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Community Events
Lutheran pastor to speak at Men’s Breakfast Meeting
The Grand Cayman chapter of the Full Gospel Businessmen’s Fellowship International holds its monthly breakfast meeting this Sat. July 25th at the Upper Crust restaurant, Caymana Bay. The guest speaker is Pastor Hasskari of the Safe Harbour Lutheran church. The meeting starts at 7.30a.m. and further info. can be obtained by calling 949-5720/ 924-8245.
Immigration Department Closure On 31 July 2015
The Department of Immigration Headquarters, including Passport & Corporate Services, Visa Office and Front Counter, will be closed to the public for all but essential services on Friday, 31 July 2015. Only work permit and permanent residence applications (including applications for permission to continue to work (PCW)) that must be submitted prior to 1 August in order to allow continued employment will be accepted.
Time sensitive applications for visitor extensions will also be accepted.
The Passport & Corporate Services Office will not accept any applications but passports and visa waivers may be collected at the Immigration main counter location.
The Department will resume normal operations on Monday, 3 August and will also remain open to the public until 7.00pm on Wednesday 29 and Thursday 30 July.
The Department apologizes for any inconvenience the closure on 31 July may cause.
WED JULY 22
2015 CBA Training Seminar Series
The Caymanian Bar Association is pleased to announce the launch of the 2015 CBA Training Seminar Series, which will consist of eight seminars on Corporate and Funds Law. The seminar series will be held from July to November this year. Seminar 1 “Practical Issues on Setting up a Cayman Company’ is Wednesday (22 Jul) in Boardroom D at Maples and Calder starting at 5:25 pm.
THU JULY 23
National Gallery Summer Arts Drop Ins
The National Gallery of the Cayman Islands is thrilled to be hosting a Summer of Art, free programming that allows kids to utilise their creativity by participating in a range of imaginative activities. Drop-in sessions will take place in the National Gallery Education Centre every Thursday afternoon from 2:00 PM — 4:00 PM Each Summer Camp Drop-in session is different and gives kids ages 6 to 14 multiple opportunities to take part in a range of art-related activities including stenciling, creative group activities, painting, drawing and more.
China’s Gold Reserves grow 57% since 2009
By Greg Richter From Newsmax
China’s gold reserves have increased 57 percent since the last time it reported its holdings, The Wall Street Journal reports.
The People’s Bank of China on Friday said it has 53.32 million troy ounces of the precious metal in reserve. It last reported its holdings in April 2009.
China wants to see its yuan recognized as a reserve currency like the U.S. dollar, the Japanese yen, the euro and the British pound. But that isn’t likely to happen soon, the Journal notes, because China’s government tightly control’s the yuan’s value.
According to the International Monetary Fund, China’s holdings put it fifth in total gold holdings behind the United States (at 261.5 million ounces),Germany, Italy and France. China now beats out Russia and Switzerland in total gold holdings.
But China’s number is only about half what had been expected, Ross Norman of London-based bullion broker Sharps Pixley told the Journal.
“The interesting thing about the announcement is the timing,” he said. “China has clear ambitions to create a global reserve currency to challenge the hegemony of the U.S. dollar and to fill the void created by the declining holdings by central banks of the euro.”
Brien Lundin, editor of Gold Newsletter. told MarketWatch that “there is much evidence that [China’s] holdings are actually at those higher levels, which makes one wonder why they would feel compelled to understate the total now.”
Last and longest serving death row inmate in Belize escapes hangman’s noose
From CARIBBEAN360
BELMOPAN, Belize, Monday July 20, 2015 – The last man waiting to face the hangman in Belize got a reprieve when the Court of Appeal quashed his death sentence last week, saying his constitutional rights had been violated.
Glenford Baptist, 44, had spent more than 13 years on death row after being convicted of murder in November 2001. At the time of his sentencing, the death penalty was automatic for homicides, but that was declared unconstitutional and replaced with a discretionary regime a year later.
His attorney Priscilla Banner argued before the court that the length of time her client had been on death row without being executed – 13 years and eight months – amounted to inhumane treatment or punishment, and also that he should not have automatically faced the death sentence.
“Essentially, Mr. Baptist was saying to the court . . . [that] ‘both of those constitute breaches of my fundamental rights, particularly Section 7 of the Constitution’ and he asked the court . . . to quash his sentence of death,” she said.
