iNews Briefs, More & Community Events
Community Events
Meeting Requests with Family Support Unit at RCIPS
The Family Support Unit (FSU) at the RCIPS has temporarily relocated to Elizabethan Square due to damage to the Smith Road office where it was situated. The FSU would like to inform the public that they are available to meet individuals with inquiries or reports regarding domestic violence, child abuse, or other sensitive family-related issues at Police Headquarters. Individuals wishing to meet with the FSU should inform reception at Headquarters, and a representative from the FSU will be called and meet with them in a separate office.
The address for Police Headquarters is:
Amerigo House, Fourth Floor
Elizabethan Square
69A Elgin Avenue
George Town
FSU can be reached at 946-9185, but any emergencies should be reported to 911.
NWDA Visit to Cayman Brac
Representatives from the National Workforce Development Agency (NWDA) will be available to meet with Employers and Job Seekers, and assist with online registrations, resume preparation and other job search activities.
Thursday 16th July 2015 9:00am – 5:00pm
Friday 17th July 2015 9:00 am – 2:30pm
Workshop
Job Search Strategies
Thursday 16th July 2015 2:00pm to 5:00pm
DLP Office, 256 Creek Road
To register call 945-3114 or email [email protected]
Appointments
Appointments can be made by calling 945 3114 and walk-ins are welcomed.
Download attached flyer
THU JULY 16
Labour Relations Bill North Side
The next public consultation meeting for the Labour Relations Bill is Thursday (16 Jul) at the North Side Civic Center.
National Gallery Summer Arts Drop Ins
The National Gallery of the Cayman Islands is thrilled to be hosting a Summer of Art, free programming that allows kids to utilise their creativity by participating in a range of imaginative activities. Drop-in sessions will take place in the National Gallery Education Centre every Thursday afternoon from 2:00 PM — 4:00 PM Each Summer Camp Drop-in session is different and gives kids ages 6 to 14 multiple opportunities to take part in a range of art-related activities including stenciling, creative group activities, painting, drawing and more.
Humane Society Pub Quiz
The Humane Society Pub Quiz is Thursday (16 Jul) at 7pm at Fidel Murphy’s.
National Workforce Development Agency in Brac
The National Workforce Development Agency will be in Cayman Brac on Thursday from 9am until 5pm and on Friday from 9 until 2:30 at the DLP Offices on Creek Road
Labour Relations Bill North Side
The next public consultation meeting for the Labour Relations Bill is Thursday (16 Jul) at the North Side Civic Center.
Cayman Islands Police examine cement block with handcuffs attached
Police examine cement block with handcuffs attached discovered along Seven Mile Beach.
Yesterday (Tue 14) at approximately 12:30PM police responded to a report of a cement block with handcuffs attached discovered in the water along Seven Mile Beach and brought onshore by scuba divers. The police were informed that the block had been seen in the water last weekend; however, it was only brought onshore and 
reported to police yesterday. Police brought the block to George Town Police Station, where it is being examined. One ring of the handcuffs is cuffed to a metal bar at the top of the block, while the other ring is cuffed to a jagged, flat piece of metal. The purpose of the block and handcuffs is undetermined at this time, and anyone who has further information on this matter is asked to call George Town Police Station at 949-4222.
Photographs of the block are attached.
Cayman Islands Chatterbox kids fitness programme
#FitKidsCayman
Chatterbox is introducing a new fitness programme for children with special needs and learning challenges, who will benefit from small group or individual instruction.
The programmes will be run by a qualified Exercise Physiologist/Fitness Trainer, who is presenting a fitness programme that is creative and success-oriented to help motivate students.
All the major elements of fitness will be incorporated;
Body Awareness
Posture
Motor Coordination
Muscular Fitness
Cardiovascular Fitness
To book a space or to discuss further details, please call Deanna on 927 6803 or email her at [email protected].
See the attached flyer for times and dates.
India, US sign FATCA to fight offshore tax evasion
India and America join hands to close in on tax evaders
NEW DELHI: To check offshore tax evasion, India and the US on Thursday signed an agreement to implement FATCA that will facilitate exchange of information between the two countries from October 1.
