iNews Briefs
Government companies to be scrutinized closely by Cayman Island government
Speaking at a press briefing, last week, Cayman Islands Premier, Alden McLaughlin, said government was bringing in a new law in the New Year that will change the rules regarding all government companies.
This will include Cayman Airways, Turtle Farm, Port Authority, Airport Authority and Water Authority.
The Cayman Islands government has currently 25 statutory authorities and many have different recruitment practices, benefits packages and management and accounts systems. The new law will seek to standardize recruitment and HR systems and pay and benefits packages for staff.
The government have recognised they have lost control of these companies, some of which are making huge losses whilst others that were profitable have now gone into the red.
Economics professors makes case for devaluation, ECCB rejects the idea
By Andre Huie
St. Kitts and Nevis (WINN): A case for devaluation of currencies in the Caribbean pegged to the US dollar has been made by an economics professor, as a way to address the economic challenges facing the region. Dr. Nouriel Roubini, while speaking at a recent Caribbean economic forum on unlocking economic growth, said there are many advantages to having a stable currency but noted that the currency of many countries in the region are overvalued. “Of course there are many benefits from the stability of the currency and maintaining that currency’s stability, but to different degrees I think it’s fair to say that these countries’s currency to different degrees is overvalued,” Dr. Roubini said. He added that the large stock of foreign debt, existence of low reserves and large current account deficits implies that there is some degree of overvaluation.
Dr. Roubini was keen to point out the fears countries in the region have about devaluation such as high inflation, rise in the cost of imports, impact on exchange rates and the impact on foreign liabilities. He however insisted that devaluation is necessary for countries where their currency is overvalued. “I would say the net benefits of a currency depreciation including all the risk and all the costs… are positive rather than negative and therefore if there are no other ways of resolving the problem of competiveness, I think that one should put on the table the issue of currency movement,” Dr. Roubini said. He added that depreciation; though a sensitive issue is something that should be discussed openly among the countries.
However, Governor of the Eastern Caribbean Central Bank Sir K Dwight Venner is not keen on the EC dollar being devalued. He argued that devaluation in the Caribbean is seen as a sign of economic failure. “The (US dollar) peg has worked for us for 38 years because in terms of certainty you know the value of money…(For) both foreign investors and our own people,” Sir Dwight said. He noted that, as Dr. Roubini pointed out in his lecture, the price of goods go up drastically when one’s currency is devalued. “It’s very difficult for us to look at devaluation unless there is something particularly drastic,” the ECCB Governor said.
For more on this story go to: http://www.winnfm.com/news/local/10303-economics-professors-makes-case-for-devaluation-eccb-rejects-the-idea#sthash.VQB1AgPF.dpuf
New exhibition to open in Cayman Islands to celebrate its art
A new art exhibition celebrating the Cayman’s burgeoning art scene launches this Thursday at the Gallery at the Ritz-Carlton, Grand Cayman.
The showcase, called “Modern Cayman”, is designed to reflect the changes to the island and development and diversity of Cayman society and is curated by Chris Christian, a Native Son and founder of Cayman Traditional Arts.
The exhibition’s featured artist is Caymanian Randy Chollette, famed for combining realism and abstract art and celebrating subject matters ranging from landscape and culture to political statements.
Seven new artists will be represented alongside 29 established or returning artists, including Al Ebanks, Andrew Christian, Chris Christian, Kara Julian, Amanda Nicholls and Jerome Wilson.
The exhibitions opening night is Thursday 20 November from 6-8pm. Visitors are welcome to view the artwork meet the artists.
See attached flyer for more details
Hannah for Heroes attracts 100 in Cayman Islands
The second Hannah for Heroes shaving event will take place at Cricket Square, Grand Cayman on Friday from 5pm -9pm and already 100 persons have signed up.
7 year old Hannah Meeson has been battling medulloblastoma, a rare type of brain cancer, since she was 4.
This year, Hannah’s support network has extended across the globe, with people signing up to shave their heads in Shanghai, Australia, the U.S., and the U.K.
St. Baldrick’s Foundation recently named a research grant in honor of Hannah Meeson, with two years of funding for medulloblastoma research.
In addition to supporting Hannah, this Friday’s shave event will honor other local children, including 1-year-old Skylar “Mimi” Ebanks, who has been diagnosed with anaplastic ependymoma, a type of malignant tumor mostly found in young patients.
The shave event at The Wicket in Cricket Square is open to the public.
To support childhood cancer research through online donations, visit www.stbaldricks.org/events/heroesforhannah
Times change. So do laws
Doing Business in Canada: a substantive and concise overview of Canada’s economic framework and key business legislation.
We live and work amidst incredible change. And while not always immediate, change triggers new legislation. The newly revised and updated Doing Business in Canada provides foreign business executives, counsel and potential investors a guide to doing business in Canada for just that reason.
Highlights in the 2014 edition include the addition of two chapters. The first deals with recent market developments in the regulatory environment in Canada that have increased exposure to litigation and other risks to businesses. Another addition of note responds to the increased recognition of the significance and impact of Aboriginal interests particularly in matters with regard to resource development. Of course, all the content has been reviewed and updated where changes in legislation dictated.
