iNews Briefs
Cayman Islands court rejects attempts by bank to go into voluntary liquidation
Caledonian Bank and Caledonian Securities appointed its own joint voluntary liquidators but this was rejected by the Chief Justice, Hon. Anthony Smellie at a hearing on Thursday (12).
The Chief Justice upheld the appointment of the local regulator’s controllers, two Ernst & Young auditors, by the Cayman Islands Monetary Authority to take over the Bank’s affairs.
Thousands mourn Chapel Hill shooting victims
From BBC
Thousands of mourners have gathered for the funeral of three Muslim students killed in North Carolina.
The father of two of the victims told the crowd they were victims of a hate crime and his pain was indescribable.
His daughters and son-in-law were shot dead at their home in Chapel Hill, and their neighbour charged with murder.
Police say initial indications suggest there was a parking space dispute but they are investigating whether Craig Hicks was motivated by religious hate.
Hicks gave himself up to police and has been charged with killing Deah Shaddy Barakat, wife Yusor Mohammad and her sister Razan.
The BBC’s Rajini Vaidyanathan said many mourners feel the murders were sparked by something far deeper than a parking row.
Chapel High police chief, Chris Blue, spoke at the service and promised his officers would investigate every lead, including the possibility of hate crime, our correspondent adds.
After a private ceremony with family members in Raleigh, the funeral was held at the athletic fields of North Carolina State University where all three had been a student. Police estimated 5,500 people were in attendance.
At the service’s end, about a dozen people carried each to hearses, which headed to an Islamic cemetery outside Raleigh.
The funerals are over, and people are now heading to the burial site.
“It was the biggest funeral I’ve ever been to,” said Nisrin Shabin. “They kept coming, it was magical.”
Ghada Salameh, says she attended the couple’s wedding in December – and now their funeral. “I guess it is a hate crime.”
Radmehr, a 15-year-old student whose family is originally from Iran, said: “I think it was probably against our religion.”
His father, Samad says: “I’m really not too religious but I felt bad for them. They were good people.”
Mr Hicks’ Facebook profile included a photo that read “Atheists for Equality”. He also frequently posted quotes critical of religion.
But Mr Hicks’ wife Karen said the incident had nothing to do with religion and her husband treated everyone equally.
A candlelit vigil was held at the University of North Carolina on Wednesday night.
Barakat was a dental student at the university and his wife was planning to enrol in the school in the next term.
Muslim and civil rights organisations are organising more vigils across the country for Thursday evening.
Mr Hicks apparently had a history of conflicts with neighbours over parking spaces.
Michael Nam told the BBC that Mr Hicks once confronted him with a gun holstered on his hip.
The murders have resonated both within US and around the world, especially on social media. The hashtag #ChapelHillShooting has been used hundreds of thousands of times.
There has been criticism of a perceived lack of coverage in the mainstream media with the hashtag #MuslimLivesMatter mentioned almost 100,000 times in the day following the shooting.
Jane Weintraub, the dean of the University of North Carolina dental school, called Barakat “a bright light” who would be remembered for his “incredible heart for service” and “his leadership”.
“I don’t know what I’m going to do on Saturday mornings when it’s time for family breakfast,” Barakat’s brother, Farris, told the candlelight vigil on Wednesday.
“We lost three great citizens of the world and of this country, but I think they’ve inspired thousands.”
For more: http://www.bbc.com/news/world-us-canada-31438062
Former Cayman Islands Tempura Chief may face criminal charges
Martin Bridger, Tempura’s former chief investigator, may now face criminal charges himself.
Bridger was in Cayman’s Crown Court on Wednesday (11) where the Operation Tempura judicial review hearing is going on and heard that one of the reasons the report should not be released to the public is that it might prejudice any potential jury called in Cayman to hear the criminal case against Bridger, if one was filed.
Grand Cayman Marriott Beach Resort Put Up for Sale
From Caribbean Journal
A premiere beachfront hotel in Grand Cayman is on the block.
CBRE Hotels announced that it has been tapped to market the Grand Cayman Marriott Beach Resort for sale.
The 295-room, five-story property is located on 300 feet of beachfront on Seven Mile Beach in Grand Cayman.
