iNews briefs
Cayman Islands Government saves CI$6.2M in interest costs
The efforts and strategies implemented by the Government will save the Cayman Islands a total of CI$6.2 million in interest costs over the next ten years.
The Ministry of Finance and Economic Development has negotiated lower fixed term interest rates for five (5) of Government’s existing loans, held with a local commercial bank, that totalled CI$88.4 million as at 30 November 2013.
The new and lower fixed term interest rates range from 1.25% p.a. to 2.71% p.a., down from levels of 2.82% p.a. to 4.25% p.a. for the preceding five years of 2008–2013.
The interest rates are now fixed for the remaining life of each of the five (5) loans.
The Minister for Finance and Economic Development, Hon. Marco Archer said: “The Government is very pleased with the negotiations and the achievements of the Ministry in meeting the goals and objectives of the Government to be fiscally prudent and reduce expenditure. For fiscal year 2013/14, CI$0.6 million in interest cost savings will be realized and will have a positive impact on the 2013/2014 budget surplus and debt service ratios, while building public trust and confidence in the Government’s fiscal performance.”
Directors’ Duties awaits comments
The Law Reform Commission submits for public comment an Issues Paper entitled “Directors’ Duties – Is Statutory Codification Needed?” The paper identifies several issues relating to whether the fiduciary duties and the duty of care, skill and diligence of company directors in the Cayman Islands should be codified in order to promote consistency, predictability, transparency and high standards of corporate governance.
Stakeholders and members of the general public are invited to respond to the issues identified in the paper and to indicate whether there are other areas that should be reformed in order to improve the corporate governance structures in the Cayman Islands.
The Issues Paper will be published on www.gov.ky as well as on www.lawreformcommission.gov.ky (or www.lrc.gov.ky). Submissions should be made no later than 14th March, 2014 and should be posted to the Director, Law Reform Commission, P.O. Box 1999 KY1-1104, delivered by hand to the offices of the Commission at 1st floor dms House, Genesis Close or sent by e-mail to [email protected] .
“Wolf of Wall Street” was Cayman’s keynote speaker
A convicted stock swindler and money launderer who was paid to give a key “motivational” speech at the Cayman Island conference has surrendered just a fraction of the $110.4 million in restitution he was ordered to pay his victims.
Jordan Belfort served 22 months in prison after operating a penny stock “pump and dump” brokerage for seven years on Long Island. His two autobiographical books inspired “The Wolf of Wall Street,” a Martin Scorsese film starring Leonardo DiCaprio.
Belfort on Dec. 4 was the keynote speaker at the 2013 Cayman Captive Forum, the latest annual powwow sponsored by the Insurance Managers Association of Cayman.
Source: By Don Michak Journal Inquirer
Ironwood S36M housing and golf course project poses serious threat says NT
The Cayman Islands National Trust are very concerned about the proposed Ironwood development costing an estimated US$360M that includes housing and a championship golf development at Frank Sound.
The Trust said it is one of the most serious threats to the Mastic Reserve. A portion of the Trust’s central mangrove wetland property will also be affected.
See iNews Cayman story published January 13 2014 “Ironwood development ready to go” at: http://www.ieyenews.com/wordpress/ironwood-development-ready-to-go/
Chief Justice says changes needed to legal aid system
With a 20% rise in applications for financial help for legal aid Chief Justice Hon. Anthony Smellie said changes needed to be made to the system.
He said there was no representation for people charged who do not qualify for legal aid.
“I am bound to express the concern about the fairness and perhaps even constitutionality of a system that fails to provide assistance to persons in need and who are charged with any offence that could result in a loss of liberty,” he said in his speech at the opening of the Grand Court last Wednesday (15).
St. Matthew’s Dr Shields listed in top marine vet list
Marine veterinary professors help care for animals that live near the water or even underneath it. This can include fish as well as dolphins, stingrays, turtles and many others.
Vet Tech Colleges has just published a list of 15 marine veterinary professors who are trained as doctors of veterinary medicine, but are also involved in research and/or instruction at a college or university.
