iNews Briefs, More and Community Events
Cayman Islands Community Events
Grand Court Jurors Report Date Changed
The Grand Court jury report date has been changed.
Grand Court Jurors who are in the 1 April – 30 June 2015 session are now to report on Tuesday, 16 June 2015 at 9:45 a.m.
Please call the Jury Information line at 945-5072 for the most up-to-date information.
TUE JUNE 9
Moonlight and Movies Summer Series
The Moonlight and Movies Summer Series is Tuesday (9 Jun) at 7pm in Gardenia Court. The feature film will be Penguins of Madagascar.
Sister Islands Community Underwater Clean Up
Join the GREEN Team with the Sustainable Sister Islands Community Underwater Clean Up on Tuesday (9 Jun) at 11am. Call Nina on 928.0507 for locations.
WED JUNE 10
National Workforce Development Agency in North Side
The National Workforce Development Agency will be at the North Side Library on Wednesday (10 Jun) from 2 — 5pm.
Bookends Club
Join The Bookends Club when they meet to review their latest pick, The Children Act by Ian McEwan on Wednesday (10 Jun) from 7-8:30pm at Books & Books.
National Workforce Development Agency in West Bay
The National Workforce Development Agency will be at the West Bay Library on Wednesday (10 Jun) from 10am until 1pm.
Basic food hygiene course
Certification courses in basic food hygiene are being offered by the Department of Environmental Health. The next meeting is Wednesday (10 Jun) from 9am until 4pm. For more information, call the DEH at 949-6696.
Red Cross builds just six houses with $500 million after Haiti quake
From CARIBBEAN360
IMAGE: On November 15, 2012, two Red Cross officials review a map of Campeche, a neighborhood targeted by the American Red Cross for a community regeneration project. (Photo: Talia Frenkel/American Red Cross)
PORT-AU-PRINCE, Haiti, Monday June 8, 2015 – The Red Cross has been called to account for its operation in Haiti, after reports emerged claiming that the charity had built just six houses in the impoverished country since the January 2010 earthquake, despite raising almost half a billion dollars in donations.
The Red Cross was among the many organisations to take part in the relief effort following the devastating 7.0 magnitude quake that killed over 220,000 people and displaced thousands more.
Now, a damning report by the investigative journalism website ProPublica and US radio network NPR has accused the charity of wasting money through poor management and leaving Haitian families homeless and struggling to survive.
ProPublica and NPR’s investigation has sparked a backlash that has called the charity’s transparency and effectiveness into question, with emails from worried top officers and accounts of frustrated insiders indicating that the charity has broken promises, squandered donations, and made dubious claims of success.
While the Red Cross has built only six permanent homes in Haiti, the charity says it has provided homes to more than 130,000 people.
And despite Red Cross CEO Gail McGovern’s ambitious plans to “develop brand-new communities,” not one has ever been built.
Patient feels blessed to have heart surgery at Health City Cayman Islands
A beaming couple discuss their experience at Health City Cayman Islands. Maurice Bloom was experiencing chest pain when he arrived to Health City for medical care. Bloom describes how incredible his experience was with Dr. Ravi and the rest of the compassionate team at Health City Cayman Islands.
Fed-up science teacher jams students’ smartphones, gets suspended
By Brad Reed From BGR
If your job was to teach a class and all of your students spent the entire time playing with their smartphones, you’d probably be pretty fed up as well. This is why we have some sympathy for Dean Liptak, a Florida science teacher who recently got in trouble for jamming his students’ smartphones in class after Verizon complained that someone at his school was interfering with its network.
Local news station WTSP reports that Liptak was suspended for five days for bringing a cell phone jamming device into class, which not only jammed phones in his classroom but others as well. This particular action also happens to be illegal, although thankfully no legal charges are being brought against him since he wasn’t doing it for a malicious purpose. All the same, any signal jammer could potentially hinder the school’s ability to call 911 in case of an emergency.
“The consequences could have been dire, if he was jamming the signal so 911 calls can be made,” explained school district spokeswoman Linda Cobbe. “God forbid if a child is under a desk, because there’s a gunman in there. I would want him to reach into his pocket for his cell phone.”
For more: http://bgr.com/2015/06/04/science-teacher-jams-students-smartphones/
Ogier gives Cayman Islands advice to Garuda Indonesia
From Ogier
Ogier has acted as Cayman Islands counsel to Garuda Indonesia on Garuda Indonesia’s $500m sukuk.
The sukuk is the first ever offshore US dollar offering by an Indonesian corporate issuer, and the first sukuk issuance utilising the airline capacity structure (as part of a sukuk-al-wakala structure) in Asia.
It is anticipated that Garuda Indonesia will use part of the money raised from the sukuk issuance to refinance its debt (including Garuda Indonesia’s existing $400m shariah-compliant refinancing), with the rest being used for general purposes, including capital expenditure.
The offering was done without any government or financial institution guarantee, making it the first Asia Pacific national flag carrier to successfully issue a USD benchmark bond on a standalone basis since Qantas Airways’ USD bond offering in April 2006.