CBRE Hotels’ Christian Charre, Paul Weimer and Natalie Castillo are marketing the property, along with BluePoint’s Fleur Vagniez.
“The Cayman Islands are one of the most popular destinations in the Caribbean, renowned for its beautiful beaches, world-class diving and off-shore banking sector,” said Paul Weimer, vice president of CBRE Hotels. “This a fantastic opportunity for a value-add investor to capitalize on strong market fundamentals and acquire the most desirable resort in Grand Cayman at a significant discount to replacement cost. There are also no more developable tracts of land on Seven Mile beach, making this a truly irreplaceable property.”
The property, first built in 1990, recently underwent a $15.6 million renovation that saw improvements to the hotel’s guestrooms, lobby, restuarants, indoor and outdoor spaces and beach bar, among others. The renovation was completed at the end of 2014.
CBRE said the hotel had an average occupancy level of over 72 percent last year.
CBRE has marketed some of the most high-profile Caribbean hotels to hit the market in the last year, including the Fairmont Barbados, which sold last September, and the Hilton Rose Hall in Jamaica, which sold last month.
For more: http://www.caribjournal.com/2015/02/12/grand-cayman-marriott-beach-resort-put-up-for-sale/
Cayman Islands Dress for Culture Day
- Thursday Feb. 26, all day
Dress for Culture Day is a country-wide event and donations raised go directly to Cayman National Cultural Foundation (CNCF) youth and cultural programming. If your organizations would like to take part in the upcoming Dress for Culture Day, email [email protected] or call 949 5477 for details. Or visit: www.artscayman.org
Facebook: Facebook.com/caymanculture. Encourage even more of your colleagues and friends to participate in the 2015 Dress for Culture Day.
A variety of cultures represented in Cayman will once again be on display when cultural costumes, such as national dress and other items of personal effects will be worn and showcased with the intention of highlighting the beauty of the diverse cultures found in the Cayman Islands.
Displaying their support for this year’s Dress for Culture tradition, RBC Royal Bank (RBC) has invested $1,000.00 in the programme, the donation go towards youth programmes produced by CNCF each year.
Haiti installs new cabinet
From Caribbean Journal
Haiti President Michel Martelly and Prime Minister Evans Paul have officially announced the country’s new Cabinet, which was sworn in on Monday.
The Cabinet includes a mix of new names and appointments from the government of former Prime Minister Laurent Lamothe, most notably the retention of Tourism Minister Stephanie Villedrouin.
The Ministers and new Secretaries of State were sworn in at a ceremony on Monday afternoon at the National Palace.
For more and the list of 18 members: http://www.caribjournal.com/2015/01/19/this-is-haitis-new-cabinet/
4 Cayman Islands firms challenge release of information by Immigration
Maples Finance, Ernst & Young, KPMG and Butterfield have secured a Grand Court injunction to prevent further circulation and publication of documents from the Cayman Islands Immigration Department.
The documents were released by Immigration following Freedom of Information (FOI) requests by members of the public and the Cayman Compass.
The four firms have claimed the release reveals personal information about their staff and should never have been released under the FOI..
HM Revenue to chase £20m in Jersey-based HSBC accounts
From Offshore Bankers
Around 170 customers with Jersey-based HSBC accounts are set to be told to pay up to £20m by UK tax authorities.
Margaret Hodge, the chair of the House of Commons Public Accounts Committee, said at a hearing yesterday that this second data leak from the bank – when taken alongside a much larger one from Switzerland – in 2012 indicated that its use to duck tax could be “endemic”.
The forthcoming cash demands come amid a storm of controversy over the widespread use of the bank’s Swiss arm for alleged tax avoidance, and potentially evasion.
The existence of the Jersey leak – from a whistleblower – came to light back in 2012 and immediately sparked an HM Revenue & Customs investigation.
HSBC at the time had three separate units on the island. They were a retail bank dealing with the day-to-day banking needs of Jersey’s citizens; HSBC International, looking after expat Britons; and HSBC Private Bank Jersey.
Cayman MLA says CITA job drive was manipulated
Cayman Islands Member of the Legislative Assembly, Alva Suckoo, has told local media house CNS that a recent job drive by the Cayman Islands Tourism Association (CITA) appeared to be a “deliberate attempt to discredit Caymanians and justify using cheap labour”.