One of the doctors making the list is from St. Matthew’s University in the Cayman Islands.
Dr. Samantha Shields is assistant dean of student affairs and assistant professor of clinical sciences at St. Matthew’s University in the Grand Cayman British West Indies. She received her doctor of veterinary medicine from St. George’s University in Grenada. Her interests include, among others, marine mammal medicine, and she helps to coordinate the school’s Cayman marine veterinary medicine program, known as MARVET. She also serves as a faculty advisor to the school’s Coral Reef Research Club, which was formed through the School of Veterinary Medicine and is dedicated to studying and protecting coral species in and around the Cayman Islands.
Honey bees trained to detect cancer on patients’ breath
By Meg Wagner From Mashable
Doctors have long treated patients for exceptionally bad bee stings, but now, it looks like the insects may be helping the field of medicine.
New research from Inscentinel, a UK-based firm specializing in insect research, suggests that honey bees can be trained to detect certain early-stage cancers in humans.
Using this breakthrough, Portuguese designer Susana Soares has developed a glass device for diagnosis using honey bees and a patient’s breath.
Thanks to their super-sensitive sense of smell, bees can detect odors that a human nose can’t, Soares explains on her website. Biomarkers associated with tuberculosis, lung cancer, skin cancer and diabetes, which can all be detected through smell, are present on a patient’s breath.
Soares designed a glass objects with two enclosures: a small chamber that the patient breathes into and a larger chamber where trained bees are kept. If the bees detect the odor they where trained to pinpoint – in this case that of disease biomarkers – they’ll rush into the smaller chamber where the breath is.
The cancer-detecting bees are trained by exposing the insects to the smell, then feeding them sugar, so they associate the odor with a food reward.
Soares says that properly trained bees are “very accurate” in early medical diagnosis.
Bees and wasps have previously been trained to detect bombs by smell.
For more go to: http://mashable.com/2013/11/24/cancer-bees/
China’s November exports speed up, beat growth projections
From Global Sources
China’s exports in November jumped 12.7 percent YoY to $202.2 billion, more than doubling October’s 5.6 percent gain and topping easily general growth projections. Many analysts forecast an increase of 7.1 percent for the month.
Customs data show that November business rose on the back of strong demand from the EU, the US and South Korea.
The first two markets continue to be critical China. In Global Sources’ latest supplier survey, the EU and the US ranked first and second among respondents’ current biggest market. The two will switch places in terms of importance come first-half 2014.
Rising orders from the US and Europe helped boost November exports at Xiamen Lightray Optoelectronic Technology Co. Ltd by about 5 percent. The supplier of LED bulbs and light fixtures plans to secure BV certification and invest more than $130,000 in R&D in the year ahead to sustain business.
The Wuzhu Circuit Group took a different route on the road to 10 percent growth in November by focusing on business with new buyers. The supplier has been making PCBs for 20 years and boasts a monthly capacity of 350,000sqm.
China’s strong November numbers, however, have raised questions similar to those made earlier this year over the 14 percent jump in December 2012 exports. China economic observers attributed the increase then to seasonal and accidental factors, although fabricated exports were not ruled out.
This time, some analysts think data “may have been distorted by capital inflows disguised as trade deals,” according to BBC News.
In the article, Shenyin Wanguo Securities analyst Li Huiyong observed that lower imports and higher exports point to hot money flows. “And the less than expected imports in November and higher than expected exports precisely illustrate this point.”
Some observers, on the other hand, believe November figures are solid. Royal Bank of Scotland economist Louis Kujis said, “While there may be issues with trade credit, it is nowadays less easy for companies to “make up” exports, given the tighter monitoring since May.”
Boat propellers kill stingray
It has been revealed a stingray was recently killed when it appeared to have been chopped up by the propellers of a tour boat.
Jessica Harvey of Cayman’s Department of Environment reportedly said the area was shallow with lots of boats around. On days when the sea is a little bit rough “it’s very difficult to keep a boat in certain areas, and so just to take time and have someone maybe survey when you’re backing up,” she added.