Bedell Cristin provides Jersey law advice on ‘biggest ever single investment in litigation funding globally’
From Bedell
On 1 May 2015, leading litigation funders Therium Capital Management Limited (“Therium”) announced a market-transforming £200 million private fundraising to invest in the costs of large-scale commercial litigation, group litigation and arbitration globally. The fundraising is believed to be the largest single investment in litigation funding to date.
Bedell Cristin’s Jersey office acted as the Jersey law advisers to Therium, advising on all Jersey corporate and regulatory aspects of the fundraising, including the utilisation of a Jersey-incorporated cell company and its cells and the creation of Therium Group Holdings Limited, the new Jersey-based parent of Therium.
Third party litigation funding enables cases to proceed that might not otherwise be pursued due to lack of funding. Litigants enter into an agreement for funding with a private commercial litigation funder, who receives an agreed share of the proceeds of the claim if it is successful. If the claim is unsuccessful, there is no further obligation.
The team at Bedell Cristin was headed-up by group partner Simon Pascoe and senior associate Richard Le Liard.
Simon commented: “Bedell Cristin was pleased to be able to assist Therium with this landmark fundraising. Calling for specialist and practical corporate and regulatory advice, this is just the sort of work that we excel in.”
For further information please contact Simon Pascoe or Richard Le Liard.
Couple celebrates 30th anniversary with surgery in Cayman Islands
A couple cheerfully celebrate their 30th Anniversary by getting orthopedic procedures at Health City Cayman Islands, leading international hospital offering a range of medical services including orthopedic surgery, cardiology, electrophysiology, pediatrics, oncology and more.
New York man admits to raping 11 year old, fathering her child
Fox News Latino
The day jury selection was set to begin in his trial for first degree rape, the man admitted he had sex with an 11-year-old and fathered her child.
Jeffry Rosales, of Brentwood, New York, pleaded guilty to first-degree rape on Wednesday, Newsday reports. A judge is expected to sentence Rosales to 17 years in prison as part of the plea agreement.
According to the New York Daily News, a DNA test established that Rosales, 31, was the father of the girl, who is now 13 years old.
On Tuesday, prosecutors dropped a separate murder charge against Rosales. He was charged in June 2013 with the shotgun killing of another New York man — an aspiring rapper named Keenan Russell, 21, who was shot dead while leaving a party.
The charge was dropped after federal authorities arrested someone else who took responsibility for the crime.
Defense attorney Robert Macedonio says his client is “relieved” the murder charge has been dropped and is “glad to see the truth come out.” He says Rosales is satisfied with the plea in the rape case.
The Associated Press contributed to this report.
Credit Suisse, Cayman Agents First Data Revolver
From abfjournal
First Data announced a new five-year, $1.25 billion revolving credit facility, replacing First Data’s existing $1 billion facility which was due to mature in September 2016. Credit Suisse, Cayman Islands Branch acted as administrative agent.
The new revolver has a principal interest rate of LIBOR plus 350 basis points, a reduction of 50 basis points from the rate on the existing facility. The new revolving credit facility matures in June 2020.
“We are pleased to have closed on this new revolving credit facility,” said First Data Director of Finance Michael Neborak. “It demonstrates our ability to enhance our capital structure and reflects the continued endorsement of our transformation by the lending community.”
The new revolving credit facility will be more fully described in a current report on Form 8-K to be filed with the Securities and Exchange Commission.
First Data is the global provider of payment technology and services solutions.
For more: http://www.abfjournal.com/dailynews/credit-suisse-cayman-agents-first-data-revolver/
Trinidad urges Warner to turn himself in
From Supersport
Trinidad and Tobago said on Sunday it expects new evidence against Jack Warner in the Fifa scandal to be investigated locally, but reiterated he should turn himself in to US authorities.
“We expect the authorities to take actions as the evidence comes,” Justice and Legal Affairs Minister Prakash Ramadhar told a news conference.
Ramadhar said it is up to local police to lead the investigation against Warner, a 72-year-old millionaire who remains popular in his Caribbean country despite the corruption allegations he faces as a former vice president of Fifa.
Warner insists he is innocent.
The government cannot meddle in that probe, the minister said.
Saint Lucian designers to participate in Caribbean Fashion Week
Two of St. Lucia’s most promising young designers will be showcasing their pieces at the upcoming Pulse Caribbean Fashion Week, scheduled to be held in Jamaica from June 11th to the 15th, 2015.
Hot off their success from Hot Couture, the 2 designers are eager to show the rest of the region their talents and introduce them to St. Lucian Fashion.
Taribba do Nascimento will be showcasing her new Masquerade Collection, which is inspired by our localMasquerade culture.
The bags mimic the movement and vibrancy of the masquerade characters, mixed with added touches that make meme bete… bags so special.
Jaeylu Designs will be outfitting the meme bete… models with her awe inspiring Creole Collection, while new to the scene Jewellery Designers Jack and Zayed of Island Seeds will be providing the jewellery.
“This line is very dear to me as it is such a strong collaboration of different people, which truly represents the unity that meme bete… bags strives to achieve”, says do Nascimento.
Fiona Compton of Paradise Prints will be showing her new Iyanola Collection that features the historical petroglyphs of the Taino People. Included in her Iyanola Collection is her new bridal wear.
