iNews Briefs, More & Community Events
Community Events
Official Public Holidays in 2016 Confirmed
The Deputy Governor’s Office has confirmed Cayman Islands Public Holidays in 2016, with the exception of the Queen’s Birthday holiday in June 2016.
That holiday is listed for Monday, 13 June for which official confirmation is awaited.
Also, since Christmas Day falls on a Sunday, Monday, 26 December 2016 will be observed as the official Christmas Day public holiday. Consequently, the official observance of Boxing Day (26 December) as a public holiday will be on Tuesday, 27 December 2016.
The full list of public holidays for 2016 is:
- Friday, 1 January – New Year’s Day
- Monday, 25 January – National Heroes Day
- Wednesday, 10 February – Ash Wednesday
- Friday, 25 March – Good Friday
- Monday, 28 March – Easter Monday
- Monday, 16 May – Discovery Day
- Monday, 13 June – Queen’s Birthday (unconfirmed)
- Monday, 4 July – Constitution Day
- Monday, 14 November – Remembrance Day
- Monday, 26 December – Christmas Day (observed, since 25 December is a Sunday)
- Tuesday, 27 December – Boxing Day (observed, since Monday, 26 December is designated as the Christmas Day holiday)
Managing Personal Finances Programme
The second session of the Managing Personal Finances programme will be at the Bodden Town PPM office on Saturday, 22 August, from 7pm.
The George Town PPM office holds the second round of seminars next week, on 25 August and 29 August. The John Gray Memorial Church Hall will stage the West Bay meetings on 1 September and 5 September. The George Town and West Bay sessions will start at 7pm.
The programme, which is free to the public and features retired local banking professionals, aims to provide personal financial advice to residents.
Refreshments will be provided at each meeting. Anyone interested in attending the seminars should contact the following persons: Heather or Kerry Ann on 943-7652 for Bodden Town, and Sharon on 945-1776 or 945-8292 for both George Town and West Bay.
Immigration Department closure on Friday 21st August 2015
The Department of Immigration Headquarters, including Passport & Corporate Services, Visa Office and Front Counter, will be closed to the public for all but essential services on Friday 21, August 2015. Only work permit and permanent residence applications (including applications for permission to continue to work (PCW)) that must be submitted prior to 21 August in order to allow continued employment will be accepted.
Time sensitive applications for visitor extensions will also be accepted.
The Passport & Corporate Services Office will not accept any applications, but passports and visa waivers may be collected at the Immigration main counter location.
Persons are reminded to take advantage of the extended opening on Wednesday evenings to conduct business. Front counter is opened until 7:00pm every Wednesday.
Normal operations in all sections of the Department will resume on Monday 24 August.
The Department apologizes for any inconvenience the closure on 21 August may cause.
Grand Court Jurors Report Date Changed
The Grand Court jury report date has been changed.
Grand Court Jurors who are in the 1 July – 6 October 2015 session are now to report on Monday, 31 August 2015 at 9:45 a.m.
Please call the Jury Information line at 945-5072 for the most up-to-date information.
RCIPS asks the public to exercise caution when solicited for donations on the street
Due to a recent report of potentially illegitimate solicitations for donations by children on the waterfront and elsewhere in George Town, the RCIPS would like to advise the public to exercise caution when approached for donations on the street. If approached for donations by children, it is advisable to ask the name of the school conducting the fundraiser, the name of the student and parent, and then call the school to confirm that a child by that name is in fact a student. Similarly, if asked in public for donations to a charity, it is advisable to obtain the name of the charity and confirm that it is listed on the Cayman Islands Registry. Charities are categorized as businesses on the registry, which can be searched at www.ciregistry.gov.ky.
The RCIPS does not discourage donations to charity or to school fundraisers, but only advises the public to confirm the legitimacy of the donation request. If it does appear that you may have been solicited to make a donation on false pretenses, please contact the RCIPS Financial Crime Unit at 649-8797.
Annual Meals on Wheels Dress Down Day
SAVE THE DATE
Dress Down Day Friday, 20th November, 2015
Help feed our Seniors we believe no-one in Cayman should go hungry.
Individuals can help by purchasing an orange ribbon for $5.00 or a tee shirt for $15.00 and wearing them on Dress Down Day, we are encouraging companies to match employee donations.
