iNews Briefs
OMOV motion was about trying to bring down government
Cayman Islands Premier Alden McLaughlin was unrepentant about his U-turn on the One Man One Vote and said at a press briefing on Monday (3) that the reason East End MLA Arden McLean brought the motion was to try and bring the government down.
He also blamed the reason three of his cabinet ministers were absent when the vote was taken was because they were novice parliamentarians compared to the veteran legislator [McKeeva Bush] who, when he saw their empty seats, hastily finished his speech so the vote could be taken without them.
He also said there would be no change to the electoral system unless everyone agreed there was a need for at large candidates.
Alleged pawnshop courier thief pleads not guilty
Evon Robinson, a former Federal Express courier, pleaded ‘not guilty’ on Friday (Feb 28) to stealing thousands of dollars’ worth of gold from Cash Wiz that were in the packages they were sending to metal refineries in the USA.
A trial date was set for October and Robinson was released on bail.
Cash Wiz has filed a lawsuit against Federal Express holding them liable for the missing gold.
Cayman Islands liquidators approved for LDK Solar; shares halted
From Seeking Alpha
Struggling, debt-laden LDK Solar (LDK) has filed a winding-up (liquidation) petition in the Cayman Islands on grounds of insolvency. Joint provisional liquidators have been appointed by a local court. (PR)
A further hearing of the petition is set for April 2, during which creditors can register complaints. LDK says talks with debtholders remain ongoing.
The company insists it has “no intention of initiating any debt restructuring proceedings” for its Chinese ops, and that its Chinese bank group has “expressed unanimous support” for continued talks with offshore creditors.
LDK had over $2.8B in debt at the end of Q3, and $226M in cash. The company had agreed to a series of debt forbearance deals with creditors before making its filing.
See also iNews Cayman story published February 24 2014 “LDK Solar files in Cayman Islands to resolve offshore liquidity” at: http://www.ieyenews.com/wordpress/ldk-solar-files-in-cayman-islands-to-resolve-offshore-liquidity
Haiti celebrates Carnival in Gonaïves
From Caribbean Journal
Haiti has officially begun its national carnival facilities in the city of Gonaïves in the Artibonite department.
This is the third consecutive year that Haiti’s carnival is being held outside of the capital, Port-au-Prince, part of a wider campaign by Haiti President Michel Martelly to push “decentralization” in the country.
In 2012, Haiti held its national carnival in Les Cayes, while last year’s carnival was held in the city of Cap-Haitien on the country’s northern coast.
Gonaïves is known as Haiti’s “city of independence,” as the place where Jean-Jacques Dessalines first declared the country’s independence from France.
The carnival lasts from Sunday through Tuesday in the city of around 300,000 people.
In a statement, Martelly said he hoped the carnival was an “opportunity for Haiti to sell a better image of itself and attract tourists.”
For more: http://www.caribjournal.com/2014/03/02/haiti-celebrates-carnival-in-gonaives/
Cayman’s lone Winter Olympian is set to go green
Dow Travers (26) Cayman’s lone competitor in the Sochi Winter Olympic Games is returning to Grand Cayman and will be going green with a company called “Island Biodiesel”. Its aim is to provide Cayman with renewable energy and reduce Cayman’s dependence on imported fuel by recycling waste cooking oils and creating biodiesel.
Travers has cofounded the company with fellow graduates from Brown University in Rhode Island where he also attends.
He hopes to get Cayman’s government interested in the project but admits this has so far proved unsuccessful.
Orchids by the 1,000’s displayed last weekend at Cayman’s Botanic Park
In a joint fundraising event between the Cayman Islands Orchid Society and the Queen Elizabeth II Botanic Park, thousands of orchids were on display last weekend (1/2).
The Orchid Show is an annual exhibition of locally grown orchids and a plant sale of specially imported orchids, most of which are in bloom. Not only showcasing beautiful hybrid orchids, the Show promotes the conservation of Cayman’s native orchids. The event has also become an occasion for educating gardeners on the techniques of growing orchids. The proceeds from the Show go toward the establishment of an orchid garden in the Botanic Park.