Both designers have been proudly sponsored by the Ministry of Tourism, Heritage and Creative Industries who have been tantamount to the success of both designers. “We are very grateful to the Ministry of Creative Industries for giving us the opportunity to grow and showcase our brands regionally. We hope to do St. Lucia proud” says Compton.
Added to the contingent are James Adjodha and Jesse Evans of Wavemaker Photography. The young photographers have been sponsored by Digicel St. Lucia to accompany Compton and do Nascimento on their journey to Caribbean Fashion Week.
“We are so excited to be part of this venture,” says Adjodha, “it not only gives us the opportunity to expand our reach, but it also allows us to document and share the experience with St. Lucians through our photography. We can only hope that this will inspire other young people to work together to make their dreams come true”.
Ranking Caribbean Countries on Foreign Investment Per Capita
From Caribbean Journal
What’s the Caribbean’s foreign investment capital?
To put it another way, which Caribbean country brings in the most foreign investment?
We took a look at the most recent Foreign Direct Investment report from the United Nations Economic Commission for Latin America and the Caribbean.
But the raw numbers don’t tell much of a story.
So in order to better evaluate the ability of each country to bring in foreign investment, we looked at foreign direct investment inflows in relation to population and created a new metric FDI per Capita: that is — how much FDI does each Caribbean country bring in per capita?
The answers led to a very different ranking, with St Kitts and Nevis at the top.
The Caribbean’s smallest sovereign country brought in $120 million in FDI last year, or about $2,214 per citizen. That was followed by Antigua and Barbuda, which brought in $167 million last year and about $1,855 per citizen.
The lowest FDI/capita countries were the Dominican Republic, at $212.40 per citizen, Haiti, with $9.59 per citizen and Suriname, $7.42 per citizen.
See the full table below (population is based on 2013 estimates).
For more: http://caribjournal.com/2015/06/05/ranking-caribbean-countries-on-foreign-investment-per-capita/#
Former St. Kitts Tourism Authority CEO wins prestigious regional award
From WINN FM
IMAGE: Rosecita Jeffers
St. Kitts and Nevis (WINN): Tourism Consultant and former CEO of the St. Kitts Tourism Authority Rosecita Jeffers, says she’s humbled to receive the prestigious Jerry Award.
“At this point in time, I have a deep sense of humility and pride to be recognized by the top tourism regional organization…and also to be getting a prestigious award,” she said, speaking to WINN FM from New York on the eve of the award ceremony.
“I guess tomorrow, I might be excited, but right now it’s me being humble and proud that I have contributed to regional development through tourism and also to tourism development in our little Federation of St. Kitts and Nevis.”
The Caribbean Tourism Organization’s Allied Membership’s Jerry Award is presented annually to an outstanding contributor of resources to the Caribbean community.
A Tourism Business Strategy and Strategic Marketing Consultant, Ms Jeffers previously served as CEO of the St. Kitts Tourism Authority from 2008-2012, prior to which she served for two years as Chairman of the Board of Directors for the Caribbean Tourism Organization.
Before taking up the post with the CTO, she was CEO of her own boutique destination management and tourism consultancy company based in St. Kitts.
“This award is not just…about Rosecita Jeffers, without the support of the team at the St. Kitts Tourism Authority whilst I was there and the support of the CTO Board and staff, this would not have been possible,” she said.
“The industry has been quite rewarding. Over the years that I have worked…in the industry…I have met so many…good people and a great team of dedicated and committed individuals both regional, locally and internationally and so it has been quite a positive experience for me.”
The award was presented on Friday at the Allied Awards Luncheon, which was preceded by the Caribbean Marketing Conference.
For more and audio: http://www.winnfm.com/news/local/12720-former-st-kitts-tourism-authority-ceo-wins-prestigious-regional-award#sthash.KJ3xNubs.dpuf
Caribbean nationals want to have greater say in regional development
From Caribbean News Service
NEW YORK, CNS – Caribbean nationals living in the United States are calling on regional leaders to stop using them as tokens during elections and as “ATM machines” during disasters.
They are insisting they have a contribution to make to the socio-economic development of the Caribbean and want to be represented at regular meetings of the Caribbean Community (CARICOM) grouping.
Irwine Clare, the co-founder and managing director of the Queens-based Caribbean Immigrant Services, Inc., said Caribbean leaders should engage their overseas-based nationals on a more regular basis.
“We are a passionate community and because we do not see our ministers as often as we would like, when they come to these meetings, although it’s under CTO (Caribbean Tourism Organisation) and tourism, be prepared to answer all kinds of questions and these questions don’t necessarily come to you as if they are in church,” he told Caribbean News Service (CNS).
“It’s very aggressive but again it’s because of the passion that we have for our respective nations so those ministers who understand that can handle it and I think that’s where we need to take this.”
Clare voiced his opinion as regional tourism stakeholders gathered here for the annual Caribbean Week geared towards luring visitors to the region.
Bernie Callender-James of Montserrat says it’s time the Diaspora is properly represented at regional meetings.