The Foreign Account Tax Compliance Act (FATCA) was signed here by revenue secretary Shaktikanta Das and US ambassador Richard Verma.
“FATCA is a mutual effort to combat tax evasion and it would be mutually beneficial for both the countries … FATCA would detect, discourage offshore tax evasion. This kind of exchange of information is top priority for governments”, Verma said.
Talking to reporters after singing the agreement, Das said: “We reassured the US government of the binding commitment to…fight the menace of evasion and bring transparency in the matters of payment of taxes which are legitimately due to the government.”
US law FATCA seeks to facilitate flow of financial information between countries. Under the inter-governmental agreement, Indian financial institutions would have to reveal information about US tax payers to the revenue department which would be passed on to the US tax authorities.
Under the pact, US will also share with India financial information.
The current reporting period beginning October 1 would be for July-December 2014.
Police detain 16-year-old in murder of journalist in Belize
From Sun City Radio
Police have detained a 16-year-old boy in their investigations into last Monday’s murder of journalist Kareem Clarke but are still working on ascertaining a motive for the crime. The teenager was held in another shooting incident on Saturday – the same day Clarke was buried –, in which a man sustained injury to his hand.
For more: http://www.suncityradio.fm/news/police-detain-16-year-old-murder-journalist-belize
See iNews related story “iNews Briefs- Young journalist gunned down in Belize” at:
http://www.ieyenews.com/wordpress/inews-briefs-more-community-events-29/
Royal Caribbean cancels Dynamic Dining for Oasis class cruise ships
From Royal Caribbean Blog
Royal Caribbean announced that it has decided not to add Dynamic Dining to the rest of the fleet, including the Oasis class cruise ships.
Royal Caribbean had previously announced it would be adding Dynamic Dining to its Oasis class cruise ships by the end of the year, but has now changed its plans.
In a statement to travel agents, Royal Caribbean explained its decision, “The revolutionary Dynamic Dining concept was created for Royal Caribbean International’s newest and most technologically advanced Quantum-class ships. It has been decided not to introduce the Dynamic Dining concept to the rest of the fleet, which was not specifically designed to support it, although previously announced for Oasis Class ships.”
Guests who had booked Oasis of the Seas, Allure of the Seas and Harmony of the Seas will select from two seating times in the main dining room or My Time Dining.
Guests on Harmony of Seas who have already pre-selected the Dynamic Dining Classic option for their upcoming cruise will be assigned to either early or late seating to match their original choice of time. Guests who have selected the Dynamic Dining Choice option will be assigned to the My Time Dining program.
All dining reservations for guests sailing on Harmony of the Seas should be converted by the end of July 2015.
Royal Caribbean’s plans for Dynamic Dining have changed quite a bit since it originally was announced. The cruise line delayed the roll out of Dynamic Dining to other ships and subsequently added a Dynamic Dining Classic option that was closer to traditional dining.
How you can track the movements of Caribbean Sea turtles
From Caribbean Journal
They’re one of the treasures of the Caribbean ecosystem, but today sea turtles are critically endangered.
Thanks to the efforts of the Florida-based Sea Turtle Conservancy, though, the tide is beginning to turn.
With events like the group’s sea turtle release at the Four Seasons Nevis this week, efforts at improving awareness and promoting conservation are expanding across the region — though major challenges remain for the creatures, most notably continued poaching across the Caribbean.
The STC goes all over the Caribbean to promote turtle conservation, regularly fitting a group of sea turtles with GPS tracking devices.
The devices help explore the still-mysterious movements of these millions-of-years-old creatures and understand where the region’s sea turtles nest.
