iNews Briefs
Unemployment rate in Cayman Islands fell to 4.7 percent as employment grew in 2014
The overall unemployment rate in the Cayman Islands was 4.7 percent in 2014. The unemployment rate among Caymanians was estimated at 7.9 percent, this is lower than the 9.4 percent recorded in 2013 and for non-Caymanians the rate was 1.5% down from 3.1% in 2013.
“I am pleased that the labour market improved last year, and progress is expected this year towards further reducing the overall unemployment rate” notes the Minister for Finance and Economic Development Minister, Hon. Marco Archer.
The final results of the 2014 Labour Force Survey, released today by the Economics and Statistics Office, presents data on Cayman’s labour force, unemployment rate, and persons who are not economically active.
More information on the “The Cayman Islands’ Labour Force Survey Report, 2014” are available at www.eso.ky
World Poets Day: Cayman Islands to screen ”Poetry is an Island”
World Poetry Day is Saturday 21st March and to celebrate it the Cayman islands will be showing “Poetry is an Island”.
“Poetry is an Island” highlights the life and work of award winning, Caribbean poet Derek Walcott.
The director of the film Ida Does will be on island for the film screening and will take part in a Q&A following the screening.
“Poetry is an Island” screening
Date: Saturday 21 March
Time: 6:30 p.m.
Location: Harquail Theatre
$20 donation
Submersible vessel stuck on the Belize Barrier causing major damage
From Patrick Jones Belize News
BMG: The Belize Barrier Reef is taking a pounding … literally.
A 12 feet long by 6 feet wide deep water submersible was spotted last week about six miles north of San Pedro town in an area known as Mexico Rocks.
According to Oceana Belize, late last week it undertook an assessment along with personnel from Hol Chan Marine Reserve and what they found is that the submersible “has already caused substantial damage to the coral species (including fire coral Mellipora alcicornis) at the site.”
Oceana Belize says it supports calls for the submersible to be removed as soon as possible to avoid any further degradation to the site.
In a statement released today, Oceana Belize’s Communications Director Alyssa Carnegie says that “the damage already caused by the ROV and the complexity of its removal from the Belize Barrier Reef, as well as the recent sailboat stranding off Caye Caulker, highlights the lack of the necessary resources to respond properly and timely to incidents at sea. How we handle these incidents communicates, nationally and globally, the level of respect we hold for our marine wealth.”
Oceana Belize says that based on markings and serial numbers on the vessel, it has been identified as a remote operated vehicle that was “reported as ‘lost’ in Trinidad and Tobago in November, 2014.”
Efforts to remove the submersible which was first discovered on Wednesday, March 11, were unsuccessful due to high wave action.
Cayman Football: Purvis hails quality in women’s team
From Digicel Sportsmax
Head coach of the Cayman Islands women’s national team Alan Purvis sees good quality in the squad despite losing to the University of New Haven on Sunday.
Purvis says the team has good potential and has the ability to do very well in the near future.
“We got a bit better as the game wore on,” Purvis said.
“First 20, maybe 25 minutes, it took us a little while to get our shape and our discipline at the back. And, it was the same thing that happened in Guadeloupe, really, the first 20 minutes or so we were a bit disorganised, but once we sorted that out we restricted their chances of getting behind us,” Purvis said.
“Second half they didn’t have many shots. So we’re definitely a better second half team than we are a first half team. If we can improve those first 20 minutes we’ll be a lot better.”
Both teams will meet again in another friendly on Wednesday evening at the Truman Bodden Sports Complex.
The Cayman Islands Women’s Team are preparing for the qualifiers for CONCACAF Pre-Olympic tournament qualifiers, which is set to begin later this year.
AMCHAM moves to expand investments under CBI
By Balford Henry From Jamaica Observer
KINGSTON, Jamaica – The American Chambers of Commerce (AMCHAM) of Jamaica and Trinidad and Tobago have teamed up to pilot a project aimed at advancing executive, legislative and business-to-business initiatives between Caricom and the United States.