For more information or to sign up to participate please feel free to contact us via email at [email protected] or via telephone at 949-3905.
The Lions Club of Tropical Gardens Presents a Diabetes Health Fair
Free A1C Testing
BY the Cayman Islands Diabetic Association (CIDA) For Persons with diabetes and a
strong family history of Diabetes.
Where: Church of God of Prophecy, Eastern Avenue, George Town
When: Saturday 29th August , 2015
Time: 9:00 a.m. to 12:00 noon
CARE announces Cayman Islands 5th Annual Paws for wine
Sat Sept 26th Ristorante Pappagallo
WED 19 AUG
Department of Vehicle & Drivers’ Licensing
The Department of Vehicle & Drivers’ Licensing wishes to inform the public that both offices (West Bay & Crewe Road) will close on Wednesday, 19th August 2015 for a staff retreat.
Normal hours of operation will resume on Thursday, 20th August for the West Bay Office from 10am to 6:00 pm and the Crewe Road Office from 8:30am – 4pm.
The management and staff wish to apologize for any inconvenience this necessary closure will cause.
THU 20 AUG
Pirates Week: Sights…Sounds…and Taste in Cayman
Experience the Sights…Sounds…and Taste in Cayman at the “Cardinal Avenue Street Fair” this Thursday, 20th August, 2015 starting from 9:00 am – 3:00 pm.
Cardinal Avenue comes alive with festivities representing Caymanian Heritage with traditional arts and crafts, local food from Chef John’s BBQ and Caribbean Kitchen, and Steel Pan music by Pan N Riddm.
The street will be closed from 7.00 am to 4:00 pm starting from the Harbor Drive entrance to Albert Panton exit.
For more information, contact John Jefferson Jr. on 928-3729.
Grand Court Jurors Notice
Grand Court jurors in the current session must now report on Thursday (20 Aug) at 945am.
Clifton Hunter High School Uniform Shop Open
The Clifton Hunter High School Uniform Shop will be open Thursday (20 Aug) from 4pm until 6pm.
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.
FRI 21 AUG
Immigration Closures
The Department of Immigration Headquarters, including Passport & Corporate Services, Visa Office and Front Counter, will be closed to the public for all but essential services on Friday (21 Aug.)
2015 Orientation Dates for Cayman Islands Government Schools
Released on behalf of the Education Ministry.
Cayman Islands national carrier makes a profit for the first time
At the unveiling ceremony of the new 34-seat turboprop Saab+ last Friday (14) Fabian Whorms, chief executive officer of Cayman Airways, announced Cayman Airways made a $3.1 million profit in the past year.
This is the first time the airline has made a profit.
Whorms said the profit is due mainly because of the purchase of three Boeing 737 jets. “Operating leases are the most expensive form of having the asset. Purchasing the aircraft has added around $4 million to the bottom line. We have also had a little bit of help with the low fuel prices,” he added.
Yelp fends off suit seeking pay for posters
By Marisa Kendall, From The Recorder
SAN FRANCISCO — Lawyers for Yelp Inc. scored a victory last week over plaintiffs who had demanded to be paid for reviews they posted to Yelp’s website.
U.S. District Judge Richard Seeborg of the Northern District of California ruled people who review businesses on Yelp cannot be classified as Yelp’s employees and therefore are not entitled to compensation.
“Plaintiffs use the term ‘hired’ to refer to a process by which any member of the public can sign up for an account on the Yelp website and submit reviews,” Seeborg wrote, “and the term ‘fired’ to refer to having their accounts involuntarily closed, presumably for conduct that Yelp contends breached its terms of service agreement.”
Seeborg concluded it’s reasonable to infer that reviewers don’t perform any services for Yelp. At most, he wrote, they could be considered volunteers.
Yelp prevailed on motions to dismiss and to strike the suit under California’s anti-SLAPP law. The company’s lawyers also defeated motions for sanctions and for preliminary certification as a collective action. Seeborg granted plaintiffs leave to amend, though he wrote “it appears dubious that plaintiffs will be able to allege in good faith facts sufficient to show any type of employment relationship.”
Florida attorney Daniel Bernath, representing plaintiffs, had claimed Yelp profited on the work of unpaid writers and compared the company to a “21st century galley slave ship.”