The court agreed and has scheduled a resentencing hearing for October 8.
Baptist was one of three people sentenced to hang for the murder of another man. The other two convicts – Oscar Mendez who had his conviction quashed, and Gilroy Wade – have since died.
Although the death penalty remains on the statute books, the last execution in Belize took place in 1985.
The Death Penalty Project, a UK-based human rights organization, said it was hopeful that the court’s decision in Baptist’s case would encourage Belize to join the growing list of countries around the world that have abolished the death penalty.
Captured predator pleads guilty to manufacturing child pornography
From ICE
NEW BERN, N.C. — A Raleigh man arrested after a public campaign to identify a child predator led to his arrest pleaded guilty Wednesday to one count of manufacturing child pornography.
William Akers, 46, was arrested by special agents from U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) hours after law enforcement made a public appeal to identify a man seen in a video sexually abusing an 8-year-old girl. The case was investigated by HSI, the Harnett County Sheriff’s Office and the Raleigh Police Department.
According to the investigation, on Jan. 5, 2014, a state search warrant was executed at Bailey Joe and Elizabeth Mills’ residence and several laptop computers, external hard drives and cellphones were seized. A subsequent computer forensics examination of the seized items located several homemade videos taken by the Mills’. The Mills have previously pleaded guilty and been sentenced for manufacturing child pornography. The videos show Akerssexually the girl in August 2013. On March 10, 2015, a federal complaint charging “John Doe aka Peter Gilbert” with conspiracy to manufacture child pornography was obtained. Akerswas arrested March 12, 2015 after several tip line callers identified him. Akerswas the IT manager for a company located in Raleigh.
At sentencing, set for October 2015, Akersfaces up to 30 years imprisonment.
Assistant United States Attorney Ethan A. Ontjes is handling the prosecution on behalf of the Eastern District of North Carolina.
This investigation was conducted under HSI’s Operation Predator, an international initiative to protect children from sexual predators. Since the launch of Operation Predator in 2003, HSI has arrested more than 12,000 individuals for crimes against children, including the production and distribution of online child pornography, traveling overseas for sex with minors, and sex trafficking of children. In fiscal year 2014, more than 2,000 individuals were arrested by HSI special agents under this initiative.
HSI encourages the public to report suspected child predators and any suspicious activity through its toll-free Tip Line at 1-866-DHS-2-ICE or by completing its online tip form. Both are staffed around the clock by investigators. Suspected child sexual exploitation or missing children may be reported to the National Center for Missing & Exploited Children, an Operation Predator partner, via its toll-free 24-hour hotline, 1-800-THE-LOST.
For additional information about wanted suspected child predators, download HSI’s Operation Predator smartphone app or visit the online suspect alerts page.
HSI is a founding member and current chair of the Virtual Global Taskforce, an international alliance of law enforcement agencies and private industry sector partners working together to prevent and deter online child sexual abuse.
SOURCE: https://www.ice.gov/news/releases/captured-predator-pleads-guilty-manufacturing-child-pornography
Here’s why a New York ‘dot-sucks’ billboard went up near Boston’s Fenway Park
By David Harris Associate editor, from Digital Boston Business Journal From new York Business Journal
IMAGE: This billboard advertising NewYork.sucks. SCREENSHOT OF IMGUR/ HTTP://IMGUR.COM/GALLERY/44ZRT48/NEW
This billboard advertising NewYork.sucks.
The battle for creative website names has come to the outskirts of Fenway Park, where a billboard advertising ” NewYork.sucks” is promoting what many Red Sox fans are thinking. The billboard faces the Mass Pike and is right behind Fenway Park.
The company that owns the rights to the .sucks generic top-level domain, Cayman Islands-based Vox Populi, is behind the campaign. Vox Populi is a subsidiary of Canadian-based Momentous Corp., which acquired the .sucks domain name for $3 million last year.
The photo showed up on image-hosting site Imgur on Wednesday with the headline, “Billboard on the Pike. I don’t like it.”
Vox Populi CEO and self-professed New York Yankees fan John Berard said the Boston billboard is one of two that have sprouted up around the country. The other, near San Francisco’s Bay Bridge, promotes the site “traffic.sucks.” And, for the record, the website boston.sucks is already taken by Vox Populi and could appear on a billboard in New York at some point, according to Berard.