According to AMCHAM Jamaica, the aim is to expand trade and investment in the services sector between both markets, under a refocused Caribbean Basin Initiative (CBI), titled Services of the Caribbean (SOCA). The initiative was launched in Washington DC in 2013.
AMCHAM Jamaica president, Ron McKay, said that he is fully convinced that the services sector is the way to expand economic growth and jobs for Jamaica and its Caricom neighbours.
“We urge the business community and governments of the region to join and support this effort,” he said.
SOCA seeks a refocusing of the CBI towards services, as the dominant sector of Caricom economies and of US-Caricom trade and investment. This follows 30 years of a goods-based preferential trade regime, which no longer reflects the economic reality of the region or of the bilateral trade and investment relationship.
On Wednesday, March 18, AMCHAM Jamaica will host a public forum on the Services of the Caribbean “SOCA” Initiative, from 12:00 pm – 3 pm, inside the “Talk of the Town” restaurant at the Jamaica Pegasus hotel.
The forum will feature presentations from Jamaica’s Minister of Industry, Investment & Commerce, Anthony Hylton; Reuben Smith-Vaughan, senior manager, Americas Policy and Advocacy, US Chamber of Commerce; and representatives from the AMCHAMs of Barbados and the eastern Caribbean as well as AMCHAM Trinidad & Tobago.
For more: http://www.jamaicaobserver.com/latestnews/AMCHAM-moves-to-expand-investments-under-CBI
Barbados Football: Harris wants more Caribbean referees
From Digicel Sportsmax
President of the Barbados Football Association Randy Harris says he wants to see more Caribbean referees in tournaments such as the Gold Cup and the World Cup.
He believes that more referees in the Caribbean gives CONCACAF a good mix.
“Sometimes I am very disappointed when I see World Cup games, big CONCACAF games and I don’t see someone [referee] from Antigua, St Lucia, Barbados,” Harris explained.
“I know it is a difficult task, and while we have the two main ingredients here in the physical and technical area of football we all know there are other areas that we have to work with patience,” he added.
“All of us are working assiduously to make sure that our teams have higher rankings, perform better, and make it to all the cups. A lot of us are not thinking about the referees and we can’t have any gap between the development of the players and the game in the Caribbean, and the standard of referring. So I want you to take this aspect of your training seriously.”
Foreign holdings of US Treasury debt hit $6.22 trillion
By Martin Crutsinger AP Economics Writer from Silver City Sun-News
WASHINGTON (AP) — Foreign holdings of U.S. Treasury securities rose to a record level in January despite a cutback by investors in China, the largest foreign owner of Treasury debt.
The Treasury Department said Monday that foreign holdings increased 1 percent to $6.22 trillion.
China trimmed its holdings for a fifth month, reducing them 0.4 percent to $1.24 trillion after a 0.5 percent cut in December.
Japan, the No. 2 foreign buyer, boosted its holdings by 0.6 percent in January to $1.24 trillion. Before rounding, the Chinese total is $500 million higher than the Japanese.
Foreign governments, primarily through their central banks, account for two-thirds of the foreign holdings. For January, the total held by foreign governments rose 0.3 percent in January to $4.12 trillion.
In addition to the increase by Japan, other countries who padded their holdings in January included oil exporting nations and Caribbean banking centers, a group that includes the Bahamas and the Cayman Islands.
The expectation is that demand for Treasury securities, still viewed as one of the world’s safest investments, will remain strong this year. While U.S. interest rates are still low, they are expected to climb this year once the Federal Reserve begins to raise interest rates.
For more: http://www.scsun-news.com/silver_city-business/ci_27722639?source=rss
U.S. Ambassador to the Kingdom of the Netherlands visits the Dutch Caribbean
WILLEMSTAD – U.S. Ambassador to the Kingdom of the Netherlands Timothy R. Broas visited the Dutch Caribbean this week. Accompanied by U.S. Consul General James Moore, Ambassador Broas will visit Curaçao, Sint Maarten, St. Eustatius, and Aruba and meet with distinguished members of government and parliament, and leaders in education, the arts, and the media.
