iNews Briefs
Cayman’s ‘Operation Tempura’ to be analyzed at next month’s OffshoreAlert Conference
One of the most controversial criminal investigations in the history of the Cayman Islands – known as ‘Operation Tempura’ – will be scrutinized at next month’s OffshoreAlert Conference.
What began as an investigation into suspected corruption between a police officer and a local newspaper quickly spiraled out of control as the Police Commissioner was suspended and fired, a judge arrested and then awarded substantial damages for wrongful arrest, an attorney disbarred and then re-instated, and many millions of dollars of public funds spent.
Martin Bridger, the former Senior Investigator of Operation Tempura, will discuss the investigation during a conference session that will also include former Cayman Auditor General Dan Duguay and former covert participating informant John Evans. The session will be moderated by journalist Brent Fuller, of Cayman Free Press.
“Inside the Cayman Islands: The ‘Operation Tempura’ Affair” is one of 22 sessions about international finance that will comprise The 12th Annual OffshoreAlert Conference, which will take place at The Ritz-Carlton, South Beach in Miami Beach, Florida on May 4-6.
As in previous years, the conference program showcases high-profile speakers and our industry’s most topical sessions and is the premier event for those in the highest end of international finance, attracting 250+ offshore stakeholders from Europe, UK, USA, Canada and key offshore jurisdictions.
Download the latest agenda at: http://www.offshorealert.com/uploadedFiles/Events/OffshoreAlert_Conferences/2014/Miami/offshorealert-conference-miami-2014.pdf Register at: https://www.cvent.com/events/offshorealert-conference-miami-2014/registration-876f69698efc4034aea90ee39d47a20c.aspx?r=036d39c1-dae0-4128-8f08-d36c01658295
Conyers advises Qannas on acquisition of interests and continuation into Caymans
Conyers Dill & Pearman has advised Qannas Investments, a Jersey company listed on the AIM market of the London Stock Exchange, on its acquisition of interests in ADCM SPEF and SPE Qannas C and its continuation into the Cayman Islands.
The acquisition was financed by the issue of about 44.7 million new shares at $1 (60p) a share, more than its entire existing issued shares of 34.7 million, resulting in the transaction being treated as a reverse takeover.
Qannas was recently awarded the ‘Outstanding Performance & Innovation’ award by MENA FM at the annual MENA FM Performance Awards. ADCM is the investment manager of Qannas.
The Conyers team, which worked alongside Herbert Smith Freehills on the transaction, was made up of Fawaz Elmalki of Conyers’ Dubai office and Richard Fear of Conyers’ Cayman Islands office.
Caribbean International Holdings making brain injuries a high priority
SARASOTA, Fla., Apr 22, 2014 (GLOBE NEWSWIRE via COMTEX) —
Caribbean International Holdings CIHN +86.81% through its subsidiary, Regenerative BioScience, will add brain injuries including Chronic traumatic encephalopathy (CTE) as an additional area of focus to see how stem cells may help to improve the lives of those dealing with these difficult injuries.
Steven Swank, Chairman and CEO of Caribbean International Holdings, stated “I have met personally with ex-professional athletes that are suffering from CTE and have heard first-hand the heart-wrenching stories of how this affects their daily lives. Through our medical experts and the addition of sports experts, players, and trainers to our Advisory Board that we are currently working on, we hope to find ways to help. We understand even the most minor progress can greatly improve how those suffering from these traumatic injuries can improve their quality of life.”
Should anyone suffering from CTE be interested in finding out more information, please contact us. We will also continue progressing with our research in additional areas including; but not limited to, Congestive Heart Failure, Cardiomyopathy, Coronary Artery Disease, Angina Pectoris, Ischemic Heart Disease, Non-Ischemic Heart Disease, COPD, and Pulmonary Fibrosis that is already delivering promising results.
FORWARD-LOOKING STATEMENT
This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation.
Conyers advises on privatisation of Pactera Technology from NASDAQ
Conyers Dill & Pearman has provided Cayman advice on the privitisation of Pactera Technology International, a Beijing-based technology outsourcing and consulting company, from the NASDAQ Stock Exchange.
The consortium settled at $7.30 (£4.37) per American Depositary Share (ADS) in cash to take Pactera private. Pactera was formed through a merger between HiSoft Technology International and VanceInfo Technologies in 2012.
Partner and co-chairman of the firm David Lamb and associate Angie Chu based in Conyers’ Hong Kong office advised on the matter, working alongside Shearman & Sterling and Ropes & Gray.