“We’re new at this,” said Berard in an interview with the Boston Business Journal. “We are just now taking our first public steps… we have high hopes that at the very least we will be able to create a new space for comment for criticism.”
High praise for Ja’s Venture Capital Programme
By Chevon Campbell From nationwide Radio JM
Jamaica’s Venture Capital Programme has been ranked ninth among countries in the Latin American and Caribbean region.
The ranking is produced every six months by the Latin American Private Equity and Venture Capital Association, LAVCA.
This is Jamaica’s first time being captured by the report, with LAVCA describing the country’s ranking as “noteworthy.”
Venture capital is financing provided to early-stage, high-potential, growth startup companies.
Jamaica’s Venture Capital Programme, JVCP was launched in 2013 by the Development Bank of Jamaica with assistance from the Inter-American Development Bank.
The LAVCA Report, says the strength of the programme revolves around straightforward registration and reserve requirements on inward investments.
But the report notes key failings in capital markets development, laws on fund formation and restrictions on institutional investors.
The Coordinator for the JVCP, Audrey Richards, says these issues will be addressed soon.
For more: http://nationwideradiojm.com/high-praise-for-jas-venture-capital-programme/
Emerging Issues in International Bankruptcy- A New York Law Journal Webinar
In this webinar we will discuss two key topics:
International Bankruptcy: Do Principles of Comity Exist in Parallel to Chapter 15?
Approximately a year and a half ago, the district court for the Southern District of New York issued an opinion that raises important questions about the reach and applicability of the doctrine of international comity in a post-Chapter 15 world- in fact, the case appears to significantly extend the reach of comity in the context of foreign insolvency proceedings. Notwithstanding its significance and passage of time, the opinion has received little attention; we believe it deserves careful consideration.
Jurisdiction Issues in Bankruptcy
Over the course of the last few years foreign debtors have strategically taken advantage of Chapter 11 to restructure their debts and sway worldwide collection efforts. Rick Hyman and Christine Walsh will discuss some of the multi-jurisdictional issues, statutory limitations and strategic considerations that may be in play when a foreign debtor chooses to file in the US, with particular attention to the TMT Shipping case in Houston. Among other things, they will address the limited connections a foreign debtor must have to the US in order to establish jurisdiction and defenses that might be available to creditors.
Please join us for two presentations followed by a panel discussion moderated by Farrell McManus, the Associate Publisher of the New York Law Journal.
To register and more information go to: http://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=1022163&sessionid=1&key=81F5F5D2F5D778768CC70CCE432F4926&sourcepage=register&src=EMC-Email&cn=7.22ArthurLevineWebinar&bu=NYLJ&pt=&et=promotion
CDB approves USD2.37 million in grant assistance for Haiti Catastrophe Risk Insurance
FROM CDB
BRIDGETOWN, Barbados – The Board of Directors of the Caribbean Development Bank (CDB) approved, today, grant assistance of USD2,377,250 to the Government of Haiti to meet the country’s insurance premium for coverage being provided by the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for the 2015-2016 hurricane season.
Haiti is one of 16 Caribbean nations that buy policies from CCRIF, which provides rapid cash payments to help Regional Governments maintain essential services in the aftermath of a natural disaster.
“This grant assistance is just part of our ongoing commitment to support the Government of Haiti in its efforts to better mitigate and manage the impacts of natural disasters. CDB will remain a close development partner and help Haiti advance and emerge as a stronger, more resilient economy,” said Dr. Warren Smith, President of the CDB.
Haiti continues to recover from the catastrophic magnitude 7.0 earthquake in 2010, which caused more than 300,000 deaths, displaced more than three million people and made more than one million homeless. Since then, the country experienced devastating torrential rainfall, flooding and other localised disasters in 2012, 2013 and 2014.
At a July 3rd meeting with UN Secretary-General Ban Ki-moon and Caribbean agencies involved with climate change, including CCRIF, Dr. Smith affirmed that building resilience to natural hazards is central to CDB’s mandate to reduce poverty in the region. He added that adequate resourcing is urgently needed given the economic constraints faced by Caribbean countries.
“CDB has also been helping CARICOM countries to directly address the more complex socio-economic, environmental and natural resource management issues that exacerbate their climate vulnerability. Weak fiscal buffers and unsustainable levels of debt have severely restricted these countries’ ability to finance robust capital investment. Therefore, substantial climate finance is urgently required. CDB has been emphasising support for the rebuilding of infrastructure to higher standards. However, we could make a more significant contribution to the Region’s efforts in both disaster risk reduction and climate change adaptation, if adequately resourced,” said Dr. Smith.
