to better regulate the financial markets.
Crook said, “Too much regulation creates more of a problem than a solution. The US government has embarked on an incredibly ambitious regulatory reform plan but the implications of which are shrouded in mystery. They have produced 2,000 pages of instructions on the regulation – new rules to recast the financial regulatory landscape.” He said the concern in this regard was that these new rules may take the same form as the last set of US knee-jerk reaction regulations (known as the Sarbannes-Oxley Act of 2002 which followed the Enron collapse) which he called an “ill-considered response which created more problems than it solved.”
The threat of an increase in interest rates was also an issue of concern, according to Crook. He said he was not sure that China’s capital flows into the US would continue which would threaten to increase long term interest rates, at a time when America needed them to be kept low.
Measures taken by the Federal Reserve Bank including lowering interest rates and quantative easing (namely printing money) would only be short term solutions.
Crook did have praise for the Fed, when he said, “The Federal Reserve deserves full marks for the measures they took to ease the economy. At the time we were worrying that this could be the next great depression but all we have now is a disappointing recovery rather than a catastrophe.”
Nevertheless, he said that this was a dangerous recession and that the US could not afford to pussy-foot about as the main worry right now was acute political uncertainty.
More from CBO: Slowdown for China needs careful handling
Slowdown for China needs careful handling
(CNS): China’s current growth rate is set to slowdown in the near future, but this does not necessarily mean it will have a knock-on downturn effect on the global economy, according to Peking University’s Professor Michael Pettis, who was speaking at this year’s Cayman Business Outlook Conference, so long, he said, as it was properly managed. Previously, countries such as Brazil, Japan and the Soviet Union had all achieved rapid growth in a short space of time, only to be followed by rapid declines. “This is not a co-incidence” Pettis said. “Their growth was unsustainable.”
In these countries their growth was unbalanced because it was based on trade, he said, which meant an undervalued exchange rate causing the cost of imports to be high and exports to be low. The effect on household income was therefore similar to imposing an import tax causing a decline in household income.
“In recent years in China wages have grown much slower than productivity which means a huge subsidy to employers,” Pettis explained. “With a rebalancing they can increase the share of household income and decrease their dependence on investment and a trade surplus.” This would mean raising the value of the currency in China. This would have the effect of slowing down growth and increasing consumption as households would have a higher share of the country’s GDP.
However, Pettis warned that China would create a problem if it did this too quickly because the price of tradable goods would go up too quickly, bankrupting companies and causing unemployment to rise and household income to drop.
An increase in interest rates there would have to be implemented slowly because Pettis worried about how much money was in fact indebted to China’s Central Bank by state owned companies which were barely profitable and were only making money because interest rates were so low.
Beijing was beginning to start discussion in this area and a debate was taking place, according to Pettis. Nonetheless, there were impediments to the slow implementation of slowing the economy, not least of which is the fact that China’s trade surplus will continue to rise in the short term and the rest of the world would need to be able to absorb the trade surplus, at a time when the US and peripheral Europe had huge trade deficits.
“Here we have an arithmetic problem,” he said. “The difficult global trade environment means trade relations will only deteriorate.”
When China slows down the rest of the world does not have to suffer – China’s reduction in trade surplus can mean growth for the world, according to Pettis, so long as there is a real attemptat rebalancing household growth.
More from CBO: Slow recovery predicted for the US
French marines make unexpected stop in Cayman
(CNS): A French military plane made an emergency landing at the Owen Roberts International Airport around noon Sunday, 23 January, due to engine trouble. Cayman27 reported that there were French Marines on board. According to the local television report, there were about 40 people aboard who were all unhurt. The crew, who are based in Suriname, did not tell Cayman27 where they were coming from or where they were going. Emergency crews closed off the roads around the airport before it landed and it was met by fire officers, who escorted the aircraft to front of the Cayman Airways hanger. (Photos by Dennie Warren Jr.)