Suckoo told CNS he had discovered a catalogue of issues and a lack of transparency and believes it was manipulated to secure permits for employers. Suckoo said he was unable to find the list of jobs reportedly behind the drive, and despite being a partner, the National Workforce Development Agency was not given the list either.
Full story: https://caymannewsservice.com/cita-job-drive-manipulated-says-mla/
Jamaica’s rich culture on display at African-Caribbean Institute
Members of the public can enjoy key aspects of the country’s rich Intangible Cultural Heritage (ICH), which have been documented by the African-Caribbean Institute of Jamaica (ACIJ)/Jamaica Memory Bank (JMB).
The ACIJ/JMB launched its ICH exhibition during a ceremony at its library in downtown Kingston today (February 10). It is open to the public from 9:00 a.m. to 4:30 p.m. Monday to Thursday, and from 9:00 a.m. to 3:30 p.m. on Fridays.
A division of the Institute of Jamaica, the ACIJ/JMB has developed an extensive inventory of ICH in Jamaica, and the exhibition represents its continuing work in documenting and protecting the nation’s local ICH elements.
Examples of Jamaica’s ICH can be found in the beliefs, and practices of folk religions such as Kumina, Rastafari, Revival or in the traditions of storytelling, craft and craft-making techniques, songs, proverbs, and cuisine from all ethnic groups.
Speaking at today’s ceremony, Youth and Culture Minister, Hon. Lisa Hanna, said it is vital that the Government, through the exhibition, continues to safeguard Jamaica’s cultural practices and social history.
“It was very important to me to make sure that all of us…protect that heritage…because if we don’t register it, and formalise it… 20 years from now, you might not have anything that reminds a young person about what it is,” she said.
The Minister thanked the Japanese Government and Embassy for providing resources to mount the exhibit, as well as funding a series of workshops with representatives of the ethnic and folk communities. The workshops served to strengthen the capacity of the groups to identify and safeguard their own unique ICH elements.
Stating that “Japanese people love the Jamaican culture”, Consul at the Embassy of Japan, Hiromoto Oyama, said that the people of his country firmly believe that culture is key to attaining peace and security in the world.
He assured that Japan will continue to work “hand in hand in countries like Jamaica” in helping to preserve elements of ICH.
“The Japanese Government, through our embassy here, will be working closely with the people and Government of Jamaica to work on the cultural aspect of Jamaica, so that myself, my children, and my grandchildren and generations to come, will continue to enjoy the Jamaican culture,” he pledged.
The ACIJ/JMB plays a critical role in documenting and protecting the nation’s ICH and is at the forefront of supporting the 2003 United Nations Educational, Scientific and Cultural Organization (UNESCO) Convention for the Safeguarding of Intangible Cultural Heritage.
For the past 43 years, ACIJ/JMB has been involved in field, oral history documentation, archiving and public dissemination of information on these cultural elements.
The ACIJ/JMB documents Jamaica’s cultural practices and social history through a systematic research programme. Areas of research include language, dance forms, folktales, music, herbal medicine and life stories of citizens.
OK Cayman says member of Barclaycard Travel Community
Getting to Cayman Brac was pretty straightforward….getting home on New Year’s… not so much! Flew from Grand Cayman to the sister island of Cayman Brac. Had a lovely VRBO home for 10 days, right on the shore with gorgeous sunset views. While there we dove with Scuba Shack, kudos to the owner and our Dive Master Phil. Big boat, not crowded with a cattle pen of divers. Was able to get us out to the dive sites several days when the sea was pretty rough. Lots of friendly groupers, curious morays, and one unusually friendly turtle. While there we ate most of our meals at the Cayman Brac Reef Divers’ Resort where we had stayed a few years ago. The bar restaurant was very good, especially the fish and chips. Hiked to the rugged Bluff end of the island for some sunset photos and enjoyed everything about the island …. except for trying to get accustomed to driving on the correct side of the road. Going home we were delayed several hours out of Grand Cayman and missed our connections in US, made for a very, very, long trip home.
