iNews Briefs
Cayman Islands utility company sues ex electrical inspector for stealing electricity
Caribbean Utilities Company (CUC) is suing an ex government electrical inspector for approx. $139,000 worth of power he has stolen.
Neville Faulknor (46) was given a suspended sentence last year after pleading guilty to tampering with the CUC metres and abstracting power straight from the pole himself to a George Town property he lived with his family and two tenants.
He was ordered to pay CUC back the money that included legal costs but has made no payments.
Now CUC are seeking redress in the civil courts to obtain the money.
Faulknor was working as a government electrical inspector at the time of the offence and was consequently fired.
St. Kitts, Turks and Caicos lead Caribbean in economic growth
From Fox News Latino
St. Kitts and Nevis and Turks and Caicos were the fastest-growing small economies in the Caribbean last year, both reporting growth of 4 percent, the Caribbean Development Bank said Wednesday.
“They each experienced accelerated growth of 4 percent or higher,” CDB Director of Economics Justin Ram said from Barbados in a live-streamed conference.
Anguilla, Antigua and Barbuda, the Bahamas, the Cayman Islands, Montserrat and Granada reported economic growth of between 1 percent and 3 percent last year, he said.
Dominica and Jamaica each registered an expansion of less than 1 percent, though they managed to exceed forecasts.
“Preliminary estimates indicate that the regional recovery continued in 2014, with growth estimated at 1.3 percent, this was lower than what was originally predicted,” Ram said.
He attributed the disappointing performance to the threat of natural disasters and the decline in prices of major commodities.
He said the drought the Caribbean region experienced in December 2013 “severely affected agriculture sector” in several countries.
The CDB’s plans for 2015 include strengthening its efforts to promote economic growth and job creation, with emphasis on the energy sector and renewable energy projects.
“Sustained economic growth is important because it has the potential to improve the lives of the more than 16 million men, women, and children living in our region,” CDB President William Warren Smith said during the conference.
He said a successful normalization between the United States and Cuba would mean a significant change for the region, expanding the tourism market and boosting exposure for local commodities.
CDB members are Anguilla, Antigua and Barbuda, Barbados, Belize, the British Virgin Islands, the Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Bahamas, Trinidad and Tobago and Turks and Caicos. EFE
$540 raised for Cayman Islands’ Children
$540 was raised by Goan Heritage Club last Sunday (15) for the Cayman Islands Department of Children and Family Services at the St. Ignatius Church field.
Goan arranged a two-a-side charity football tournament where the winner was Regal Dacosta and runner up Savio Carneiro. Lavy Fernandes and Joaquim Fernandes were voted best shooter and goalkeeper, respectively.
Organizer Camilo Fernandes said, “Goan Heritage Club India thanks all the sponsors, supporters, well wishers and participants who made this event a great success.”
Applications sought for Grace and David Taylor Graduate Scholarship in Caribbean Studies
The Centre for Research on Latin America & the Caribbean at York University (CERLAC) is soliciting applications for the Grace and David Taylor Graduate Scholarship in Caribbean Studies.
The scholarship is intended to support PhD students at York University whose research is related to Caribbean studies so that they might focus on research during the fieldwork phase of their studies or while writing their thesis. Recipients will be selected based on academic excellence, significance of proposed research, likelihood of completion, and financial need. Preference will be given to a PhD student whose dissertation proposal has been accepted.
The 2015 award consists of $5,000.
Interested applicants will be required to provide a nomination package to CERLAC no later than March 15 to be considered for this scholarship.
Nomination packages will include the following:
a statement (no longer than three pages) outlining their areas of research and the importance of this research as it relates to Caribbean studies. Also, include a clear statement of your financial needs and a timeline of how the student envisions finishing their degree;
a sample of their research;
academic transcripts (can be submitted up to one week after the application deadline); and
two letters of reference; and
Applicants must also complete the Student Financial Profile form.