Written in a forthright and easily digestible prose, informative and actionable, Doing Business in Canada is an excellent and thorough introduction to anyone contemplating or already engaged in business in Canada.
The guide is free and available for download at: http://www.osler.com/doing-business-in-canada/?mkt_tok=3RkMMJWWfF9wsRois63NZKXonjHpfsX54%2B4uX6C1gokz2EFye%2BLIHETpodcMRMFiMq%2BTFAwTG5toziV8R7PAJc1sws0QXhPj
From Osler, Hoskin & Harcourt LLP | osler.com
100 King Street West, 1 First Canadian Place, Suite 6300 Toronto, ON M5X 1B8
Cayman Islands “GIS” Technology Day for Schools & Public
Cayman Islands Lands and Survey officials invite everyone, from developers and engineers to students, to attend the launch of its new data service, during Geographical Information Systems (GIS) Day celebrations this week on Grand Cayman and next month on Cayman Brac.
The Grand Cayman observance is set for Thursday, 20 November – in the Sir Vassel Johnson Hall of the University College of the Cayman Islands.
All students in year six and above, as well as those in college, can visit the fair between 8am and 2pm this Thursday.
It will be open to the public from 1 to 4pm.
A similar exercise is set for Layman E. Scott High School on Cayman Brac on Friday, 12 December.
Cayman Islands Pink Ladies Christmas Baazar
Saturday Nov 29th – mark it in your Calendars now! Pink Ladies Christmas Baazar is quickly approaching, Join them on Saturday Nov 29th at ARC in Camana Bay for some great festivities!
See attached flyer for all details
US troops on Ebola duty in Africa to face 21-day quarantine despite low risk
By Spencer Ackerman in New York From The Guardian
US military not in direct contact with Ebola sufferers
CDC recommends 21-day isolation only for high-risk individuals
US military personnel returning from anti-Ebola efforts in west Africa will be subject to a stricter quarantine than recommended by the Centers for Disease Control and Prevention (CDC), the Pentagon announced on Wednesday.
The defense secretary, Chuck Hagel, has approved a plan from US military commanders for a “controlled monitoring regimen” lasting 21 days for troops deployed to Liberia and Senegal to help contain the outbreak. Over 3,900 service members are expected to join that effort, currently totalling 700, in the coming weeks. None of them come in direct contact with Ebola patients.
About a dozen US soldiers led by Major General Darryl Williams, who represented the initial complement of US troops sent to west Africa, are currently quarantined at a base in Vicenza, Italy. Hagel’s decision expands the prospective quarantine to troops across all military branches who take part in the anti-Ebola mission.
The new military quarantine rules place US service members under tighter monitoring conditions than the CDC consider prudent. This week, the CDC issued guidelines instructing only “high-risk” individuals, such as those who are exposed to Ebola-infected body fluids, to quarantine at home.
US personnel serving in what the military calls Operation United Assistance would not be classified as “high-risk” under the CDC’s new Ebola guidelines.
Hagel instructed the heads of the military services to prepare specific implementation plans for a quarantine within 15 days. The Pentagon said Hagel would review the quarantine after 45 days and decide then if continuing the quarantines are appropriate.
Rear Admiral John Kirby, the Pentagon press secretary, characterized what he called Hagel’s “initial steps” as “prudent given the large number of military personnel transiting from their home base and west Africa and the unique logistical demands and impact this deployment has on the force”.
Rep Buck McKeon, the California Republican who chairs the House armed services committee, cautiously praised the quarantine as “the right call” for the time being.
“I hope DoD can find a way to balance the concerns about health and safety while minimizing the burden on overtaxed troops on what could be a long deployment, but their safety and well being must be paramount,” McKeon said Wednesday.
IMAGE: A US army engineer pulls his protective suit over his head during training at Fort Carson in Colorado last week before being deployed to west Africa to help tackle the Ebola crisis. Photograph: Rick Wilking/Reuters
For more: http://www.theguardian.com/us-news/2014/oct/29/us-troops-ebola-face-21-day-quarantine-low-risk
Cayman Islands Department of Tourism welcomes wedding planners
The Cayman Islands Department of Tourism (CIDOT) is hosting a Wedding industry Professionals Meeting that commenced on Monday November 17 at the Ritz Carlton starting at 8:00am.
According to CIDOT, the meeting will involve information, insights and inspiration developed around destination weddings from the leading minds in the global wedding industry.
Over 300 wedding planners are here for the three-day conference.
Cayman Islands Chamber of Commerce congratulates government
The Cayman Islands Chamber of Commerce council issued a statement that congratulated the two government entities that received unqualified opinions on their accounts from the Auditor General’s Office.
The statement said, “It means the civil servants in those two entities – the Ministry of Community and Home Affairs and the Portfolio of the Civil Service – are doing their jobs properly and demonstrating improved accountability, which can be congratulated. This is a small step in the right direction.”