“When they want that vote, they know where to find us. We go home, we change how the folks live by our votes and we leave. So is that the beginning and the end of our responsibility as a diaspora? We set things in motion for the folks back home to live by and then we don’t hear from you for another four or five years until election again,” she said of the regional leaders.
Over the years, there have been many discussions about the issue of citizens of Caribbean origin who reside overseas having the privilege to exercise their right to return home and vote during election time.
Haiti – Diaspora : Launch of the Caribbean Premier Football League
From Haiti Libre
Haiti – Diaspora : Launch of the Caribbean Premier Football League Tuesday of members of the Haitian Diaspora under the auspices of the Ministry of Haitians Living Abroad (MHAVE) have launched the Caribbean Premier Football League (CPFL).
Robert Labrousse, the Minister of MHAVE present at the ceremony, applauded with both hands this initiative of the diaspora, to create jobs in the country and promoting more harmonious social relations emphasizing “Football is a sport that we play and that we love with great passion […] This new league will aim to promote the sport king and generate income in Haiti […]”
According to Georges Romanian, living in the United States and founder of the League, who had come accompanied by old glories of Brazilian football like Elzo Coelho and Roberto Alagon; this project aims to promote the Haitian football by favoring training at the base. He announced participation in this league, of 10 teams from various Haitian cities including : Léogâne, Saint-Marc, Port-de-Paix, Fort Liberté, Port-au-Prince, Jérémie, Jacmel, les Cayes, as well as two teams playing in the United States, including Florida.
These teams affiliated with the CPFL, will have the responsibility to build academies or football schools for Haitian children. As highlighted Elzo Coelho “[…] it is only when we start with the base that we can have results in the future. Haiti has the potential to repeat the exploit of 1974. I had the chance to work in Brazil, with a group of Haitian footballers there about 6 years and I was amazed at their potential and dynamism.”
The Minister Labrousse is convinced that “This professional league will will bring together all the son of Haiti around a common goal, the promotion of our national sport by demonstrating that we can innovate, build and develop activities both recreational and creative of income.”
Community Health Festival
From Caribbean Life
Brookdale Hospital is hosting its annual Community Health and Street Festival on Saturday, June 13 from 11 am to 4 pm on Rockaway Parkway, between Linden Boulevard and Church Avenue. The event is free and open to the public.
Kids will enjoy balloon artists and magicians, face painting, pony rides and a bouncy castle. People of all ages will be able to receive a number of medical evaluations, ranging from dental, health, and mammography screenings to blood pressure and HIV testing.
For more: http://www.caribbeanlifenews.com/stories/2015/6/2015-06-03-sub-healthfestival-cl.html
Belize to receive US$2.4 million in grants from CDF
From Caribbean News Now
BELIZE CITY, Belize — The prime minister of Belize, Dean Barrow and the chief executive officer of the CARICOM Development Fund (CDF), Lorne McDonnough, signed an agreement in Belize City recently for two grant agreements: US$2.3 million for the construction of the new Haulover Bridge, a key conduit of the Northern Highway; and US$162,000 to support energy efficiency projects for the private sector.
The CDF’s grant contribution for the construction of the new Haulover Bridge estimated to cost US$9.0 million in total will be co-financed by the Caribbean Development Bank (CDB) and the government of Belize. The other grant will be managed by the Development Finance Corporation (DFC) and disbursed to firms to retrofit their operations and install solar power generation to make them energy efficient and competitive.
The prime minister, in welcoming the commitment of the CDF to Belize’s development, underscored the trail being blazed with the first co-financing initiative between the CDF and the CDB. He also recalled the three other CDF-funded projects in Belize. This included a concessionary loan with a grant component to the DFC.
In addition, he identified two separate grant components aimed at promoting the business application of green technology and raising the capacity of the Government to better manage projects.
Speaking to the importance of the CDF’s CAPs, McDonnough noted, “These projects answered the question of the relevance of CARICOM and its institutions in a tangible way beyond the lofty words of the Treaty of Chaguaramas.”
He intimated that these strategic interventions transform member states in a manner that impacts the ordinary citizen and expressed the desire to participate in other collaborative activities between the CDF and development partners.
Barrow, in his final remarks, noted the CEO’s imminent departure and thanked him for his “stellar service” to the region. He hoped his services would be available to region in a different capacity in the future.
St. Lucia fails to make list of Caribbean business incubators selected for World Bank training
PRESS RELEASE – Following a 5-week competition and rigorous selection process, Accelerate Caribbean is excited to announce ten business enablers from 7 islands in the Caribbean that will participate in its Business Incubation Clinic during 2015-2016.
Infodev’s Business Incubation Specialist, Sophia Muradyan, has expressed hearty congratulations to the selectees and thanks all who participated. “We received nearly 50 applications from all 14 CARICOM countries, from, among other areas, ICT and mobile technology, climate change (Green Tech), and sustainable development, but what was very encouraging is that several applications came from women-entrepreneur-focused incubators!” Muradyan said.
Using criteria such as an organization’s past experience and strategic vision, an expert panel shortlisted 18 enablers focused on high growth entrepreneurs. Following a comprehensive interview process, 10 were selected.