Gawker wins dismissal of Tarantino’s copyright suit
A California federal judge on Tuesday tossed Quentin Tarantino’s copyright infringement lawsuit against Gawker Media LLC over the leak of his screenplay for “The Hateful Eight,” finding the he failed to allege sufficient facts to support his contributory infringement claim, but giving the writer-director time to amend his complaint.
Cayman Brac goat’s head sculpture disappears – reward offered
The controversial sculptor in Cayman Brac known as “Foots” says his goat’s head sculpture has gone missing and he is offering a reward of $5,000 for its return.
He hopes the money being offered will lead to the conviction of those who have vandalized his property and stolen his art.
The sculpture that has a bloody crucifix with a goats head and “666”, said to be the mark of the devil, on it, has been the centre of a storm of protests from neighbours who have campaigned to have it removed as they say it is offensive to their religious beliefs.
Cayman Kiwanis announce 2 fundraisers
The Kiwanis Club of Grand Cayman has announced details for two upcoming fundraisers:
Kiwanis Happy Hour
Date: Friday, 2 May
Time: 5:30 – 7:30 pm
Tickets: $50, includes drinks and hors d’oeuvres
Location: Sea Alissa, the Home of Al & Melissa Thompson
Contact: Kadi at 916-8664
Funds raised will support the UNICEF and Kiwanis International project ELIMINATE, to eliminate MNT (Maternal and Neonatal Tetanus) in 25 countries.
Sunny Side Up, a breakfast for dinner event
Date: Saturday, 21 June
Time: 6:30pm
Tickets: $75, includes Champagne reception, 3 course meal and entertainment
Location: Grand Cayman Marriott
Contact: Kadi at 916-8664
Funds raised will support the Kiwanis Club’s Buy A Kid Breakfast Programme
Glass buildings: Great for people… not so great for migratory birds.
From Buffalorising
Spring has arrived in Buffalo and so have visitors from the south – migratory birds like hummingbirds, warblers, and other songbirds. Many of these migrants travel through Buffalo on their way from the Caribbean, Central and South America on their way to breeding grounds in the Arctic.
Buffalo Audubon is working to identify buildings that might be big threats to migratory birds – we’re trying to make a bird-friendly Buffalo.
Unfortunately, every year, thousands of warblers and other birds are killed as they migrate through our city. Artificial lights attract and confuse birds, leading to collisions with glass – killing hundreds of millions of birds each year in the U.S.
You can help! Be part of the solution by identifying birds that are dead or injured due to collisions with buildings. If you see a dead or injured bird just text the word BIRD to the number 877877 and answer the prompts. The information you provide will help us work with building owners to help prevent bird collisions with glass.
For more information visit grow716.org, www.buffaloaudubon.org
or e-mail [email protected]
For more: http://buffalorising.com/2014/04/glass-buildings-great-for-people-not-so-great-for-migratory-birds/
Cayman Islands first International Skateboarding Competition taking place now
For the first time ever an International Skateboarding Competition is taking place this week on Grand Cayman.
TopGrom a world-renowned international skate tour is currently here making one of its stops at the Black Pearl Skate Park.
The week started out with clinics running from 4 p.m. – 6 p.m. 23-25 April at the skate park. Then the competition begins at 4 p.m. on Saturday 26th April. The cost for the clinics and/or the competition is $15.
Riders must be 13-years old or younger.
Caribbean med students take online courses to get access to U.S. loans
By PreMedLife
In an article that appeared on Bloomberg.com, titled “For-Profit Caribbean medical Schools Use Federal Funds Loophole” it was reported that at least nine medical schools located outside of the U.S. ally with U.S. colleges to make available a financial-aid loophole that allows online students to receive loans for living expenses.
As the debate surrounding the financial burden tied to the cost of obtaining a medical education intensifies, finding a way to get a break on the price tag of an MD would almost naturally be luring. The article details what the president of the nonprofit Western Interstate Commission for Higher Education calls “a shenanigan.” According to the article, through the graduate Stafford Loan program, students who attend school in the U.S. – on campus or online – can take out up to $20,5000 a year to cover the cost of tuition, room, board, books, and transportation.
One example of such a partnership was between Urbana University and American University of Antigua (AUA), where nearly 50 AUA students registered for Urbana’s online healthcare management MBA track. While students attending school in the Caribbean grapple with their options for financing there medical school dreams, the number of U.S. schools partnering with island medical schools will continue to grow.