Timothy Broas was nominated by President Barack Obama to be the U.S. Ambassador to the Kingdom of the Netherlands on January 6, 2014. He was confirmed by the U.S. Senate on March 13, 2014. Ambassador Broas presented his credentials to His Majesty King WillemAlexander on March 19, 2014, as Ambassador Extraordinary and Plenipotentiary of the United States of America to the Kingdom of the Netherlands.
During his visit to Curaçao, Ambassador Broas met with Governor Lucille George-Wout, Prime Minister Ivar Asjes, President of Parliament Mike Franco, and several other ministers of the Prime Minister’s cabinet. Ambassador Broas also met with leaders in education and the arts who are deepening U.S.-Curaçao collaboration. Examples of collaboration include the increasing number of students from Curaçao who choose to pursue higher education in the U.S., a prominent U.S. filmmaker and producer who will be a featured speaker at the Curaçao International Film Festival Rotterdam, and the Smithsonian Institution’s ongoing collaboration with the Seaqaurium on deep reef research.
The visit of Ambassador Broas coincides with the 65th anniversary of the Roosevelt House and the opening of an exhibit to commemorate this unique gift from the people of Curaçao to the people of the United States.
MSC Seaside slated for Year-round Caribbean tours
From World Maritime News
MSC Cruises has revealed that the first of its next generation “Seaside” class of ships will be named MSC Seaside and sail year-round from Miami to the Caribbean.
Following the first ship’s delivery from the shipyard, MSC Seaside will make her way to Miami for MSC Cruises’ first ever christening ceremony in the US to take place in late 2017.
With a gross tonnage of 154,000 tons and the ability to accommodate up to 4,140 guests at double occupancy, MSC Seaside will be the largest cruise ship ever built by Fincantieri shipyards.
“The Seaside class of ships is part of MSC Cruises’ USD 5.3 billion fleet expansion plan that will allow the company to double its capacity by 2022,” said Gianni Onorato, CEO of MSC Cruises.
”Since bringing MSC Divina to Miami in November 2013, we’ve seen significant demand from consumers in the product, excellent support from our travel agent partners and the growing need for additional MSC Cruises’ ships in the market.”
In addition, MSC Cruises said that its Miami-based cruise operations will benefit from a newly renovated and expanded dedicated berth and terminal at Port Miami as the cruise operator tries to further strengthen its foothold in the North American market.
MSC Cruises currently operates a fleet of 12 cruise ships which carried 1.67 million guests in 2014.
MSC Cruises ordered two ”Seaside” class ships from Italy’s Fincantieri in 2014, with an option to build one more. MSC Seaside has a planned delivery for November 2017 and the second ship in the class will be delivered May 2018.
For more: http://worldmaritimenews.com/archives/155022/msc-seaside-slated-for-year-round-caribbean-tours/
This was one of the moments Steve Jobs realized he could change the world
By Eugene Kim From Business Insider
IMAGE: Steve Jobs YouTube Apple cofounder Steve Jobs
Steve Jobs died in 2011, but his past interviews continue to inspire so many people in tech.
One of those old interviews was shared by venture capitalist Chris Dixon on his blog Friday, under the title, “It all blossomed out of this tiny little seed.”
The video is part of a documentary filmed in 1985, the year Jobs was ousted from Apple to found a new computer company called NeXT.
In the film, Jobs was asked what made him start over again when he was already wealthy and acknowledged as one of the most influential people in the computer industry.
Part of it, the film says, came from his need to feel like he was “contributing to history.” And Jobs said he felt that kind of inspiration when he saw a bunch of Apple II computers in a classroom for third and fourth graders.
He said:
“What hit me about it was that here was this machine that very few people designed — about four in the case of the Apple II — who gave it to some other people who didn’t know how to design it but knew how to make it, to manufacture it. They could make a whole bunch of them. And then they gave it to some people that didn’t know how to design it or manufacture it, but they knew how to distribute it. And then they gave it to some people that didn’t know how to design or manufacture or distribute it, but knew how to write software for it.