Caribbean Centre of Excellence for Sustainable Livelihoods, Barbados
Caribbean Climate Innovation Centre, Jamaica
Caribbean Industrial Research Institute (CARIRI)’s Center for Enterprise Development, Trinidad
Caribbean Mobile Innovation Programme, Jamaica
GeoTechVision, Guyana.
Grenada Small Business Incubator, Grenada
National Integrated Business Incubator System, Trinidad
St. Vincent and The Grenadines National Center of Technological Innovation Inc, St Vincent & The Grenadines
Startup Jamaica, Jamaica
Telesur Multimedia Innovation Lab, Suriname
All selected participants have been paired with an international business mentor, who will be their one-on-one coach throughout the 12-month program, which kicks off with 2-day Business Incubation Management training in Bridgetown, Barbados on June 8th, followed by an Entrepreneurial Ecosystem Development workshop.
A total of four such Business Incubation Management training sessions and workshops will take place across the region in 2015-2016 and are open to a broader audience of incubation practitioners.
As the program progresses, participants will be exposed to new models and best practices of accelerating early-stage enterprises, participate in peer-to-peer learning sessions and tailored networking opportunities and an international study tour, one of the highlights of the clinic.
Accelerate Caribbean is designed by infoDev (The World Bank Group) as part of its Entrepreneurship Program for Innovation in the Caribbean (EPIC). EPIC is a seven-year program funded by the Government of Canada that seeks to build an enabling ecosystem to strengthen entrepreneurship and boost job creation across the region. The project is implemented by IMC Worldwide Ltd (IMC) in partnership with KoltaiCo, UWI Consulting, and Barbados Coalition of Service Industries (BCSI).
Barbados government pledges continued support for the IMF’S Caribbean Regional Technical Assistance Center
The Government of Barbados this week signed a Memorandum of Understanding with the International Monetary Fund (IMF) to continue hosting the Caribbean Regional Technical Assistance Center (CARTAC). Speaking at a ceremony to mark the signing of the Memorandum, Barbadian Minister of Finance and Economic Affairs, Hon. Christopher Sinckler, said “CARTAC has enabled the building of a cadre of professional public servants across a range of areas that are critical to sustainable economic growth in the region. The presence of CARTAC in Barbados not only ensures a rapid response to requests for technical assistance, but also ensures that this response is tailored to the region’s specific needs.”
The ceremony took place at the opening of two days of meetings of the CARTAC Steering Committee (comprising the twenty CARTAC member countries, the IMF and the Center’s financing partners) to review CARTAC’s work program, consider the findings of a recent independent evaluation of CARTAC operations, and discuss the work program for the year ahead, as well as longer-term funding and program priorities. Ms. Adrienne Cheasty, Deputy Director of the IMF’s Western Hemisphere Department, described CARTAC as “the cornerstone for delivery of IMF technical assistance and training to the Caribbean. Having advisors based in Barbados, backed up by personnel at IMF Headquarters, ensures that members’ needs can be met in a way that leverages the IMF’s expertise in a cost-effective manner.”
The Steering Committee also reviewed an independent evaluation report on CARTAC. Mr. Gerd Schwartz, Deputy Director of the IMF’s Institute for Capacity Development, welcomed the positive findings on the relevance and quality of technical assistance and training delivered by CARTAC and its advisors, and outlined the steps to take forward the core recommendations aimed at enhancing governance and operations.
Preparations for the next five-year cycle of CARTAC, due to begin in January 2017, were discussed extensively. IMF staff outlined the macroeconomic challenges facing the region, and CARTAC member countries provided feedback on the timeliness and quality of support in addressing these challenges. Representatives from Canada, the European Union, and the United Kingdom indicated their interest in continuing their support for CARTAC in its next cycle, and member countries signaled their commitment to maintain their current level of contributions. The discussions highlighted the importance of continuing CARTAC’s work across the current range of issues, but noted the need to be ready to accommodate emerging needs as they are identified.
Mr. Brian Wynter, Governor of the Bank of Jamaica and CARTAC Chairman, welcomed the Steering Committee’s endorsement of an extension of CARTAC’s current phase to December 2016, and the commitment of stakeholders to the continuing work of CARTAC. “We can now use this time to develop a robust program document that sets out a clear vision for the next phase, in close consultation with CARTAC’s stakeholders.” Mr. Wynter also encouraged donors and stakeholders to ensure that financing for CARTAC is maintained at its current level.
Digicel acquires Bermuda Telephone Company
From Curacao Chronicle
DigicelHAMILTON, Bermuda — Digicel Bermuda has completed the acquisition of Bermuda Telephone Company (BTC).
Digicel Bermuda CEO, Robin Seale, said, “This is an exciting time for Digicel Bermuda and BTC as together we are better positioned to serve our customers across Bermuda.”
“With the acquisition now complete, we are even further committed to delivering the best value, service and network on the island while expanding our suite of products and services to offer a larger portfolio to our customers,” he noted.
“Digicel is already heavily investing in increasing the capacity of our service and the acquisition of BTC will provide the framework to broaden that even further; growing our business, creating more jobs and investing in the future of Bermuda’s communications industry,” Seale noted.