Rollover must be real break
(CNS): One year on Sherri Bodden-Cowan found herself talking once again about the rollover gap on the discussion panel of the CBO conference on Thursday. Now chair of the Work Permit Board, the attorney and architect of the country’s seven year term limit for permit holders explained that any reduction in the gap had to still provide a meaningful time period that would constitute a legal break in stay. speaking to CNS after Thursday’s conference, Bodden-Cowan said that while legal opinion from London said that lawfully the Cayman Islands could reduce the rollover gap to as little as the government chooses, no lawyer could guarantee that a reduced gap would stand a courtroom test.
“We can change the current year break to one as short as we would like but the problem we would face if we reduced the gap to a mere 30 days would be that such a short period could not be considered as a legal break in stay and nothing more than a holiday,” Bodden-Cowan said.
She explained that by reducing the rollover break too much, the country could see the issue that the policy was designed to prevent coming to fruition in several years. Without a real break individuals could realistically remain living and working in the Cayman Islands for as much as fourteen years with only a month’s break. The WP board chair pointed out that it was extremely likely that the courts would find in favour of someone in those circumstances being given permanent residency rights, and that could very easily become a lot of people.
“We have seen examples of nine month breaks that appear to stand the legal test and it may be possible to reduce the break to six months, but that may turn out to be too short when tested in the courts,” she added.
With the advent of the bill of rights, Bodden-Cowan said it was not possible to return to the days when people remained in Cayman for years and years without any security of tenure, and the country could not afford to offer permanent residency and the opportunity to become Caymanian to everyone who would want it.
Despite the continued controversy regarding the policy, Bodden-Cowan re-emphasized her belief that it remains the best way to manage the continuing problem that Cayman faces of balancing the issue of immigration control with the needs of the business community.
“The key employee system is there to ensure those that are needed have a way to stay and can move through the system to become Caymanians,” she said, adding that this was how Cayman could gradually grow the population with the talented people that the economy needs.
Speaking during the panel discussion, she said the policy was no means contrary to growing the economy and the system was the best way to create new Caymanians.
She warned that abolishing the rollover because of its percieved inconveniences would be handing a troublesome legacy to future generations, who would then have to deal with the high numbers of people who would have the right to be Caymanian and therefore make claims on thestate for education, healthcare and support in their old age.
Theo Bullmore, who was also on the panel, described the rollover as a little hobbyhorse of his and he said he has always believed the system was wrong. “I think it’s morally wrong to treat people as disposable," he said, adding that it hurt Cayman businesses, was costly and illogical. Bullman said he believed that it had institutionalised the old Caymainian saying of “I’m here to stay – you here to go” and had created the current divide.
Early morning shooting in GT
(CNS): Police say a 19-year-old man was shot in the neck around 2:10 am this morning, Sunday 23 January and is currently undergoing treatment for the wound at the Cayman Islands Hospital, George Town. The shooting occurred at a residence located along Cruz Lane in George Town, according to the RCIPS. The wound is serious but not life threatening, and the victim is expected to recover in time. The motive of the shooting is unknown at this time, and police are appealing for anyone who was in the vicinity of the incident at the time it occurred or who may know of something in relation to what transpired to contact the George Town police station at 949 4222, or call Crime Stoppers 800 8477(TIPS).
Bridger’s complaints rejected
(CNS): Complaints made to the Foreign and Commonwealth Office (FCO) by Martin Bridger, the former lead investigator of Operation Tempura, the undercover police investigation into the RCIPS that took place in the Cayman Islands between 2007 and 2009, have been dismissed by the governor. Although still considering some of the complaints, Duncan Taylor, who took up the post of governor after the investigation was discredited, said the allegations Bridger had made about Chief Justice Anthony Smellie, Justice Henderson and Justice Cresswell were “without justification” and that he had every confidence in the local judiciary.
The complaints were made in the first instance to the FCO last summer by the legal advisor to Tempura and the special police investigation team, former attorney Martin Polaine. The complaints were referred to him for consideration, Taylor said on Friday afternoon. He explained that Bridger later asked to be considered a joint complainant, and when Polaine withdrew his complaint, Bridger took full ownership.
“I was not the governor during the period of Operation Tempura and did not have first-hand knowledge of events which had transpired during those years. Due to the factual and legal complexity of the complaint and the large amount of documents which had to be considered, in late August 2010 I instructed independent Queen’s Counsel from London to advise me on how to proceed,” the governor said.