CDB’s Country Strategy Paper for Haiti 2013-2016 states that support with insurance coverage is an area of intervention, which aligns with Haiti’s development objectives. Its particular benefit is that such financial support will help Haiti recover more quickly from the effects of natural disasters.
Since May 2013, CDB has provided grants for full payment of Haiti’s CCRIF premiums, given its fragility and high vulnerability to natural hazards.
Haiti was formally admitted into membership of the CDB on January 19, 2007.
‘De-risking’ diaspora remittances
The Commonwealth has pledged to work with regional and international financial institutions to reduce the risks associated with diaspora money transfers, which provide a crucial source of income to citizens in many developing countries.
The Financial Action Task Force (FATF), the US Treasury, regional bodies, international experts, central bank governors and global banks will attend a Commonwealth-led forum on remittances and regulations to tackle money laundering and terrorist financing.
The dialogue, which will take place in Marlborough House, London from 20 – 21 July 2015, will explore the implications of the de-banking of the remittance sector and identify policies to effectively address the impact of anti-money laundering and counter financing of terrorism (AML/CFT) regulations on money transfers.
“While AML/CFT regulations are essential to protect the integrity of the financial system, measures such as the closure of money transfer operators can have a marked impact on the flow of remittances,” said Deodat Maharaj, Commonwealth Deputy Secretary-General.
He added: “At their meetings in 2014, Commonwealth Finance Ministers and central bank governors from Africa, Asia, the Caribbean and the Pacific, emphasised the importance of balancing the need to tackle money laundering and terrorist financing with the need for financial inclusion. These concerns were echoed at the annual Commonwealth and Francophonie Dialogue with the G20, in April 2015.”
Eight Commonwealth developing countries are among the most dependent on remittances, with India receiving US$71 billion from diaspora communities – the highest value of remittances in 2014. Money transfers to the Caribbean and Africa also exceeded all other forms of external finance.
Mr Maharaj said: “The Commonwealth Secretariat is acting with urgency to find a way to decrease the cost of money transfers and to make remittances a viable and secure source of finance for developing countries.
“International co-operation remains crucial to maximise the mobilisation of all forms of finance – be they private or public. In this regard the Commonwealth is bringing together all key stakeholders to ensure that the development potential of remittances is not unduly constrained.”
FATF Executive Secretary, Rick McDonell, who will present the keynote speech at the event, added: “The FATF fully supports the objectives of financial inclusion and recognises the importance of remittances in many parts of the world. We believe that the international standards can and should be implemented in a balanced way that satisfies the need for appropriate regulation but does not unnecessarily obstruct international money transfers.”
Mr McDonnell described the dialogue as “a good opportunity to exchange views on whether that balance is being achieved.”
The outcome of the forum, which will take place just three days after the Financing for Development conference in Ethiopia, where discussions centred on domestic revenue mobilisation, as well as innovative financing, will feed into meetings with finance ministers and central bank governors, and the continued engagement with the G20. The forum also comes ahead of the UN summit on the post-2015 sustainable development goals and climate change that will take place later this year.
Bahamas Government files Winding Up Petition against 14 Baha Mar companies
From: Bahamas Information Services
After two days of intense negotiations in Beijing could not produce an out- of-court agreement on the way forward for Baha Mar, Bahamas Attorney General the Hon. Allyson Maynard Gibson filed a compulsory or involuntary winding up petition against the 14 Bahamian incorporated companies that make up Baha Mar in The Bahamas Supreme Court on July 16, 2015. This effectively paves the way for a court-appointed provisional liquidator to supervise the completion and opening of Baha Mar in the shortest possible time.
Prime Minister Christie in a nationally televised address on Thursday night said: “These compulsory or involuntary winding-up proceedings are designed to work in very similar terms as a chapter 11 but with the stark difference that they will be controlled by provisional liquidators under the supervision of the Bahamian Courts rather than being controlled by Mr. Izmirlian.”
The Prime Minister went on to explain the government’s arrival at this decision in light of a court adjournment on July 7 for parties to pursue a preferred out-of-court agreement on the way forward for Baha Mar.