Each stingray is worth around $500,000 a year in revenue.
Shares of helicopter fleet operator CHC fall in market debut
(Reuters) – Shares of CHC Group Ltd (HELI.N), the world’s largest commercial helicopter operator, fell as much as 7 percent in their market debut, valuing the company at about $700 million.
The Cayman Islands-based company raised $310 million after its initial public offering was priced at $10 per share, below its expected price range of $12-$14.
CHC shares opened at $9.30 on the New York Stock Exchange on Friday.
CHC was taken private in a $1.48 billion deal in 2008 by energy-focused private equity firm First Reserve Corp, which holds about 61.3 percent of the company.
JP Morgan and Barclays were the lead underwriters of the offering.
(Reporting By Neha Dimri in Bangalore; Editing by Joyjeet Das)
Cayman’s netball technical director leaving
The Cayman Islands Netball Association President Lucille Seymour has confirmed current Technical Director Gillian Lee will not be renewing her contract.
The Association is planning to send a team from Cayman to the Americas Federation of Netball Senior Championships, in August.
Lee was appointed director in May 2012.
Seymour said the Association is looking for a new director and hopes to have a suitable candidate in the position by early summer.
DART Alex Alexander Memorial Championship & DART Knockout Vase
Cayman Rugby Played January 11
Round 1 Results
Fidelity Cayman Storm 12 v Advance Fire & Plumbing Buccaneers 27
Queensgate Pigs Trotters 22 v John Doak Iguanas 17
NRA plans to make Cayman’s roads safer
The National Roads Authority (NRA) has partnered with the International Road Assessment Programme (iRAP) to implement a plan to make Cayman’s roads safer.
Using a specialised truck data of detailed GPS maps of 237 miles of Cayman roadway is being collected and in about a week’s time it will be completed. The data will then be analysed and the study ready by the end of June.
Each road will be assigned a star rating. Five star ratings indicate the safest roads and one-star for the least safest roads.
The iRAP assessment will cost US$155,000. It will be paid from the NRA’s Development and Planning output.
From 2007-2011 the Cayman Islands recorded 40 deaths and 113 serious injuries related to traffic accidents with 1,400 accidents occurring yearly on Cayman roads.
Stats supplied by NRA.
See also iNews Cayman story published January 12 2014 “NRA to undertake roads evaluation” at: http://www.ieyenews.com/wordpress/nra-to-undertake-roads-evaluation/
SOY works with HMP Northward to give ex-cons a 2nd chance
Director of HMP Northward, Neil Lavis, has announced a scheme, launched in conjunction with the Save Our Youth Foundation (SOY), which will enable ex-convicts to get a second chance in Cayman’s workplace.
Speaking on CITN/Cayman27 last Friday (17) Lavis said, ““What I can offer [businesses] is, someone who is there every day, on time, [and] doesn’t go sick. I can work with them, get one of my members of staff to meet with them, and agree what they are going to be doing. Make sure they are there everyday and if there’s a problem, a single point of contact for them to ring, saying, look, this isn’t working out we need to try someone else.”
SOY said, “by giving former inmates work opportunities, it will reduce the risk of re-offending and having them end up back behind bars”.
SOY is a non-profit, youth empowerment organization that is committed to improving the lives of our troubled youths. SOY goal is to engage our youths by being active in their daily life. Our primary goals and objectives are to target all our youths by empowering them to be young positive leaders, entrepreneurs, and law abiding citizens who value themselves and care passionately about maintaining the Christian values of their country. We realize it is time for Reform and Transformation of the Youth and their families today.
WestStar makes broadcast history
Last Friday morning (17), during Daybreak, CITN/Cayman 27 debuted a new technology – fibre optics.
Fibre optics makes for faster Internet speeds, clearer phone calls and for CITN’s news team, a new way to broadcast live
Attentive viewers may have noticed the increased clarity the fibre optic signal provided.
Broadcast history was indeed made Daybreak host Janelle Muttoo said, “It’s the very, very, first time we’ve ever done this. It really is a groundbreaking moment.”
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