“I have now received detailed legal advice in respect of the complaint. I am still considering some aspects of that advice but I have reached a conclusion in regard to the complaint as it touches on the judiciary. I have dismissed all the complaints made against the judiciary, namely those complaints made against the Chief Justice, Mr Justice Henderson and Mr Justice Cresswell.”
Taylor said the complaints were similar to those revealed in an article in the Financial Times 13 January.
“I consider that any allegations raised against the judiciary of the Cayman Islands in that article inferring that they had conspired to frustrate or interfere with Operation Tempura are unfounded and without justification,” Taylor stated, adding that he would make a further statement once he had considered all aspects of the complaint.
“I would like to take this opportunity to make clear that I have every confidence in the judiciary of the Cayman Islands.”
Bridger now appears to be working with the company owned by Polaine, who was removed from the legal profession by the UK Bar Council last year as a result of his work with Operation Tempura. The former head of the investigation has suggested that Tempura was not stopped because it was discredited, despite the unlawful arrest of justice Henderson, but because he was prevented from further investigations in Cayman
Wealthy struggle to sell mega yachts
(New York Times): What is tougher than having one sleek mega-yacht for sale in a glutted market? The answer, for the moment at least, is having two mega-yachts on the market. In boom times, yacht enthusiasts would order a new dream boat and keep their old one for the two or three years the builder needed to complete the new boat. Then, they would quickly sell the older yacht to impatient new millionaires and billionaires eager for their requisite status symbols. But that equation changed with the financial crisis two years ago and took the superyacht market down with it. Some of the wealthy have ended up like Peter A. Hochfelder, the principal and founder of Brahman Capital Management, a private investment firm in Manhattan.
Police arrest thief who took advantage of kindness
(CNS): A woman who voluntarily gave cash to a man known to her was taken advantage of after taking her handbag as well. Police arrested a 39-year-old man in the wake of the burglary which took place in West Bay at around 7.50 pm. last night, Thursday. The man had called at a home in Boatswain Bay Road, West Bay and asked the householder for a small amount of cash. She left the man, who is known to her, standing at the door while she went back into the house to getsome money. She returned to the door passed the man the cash and he then made off. The lady immediately realised that her handbag was missing from the hallway and called the police.
A short time later West Bay officers patrolling in the area arrested a man on suspicion of burglary. Subsequent enquiries led to the recovery of the handbag.
Inspector Brad Ebanks of West Bay police is reminding residence that many of the burglaries and thefts we have reported are opportunist. “Would-be thieves are on the lookout for open windows, open doors and opportunities where they can quickly get in and out with property. Secure your property in a safe place at all times,” he said.
“If anyone needs to speak to one of our officers about crime prevention they should either come to the station or give us a call on 949-3999 or 649-3999”.
Two men in dock six days after robbery
(CNS): Update Friday 10:15pm – Joseph Lloyd Suberan, aged 19, and Sanjay Andre Burrell, aged 21, appeared in court this afternoon (Friday 21 January) in connection to a robbery at the Reggae Money Express on Saturday 15 January. They faced charges of theft, conspiracy to steal and possession of an unlicensed firearm. Earlier today police said that yesterday afternoon (Thursday) they had recovered a firearm, cash and made a third arrest for the robbery. An operation conducted in the Prospect area ended with the arrest of a 26-year-old man on suspicion of being an accessory after the fact as well as the recovery of “a substantial amount of cash” and an imitation firearm, a police spokesperson said. (Photo Dennie Warren Jr)
The 26-year-old arrested during yesterday’s operation has been released on police bail while enquiries are ongoing. Burrell and Suberan were both granted bail by the court.
With over 60 robberies last year and five in the first month of the year police are under increasing pressure to make headway in solving these increasingly disturbing crimes where local small business appear to be being targeted by robbers.
Police have not given any indication on how may gangs of robbers are currently operating on island but given that some have taken place almost simultaneously it is evident that more than one group of criminals are committing the crimes.
Anyone with information about this crime or any other is asked to call George Town police station on 949-4222 or the confidential Crime Stoppers number 800-8477 (TIPS).