For more: http://curacaochronicle.com/region/digicel-acquires-bermuda-telephone-company/
The Gibraltar Financial Services Commission consults on the regulation of personal pension schemes
The Gibraltar Financial Services Commission (“GFSC”) has today published a Consultation Paper (“the paper”) on proposed changes to the regulation of personal pension schemes. The paper has been developed at the request of HM Government of Gibraltar and is designed to support the further development of the market for personal pensions and ensure that personal pensions continue to be subject to appropriate regulation and investor protection.
The purpose of the paper is to seek views on the proposed regulatory framework and approach to personal pension schemes in a 6 week consultation period, which will close on Tuesday 14 July. During the consultation period, the GFSC will continue its pro-active engagement with stakeholders on the proposals.
The approach and thinking behind the proposals have been informed by a pensions working group which comprises of representatives from the GFSC, HM Government of Gibraltar, Income Tax Office, and the industry. The working group recognises the importance of continuing to strengthen Gibraltar’s pensions regime, particularly given the recent fundamental changes to the United Kingdom’s personal pensions’ regime.
The GFSC has appointed Ian Costain to lead on developing the GFSC’s policy on the regulation of pension schemes and chair the pensions working group. An independent consultant, Mr Costain’s assignments have included advising both the Pensions Regulator and the Financial Conduct Authority in the UK on the regulation of pensions.
Minister for Financial Services and Gaming, Hon. Albert Isola said “This is an opportunity to further develop the pensions market in Gibraltar, and as with everything we do it is important that we strike the right balance between effective regulation and remaining a Jurisdiction which is open for business and welcoming of quality operators and innovation in this field”.
Samantha Barrass, Chief Executive Office, said “the GFSC is committed to supporting the development of the framework for pensions to ensure consumer protection and safeguard the reputation of Gibraltar financial services centre. We look forward to engaging with all interested parties on these important matters for the pensions market”.
Download the Consultation Paper here: http://www.fsc.gi/download/consultation/PensionsCP2015.pdf
St. John ‘really stressed’ by drought
By Peter Fulham from Virgin Islands Daily News
Unusually limited rain in the territory during the last two months has left the typically lush hills of the Virgin Islands National Park on St. John brown and dry.
The National Weather Service in Puerto Rico has predicted no significant rainfall within its seven-day forecast window, meaning the problem will likely get worse.
“You are seeing trees that are really, really stressed,” said Dave Worthington, chief of interpretation and resource management at the Virgin Islands National Park. “It would not surprise me if we lost a few of those.”
However, Worthington said that much of the local vegetation is resilient in the face of weather extremes and that the majority of the plants would bounce back from the drought.
“Most of the tree species here have probably evolved to survive periods of drought,” Worthington said.
According to Worthington, the lack of rain also is likely affecting animal life.
“When animals are having difficulty finding water, they travel a lot more,” Worthington said. “I think probably the deer are moving around a bit more.
He said that birds also may be feeling the impact.
“Somebody told me the other day that they’ve been seeing the pearly-eyed thrashers pecking away at green mangoes trying to get at the moisture,” Worthington said.
Earlier this week, the National Oceanic Atmospheric Administration predicted that the upcoming hurricane season likely will feature much less precipitation than usual.
Caribbean Institute for Meteorology and Hydrology’s Cèdric Van Meerbeeck said last week that El Niño, the set of weather patterns linked to warm currents in the equatorial Pacific, could be to blame for the dry spell, according to Caribbean Media Corporation.
On Friday, parts of the territory experienced short bursts of light rain, but the relief likely will not last long.
“After this wave moves through, the forecast for rain goes down for a while,” said meteorologist Walter Snell of the National Weather Service. Although there will be chances of scattered showers throughout next week, no significant rainfall is anticipated, he said.
For more: http://virginislandsdailynews.com/news/st-john-really-stressed-by-drought-1.1894247
Drought in Puerto Rico threatens prolonged water rationing
EFE From Fox News Latino
The drought suffered by much of Puerto Rico is getting so much worse that if no rain falls in the next few days, authorities will be forced to impose an even longer period of the water rationing throughout a large part of the San Juan metropolitan area.
The deputy director of the U.S. National Weather Service office in San Juan, Ernesto Morales, told Efe on Friday that forecasts for the next two months are not very promising, since the amount of rain expected is well below the usual levels for this time of year.
Morales said the reason for the lack of rain in Puerto Rico over the past few months could be related to the effects of El Niño, the climatic phenomenon related to the cyclical warming of the eastern Pacific Ocean and which consequently brings drier weather to the Caribbean.
The meteorologist said that over the next few months, sharp winds coming from the west in medium to high layers of the atmosphere will act as a barrier to the entry of tropical storms, which means less rain than usual is to be expected in the Caribbean.
The latest report of the U.S. Drought Monitor, released this week, indicates that 55 percent of Puerto Rican territory is affected by abnormally dry weather.
Within the area affected by the lack of rain, almost 3 percent has reached the level of severe drought.
Primarily affected are the municipalities of Caguas, Gurabo, Juncos, Las Piedras and San Lorenzo, all in the interior area of eastern Puerto Rico.
More than 900,000 inhabitants live in areas affected by the abnormally dry weather and close to 80,000 homes and businesses in the San Juan metropolitan area must submit to some kind of water rationing.