Yelp, represented by its senior litigation director, Aaron Schur, and Pasadena solo Adrianos Facchetti, said in a statement the company was “happy to see common sense prevail in this case.”
Yelp users post on the website “because they want to spread the word about great local businesses in their neighborhood,” a representative wrote, “not because they expect payment.”
In an email Monday, Bernath blamed the outcome on home-field advantage. In May, Yelp won a bid to transfer the case from Los Angeles federal court to San Francisco, where the company is headquartered.
Diving in the Colombian Caribbean to overcome disabilities
By Carlos Meneses Sanchez from Fox news Latino
A scuba diving center in this Caribbean paradise is using an experimental therapy for people with disabilities, most of them victims of Colombia’s armed conflict, who can forget about their physical limitations amid the coral.
Diving Planet director Andres Obregon created this recreational scuba diving experience for the handicapped with support from ProColombia, a government agency that promotes investment, exports and tourism.
Swimming underwater at the 20 diving spots around Rosario Islands Natural Park, about 220 men and women with disabilities resulting, in most cases, from the violence that has plagued Colombia for more than 50 years, have enjoyed this rehabilitation therapy that may change the way they deal with life.
“By involving themselves in an activity like this, that lets them ‘fly’ free, they get great enjoyment, reconnect with nature and realize they can achieve anything they set their minds to,” Obregon said.
One of the most moving cases for the instructors was that of Camila (not her real name), a girl who dreamed of becoming a model and lost a leg when her father stepped on landmine.
The underwater experience changed Camila’s attitude about life and helped her deal with the trauma and start on a new path.
Diving Planet also worked with 10 children born with spina bifida and their mothers.
The fathers had abandoned the families after learning their children had been born with the spinal condition.
“Despite difficulties, more with the mothers than with the children, we succeeded in getting them all underwater,” Obregon said. “The idea was to have them meet there and have the mothers see their children ‘fly.'”
Thanks to a cooperation program between ProColombia and a Dutch institution, Diving Planet’s owners and workers have been trained to sell the package to the European Union.
“We have an international certificate for coral reef environmental conservation that makes travelers feel they are in good hands, as they also contribute to an environmental and social process in Colombia,” Obregon said. “All our work with social awareness is appreciated by clients in the United States and Europe.”
The scuba diving center also gets help from the island’s residents, who see new job opportunities beyond the traditional fishing and illegal extraction of sand, and can become ecotourism guides.
Since he was a child, 36-year-old Delio Londoño had dreamed of working among the coral.
“It’s almost indescribable, it’s like being in another world,” Londoño said. “You go down and start swimming, and you forget all your problems. You’re flying, you are in a different dimension. It’s tops.”
Londoño has been working as divemaster at Diving Planet for six years, and the job allowed him to build his own house on the island and live free of worries with his wife and their two young children.
The magic realism of the Rosario Islands’ coral reefs changes troubles into challenges through the scuba diving center’s social work, which can also provide locals with stable jobs and a sustainability program.
“There are people who come here with somber looks and leave with bright eyes, with hope,” Obregon said. “It is almost incredible.” EFE
Caixinha resigns as Santos head coach
IMAGE: Pedro Caixinha (pictured) resigned from his position as head coach of Santos on August 15, 2015. (Photo: Mexsport)
TORREON, Mexico – Pedro Caixinha announced Saturday his resignation as head coach of defending Mexican champion Santos.
The club appointed youth program director Robert Dante Siboldi as a replacement on an interim basis.
Though the Guerreros opened their fifth Scotiabank CONCACAF Champions League (SCCL) campaign with a 4-0 win over DirecTV W Connection earlier this month, they sit last in the 2015 Liga MX Apertura. A 2-0 loss on Friday to visiting Club America saw them fall to 1W-0D-4L on the season.
“After an analysis of nearly three years in the institution, I decided to leave my position as Technical Director of Santos Laguna,” said Caixinha. “Santos Laguna is an institution that is on par with many clubs at a world class level and I’m sure that it will continue to reap rewards in the sporting area and off the field. I wish you the greatest success and the greatest happiness.”
Since Caixinha took the managerial reins ahead of the 2013 Clausura, Santos captured three titles: Liga MX (2015 Clausura), Copa MX (2014 Apertura), Campeon de Campeones (2015). The 44-year-old Portuguese also led the squad to the 2012-13 CONCACAF Champions League final and the round of 16 in the 2014 Copa Libertadores.