There was also food to be bought that included a barbeque roast and blue iguanas roamed around in the wild.
Import duty on electric cars reduced
The duty rate on fully electric vehicles has been reduced to 10%, down from the previous rate of 22%. The changes took effect on 1st March.
The new rate will allow electric cars to become more affordable for consumers who are looking for a fossil fuel free alternative to conventional motor vehicles.
Delayed joint press briefing with Cayman Islands government and Ironwood developers finally takes place
The press briefing that was scheduled for last week with the government and Ironwood, the developers of the proposed multi-million dollar golf and housing community in Frank Sound took place on Monday (3).
Confirmation was given that a non-binding agreement to extend the East-West Arterial by 10 miles has been signed by both parties. However, agreement has to be reached on the land parcels that need to be bought.
Hon Minister for Infrastructure and Planning, Kurt Tibbetts said, “If there is a settlement that is due, there are some people who agree before hand on a certain amount of settlement. At which point of time, some monies are paid out early in the process and then when the road is actually built and the survey is done and you get an exact square footage, whatever the difference is they get the rest of that settlement.”
There are many environmental concerns and the whole project is all go or all stop on the extension to the arterial road.
Red Sky at Night gets bigger and better
The Harquail Theatre welcomed more than 2,000 visitors to Saturday’s (1 March) Red Sky at Night Festival.
The event organised by the Cayman National Cultural Foundation (CNCF) lit up the night sky with not only lights, but food, music and the arts.
Although this was only the second year of the event it is sure to become a main stay as part of the annual Cayfest as it was even bigger this year than the first time around.
Spring Splash to be repeated in Cayman for second time in April
After the success of last year’s concert that saw over 5,000 tickets sold, Jean-Eric “Mr. Notch” Smith of Youngblood Productions and founder of Spring Splash has confirmed that the show will be held again this year on Friday April 4th.
Last year, in collaboration with Camana Bay, Spring Splash brought to the stage the well-known reggae musical artist Damian Marley. He performed on The Festival Green at Camana Bay, with his long dreadlocks swinging down to his ankles.
This year, Damian’s brother Ky-Mani Marley will be headlining Spring Splash. Ky-Mani, whose name means “adventurous traveler”, has performed in many parts of the world and his hip-hop reggae hits include “Country Journey”, “Dear Dad” and “Warriors”. Also performing will be Diana King the Jamaican reggae fusion singer-songwriter.
Cayman’s Winter Music Festival to be held over 2 months
The Cayman Islands Winter Music Festival 2014 where International DJs come to Grand Cayman and take to the beach and ‘party’ will now take place on Friday and Saturday, March 14th and 15th.
The second event will be on April 25th and 26th.
All events will take place at Calico Jacks in George Town and they will not just be a beach party but a boat party too.
Tickets are on sale at Calico Jack’s or check out the Epic Day Entertainment Facebook page for more info.
Royal Caribbean to repay $526M in ship debt
By David Holley From Bloomberg
Caribbean Cruises plans to repay about $526 million of ship-related debt due this year, according to CFO Jason Liberty. It expects to add as much as $800 million of other ship obligations when its newest vessel is delivered later in 2014, Liberty said.
The second-largest cruise operator refinanced a $1.02 billion European bond due in January with an unsecured term loan and a revolver, according to a regulatory filing. It expects total debt to be about $8 billion by the end of 2014, the same as last year, after it cut borrowings every year since 2010.
Royal Caribbean ended 2013 with $8.07 billion of total debt, according to Bloomberg Data. The Miami-based company has cut debt 12 percent during the last three years, Bloomberg data show.
“Our goal is to really just continue to pay down in line with our maturity schedule,” Liberty said in a Feb. 24 telephone interview. In 2014, “net of a few other small changes, the debt balance remains approximately the same year over year,” Liberty wrote in a Feb. 28 e-mail.
Royal Caribbean is seeking to cut its 4.9 times net debt to Ebitda as of Dec. 31 to below 3.75 times to help attain an investment-grade rating, he said.