Applications should be sent to CERLAC, 8th Floor, Kaneff Tower, York University, 4700 Keele Street, Toronto, ON M3J 1P3.
Preference will be given to a PhD candidate (applications from master’s students will not be considered) with an approved dissertation proposal on file with the Office of the Dean, Graduate Studies, for distribution in the summer term for the year of consideration. By virtue of applying for this scholarship, students agree to share their statements with the donor who has established the scholarship.
For more information, contact [email protected]
Cayman Islands to host international football arbitration proceedings?
Cayman Islands Football Association (CIFA) First Vice-President, Bruce Blake, has said the Cayman Islands will benefit if they host arbitration hearings for the two football confederations in the Americas, CONMEBOL and CONCACAF.
CONCACAF and CONMEBOL leaders two weeks ago selected the Cayman Islands as a place to hold proceedings going forth and Blake said the infrastructure is already in place here.
Caribbean IXP to build Data Center Hosting Facility in Trinidad & Tobago
By Narayan Ammachchi, From Nearshore Americas
Caribbean IXP has unveiled plans to build a data center hosting facility at the Tamana Industrial Park in Trinidad & Tobago.
Once built, the Tier III facility will closely resemble Verizon’s Network Exchange Point (NEP) data center in Miami, Florida, which serves as a backbone access to 160 global carriers. But unlike Verizon’s, this facility, with pools of computing sources, will cater only to data centers.
Access to low-cost energy and multiple submarine cable systems were the factors that persuaded IXP to choose the twin-island country. Trinidad & Tobago is also attractive because it sits away from the Caribbean’s hurricane path.
According to the company’s press release, the facility will offer data center hosting services on a scale suitable for technology businesses. Local papers say at least two companies – a telecom operator and an IT consulting services provider – have already signed up to use the data center.
“About US$40 million will be invested in the project,” says Girish Pathak, founder and CEO of Carribbean IXP, which is backed by the Caribbean Telecommunications Union (CTU), the Caribbean Network Operators Group and the Packet Clearing House, as well as a U.S.-based investment company.
The data center will provide managed hosting, security, disaster recovery, collocation, peering, and cloud computing services—all with seamless carrier-neutral connectivity. Furthermore, employees there will offer technical support for companies that host their servers.
“This will cater to the demands of large enterprises in the area, as well as local and national government organizations and IT service providers,” says IXP. A US-based engineering firm has designed the data center, which will be quake-proof.
For more: http://www.nearshoreamericas.com/caribbean-ixp-build-data-center-hosting-facility-trinidad-tobago/
Caribbean and Mexico hotel development pipeline increases 6.8% in January 2015
From Hotel News Resource
There are 163 hotels totaling 28,698 rooms Under Contract in the Caribbean/Mexico region, according to the January 2015 STR Construction Pipeline Report. This represents a 6.8-percent increase in rooms Under Contract, compared with January 2014, and a 7.6-percent decrease in rooms under construction.
Smith Travel Research There are 163 hotels totaling 28,698 rooms Under Contract in the Caribbean/Mexico region, according to the January 2015 STR Construction Pipeline Report. This represents a 6.8-percent increase in rooms Under Contract, compared with January 2014, and a 7.6-percent decrease in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
Among the Chain Scale segments, the Upper Upscale segment reported the largest increase in rooms Under Contract, rising 34.6 percent with 4,529 rooms, followed by the Midscale segment (+25.9 percent with 2,717 rooms) and the Upscale segment (+17.8 percent with 6,109 rooms). The Unaffiliated segment reported the largest decrease in rooms Under Contract, falling 11.3 percent with 4,097 rooms.
Looking specifically at the In Construction stage, the Upper Upscale segment reported the largest year-over-year increase in rooms (+39.5 percent with 1,320 rooms). The Midscale segment followed with a 39.0-percent increase to 624 rooms. The Upper Midscale segment reported the largest decrease in rooms in the In Construction phase (-32.6 percent with 1,432 rooms).