Santos returns to SCCL action on August 25 at Costa Rica’s Saprissa.
For more: http://www.concacaf.com/article/caixinha-resigns-as-santos-head-coach
United Airlines will add flights to Caribbean
AFP From Yahoo News
United Airlines is adding new flights to the Caribbean
For those tired of braving the winter cold and snow this year, United Airlines is adding new flights to two Caribbean destinations, according to The New York Times.
The airline will begin a non-stop service from Newark to St. Kitts starting December 19, in addition to a service from Chicago to St. Lucia. Both flights will operate on a weekly basis on Saturdays until April.
The two flights add to United’s existing service from Newark to St. Lucia, which it operates year-round on Saturdays. The airline plans to double this service, with a new round-trip flight on Sundays running from December 20 to May 1.
For more: https://sg.news.yahoo.com/united-airlines-add-flights-caribbean-164416494.html
‘Convertibles’ lead a buoyant half-year for CISE
From Guernsey Finance
Convertible bonds were prominent among the 203 newly listed securities on the Channel Islands Securities Exchange (CISE) during the first half of 2015.
The number of new listings is up 14.7% on the same time last year and takes the total number of listed securities on the CISE to 2226 at the end of June 2015.
Fiona Le Poidevin, Chief Executive Officer of the CISE, said: “It has been a strong start to the year for the CISE and it is especially encouraging that we have developed a new pipeline of business in convertible bonds.
“Corporates are increasingly choosing to raise fresh investment by issuing convertible bonds, which can later be converted into equity, rather than diluting their share capital. Many of these firms will have their trading companies listed on another exchange, such as the London Main Market. However, they will choose to list convertible bonds on the CISE due to the fact that we have wide international recognitions whilst being competitive on cost and responsive to client needs. A number of groups have now also given us repeat business, which is testament to the positive experience received when listing on the CISE.”
One of the notable listings on the CISE during the first six months of 2015 was a closed-ended fund from Russian private equity specialist Baring Vostok, which currently has more than $3.7 billion of committed capital for private equity investments in Russia and the surrounding region.
During the first six months of 2015, the market capitalisation of the CISE has grown by £26.9 billion (9.1%) to reach £322.2 billion at the end of June.
Ms Le Poidevin added: “During the first half of the year the listings team has been busy with applications and we have also opened our office in Jersey. This month, the Guernsey office has moved to new, larger premises and we will also be stepping up our marketing activity so it is a very exciting time for the CISE.”
Gold and our positioning
By Guy Wagner
Review of the gold market
In the second quarter, the gold price was at its lowest since the first quarter of 2010, averaging USD 1,194 per ounce. Since the end of June, it has fallen a further 7%. Various signs point towards a sell-out on the gold market:
on the New York futures market, the long positions of speculative investors are at their lowest level since December 2001;
at the same time, bets on the price of gold falling have hit an all-time record according to the report of the US Commodity Futures Trading Commission dated 24 July (20.6 million ounces short versus 1.8 million ounces long);
the gold reserves of exchange-traded funds (ETFs) have shrunk by around half.
Nor has gold recently responded to uncertainties or crises. At the same time, demand from China seems to be on the wane, and the price crash on the stock markets in China and Hong Kong might even have led to forced selling of the precious metal. The key factor behind the movements of the gold price, however, still appears to be the possibility of a hike in the interest rate by the US Federal Reserve in the autumn, a move that the market considers highly likely.
Historically, gold has also been regarded as a long-term hedge against inflation and generally the price of gold increases as fears of inflation are on the rise. They are not doing this at the moment, however.
The fall in the gold price is also hurting the share prices of gold mining companies. For instance, the Market Vectors Gold Miners ETF has lost more than 25% in value since the end of the second quarter.
Our assessment/position
BL-Global Flexible aims to maintain a strategic allocation to gold of between 5% to 10%. This allocation is currently in the lower area of this bandwidth, at around 6%. This allocation is implemented via investments in mining companies, with a preference for royalty companies, because we believe their business model to be superior in the long term (targeted selection of projects/mines that are financed, independence from rising energy and labour costs, etc.).