The president of state water company AAA, Alberto Lazaro, said this week that if there is no significant rainfall in the coming days, he will extend water rationing.
The weekend forecast indicates the passing of a weak, low-pressure tropical wave that is not expected to bring much rain, to be followed by a massive influx of dust particles from the Sahara Desert, a sign that the drought will continue. EFE
African, Caribbean and Pacific Group of States deepen ties with FAO
After the flood in Malawi. ACP nations are very vulnerable to climate change.
The African Caribbean and Pacific Group of States (ACP) and FAO are deepening their ties with an eye to bolstering national capacities to cope with climate change, enhance food security and support sustainable food production.
A Memorandum of Understanding, signed here today by Patrick Ignatius Gomes, Secretary General of the ACP Group, and FAO Director-General José Graziano da Silva, is geared in particular towards supporting the 79 ACP member countries work towards achieving the global Sustainable Development Goals that will be agreed later this year.
The ACP Group and FAO pledged to “strengthen their cooperation in support of actions contributing to better address the continuing food insecurity and malnutrition, hunger, natural resource management and climate change challenges in the ACP Group Member States.”
Priority areas of collaboration will be identified by ACP members. Projects to harness private-sector support in building efficient and inclusive agricultural value chains and helping smallholder farmers meet export market regulatory requirements will be a central focus. Other measures will aim at hunger eradication, better nutrition and sustainable economic practices.
Common goals
The alliance “is a great demonstration of how the critical issues of food and nutrition security can be addressed by optimum use of our combined resources– the skills, experience and policy instruments – that have been tested by concrete actions in various parts of the world,” said Gomes.
“ACP States are particularly vulnerable to climate change and FAO is well placed to help their family farmers adapt, produce more food and access markets in inclusive and sustainable ways,” said Graziano da Silva.
Climate change is a matter of special urgency in tropical regions, particularly for the 31 island states among ACP’s Members. FAO has offered technical advice to ACP
Members ahead of the international COP 21 climate negotiations to be concluded in Paris at the end of 2015.
Under today’s agreement, and building on the implementation of the Small Islands Developing States Accelerated Modalities of Action, or Samoa Pathway, the ACP and FAO will jointly promote mitigation and adaptation to climate change gradual effects in agriculture (climate-smart agriculture). This will be done by advancing enabling policy frameworks, techniques and practices in water, energy, soil, crop, livestock, forestry, aquaculture and fisheries, in the most vulnerable countries and regions, including ACP Small Islands Developing States (SIDS).
FAO recently set up a Trust Fund to address the specific vulnerabilities faced by Small Island Developing States to climate change and natural disasters such as Cyclone Pam, which wracked Vanuatu earlier this year. The MoU commits both ACP and FAO to jointly promote and contribute to the implementation of activities planned within the Fund’s framework.
The MoU also foresees measures aimed at facilitating an -ACP South-South Cooperation programme for food security and agriculture, including technology sharing, knowledge exchange and policy dialogue between tropical countries.
Another priority under the expanded collaboration is to engage the private sector to support the development of efficient and inclusive agrovalue chains. The emphasis will be on targeted agricultural commodities, both food staples and cash crops, and on smallholders, farmer- and producer organizations and small and medium enterprises.
Democratic finance chair under fire for fundraising for Clinton campaign
By Andrew O’Reilly By Fox News Latino
The Democratic National Committee’s finance chairman is apparently in violation of his own party’s rules after it was revealed that he is helping raise money for Hillary Clinton’s campaign.
Henry R. Muñoz III, a former fundraiser for President Barack Obama and the current DNC finance chairman, is helping organize a fundraiser for Clinton’s presidential campaign this week in San Antonio, Texas – a violation of party rules that stipulate that officers remain neutral in presidential primaries, Democratic operative Gilberto Ocañas and Bexar County Democratic Party Chairman Manuel Medina told Politico.
“I know he’s made a few calls to raise money,” Medina said of Muñoz. “He’s certainly taking it upon himself to make tomorrow’s fundraiser a success.”
According to DNC rules: “The chairperson shall be responsible for ensuring that the national officers and staff of the Democratic National Committee maintain impartiality and even-handedness during the Democratic Party presidential nominating process.”
Muñoz did not immediately return a call seeking comment.
A spokesperson for the DNC told Fox News Latino that the committee is looking into the matter.
“The DNC is committed to impartiality in the presidential primary process,” A DNC spokesperson, speaking on the condition of anonymity, told FNL. “We take any situations that could violate our party’s rules very seriously. Our officers and staff are made aware of our party’s policy on remaining impartial in the presidential nominating process and understand that this is a requirement of their continued service to the party.”
The news of the finance chairman’s activities has caused swift blowback from both other Democratic candidates and the Republican side of the presidential race.
“All parties should follow their own rules,” Tad Devine, an adviser to Democratic challenger and Vermont Sen. Bernie Sanders, told Politico. “It’s very important in the primary process that the DNC not take sides before the voters have made their decision.”