SOURCE: http://
www.barclaycardtravel.com/t5/Stories/OK-Cayman/ba-p/1758396
Denmark central bank governor says Barbados should not rule out IMF
From Caribbean360
BRIDGETOWN, Barbados, Thursday February 12, 2015, CMC – Governor of the Central Bank of Denmark Per Callesen has told Barbadians they should not rule out an approach to the International Monetary Fund (IMF) to help improve the ailing economy.
Callesen said an approach to the Washington-based financial institution should not be ruled out just for the island to remain “independent”.
“From a political perspective, you would hate to have foreigners intervening in how you run your affairs. You would, of course, prefer to be on your own. It is just that if the way you have done that is (such) that you don’t have any credibility in the markets, then lining up with the IMF is a much better solution than going completely down the drains of your economy. So that is the balance,” Callesen said.
“There is a national room for maneuver and economic policy for sure, but there is a limit,” the central bank governor said, acknowledging that some of the IMF’s conditions might be harsh.
But he told reporters following a presentation here on Monday that “if you want to be independent the only way to independence is not to reject the IMF; it is to be able to finance yourself”.
The Barbados government has consistently said it would not seek assistance from the Washington-based financial institution insisting that the fiscal programme it has embarked upon is working, despite having laid off thousands of public workers.
Cayman Islands Bacchanal Booze Cruise
DATE: SATURDAY 7 MARCH 2015 TIME: 05:30PM
Are you ready for Soca on the Seas? Get ready for an exciting unforgettable experience, Boat Cruise for Cayman Carnival 2015 – The Bacchanal Booze Cruise. Have a drink and wine to the waves as we set sail for an unknown journey on the famous Jolly Roger.
Name: Bacchanal Booze Cruise
Venue: On the Jolly Roger Boat
Admission: $35 ALL YOU CAN DRINK / $30.00 ALL YOU CAN DRINK VIP MEMBERS
Ticket outlets: Email [email protected] to reserve. Limited space available.
Music by: Dj Omar
JetBlue adding new Haiti service
From Caribbean Journal
A little more than a year after launching its first-ever flight to Haiti, JetBlue is adding another.
The New York City-based carrier announced Wednesday that it would be operating a new seasonal flight to Haiti out of Boston’s Logan Airport.
The flight would join existing daily service between New York’s John F Kennedy Service and Port-au-Prince and twice-daily service between Fort Lauderdale and Port-au-Prince.
The seasonal, nonstop service between Boston and Port-au-Prince will launch June 17 and operate through September 5, with flights on Wednesdays and Saturdays, subject to government approval.
“We are thrilled to add more new non-stop routes out of Boston as we continue to offer Bostonians more than twice as many destinations and more flights than any other airline,” said Scott Laurence, senior vice president for airport planning at JetBlue.
The Boston-Haiti flights will depart Boston at 10:00 AM and arrive at around 2:15 PM, with the return flights leaving at 3:15 PM and arriving in Boston at around 7:40 PM.
For more: http://www.caribjournal.com/2015/02/11/jetblue-adding-new-haiti-service/
Cayman Islands Chatterbox mid term break paddleboarding
Stand Up Paddleboarding
From Chatterbox
We are excited to be partnering again with Deanna from Cayman Stand Up Paddle Co. to present a fun afternoon of SUP for kids on Friday 20th February from 1.30-3.30 p.m.
All details and costs are on the attached flyer.
To book, contact Deanna at [email protected] or call 927 6803.
Spaces are limited, so be sure to book early!
TCL shareholders agree to lift 20 per cent ceiling
From Caribbean360
PORT-OF-SPAIN, Trinidad, Thursday February 12, 2015, CMC – Shareholders of the Trinidad Cement Limited (TCL) have voted overwhelming to lift the 20 per cent cap on shareholding in a move critics say opens the way for the Mexico-based cement giant, CEMEX, to take control of the financially struggling company.
CEMEX, which has operations extending throughout the world, with production facilities spanning 50 countries in North America, the Caribbean, South America, Europe, Asia, and Africa, is at present the single largest shareholder at 20 per cent, and would be able to acquire shares worth up to US$45 million in the rights issue.
Former TCL chief executive officer Dr. Rollin Bertrand and the powerful Oilfield Workers Trade Union (OWTU) had campaigned against the move to remove the cap.