For more go to: http://www.bloombergbriefs.com/files/Lev_Finance_030314
Trinidad striker Kevon Carter dies after training
From News Observer
PORT-OF-SPAIN, TRINIDAD — Trinidad and Tobago international Kevon Carter has died of a suspected heart attack after training with his club team.
The Caribbean Football Union says the 30-year-old striker died Friday morning at a hospital. He had complained of chest pains following training at Macqueripe with the Defense Force Football Club in preparation for the upcoming CFU Club Championship.
Carter made 25 appearances for Trinidad and Tobago. The general secretary of the country’s football federation, Sheldon Phillips, said: “The young man had a quiet resolve about him and bounced back from a horrific leg injury to once again earn a spot on the national team. The entire football family is in mourning and our thoughts and prayers are with Kevon’s family and teammates.”
For more: http://www.newsobserver.com/2014/02/28/3662414/trinidad-striker-kevon-carter.html#storylink=cpy
RCIPS warns people to be vigilant from fraudsters hacking email accounts
Continued Vigilance Requested
The Royal Cayman Islands Police Service(RCIPS) Financial Crime Unit (“FCU”) is again warning the public to be vigilant where their computers are concerned. Fraudsters continue to hack into email accounts in order to obtain personal account details. Instances of banks in the Cayman Islands receiving fictitious instructions to wire monies to accounts worldwide continue to happen.
Computers are being compromised by malware and the RCIPS are urging the public to be cautious before clicking on any links in an email. Always scroll your mouse over the link so that the Universal Resource Locator (“URL”) address is displayed. If the URL address does not appear to correspond with the contents of the email, do not click on the Link.
If you believe that your computer may have been compromised by clicking on a malicious link and you have anti-virus software installed, please update the antivirus and run a full scan of your computer hard drive.
The RCIPS FCU does not recommend sending any banking details via email. A telephone call to your bank could save hundreds or even thousands of dollars in the long run. The RCIPS FCU is always available for advice should any member of the community require it. Officers can be contacted on 949-8797.
Love Art?
Get VIP access to the National Gallery
The National Gallery hosts a number of member’s only events throughout the year including a members’ preview events and a members’ Christmas party.
Become a National Gallery Member Today!
Sign up for 2014 Membership by completing the form at: https://www.nationalgallery.org.ky/membership
The National Gallery of the Cayman Islands is non-profit organization and relies on the kindness of the community. Become a part of your National Gallery today and help benefit future generations of tomorrow.
For Corporate Membership please view the Corporate Section of our site at:
https://www.nationalgallery.org.ky/corporate/corporatemembership
Lime builds all-IP network in Caribbean with Alcatel-Lucent
From telecompaper
Lime, the Caribbean business of Cable & Wireless Communications (CWC), and Alcatel-Lucent are deploying a Microwave Packet Radio (MPR) service that will complete the conversion of the Lime network to an all-IP architecture during the first quarter of 2014. Alcatel-Lucent will deploy its 9500 MPR throughout the Caribbean islands where Lime operates. The new system will serve as backhaul for the existing wireless networks on the islands.
Lime is deploying a transport network to support the growth of data traffic in the network coming from 2G, 3G and LTE access networks. Alcatel-Lucent’s packet based service for Lime includes the existing 7705 SAR and 7750 SR IP/MPLS portfolio, the 5620 Service Aware Manager (SAM), and the 9500 Mobile Packet Radio (MPR). The new microwave network will complement Lime’s expanding IP/MPLS mobile backhaul. Via the integration of the MPR into the existing 7705 SAR and 7750 SR IP/MPLS portfolio, all managed by 5620 SAM, Lime seeks to build an IP/MPLS network to deliver next-gen mobile broadband services including LTE.
For more: http://www.telecompaper.com/news/lime-builds-all-ip-network-in-caribbean-with-alcatel-lucent–1000216
ICCI students graduate
60 students graduated from the International College of the Cayman Islands this week at a ceremony held at Cayman Islands Baptist Church in Savannah.
Minister for Education Hon. Tara Rivers and former ICCI President Tasha Ebanks-Garcia were guest speakers at the ceremony.