“It transpired at the Beijing negotiations that Baha Mar’s additional funding requirements had increased considerably, and now included not only funding for completion of construction, but funding to meet start up and operating expenses; funding to cover other liabilities and deferral of principal and the initial balloon payments under the loan facility with Eximbank.
“I am advised that both Eximbank and China Construction Company demonstrated flexibility in meeting Baha Mar’s expanded funding requirements, and project completion date. This notwithstanding, Baha Mar still wanted an extended period for further negotiations which, however, was not acceptable. Baha Mar was also not prepared to agree to terms which would have included the immediate discontinuance of their Chapter 11 Bankruptcy proceedings in the United States and their legal action against China Construction in the United Kingdom. These terms were demanded by Eximbank and China Construction, and supported by the Government, as conditions to any agreement for additional funding, resumption of construction and project completion date.”
The Prime Minister pointed out that the actions taken by the Attorney General were not designed to punish or destroy Baha Mar, but to the contrary “the purpose of the provisional liquidation is to enable the appointment of a neutral party to take control of the process and to work with the key stakeholders under the supervision of the Bahamian Court to prepare a strategic and workable roadmap for the completion and opening of the resort. Such a solution will recognize and respect the rights and legitimate interests of the key parties, including Baha Mar and the Bahamian people.”
He said that the Government meanwhile has made arrangements for a second payment of salaries of Baha Mar’s Bahamian employees, “with a view to such payments being recovered in due course so as not to place any additional strain on the Bahamian taxpayer.”
IMAGE: Prime Minister Christie Addressing the Nation on Baha Mar July 16 2015 (BIS Photo_Peter Ramsay)Prime Minister the Rt. Hon. Perry Christie addresses the nation on Baha Mar, July 16, 2015. (BIS Photo/Peter Ramsay)
Caribbean’s next top model returns to the catwalk with Flow TV partnership
Bridgetown, Barbados — (Marketwired) — It was a night of exciting news as C&W unveiled its new consumer brand in Barbados and Wendy Fitzwilliam, Miss Universe 1998, announced a mutually beneficial partnership with the ‘new’ Flow to air the second season of the reality show ‘Caribbean’s Next Top Model.’
“We’re absolutely excited to be working with Flow to bring Caribbean’s Next Top Model back for a second season. We are resolute in our desire to showcase brand Caribbean and this partnership makes it possible to build on our first season and bring the show back to our fans in a much more interactive way,” said Wendy Fitzwilliam at the launch.
The regionally based reality show is tied to the successful original production — America’s Next Top Model — owned by CBS International and created by former top model and television producer Tyra Banks and follows the stories of young women seeking to launch a career in the competitive world of modelling.
Fitzwilliam stated, “We know that there are many young women in the Caribbean who have big dreams of success in fashion. The fashion and beauty industries have been impacted by the talent of women with Caribbean roots for quite some time, from history makers such as Grace Jones and Naomi Campbell to relative newcomers such as Barbadian model Lene Hall, the face of Prescriptives by Esteé Lauder and Puerto Rican supermodel Joan Smalls. CNTM,” she says “provides an additional opportunity for more Caribbean women to be represented within the international fashion industry. The success of this show will impact more than individuals and models it will also highlight the Caribbean fashion and beauty industries, content development in the Caribbean and more.”
John Reid, President of the C&W Consumer Group noted that the partnership was a perfect fit for Flow, now positioned as a Caribbean brand “driven by all that is positive in the Caribbean, the people, the passion, the drive to succeed, innovation and positive vibes.” He noted that Flow will also use its quad play technology to ensure that viewers have access across multiple channels so that they can access the programme when they want and how they want. “Flow customers,” he explained, “will be able to access Caribbean Next Top Model before other viewers on Flow TV, via the Flow on Demand platform at their convenience. They can even access information about the programme on their smart phones and other mobile devices.”
CIO, CTO & Developer Resources
Caribbean’s Next Top Model is produced by Wendy Fitzwilliam and her sister Dionyse Fitzwilliam, who is the show’s Executive Producer. Casting calls for the second season are currently being held in Barbados, Cayman Islands, Jamaica and Trinidad and Tobago. The casting calls are also being facilitated online to make it more accessible for potential participants throughout the region. The first show will be aired in October.
About Cable & Wireless Communications:
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km — the most extensive in the region — as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company’s leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications’ shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: http://www.cwc.com.