Last month, in a letter to a daily newspaper, Bertrand called on shareholders to reject the proposal to “hand control” of the cement plant to, CEMEX, regarded as one of the world’s largest building materials suppliers and cement producers.
Bertrand, who, along with other directors, was removed last year, said, it is now becoming clear as to why the board had been removed in August 2014.
“This had nothing to do with ‘performance’ but was really a thinly veiled plan to hand over control of TCL to CEMEX as was proposed by certain businessmen in 2002.
“Recent allegations in the media have exposed the major players and, no doubt, they are working assiduously to fulfill promises, made over a decade ago to have CEMEX control TCL,” he added.
For its part, OWTU complained that vote could result in CEMEX taking over the company and such a move can have disastrous effects on the economy.
The OWTU, which represents TCL workers, said in a statement that removal of the 20 per cent ceiling on share ownership would “open the door for CEMEX to takeover TCL and it would represent a weakening of efforts to build local and regional firms that will create wealth for the country to benefit.”
For more:: http://www.caribbean360.com/business/tcl-shareholders-agree-lift-20-per-cent-ceiling#ixzz3RYD1F1AD
Cayman Cricket: Cayman beat Jamaica to claim T20 Challenge Trophy
From Digicel Sportsmax
Cayman Islands defeated Jamaica by 13 runs on Sunday to retain the T20 Challenge Trophy.
During the low-scoring encounter, played at the Smith Road Oval, Zachary McLaughlin scored 28 and Omar Bryan 23, as the home team were limited to 115 for 7 off their allotment.
Bowling for the Jamaicans, Franklin Hinds and Conroy Wright each took two wickets.
Chasing a run-rate less than six runs an over, the Jamaicans struggled mightily as Kevin Bazil took three wickets and Germaine Griffiths and captain Roy Taylor took two wickets each to restrict Jamaica to 102.
“The strategy was to be positive and play aggressive cricket and build pressure on the opposition,” Taylor said, after the match.
He said 115 was well below their target of 150, but his team was aware that it was essential to pick up early wickets to create some pressure, which they did.
In the play off for third place, Barbados defeated World Stars by 42 runs. Ryan Bovell had an outstanding all round match scoring 42 runs and getting two wickets.
“The whole tournament was really exciting and it ended with an intriguing final. Both teams showed a lot of strategy and had to think carefully because it was not a high scoring game. Congratulations to Cayman, they were always confident of winning, no matter what score they made,” said Theo Cuffy, technical director of the Cayman Islands Cricket Association.
Investec lines up Chinese bond and equity fund launches
From Offshore Bankers
Investec Asset Management is planning a double fund launch for its Luxembourg-domiciled Ucits global strategy fund (GSF) range as it is plans to further utilise its Renminbi Qualified Foreign Institutional Investor (RQFII) licence.
The firm fund’s range already has the capability to invest in the Chinese domestic equity market using the Shanghai – Hong Kong Stock Connect after receiving regulatory approval in December 2014.
Cayman Islands Bacchanal J’ouvert
DATE: SUNDAY 5 APRIL 2015 TIME: 03:00AM
Get ready for Grand Cayman first official Carnival J’ouvert
Name: Bacchanal J’ouvert – Carnival 10K Wine
Venue: Sparky Drive, starts at Progressive.
Admission: $75 All Inclusive
Ticket outlets: Email [email protected]
Solar Sukuk marks Australia’s debut choosing Labuan Haven
From Bloomberg
(Bloomberg) — Australia is set to become the newest entrant to the Islamic debt market this year as a solar-power joint venture seeks to sell a debut sukuk in Malaysia’s offshore tax haven of Labuan.
SGI-Mitabu, run by The Solar Guys International and Mitabu Australia Pty, has revived a plan to offer A$150 million ($117 million) of the securities in the third quarter to finance the building of a plant in Indonesia, M. Rusydi, Mitabu’s director, said by phone from Brisbane on Feb. 10. The company is coming to Malaysia because Australia still hasn’t approved laws allowing for the sale of sukuk since first proposing a plan in 2010.
The offering may serve as a model for Australian companies to tap the $1.7 trillion Islamic banking industry, according to Kuala Lumpur-based consultancy Amanah Capital Group Ltd. Malaysia, the world’s biggest Shariah-compliant debt market, has attracted sukuk issuers from Japan, which also lacks legislation that avoids double taxation on capital gains and income streams. Labuan, an island off the coast of Borneo, was established as a financial hub in 1990.