Gradually this sort of inverse pyramid grew. It finally got into the hands of a lot of people — and it all blossomed out of this tiny little seed.”
Jobs went on to describe how incredible it was to see “this germ of an idea” go on to impact so many kids and help them grow up with something that might be “very beneficial to their lives.”
“That’s an incredible feeling to know that you had something to do with it, and to know it can be done, to know that you can plant something in the world and it will grow, and change the world, ever so slightly,” he said.
For more: http://www.businessinsider.com/steve-jobs-1985-video-documentary-2015-3#ixzz3Ul1J0RDX
Royal Caribbean Cruises now covered by analysts at Buckingham Research (RCL)
By Nolan Pearson from WKRB
Royal Caribbean Cruises logoInvestment analysts at Buckingham Research started coverage on shares of Royal Caribbean Cruises (NYSE:RCL) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $102.00 price target on the stock. Buckingham Research’s target price would suggest a potential upside of 32.18% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus raised their price target on shares of Royal Caribbean Cruises from $76.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Analysts at Citigroup Inc. lowered their price target on shares of Royal Caribbean Cruises from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, February 2nd. Analysts at Stifel Nicolaus raised their price target on shares of Royal Caribbean Cruises from $96.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, analysts at Jefferies Group reiterated a “buy” rating and set a $95.00 price target (up previously from $87.00) on shares of Royal Caribbean Cruises in a research note on Friday, January 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $79.27.
Shares of Royal Caribbean Cruises (NYSE:RCL) traded down 0.13% during mid-day trading on Wednesday, hitting $77.07. 281,588 shares of the company’s stock traded hands. Royal Caribbean Cruises has a 52 week low of $49.65 and a 52 week high of $85.56. The stock has a 50-day moving average of $77. and a 200-day moving average of $73.. The company has a market cap of $16.93 billion and a P/E ratio of 22.47.
Royal Caribbean Cruises (NYSE:RCL) last announced its earnings results on Thursday, January 29th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.11. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts predict that Royal Caribbean Cruises will post $4.80 earnings per share for the current fiscal year.
Royal Caribbean Cruises Ltd. (NYSE:RCL) is a cruise company. The Company owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisieres de France and a 50% joint venture interest in TUI Cruises.
Consultancy – Lead generation, pre-qualification and short-listing of foreign companies for the Caribbean Investment Summit 2015
Caribbean Export Development Agency (Caribbean Export), in collaboration with the Caribbean Association of Investment Promotion Agencies (CAIPA), invites proposals from qualified contractors to provide consultancy services for the generation of leads, pre-qualification and short-listing of foreign companies, identified as potential investors in the Caribbean and the securing of their participation in meetings with CAIPA members, in particular the Caribbean Investment Summit, which is scheduled for June 25, 2015 in London. Contractors are invited to submit a technical and financial proposal.
The proposed consultancy is being undertaken in the context of the 10th European Development Fund Regional Private Sector Development Programme.
The assignment is detailed in the attached Terms of Reference (TOR), Annex 1. Consultants (firms/individuals) are being asked to present proposals.
All proposals are to be addressed to:
Executive Director
c/o: Mr. Chris McNair
Caribbean Export Development Agency
1st Floor Baobab Tower
Warrens
St. Michael
BARBADOS
Proposals may be sent via mail to the address noted above in Section 5, or by email to the attention of Mr. Christopher McNair at: [email protected] copied to [email protected] Please note that if you submit a proposal by email and do not receive a return response from Caribbean Export, you must contact the Agency prior to the deadline to ensure receipt of your email.
The deadline for all submissions is 01 April 2015 at 4:30 pm (AST). Late submissions will not be accepted. The timelines in Appendix 1: Terms of Reference, Section 7, are adjustable.
All questions regarding the terms of reference should be sent by email to [email protected] copied to [email protected] Or telephone 246 436 0578 (Chris McNair) and 809-531-6565 (Suzette Hudson).