Several schools in the U.S. are helping medical students take advantage of this financial-aid loophole and as long the federal government does not seem to be making a fuss about it and schools and students are meeting the requirements, the trend will continue. The full list of schools mentioned in the article can be found here
For more: http://www.premedlife.com/caribbean-med-students-take-online-courses-to-get-access-to-u-s-loans/
Caribbean States meet to debate remittances and diaspora engagement in development policy
Belgium – IOM and the International and Ibero-American Foundation for Administration and Public Policies (FIIAPP by its Spanish acronym), in cooperation with the Organization of Eastern Caribbean States (OECS), are this week organizing a two-day workshop in St. Lucia to discuss strategies and mechanisms for improved use of remittances to increase their impact on the development of migrant communities of origin.
Over 25 participants from governments, the private sector, civil society and diasporas of OECS states (Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines), Barbados, Guyana, Haiti and Jamaica will take part in the event in St. Lucia’s capital city of Castries to share their experiences, debate ideas and carry out project development exercises.
The workshop is part of IOM’s European Union (EU)-funded project: “Strengthening dialogue and cooperation between the European Union (EU) and Latin America and the Caribbean (LAC) to establish management models on migration and development policies.”
According to World Bank estimates, the developing world received USD 414 billion in remittances in 2013. Remittance flows to countries in LAC grew by 1.9 per cent in 2013 to reach USD 61 billion. In the second half of the year, remittance flows began to recover, following a 13-month decline.
But remittances to Mexico, the largest remittance-recipient country in the hemisphere, contracted in 2013. The positive impetus from the US economic recovery was partly offset by removals of migrants from the US.
The economic slowdown and unemployment in Spain and Italy, which are also large destinations of Latin American migrants, contributed to the slowdown in remittances to the region. In the medium term, improving employment conditions in the US point to stronger growth in remittances, which are expected to reach USD 81 billion by 2016.
Al Jazeera English seals deal for Caribbean cable carriage
From RapidTVNews
The Al Jazeera English global news network has revealed plans to expand throughout the Caribbean in a carriage deal with Columbus Communications, which operates the Flow and Columbus Business Solutions brand across the region.
Previously aired by Columbus in Trinidad and Curacao, Al Jazeera English will now have reach in Antigua, Barbados, Grenada, St. Lucia and St. Vincent. The channel has recently reported widely from the region, including the aftermath of Hurricane Sandy, the impact of climate change and the controversial slavery reparations called for by Caribbean leaders. Al Jazeera English also premiered Viewfinder Latin America, profiles independent Latin American and Caribbean filmmakers narrating the impact of global events to local communities.
“We are delighted to bring our comprehensive, in-depth and award-winning news and programmes to the Caribbean in partnership with Columbus Communications,” commented Amjad Atallah, Regional Director for Al Jazeera Media Network in the Americas. “This expansion demonstrates our commitment to the Americas and to its diverse cultures and voices, and further represents our steady growth since our Caribbean launch in 2011.”
“We are pleased to partner with Al Jazeera to bring additional compelling and relevant content to the Caribbean,” added Rhea Yaw Chin, Corporate Vice President, Sales and Marketing at Columbus. Columbus will continue to secure agreements with local and international content providers to ensure that the demands of our Caribbean viewers are met and that our customers continue to have access to the most relevant content available in the market.”
ISS to support Petrobras expansion in Central America and the Caribbean
Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has had its port agency and tanker husbandry services contract significantly enlarged by Petrobras.
The Brazilian government-owned energy giant, which already uses ISS in Brazil, Chile, USA, Asia Pacific and China, has now requested that ISS support its expansion to 17 new port call locations in Central America and the Caribbean.
ISS will handle Petrobras’ crude, clean products and LNG tankers, ensuring fast and safe turnaround of vessels in port or at terminals, ensuring all permits and clearances are in place and correct and issuance of cargo documentation.
Jaime Otero, Executive Vice President Central and South America Operations, ISS, said: “ISS has become Petrobras’ trusted service delivery partner and we’re pleased to be able to utilise our extensive global network to their benefit.”
Norwegian Association condemns U.S. attacks against Cuba
Havana, Apr 22 (Prensa Latina) The Norwegian Cuba Association “Cubaforeningen”, described as criminal the US foreign policy towards the Caribbean nation.