“Such financial transactions benefit the Australian economy by opening up more sources of funding,” Suhaimi Zainul-Abidin, treasurer of the Gulf Asia Shari’ah Compliant Investments Association, said in a Feb. 10 e-mail from Singapore. “But, it may be premature to expect a sudden spurt in the number of Australian companies issuing sukuk.”
Russia, China has offered Greece economic support: Minister
From The Times of India
ATHENS: Russia and China have offered Greece economic support even though Athens has not asked for it, Greece’s Deputy Foreign Minister Nikos Chountis said on Tuesday, without giving details.
“There have been proposals, offers I would say, from Russia, recently after the election, for economic support as well as from China, regarding help, investment possibilities,” Chountis, who holds the European Affairs portfolio, told Greek radio.
“We have not asked for it. It’s on the table. We’re discussing it,” he said.
Athens has so far ruled out resorting to aid from Russia as it seeks a deal with European partners to avoid a major funding crisis, though Defence Minister Panos
Kammenos earlier on Tuesday suggested Greece could always look elsewhere for help.
Greek Foreign Minister Nikos Kotzias is due to visit Russia on Wednesday.
Chountis said while Athens was not excluding alternative sources of aid, its first priority was to “exhaust all options” in reaching a deal with its European partners.
Cayman Islands Annual Orchid Show and Fundraiser end of this month
The Annual Orchid Show and Fundraiser will take place at the Queen Elizabeth II Botanic Gardens at Frank Sound, Grand Cayman from Saturday February 28th to Sunday March 1st.
The annual fundraiser is a joint initiative hosted by the Botanic Gardens and Cayman Islands Orchid Society. The exhibition showcases locally grown orchids and includes a plant sale of specially imported orchids, comprising both blooming and non-blooming plants.
Each day includes two informative talks, presented by local orchid growers that will benefit all level of orchid enthusiasts.
The proceeds from the Show will go toward the ongoing development of the orchid boardwalk in the Botanic Park.
Admission to the Park and Orchid Show is US $10.00 (CI $8.00), children 12 years and under can attend for free with a parent.
IMAGE: Cayman Islands (Wild Banana Orchid) tripwow.tripadvisor.com
Australian Islamic State supporters arrested over alleged Sydney terror plot
By Jenni Ryall From Mashable
Two Australian men have been arrested in relation to a terror attack that was planned for Tuesday in Sydney.
The men, aged 24 and 25, were arrested in the suburb of Fairfield, Tuesday afternoon by tactical police. New South Wales Deputy Police Commission Catherine Burn told the media an attack was planned for Tuesday and the officers had seized a number of items including a machete, hunting knife and a homemade flag representing Islamic State (ISIS).
She said police plan to allege an attack was being planned using these items, though the target of the attack is not known. It is alleged the two were going to undertake the act of terrorism in Australia as revenge for incidents overseas.
During the raid, a major NSW Joint Counter Terrorism (JCTT) operation, a video was also discovered, which indicated an ISIS-related attack was going to be carried out. The details of the video have not been revealed, but Burn stated “the intent is clear” from the evidence collected.
“The planned attack is consistent with the messaging coming out of IS,” Burn said. “This represents the nature of the environment we currently face … This is indicative of the threat we now have to live with, and have to deal with.”
The police are conducting further investigations to see if there are direct connections with ISIS, as the men were not on police radar. The men have been charged with undertaking acts in preparation of planning a terrorist act.
“We are not just watching. We are ready, willing and more than able to respond to disrupt the plans of those who think they can engage in what can only be described as hideous offences so strongly opposed by the community,” Burn added. “Our message is we are watching, we are capable and we will act.”
The raid follows a siege in Sydney’s central business district on Dec. 15, where a lone gunman, who claimed allegiance with ISIS, took 18 people hostage. One of the hostages was shot in the back of the head by the gunman, while another was killed by shrapnel from police fire. The gunman was killed at the scene.
The Australian terror alert level remains on high, meaning a terror attack on Australian soil is “likely.” It was raised to high in September.