And the regularly-updated data on a host of tracked turtles is accessible to anyone by clicking this link: http://www.conserveturtles.org/seaturtletracking.php?page=currentsatelliteturtles
IMAGE: the movements of a turtle named “Banjo” tagged with GPS in Nevis in 2013. (Data and map © STC)
For more: http://caribjournal.com/2015/07/13/how-you-can-track-the-movements-of-caribbean-sea-turtles/
Caribbean teams rise at Gold Cup
From Trinidad Express
The top three finishers at the 2014 Caribbean Cup all advance to the quarter-final stage of the 2015 CONCACAF Gold Cup, the latest being Haiti who edged Honduras 1-0 on Monday night at Sporting Park, Kansas City.
Haiti (1-1-1, 4 points) clinched a third-ever berth in the quarter-finals and first since 2009, after 2013 beaten finalists Panama could only manage a 1-1 draw with the USA.
Haiti, third at the Caribbean Cup, ended second to the United States in Group A, and ahead of Panama, who can at best only hope to get in as one of the two best third-placed team. Caribbean runners-up Trinidad and Tobago were second overall quarter-final qualifiers, after opening Group C wins over Guatemala (3-1) and Cuba (2-0), while Caribbean champions Jamaica led Group B going into last night’s final round and at minimum will end one of the best third-placed finishers.
Duckens Nazon scored in the first half and Haiti earned a 1-0 win over Honduras in the last CONCACAF Gold Cup Group A match on Monday. Haiti were the more aggressive team and chances came almost immediately.
The Haitians went ahead in the 14th minute courtesy of Nazon’s second goal of the tournament. Goalkeeper Jhony Placide played a long ball up the middle of the field that Kervens Belfort flicked on. Nazon beat Honduras captain Maynor Figueroa to the ball and bounced his shot from the right side of the box inside the far post. It was Haiti’s first goal against Honduras in three all-time Gold Cup encounters. Honduras (0-1-2, 1), who reached the semi-finals the last three tournaments, failed to advance out of the group stage for the first time since 2003.
RESULTS:
Monday
Haiti 1 Honduras 0
USA 1 Panama 1
For more: http://www.trinidadexpress.com/20150714/sports/caribbean-teams-rise-at-gold-cup
Foreign demand for Caribbean real estate doubles in first half of year
From Freedom SKN
LONDON, England, Friday July 10, 2015 – Demand for regional real estate has doubled during the first six months of 2015, compared to the same period last year, according to Caribbean independent luxury property specialist 7th Heaven Properties.
Analysis of enquiries received via the 7th Heaven Properties website and the company’s magazine, The Caribbean Property Investor, indicates that interest in residential and commercial real estate in the Caribbean increased dramatically across all price brackets.
There was a particularly high increase in enquiries for residential real estate in St. Kitts and Nevis, Turks and Caicos Islands, Antigua and the Dominican Republic/
St. Lucia and Jamaica also saw notable increases in enquiries for commercial real estate, including hotels for sale and land for development.
The majority of the enquiries originate from the United States, Canada and the United Kingdom with enquiries from American and Canadian buyers more than doubling, and enquiries from British buyers up over 30 per cent.
Managing Director of the London-based 7th Heaven Properties, Walter Zephirin, said the increases came as economic growth in the US, Canada and the UK stimulated buyer confidence.
“Growth in demand for Caribbean property has been underpinned by the impressive performance of the region’s tourism sector, particularly in locations such as the Dominican Republic and the Turks and Caicos Islands, and the continued success of highly attractive Citizenship by Investment Programs in St. Kitts and Nevis and Antigua,” he added.
“The outlook for the second half of 2015 is extremely promising with a strong sales pipeline. A succession of announcements on increasing airlift to the region and major resort developments linked to Robert de Niro in Antigua and Barbuda and Leonardo DiCaprio in Belize, as well as the first licensed casino in Jamaica, have boosted the Caribbean’s profile and enhanced its accessibility and appeal to buyers.”
According to 7th Heaven Properties, which lists residential and commercial property for sale in over 30 Caribbean territories, enquiries for properties priced from US$1 million to US$2 million more than doubled and the proportion of enquiries for properties priced below US$1 million increased from 39 per cent to 44 per cent.