First, Washington maintains an economic, financial and commercial blockade against Havana, which leads to lbillions of dollars losses to the Cuban economy, said Terje Enger, president of the association for more than 50 years.
He stated the Nordic country has argued to the United Nations the need to put an end to this measure by appealing to the sovereignty of the Cuban state and its ability to establish and manage their own businesses and international relations without any interference.
At the top of the list of attacks, he added, also figures the illegal occupation of Cuban territory in the Southeast province of Guantanamo, where United States has set up a naval base for more than one century.
In this installation the US government keeps a worldwide recognized jail for the perpetration of torture and crimes against human rights, he pointed out.
One of the fundamental purposes of the association of friendship is to combat the misunderstandings and the misrepresentations about the Cuban reality in Norway, added Enger.
Five Latin American countries lead the world in homicides
By John Sevigny From Digital Journal
Honduras continues to have the world’s highest homicide rate, according to a recent United Nations report, followed by four other countries in Latin America.
CNN reported that the five countries with the most “intentional homicides” are Honduras, followed respectively by Venezuela, Belize, El Salvador and Guatemala, according to a 2014 report from the UN Office of Drugs and Crime.
Four of the five countries are in Central America, which forms a natural overland route for drug trafficking from South America to the United States, and much of which is plagued with gang activity.
“Homicides linked to gangs and organized criminal groups accounted for 30 per cent of all homicides in the Americas compared to below 1 per cent in Asia, Europe and Oceania,” according to a press bulletin issued by the UN Office. “While surges in homicide are often linked to this type of violence, the Americas saw homicide levels five to eight times higher than Europe and Asia since the 1950s.”
Moody’s backs KBank’s Cayman issue
Moody’s Investors Service has given an AAA rating to the US$2.5-billion senior unsecured notes issued by the Cayman Islands branch of Kasikornbank (KBank).
The rating service carries a stable outlook that received a two-notch uplift from its stand-alone baseline credit assessment (BCA) of baa2, based on Moody’s assessment of the high probability of systematic support for the bank, given its strong market position.
The rating also takes into consideration the government’s (Baa1 stable) track record of support for Thai banks, with the government’s shareholding In some local banks.
Moody’s has assessed KBank’s stand-alone bank financial strength rating (BFSR) at C-, equal to a BCA of baa2 on the long-term scale. The BCA of baa2 In turn considers the bank’s entrenched deposit franchise In Thailand and the steady Improvements in its risk-adjusted profitability, both factors of which have supported Its Increasing capitalisation levels, enhanced Its loss-absorption capacity and resulted In Its robust liquidity profile.
Cayman’s Kirk Slam fishing tournament to include bounty for shark tagging
This weekend’s Kirk Slam fishing tournament Sat/Sun April, 26-27, is to include tagging a white tip shark that could be worth $1,500.
Conservationist and artist Guy Harvey together with Caybrew and Kirk Freeport are offering the prize for the first two anglers to catch and tag a white tip shark.
Around 40 to 50 boats are expected to take part in the tournament.
Competitors can register for the tournament on Thursday 24th at The Barcadere.
The fee is CI$250 per boat (this includes a captain and up to three registered anglers), and additional anglers may be registered at a cost of CI$50 per additional angler.
Junior anglers are free of charge and do not count toward the total number of eligible anglers. Boat entry entitles all registered anglers to participate in all categories.
For more information on the tournament, go to the website kirkslam.ky
Link between Down syndrome and leukemia found
By Tim Sandle From Digital Journal
A link between people with Down syndrome and people at a heightened risk of developing leukemia during childhood has been uncovered through a new study harnessing advanced medical testing.
Researchers have tracked the genetic chain of events that links a chromosomal abnormality in Down syndrome to the cellular havoc that occurs in leukemia. Advances in technology have made it possible to study blood cells and leukemias that model Down syndrome in the laboratory. This has led to researchers to make the connection.
The connection was reaffirmed by carrying out studies in mice using altered stem cells. The cause of both Down syndrome and leukemia was a gene called HMGN1. Using cells from the mice with an extra copy of 31 genes, the investigators systematically switched off each of those genes to see its effect on the cells. When they turned off the gene HMGN1, the cells stopped growing and died.