The Consultant will be supervised by the Executive Director, Caribbean Export Development Agency (or his/her nominee) who will have responsibility for overseeing the Consultancy and compliance with the scope of work. The Consultant will work closely with the members of the Caribbean Association of Investment Promotion Agencies (CAIPA).
The successful consultant will be required to enter into a Contract with Caribbean Export Development Agency.
A proposal will not be considered unless it complies with the conditions set out in this notice.
Caribbean Export Development Agency does not bind itself to accept the lowest, or any proposal submitted.
Interested persons are asked to download the full terms of reference here.
Caribbean tourism official to speak at Conference on Americas
From Grand Valley State University
Sustainable tourism and competing through diversity will be the focus of a presentation by the secretary general of the Caribbean Tourism Organization during a conference at Grand Valley State University.
Hugh Riley, who joined the Caribbean Tourism Organization in 2002, will give a presentation March 21, as part of the 13th Conference on the Americas sponsored Grand Valley’s Latin American Studies Program.
The Caribbean Tourism Organization, the region’s tourism development agency, has more than 30 Dutch, English, French and Spanish country members. As the chief executive officer, Riley oversees the organization’s operations in Barbados, North America, United Kingdom and Europe.
The Caribbean: Competing Through Diversity
March 21
9 a.m.
Eberhard Center
301 W. Fulton
Pew Grand Rapids Campus
Riley joined the Caribbean Tourism Organization New York as director of marketing after working in a number of senior tourism positions in the U.S., Canada and the Caribbean over a period of 20 years. He is credited with having instituted new air services from North and South America to his native Barbados and the Caribbean, and was responsible for engaging the Caribbean Diaspora and travelers through targeted events in major cities throughout North America. He attended the City University of New York and Thomas Edison State College where he earned a bachelor’s degree in communication and later studied tourism management at the University Of Surrey.
The event, sponsored by Grand Valley’s Hospitality and Tourism Management Department, is part of a series of events celebrating the 10th anniversary of Grand Valley’s College of Community and Public Service.
For more information, contact Michael Scantlebury, associate professor of hospitality and tourism management, at (616) 331-2705.
Sony Music Nashville CEO/Chairman Gary Overton to step down
From All Access Music Group
SONY MUSIC NASHVILLE (SMN) CEO/Chairman GARY OVERTON will step down from his position, effective TUESDAY, MARCH 31st. This is a result of a mutual agreement between OVERTON and SONY MUSIC ENTERTAINMENT.
“Working at SONY MUSIC has been one of the most rewarding experiences of my career,” said OVERTON. “I will deeply miss the talented team at SMN, but I am also excited about starting the next chapter of my career. I want to thank the amazing staff for their tireless commitment to supporting our incredible artists.”
No word yet on plans to fill the position.
Apple’s upcoming TV subscription service will launch without NBC after feud with Comcast
By Bryan Logan From Business Insider
The negotiations Apple is engaged in with TV networks to launch its own subscription service this fall involves several players, including heavy-hitters like CBS, ABC and Fox.
But, the talks seem to be missing one key player – NBC. The Wall Street Journal reported Monday night that NBCUniversal is not involved in the negotiations at the moment, and that it’s likely because Apple and Comcast, NBC’s parent company, are not exactly on speaking terms.
From the Journal:
Apple and Comcast were in talks as recently as last year about working together on a streaming television platform that would combine Apple’s expertise in user interfaces with Comcast’s strength in broadband delivery. Apple came to believe that Comcast was stringing it along while the cable giant focused on its own X1 Web-enabled set-top box.Since the negotiations appear to be ongoing, there might be plenty of time for the parties to reengage. Without Comcast on board, Apple could potentially miss out on some pretty major cable nets that NBCUniversal owns, like USA Network and Bravo.
At the end of 2014, USA held on to its No. 1 overall rating among cable networks, a distinction the outlet has maintained for several years now.
Without Comcast on board, the bigger loss for Apple would be NBC’s huge sports portfolio, including the Olympics, for which the International Olympic Committee granted NBC Universal broadcast rights through 2032.