For more: http://www.hotelnewsresource.com/article82183.html
Regional finance ministers to meet in Bahamas
From Jamaica Observer
NASSAU, Bahamas (CMC) – Caribbean finance ministers will meet here from Thursday for the Fourth Meeting of the Governors of the Caribbean Country Department of the Inter-American Development Bank (IDB).
The two-day meeting will discuss a number of issues including proposals for the organisational structure and capitalisation of the IDB’s private sector agency, and long-term financial policies of the Bank, including the long-term financial policy framework and the capital adequacy policy.
These bilateral discussions in The Bahamas are in preparation for the annual meeting of the IDB Board of Governors, which will be held in Korea from March 26 to 29.
The meeting here will also be attended by IDB president Luis Alberto Moreno and representatives from Guyana, Jamaica, Trinidad and Tobago and Suriname.
For more: http://www.jamaicaobserver.com/news/Regional-finance-ministers-to-meet-in-Bahamas
This is the latest Caribbean island to consider economic citizenship
From Caribbean Journal
IMAGE: St Lucia (CJ Photo)
St Lucia is continuing to consider the possibility of implementing an economic citizenship programme, an idea broached last year.
A task force set up last August recently completed a report on the feasibility of setting up what it’s calling a “Global Residence and Citizenship Programme.”
The committee was requested “to consider the question of broadening the framework under which citizenship [of St Lucia] might be offered as a part of a program of investing,” according to a statement.
It was also asked to “determine whether Saint Lucia should establish an economic program, and if so, the best model to adopt.”
In its report, the committee was of the view that such a programme “could help supplement the loss of income from some of the traditional economic activities which had been essential contributors to the growth of the St Lucian economy between the 1960s and the 1990s.”
It also said there was an “urgent need to seek alternative and novel sources of investment that can profit from current global economic arrangements; and as a result, there is some validity in adopting an economic strategy that will be of benefit to the country’s economy by making citizenship by investment programs a significant aspect of St Lucia’s development.”
St Lucia’s Cabinet is going to put the recommendations by the Task Force to the public as part of a wide public consideration “as a means of further informing Government’s approach to this issue.”
As part of that effort, the Cabinet has approved the extension of the life of the task force to review comments received on the idea.
‘May the Force will be with you’ on select Disney Fantasy sailings
By Kayla Becker From Orlando My Way
Disney Cruise Line introduces ‘Star Wars Day’
CELEBRATION, Fla. —Beginning in 2016, Jedi in training and Jedi masters can celebrate their love of the “Star Wars” saga during a daylong celebration on eight sailings of the “Disney Fantasy: Star Wars Day at Sea.”
The event will occur on one day during each of the eight Disney Fantasy sailings. Guests will travel to the Western Caribbean while experiencing a full day of “Star Wars” celebrations, including a deck party, meet-and-greets with characters, themed activities and unique food and beverage offerings.
Also featured will be exclusive at-sea screenings of the “Star Wars” films and the new Disney XD animated series, “Star Wars Rebels.”
This will be the first time that “Star Wars” heroes and villains will appear aboard a Disney Cruise Line ship.
“Star Wars” Day at Sea will be offered on Disney Fantasy cruises on Jan. 9 and 23, Feb. 6 and 20, March 5 and 19 and April 2 and 16, 2016. Departing from Port Canaveral, the seven-night Western Caribbean itinerary includes Cozumel, Mexico; Grand Cayman, Cayman Islands and Disney’s private island in the Bahamas, Castaway Cay.
Book your Disney cruise by visiting www.disneycruise.disney.go.com
BVI Arbitration Act interim relief
From Harneys
Following the Black Swan decision the British Virgin Islands (BVI) Court has exercised a power to grant free-standing injunctions to safeguard assets in support of foreign proceedings.