USA lubricant producer launches products in Jamaica
From Jamaica Observer
KINGSTON, Jamaica – Top 1 Oil Products Company, the largest exporter of synthetic lubricants on the west coast of the United States, celebrated its entry into the Jamaican and Caribbean markets with a launch Thursday evening (June 4) at the Spanish Court Hotel, New Kingston.
In line with the award-winning brand’s expanding global successes, a Bentley Continental GT, a convertible Mercedes Benz and other high end and classic vehicles graced the Valencia area of the hotel.
It was evidence of the approval of Top 1 oil products by some of the most prestigious motor vehicle manufacturers in the world, including Audi, BMW, Mercedes Benz – Daimler, Chrysler, Lotus, Porsche, and Volkswagen.
CEO of Top 1, Joseph Ryan, who flew in from California for the event, expressed delight at the company’s entry into Jamaica.
He said that he was looking forward to a successful partnership, through the company’s local representative, Island Lubes Distributors.
John Levy, director of Island Lubes, was equally delighted and spoke to the brand’s high quality products, and the benefits that will be passed on to consumers.
Several Top 1 products will be produced under license in Jamaica by Lubricating Specialties Company (LSC) Jamaica Limited.
Other Island Lubes Distributors directors, Oliver Chen and Errol Wright, were also on hand, as well as a number of corporate and entertainment personalities.
Prominent among the guests were Jamaican-born actor Dule Hill, who played personal presidential aide, “Charlie Young”, on the NBC drama television series, The West Wing, and pharmaceutical salesman-private detective, Burton “Gus” Guster, from USA Network television comedy-drama, Psych, who also spoke at the event.
For more: http://www.jamaicaobserver.com/latestnews/USA-lubricant-producer-launches-products-in-Jamaica
GM Lawyers to be deposed in ignition-switch class action
By Sue Reisinger, From Corporate Counsel
Class action lawyers suing General Motors Co. over its fatal ignition-switch problems have lined up several of the automaker’s top lawyers and ex-lawyers for questioning over the next few months, including former general counsel Michael Millikin and outside counsel Anton Valukas.
Texas attorney Bob Hilliard, co-lead attorney in the multidistrict class action against GM, has prepared a list of 55 people to be deposed, according to a recent article in the Detroit News.
Sometimes called “Bulldog,” Hilliard has a national reputation. The name partner of Hilliard Munoz Gonzales in Corpus Christi also served as liaison counsel for the plaintiffs’ steering committee in litigation against Toyota Motor Corp. for its unintended acceleration problems two years ago.
Millikin, who was replaced as GC on March 1 and is set to retire in July, is scheduled for questioning on Aug. 26. He has denied any wrongdoing in the delayed recall of 2.6 million vehicles with faulty ignition switches that have been blamed for 109 deaths and more than 200 injuries.
A GM internal investigation prepared by outside counsel Anton Valukas, of Jenner & Block, essentially blamed incompetence and poor communications for the nearly decadelong delay. Valukas is scheduled to be deposed Sept. 24, the News said.
In all, some 15 employees were let go after the Valukas report, including at least four in-house lawyers, but not Millikin.
Besides the former GC, the article said Hilliard plans to depose Frederick Fromm, a vice president and former general counsel of GM North America from 2009 to 2011. And others could be added to the list.
In other news related to the faulty ignition switch, the National Highway Traffic Safety Administration Friday released two internal reports that harshly criticized the agency’s handling of GM’s switch problems and identified agency reforms. One report found that NHTSA didn’t follow up on trends in its own data and investigation, and failed to open a formal probe into the deadly defect or to demand a timely recall that could have saved lives.
The other called for 380 new employees and nearly $90 million in new spending, primarily to beef up its office of defects investigations to make “a much larger and more proactive presence in the automotive safety arena.” Congress, however, is unlikely to approve such a budget increase.
“Our obligation to save lives and prevent injuries must include sober self-examination, and when we find weaknesses, we have to fix them,” NHTSA Administrator Mark Rosekind said in a statement.
Canadian men learn Noreth American Olympic rugby sevens qualifying road
By The Canadian Press
TORONTO – The Canadian men have been placed in a pool with the Bahamas, Cayman Islands, Guyana and Trinidad and Tobago for the opening round of competition in an Olympic rugby sevens regional qualifying competition next weekend in Cary, N.C.
The other men’s group at the North America Caribbean Rugby Association (NACRA) Sevens Championships features the U.S., Barbados, Jamaica, Mexico and St. Vincent.
But barring an upset of mammoth proportions, the U.S. and Canada are expected to meet in next Sunday’s final.
The winner will join host Brazil and Fiji, South Africa, New Zealand and England — the top four teams from the recently completed HSBC Sevens World Series season — at the 2016 Games in Rio de Janeiro.
The other six Olympic teams will come from five other regional tournaments and a last-ditch world repechage competition.
The U.S. men finished sixth on the Sevens World Series while the Canadians were ninth. The Americans won four out of five meetings between the two this season.
On the women’s side, Canada has already qualified for Rio by virtue of its second-place finish in the Women’s Sevens Series.
The U.S., which was fifth in the standings, is expected to roll through the NACRA women’s field which also includes the Bahamas, Barbados, Cayman Islands, Guyana, Jamaica, Mexico and Trinidad and Tobago.