For more: http://www.freedomskn.com/foreign-demand-for-caribbean-real-estate-doubles-in-first-half-of-year/
Bonaire expands drinking water plant with GEC’s Procera
Company Update (NYSE:GE): Caribbean Island of Bonaire Expanding Drinking Water Plant with General Electric Company’s Procera
General Electric Company (NYSE:GE) announced it will supply its Procera* water filtration equipment package for a seawater desalination plant expansion project in Hato on the Caribbean island of Bonaire. The desalination plant is responsible for providing clean drinking water for the entire island, which is located about 80 kilometers north of Venezuela.
The project is an expansion of Water and Energy Company Bonaire’s (WEB) current desalination plant, which GE operates for the island’s water and electric utility under a “build, own, operate” contract. The new, permanent facility will supply 1,600 cubic meters a day of desalinated water to meet the growing clean water needs for the island’s residents and business. Bonaire is a special municipality governed by the Netherlands.
“Our goal is to become self-sufficient with drinking water production and to support the growing needs of residential and business customers on the island,” said Alfredo Koolman, CEO, WEB Bonaire. “We selected GE because of its desalination technology expertise and its familiarity with our existing operation. This project moves us closer to eventually having the capability of owning and operating our own desalination facility.”
GE designs and manufactures complete desalination solutions and provides customers with integrated, high-quality and consistent systems.
GE will provide a comprehensive Procera seawater solution, including six multimedia filters, two SeaPRO-84 seawater reverse osmosis (RO) units, two modified PRO-150-NA brackish water RO units together with an MCC and PLC Control System. Comprehensive system training also will be provided to WEB staff. GE’s skid-mounted equipment allows for ease of installation and the ability to move the units should a new desalination plant be developed by WEB in the future. It is a robust system design to ensure equipment longevity.
To help improve equipment durability, GE’s Procera solutions start with pretreatment components that protect membrane desalination systems by removing suspended solids and impurities. After careful analysis of an operator’s source water and conservation needs, modular desalination systems are then fitted to their applications.
“We are pleased to offer our advanced reverse osmosis membrane solution to help WEB Bonaire expand its desalination plant to meet the island’s future clean water requirements,” said Yuvbir Singh, general manager, engineered systems—water and process technologies for GE Power & Water. “With clean water more precious than ever around the world, our solutions can deliver reliable supplies of fresh water from just about any salt water source, including seawater.”
The expanded desalination facility is expected to be commissioned in August 2015 and is part of WEB Bonaire’s ongoing efforts to modernize the island’s power and water infrastructure. (Original Source)
Shares of General Electric shares are currently trading at $26.35, up $0.08 or 0.30%. GE has a 1-year high of $28.68 and a 1-year low of $23.41. The stock’s 50-day moving average is $26.97 and its 200-day moving average is $25.72.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on June 26, William Blair analyst Nicholas Heymann reiterated a Hold rating on GE, with a price target of $30, which represents a potential upside of 14.2% from where the stock is currently trading. Separately, on June 18, Deutsche Bank’s John G. Inch maintained a Hold rating on the stock and has a price target of $29.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and John G. Inch have a total average return of -3.9% and 12.8% respectively. Heymann has a success rate of 25.0% and is ranked #2964 out of 3694 analysts, while Inch has a success rate of 83.3% and is ranked #780.
The street is mostly Bullish on GE stock. Out of 7 analysts who cover the stock, 4 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $33.00, which implies an upside of 25.6% from current levels.
OECD backs Guernsey as a cooperative jurisdiction
From Private Equity Wire
The Organisation for Economic Cooperation and Development (OECD) – the international standards-setter for tax transparency and cooperation – has underlined Guernsey’s reputation as a cooperative jurisdiction.
Monica Bhatia, Head of the Secretariat of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, says: “I am very surprised that Guernsey has been included in a list of non-cooperative jurisdictions. We are very pleased with the cooperation Guernsey has shown as a very active member of the Global Forum.
“It has demonstrated its commitment to upholding the highest standards of transparency and exchange of information. This is evident through its rating on its peer review and the fact that it has committed to the new global standard on automatic exchange of information as an early adopter. We look forward to continuing this close and cooperative relationship with Guernsey.”