Report Published: “Caribbean Telecommunications Report Q2 2014”
Recently published research from Business Monitor International, “Caribbean Telecommunications Report Q2 2014”, is now available at Fast Market Research
Boston, MA — (SBWIRE) — 04/22/2014 — We have added two new markets to the Caribbean Telecoms report in Q2 2014, the Cayman Islands and Bermuda. The inclusion of these two allows us to look at the region from a different angle, as both are among the most developed, supported by high GDP per capita, high proportion of postpaid subscribers and strong demand for 3G services. We expect both the Cayman Islands and Bermuda to become the outperformers in the region in terms of mobile data penetration, as centres for financial offshoring should help drive demand among visitors and locals. At the other end of the spectrum, initiatives from Cuba will see the introduction of basic mobile internet services in the country during 2014. We don’t expect this will have a huge impact due to the lower spending power of Cubans and lack of available handsets but it is a positive move in the right direction. Operators throughout the region are reporting encouraging growth in 3G and 4G uptake, with double digit growth in revenues emphasising that it will become a key source of sales over the long-term.
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OPEC Aid Agency Grants Cuba US$50 Million
HAVANA, April 22 (BERNAMA-NNN-Agencies) — The aid arm of the Organization of Petroleum Exporting Countries (OPEC) has agreed to grant Cuba 50 million U.S. dollars over the next few years to renovate infrastructure and boost agriculture, state daily Granma reported.
Suleiman J. Al-Herbish, director-general of the Fund for International Development (OFID), who was in Cuba last week on a working visit, told the daily he was in the country “to ratify that we will continue working” with the Caribbean island nation.
Since the OFID began its cooperation with Cuba in 2002, the agency has approved 10 loans totaling 128 million dollars to boost agriculture and renovate the electricity networks, water supply networks and sewage systems in several Cuban cities.
Herbish, who first visited Cuba in 2004, said as the earlier projects succeeded, the OFID has decided to pursue other projects.
Created in 1976 to promote South-South cooperation, the OFID is a multilateral financial agency that provides aid for developing countries around the world, especially in Africa, Asia, Latin America and the Caribbean, to help fight poverty.
For more: http://www.bernama.com.my/bernama/v7/wn/newsworld.php?id=1032427
CONCACAF Appeals Committee Decision on Cruz Azul Case
MIAMI, FL (Monday, April 21, 2014) – The Confederation of North, Central America and Caribbean Association Football (CONCACAF) announced today that its Appeals Committee has reduced by two matches the suspension to Cruz Azul Goalkeeper Jesus Corona, imposed for the player’s role in an on-field melee following the second leg of Cruz Azul’s CONCACAF Champions League semi-final victory over Club Tijuana on Wednesday, April 9 at the Estadio Azul in Mexico City.
After thorough review of the case including analysis of extensive video tape, as well as testimony and reports from match officials, the Appeals Committee found a lack of comprehensive evidence supporting any additional sanctions further to the one-game ban levied as a result of the red card Corona was issued after the match in question.
Corona was originally handed a three-match ban on Tuesday, April 15, and served the first game of that suspension during the away leg of the Finals of the CONCACAF Champions League, in which Cruz Azul and visiting Deportivo Toluca played to a goalless draw.
Exercising its right under Articles 6.11-6.14 of the CONCACAF Champions League Regulations 2013-14, and Articles 118-125 of the FIFA Disciplinary Code, Cruz Azul appealed the additional two-game suspension. That appeal was brought before the CONCACAF Appeals Committee on Monday, resulting in the updated ruling.
Cruz Azul faces Deportivo Toluca in the return leg of the 2013-14 Champions League Finals on Wednesday night in Toluca, with kickoff set for 7PM local time. Corona is now eligible for selection for that match.
Women’s response impresses CFU President
ST. JOHN’S, Antigua & Barbuda – With the inaugural Caribbean Football Union (CFU) Women’s Caribbean Cup set to start next month, CFU President Gordon Derrick is pleased with the response from the organization’s member associations.
The tournament, which will crown a champion, will double as a regional qualifying for the 2015 FIFA Women’s World Cup.
“It is very encouraging that many of the CFU members have taken up this challenge, it is a very good start,” Derrick said. “We hope to have a very competitive tournament and will seek to build on its momentum and increase on the numbers until we have full participation for future tournaments.
“I am very happy because one of my goals as President of CFU was to have a women’s championship to both promote development of the game and to display our women players and it is good that after such a short time we are able to have this competition.
Of the CFU’s 31 members, 20 have registered for the competition. Those numbers are stark contrast to qualifying for the 2011 FIFA Women’s World Cup, when only three Caribbean nations (Trinidad & Tobago, Guyana and Haiti) participated.