Z99/Grand Cayman Names Taylor Vaughn MD/Afternoons
From All Access Music group
Hurley Entertainment Top 40 ZFZZ (Z99)/Grand Cayman has named TAYLOR VAUGHN MD/afternoons.
TAYLOR, who previously worked at WNRG/MILWAULKEE, starts MARCH 11th.
“We are happy to have TAYLOR joining our team.” OM JASON HOWARD said. “She has one of the last remaining copies of flappy bird and I’m addicted.”
Meanwhile, Country sister ROOSTER 101 continues the search for in-house imaging person who can also light the “at work phones” during a midday shift. If your imaging is killer for Top 40 and Country, You have minimal ties and are not a fugitive from the law ,reach out to [email protected] with something short, current and exciting.
Mourant Ozannes promotes three Cayman Islands litigation lawyers
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm. Charles Moore has been promoted to senior associate, while Rocco Cecere will move to the role of managing associate and Tim Richards to counsel.
Moore has experience in a range of commercial litigation matters including insolvency, company, professional negligence and contentious trusts disputes as well as regulatory and money laundering issues. He joined the firm in 2011, working first in Guernsey before relocating to the Cayman office in 2013.
Cecere has extensive experience of a range of financial services and insolvency litigation. Prior to joining Mourant Ozannes in 2010, he worked in both private practice and as the head of legal affairs for a global hedge fund service provider and specialises in insolvency and fund litigation, as well as asset tracing and recovery.
Richards has broad experience of running major cross-border litigation and arbitration cases. After graduating from Oxford University, he worked for CMS Cameron McKenna before joining Mourant Ozannes in 2010.
Ogier Fiduciary Services partners agree management buy-out terms with Ogier Group
The Ogier Group has announced that the partners of Ogier Fiduciary Services have agreed terms to complete a management buy-out of the Ogier Fiduciary Services business from the Ogier Group. The deal closed on 1 February 2014 with final completion being subject to the usual regulatory approvals.
The management buy-out of Ogier Fiduciary Services is being backed by Electra Partners, an independent private equity fund manager with more than 25 years’ experience of supporting businesses, including those in the financial services industry. On behalf of its major client, Electra Partners has agreed to invest £83m of equity in the £180m transaction. Completion is subject to certain conditions including regulatory approvals.
The deal will result in additional funding to ensure that Ogier Fiduciary Services is able to realise its growth plans, taking advantage of market opportunities as they arise. The investment will also ensure Ogier Fiduciary Services continues to provide high levels of client service supported by additional investment in key systems and infrastructure.
Ogier Fiduciary Services will continue to be led by Paul Willing as chief executive officer, supported by the current executive team. There will also be no change to clients’ existing relationship management teams.
Although the Ogier Group will be splitting into two independent businesses, it is anticipated that Ogier Fiduciary Services and Ogier Legal will continue to benefit from a close relationship. They will also continue to share premises and facilities, and Ogier Fiduciary Services will continue to use the Ogier brand for a period to help ensure a smooth transition.
Margaritaville Caribbean goes public to raise US$1.5m
From RJR News
Margaritaville Caribbean’s initial public offer, IPO, opened March 3.
The company’s prospectus shows it’s seeking to raise a minimum of 1 point 5 million U.S dollars, offering about 30 percent of the company.
The funds will be used to expand its Grand Turk location.
The rest of the money will go towards other capital expenses which include four locations it is seeking to expand.
One includes a deal with Wyndham Hotel Group in St Thomas in the US Virgin Islands to take over the restaurant at the facility.
Margaritaville realised a profit of just under 600 thousand US dollars last year.
It was down from more than one million U.S dollars in 2009 due to issues which affected its earnings such as the temporary closure of the port and a hurricane.
OTD says relationships between Cayman and UK are positive
Dr. Peter Hayes, Overseas Territories Director, who was in the Cayman Islands for a fast paced two day visit last Monday (3) and Tuesday (4) said on CITN?Cayman27 just before he left:
“I think we have a really good relationship. Very constructive engagement. New government, new Premier and a new governor as well. I think the relationship now is positive, good discussions with government. and that’s they way it should be, we should be able to discuss these things like friends.”
This was Dr. Hayes second trip to the Cayman Islands.