The decision for a strategic allocation to gold is based on our assessment of the economic environment and the global financial system, both of which we still regard as being exceptionally fragile. In other words, we view gold as a form of insurance. The question of whether gold has lost its protective function, as it has not responded in the most recent crises is, in our view, entirely moot, because these ‘crises’ were not much more than minor turbulences. This is also why, at the end of the day, the stock markets have scarcely reacted. The type of crisis for which we consider gold to be an insurance is based on a loss of confidence in paper money. Such a loss of confidence certainly cannot (yet?) be identified at the present time.
In our view, an investment in gold only makes sense when combined with a contrarian approach. This means buying positions when market sentiment is negative, and selling them when it is positive. On the other hand, some kind of timing is of the essence. We have therefore not yet substantially altered our gold allocation (see above). Should the gold price remain weak or fall further, we will increase this allocation.
As for the current valuations of mining companies, they are very low compared to their historical average.
North American Gold Producers: Price/Cash flow
As already mentioned above, we are primarily invested in royalty companies. The only gold producer in the portfolio is Canada’s Agnico Eagle Mines. The company meets our criteria regarding a robust balance sheet, low cost structure and production growth. Even with a gold price of USD 1,100 per ounce, the business is well-positioned to generate a positive free cash flow.
The investments in royalty companies are spread across Franco Nevada, Royal Gold and Silver Wheaton, the latter being actually more of an investment in silver. For these companies, the current trend in gold and silver prices may not necessarily be a disadvantage in the longer term. Because many smaller producers have encountered financing problems due to the deterioration in the gold price, the royalty companies find themselves in a strong negotiating position. In turn, this allows them to make new investments at favourable conditions.
Conclusion
since the second quarter, the gold allocation has cost BL-Global Flexible around 1% in performance
it is currently at the lower end of the strategic allocation
it is implemented via investments in high-quality gold companies
it follows a contrarian approach and should therefore increase if the gold price weakens further
For more: http://www.guywagnerblog.com/eng/entry/gold2
New BWCI Partner
We are delighted to announce Carl Stanford’s promotion to partner with effect from July 2015.
Carl, who was educated in Guernsey, graduated with a first class honours degree in Mathematics with Computer Science from the University of Sussex. He joined BWCI
in 1995 as an actuarial trainee in our pension actuarial team and subsequently qualified as an actuary in 2004. He then spent the next 8 years advising a range of local and UK pension schemes. In addition, he took a lead our in-house actuarial valuation models.
Carl was promoted to Senior Manager in 2006. In 2012 Carl joined our investment department and took on responsibility for managing the investment team. Since
then he has continued to work on a variety of software development projects, including our asset liability model. He also continues to provide investment and pensions advice to a wide range of clients.
Carl Stanford said:
“I’ve really enjoyed working for BWCI over the last 20 years and am especially pleased to have been promoted to partner. I would like to thank the partners of BWCI for giving me the support and opportunities during this time to enable me to “make a difference” and take an active role in contributing to the growth and success of BWCI. I look forward to continuing to do so in the future.”
BWCI’s Senior Partner, Stephen Ainsworth said: “Carl’s promotion is a reflection of his hard work and dedication to the firm over the last 20 years. His detailed knowledge and experience in both pensions and investment further strengthens the partnership and I am delighted to welcome him as a partner.”
SOURCE: http://www.bwcigroup.com/content/docs/2015/BWCI-New-Partner-2015-Carl-Stanford.pdf
Caribbean soldier knitting on the train has perfect response for curious old lady
From The LADbible
Every now and again you come across a story which needs to be shared and absolutely deserves to go viral. This is one of those.
Alex Beckett was on the DLR when he saw a large Caribbean man dressed in army attire sat in front of him. He was knitting.
Now, we don’t want to discriminate but it’s fair to say you don’t expect to see a possible soldier knitting on the train. But he was.
And an enquiring little old lady sat next to him couldn’t help but notice. She said to him:
I didn’t know men could knit.
To which the Caribbean lad had the most incredible of responses.
No ma’am, the only thing men can’t do is have babies. And there’s nothing women can’t do.
If that hasn’t brightened your day, nothing will.
Here’s the post from Alex Beckett in the ‘Overheard on the Underground’ Facebook group in its entirety.