Most recently in Natali Osetinskaya v. Usilett Properties Inc (BVI HCV0037/2013) the BVI Court decided it was not necessary for the assets of the BVI respondent company also to be situate within the BVI. It was important in Usilett that the relevant assets of the wrongdoer were in reality the shares in BVI companies. These were the respondents to the Black Swan application, where the Judge noted “it will usually also be just and convenient to prevent the shares from being rendered worthless by restraining the company from disposing of its property, whether that property is situate in the BVI or abroad.”
The BVI Arbitration Act (the Act) came into force on 1 October 2014 and is an important piece of legislation. The Act has limited the court’s role where parties agree to an arbitration although this was the subject of previous BVI common law where the court tended to give a wide ambit to arbitration provisions and therefore stay BVI High Court cases (see for example, Ennio Zanotti v. Interlog Finance Corp & Others (BVI HCV2009/034). However, an additional and important power to grant interim relief is included in the Act.
Section 43(2) of the Act, gives the BVI Court power to grant an interim measure in relation to any arbitral proceedings whether or not these have been or are yet to be commenced in or outside the BVI. Accordingly, the BVI Court has the power to grant injunctions in support of arbitration proceedings which have not commenced, although the BVI Court would probably require a Letter of Request in draft form and/or may insist on an undertaking to file the claim promptly.
There are a number of statutory requirements for the grant of an interim measure, including, importantly, that the BVI might refuse an order where an interim measure is currently the subject of arbitration proceedings and the court considers it more appropriate for the interim relief to be dealt with by the Tribunal. Of course, each case will be dealt with on its own facts, but often (as in many Black Swan cases), a target of an injunction will be companies who may not be parties to the arbitration agreements. Accordingly, the powers in Section 43 provide a powerful tool for parties in foreign arbitrations to seek interim relief to assist the arbitration process.
For more: http://m.harneys.com/publications/legal-updates/bvi-arbitration-act-interim-relief
Bove: Bank earnings didn’t rise in last 7 years without buybacks
By Dan Weil From Newsmax
The storyline for big banks since the 2008 financial crisis has been one of an earnings rebound, right? Not exactly, says star bank analyst Dick Bove of Rafferty Capital Markets.
“Get rid of all the impact of stock buybacks. Did companies show increases in earnings in the seven-year period?” he asks rhetorically. “The answer is clear as clear can be: they did not. Seven years, no increase in earnings.”
And the government’s massive legal actions against major banks won’t exactly spark a recovery for them, Bove tells CNBC. At this point, Uncle Sam is unwilling to let banks do much more than buy bonds to underwrite government debt, he argues.
“The problem is trying to make money. If the government is convinced that it’s going to control the balance sheets of the industry and is going to control it in a fashion that doesn’t allow it to make money, it’s going to have a negative effect on the stocks.”
The S&P 500 index has enjoyed an annualized total return of 16.6 percent over the last five years, compared to 13.7 percent for the S&P 500 Financials Index.
However, within the sector, Bove believes SunTrust, Bank of America, Morgan Stanley and BNY Mellon will outperform.
Meanwhile, the 2010 Dodd-Frank financial reform law has helped accelerate the shrinkage of small banks, according to a study by Harvard researchers Marshall Lux and Robert Greene.
Since the second quarter of 2010 — around the time of the passage of the Dodd-Frank Act — community banks’ share of the market “has declined at a rate almost double that between the second quarters of 2006 and 2010,” Lux and Greene write.
The implications could be harmful.
“Dodd-Frank’s regulatory burdens are driving consolidation and could result in lending markets less able to serve core economic demands,” Lux said, according to Forbes contributor Carrie Sheffield.
“Particularly troubling is community banks’ declining market share in several key lending markets, their decline in small business lending volume and the disproportionate losses being realized by particularly small community banks,” the duo writes.
For more on this story go to: http://www.Newsmax.com/Finance/Bove-bank-earnings-money/2015/02/12/id/624353/#ixzz3Rk9DoO2J
IMAGE: www.valuewalk.com