However, Chamber President Johann Moxam warned, “But let’s be candid, the Cayman Islands Government has a long road ahead in order to achieve full compliance [with the Public Management and Finance Law].”
“The collective goal, set as a priority, must be the timely completion of all financial statements submitted without any qualified or adverse opinions by the auditor general and his team,” he added said. “Every government needs unqualified and timely financial statements submitted so that they can make informed decisions regarding how to budget, forecast revenues and plan its expenses. We look forward to receiving good news of real progress.”
Cayman Islands Humane Society urgently seeking donations
The Cayman Islands Humane Society (CIHS) website is calling for volunteers, saying, “We need help in all areas – sorting, pricing, displaying, selling. We especially need help on Saturdays, but we can use you during the week as well.”
However, they are very short as well of funds.
The Society faces declining revenues and fresh fundraising challenges.
A spokesperson for the Society said fundraising had declined with the recent changes to continuity and the change of key players.
This was in reference to the Society’s recent annual general meeting that installed a new nine-member board. The new board retains only two previous members.
“We need to build support with new initiatives because things have slowed down,” the spokesperson said. Donations to the thrift shop were down significantly and sales are down by one third. The thrift shop is a major contributor to the CIHS budget. Book donations were also down
The shop offers used clothes, toys, housewares, small appliances and furniture at reduced prices, while special items of greater value are occasionally auctioned on Ecay. Revenues subsidise veterinary care, shelter and food for the animals.
To save a pet donate now at: http://www.caymanislandshumanesociety.com/
LDK Solar announces sanction of Hong Kong schemes
GEORGE TOWN, Cayman Islands and SUNNYVALE, Calif., Nov. 18, 2014 /PRNewswire/ — LDK Solar CO., Ltd. in provisional liquidation (“LDK Solar”) and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, announced today that, on November 18, 2014, the High Court of Hong Kong sanctioned the Hong Kong schemes of arrangement of LDK Solar and its subsidiaries, LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon Holding Co., Limited, each as previously approved by scheme creditors at their class meetings held on October 17, 2014.
“We are very pleased that the High Court of Hong Kong has sanctioned our Hong Kong schemes of arrangement, and this represents a further significant step towards completing our offshore restructuring,” stated Xingxue Tong, Interim Chairman, President and CEO of LDK Solar. “We now turn our focus to obtaining the recognition of our LDK Solar Cayman Islands scheme of arrangement and approval of the terms of our pre-packaged plan of reorganization from the U.S. Bankruptcy Court. As always, we remain committed to rebuilding LDK Solar and repositioning ourselves in the PV marketplace to grow our business,” concluded Mr. Tong.
The U.S. Bankruptcy Court will hold a hearing on November 21, 2014 to consider confirmation of the prepackaged plan of reorganization and recognition of the Cayman Island scheme of arrangement of LDK Solar.
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including risks and uncertainties disclosed in LDK Solar’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar’s management as of the date such information was prepared and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
About LDK Solar in provisional liquidation
LDK Solar Co., Ltd. in provisional liquidation is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar’s principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People’s Republic of China. LDK Solar’s subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
SOURCE LDK Solar Co., Ltd.
Annual Wildlife Hazard working group meeting in Cayman Islands
Grand Cayman, Cayman Islands Residents interested in learning more about what the Cayman Islands Airports Authority (CIAA) is doing to prevent wildlife strikes to aircraft flocked to the annual Wildlife Hazard Working Group meeting held on Monday, 27 October.
The meeting was chaired by CIAA’s senior manager, safety management systems Andrew McLaughlin. Mr. McLaughlin said, “Wildlife strikes can not only be catastrophic, but they also cost the airport industry billions of dollars in damages each year, therefore it’s a major concern for the CIAA.”
This year has been very busy, since bird migration season started early. Since mid-September there has been an abundance of cattle egrets, great egrets, stilts and swallows in the area. However, Mr. McLaughlin explains, “CIAA is doing all it can to keep wildlife, which includes birds, turtles and iguanas, from causing any major interferences to aircraft operations and ensure a safe operating environment at the Owen Roberts International Airport. “
One of the most widely used safety measures is the Zon Gun Propane Cannon better known as the “air cannon”. The blasts are generated by propane gas that causes a popping noise that scares the birds away.
Due to the increase in wildlife, CIAA has extended the hours of deployment of the air cannon, which has caused some complaints from the public. However, Mr. McLaughlin says, “While we apologize for the inconvenience, the air cannon serves a higher purpose in maintaining the safety of aircraft operations.”
CIAA also plans on posting signs along the airport fence to alert motorists about the use of the air cannons for wildlife management. The goal is to ensure all passing motorists and residents in the area are made aware of the cannons so they won’t be alarmed by the sound.
CIAA is also encouraging the public to do its part to help prevent wildlife strikes by informing airport staff about wildlife, covering trash cans, picking up garbage and not feeding the birds in the areas surrounding the airport.
PHOTO CAPTION:
- CIAA officials gather for the Wildlife Hazard Working Group meeting
- Zon Gun Propane Cannon