Pascal Saint-Amans, the OECD’s Head of Global Tax Policy, says: “Guernsey is in the leading group of jurisdictions who are active in the practical implementation of tax transparency and co-operation. Their adherence to the internationally accepted standards developed by the OECD means that there is clear and demonstrable criteria against which the OECD can consider them as a cooperative jurisdiction. The fact that Guernsey has been peer reviewed as part of the Global Forum illustrates that other jurisdictions also consider Guernsey transparent and cooperative against those international standards.”
The OECD’s comments come two months after European Tax Commissioner Pierre Moscovici met with Guernsey’s Chief Minister.
After that meeting Commissioner Moscovici, said: “I very much welcome the active engagement of the Channel Islands in the key initiatives involved in the fight against tax evasion, fraud and abusive tax avoidance in which they are important partners of the EU. Their commitment to the adoption of the Common Reporting Standard on automatic exchange of information, alongside the EU Member States, is particularly positive.”
Deputy Jonathan Le Tocq says: “Guernsey meets every international standard of tax transparency and cooperation, and we are by any objective or evidence-based set of criteria a cooperative jurisdiction. It is important that is recognised internationally, and the clear view of the OECD will help ensure that is the case.
“The European Commission shoehorned Guernsey onto an arbitrary list of so-called non-cooperative jurisdictions three weeks ago. Since then the UK government has made it clear to the Commission that Guernsey should not be on any list of non-cooperative jurisdictions, and now the OECD has done the same.
“The Commission should either withdraw the list, or remove Guernsey from it. I have written to Commissioner Moscovici to that effect. The fact remains that Guernsey leads and exceeds a number of EU Member States on tax transparency and cooperation, and we will be partners of the EU in the automatic exchange of information under the Common Reporting Standard. Guernsey’s place on the list is unjustified, unwarranted and plainly wrong.”
For more: http://www.privateequitywire.co.uk/2015/07/07/226510/oecd-backs-guernsey-cooperative-jurisdiction
Profits up 28% at Sterling Asset Management
By Neville Graham From Jamaica Gleaner
Sterling Asset Management saw total profit rose by just under 28 per cent on the back of a roughly 60 per cent increase in total assets, the company reported in its financial results for the year ending December 2014.
Profits moved from $45.9 million to $58.6 million, while total assets moved from $491.7 million in December 2013 to $787.04 million in December 2014.
Sterling went to the market in December 2013, using the proceeds of the capital raised to purchase United States dollar-denominated fixed-income securities. The company said that provided a sustainable source of hard currency income for the portfolio.
The company’s liabilities also expanded from $51.3 million in 2013 to $247 million in 2014. This was driven by an increase in “margin loans payable” from $31.55 million in December 2013 to $223.88 million in December 2014. The additional money boosted capital and permitted Sterling Asset to expand its portfolio and take on additional leverage.
Increased shareholder value
There was a 20 per cent increase in shareholder value, driven by a 116 per cent increase in retained earnings from $42.08 million in December 2013 to $91.21 million in December 2014. Sterling says that although a 12 per cent increase in share capital from $387.47 million to $437.3 million helped, the strong increase in the book value was primarily a result of the strong performance of the US dollar fixed-income securities in the company’s portfolio and the retention of profits to sustain growth. Sterling therefore benefited from the 14 per cent devaluation in 2014.
The company says it has an eye on a continued rise in the value of bond prices issued by entities in Europe. It says that with negative interest rates in Europe and quantitative easing they anticipate that bond prices will remain strong, which will give a push to their portfolio. They are also focused on locking in good yields and interest income to provide stability to its shareholders during the anticipated rise in volatility that will accompany any rate hike, since the United States Federal Reserve has explicitly communicated its intent to increase interest rates in 2015.
Sterling also says it has started to concentrate on going short in terms of its portfolio to minimise price risk. It is also actively seeking structured notes and other types of fixed-income instruments that are suitable for an environment of rising interest rates.
For more : http://jamaica-gleaner.com/article/business/20150710/profits-28-sterling-investments-limited
