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Cayman Islands News, Articles and InformationDay Care Graduation CeremonyThirteen little ones graduated from the Cayman Brac Day Care Centre on Monday, 12 June, at a ceremony at the Cayman Brac High School. The six girls and seven boys, all aged three and four, will be making the big jump to primary school in September.Back... Send us your comments! Send us your comments on this article for publication in our Readers' Forum. All fields are required and in the interest of openness and transparency we will no longer accept anonymous submissions. We therefore request that all submissions include a name for publication, regardless of content. We will in special circumstances protect a writers identity only after we have established good cause for anonymity, otherwise we will not be able to publish the submission.Is your firm ready for a disaster?Business bosses shouldn't think they are prepared for disaster without testing their recovery plans, says a Bermuda-based specialist who helps test the robustness of contingency arrangements.David Ciera, manager of business continuity management in the Bermuda office of accounting giant KPMG, said companies can lose significant revenue if they are out of operation for even a few days, whether from a hurricane, fire, or an unforeseen crisis like last July's Island-wide Belco power outage. Mr. Ciera's warning shot comes as Bermuda, and other hurricane-prone areas, brace themselves for another active hurricane year. Yesterday marked the official start to the Atlantic hurricane season. And the Island could be more prone to a strike this year with weather forecasters predicting greater North Atlantic activity, based on higher sea surface temperatures. Shed A Tear For Those Poor Hedge-Fund Managers,Fed up with reading about hedge-fund managers' astronomical earnings and second yachts while you struggle along on 5,000 euros a month? Well, you can indulge in a little schadenfreude - May has been a miserable month for hedge funds and their managers according to market gossip, and the tax authorities are in hot pursuit of those Cayman Island properties.The unexpected collapse in commodity prices in May and the resulting falls in emerging market stocks are said to have cost many hedge funds up to 5% of their value during the month. Most commodities funds seem to have stayed in their holdings far too long: some of them may have lost up to 25% or even more. Meanwhile, in London, hedge fund managers who have been using offshore destinations to park their giant bonuses are facing an attack from the Inland Revenue.
An Address to the Jamaica Hotel & Tourist Association by Hon. ...I use the term family, because during my tenure as Minister, I have always felt that the interaction among stakeholders in the tourism sector is guided by the principles of mutual respect, fairness and candour V even when we disagreeKwe even manage to enjoy camaraderie while getting on with the business of tackling the thorny issues. Happily, we can agree today that challenges not withstanding, the sector is in pretty good shape. The Jamaica Tourist Board team, led by Acting Director Donnie Dawson will share the relevant facts and figures with you in a little while, but I must start by congratulating every one of you for the role you have played in making 2005 the best ever year in terms of visitor arrivals, accompanied by upward movements in several other indicators such as cruise ship arrivals, the number of stopover visitors, total visitor spend, and airlift.Timeshare regulation called forMany former club members of the defunct Indies Suites say government regulation of timeshare properties is needed to avoid future situations similar to what they faced after Hurricane Ivan.Most of the former timeshare owners of Indies Suites have received their negotiated settlement over the past two months, however many remain angry and disappointed with the way the purchase of their Cayman vacation spot turned out. After a Grand Court decision to liquidate the Indies Suites Ltd. was overturned by the Court of Appeal late last year, the majority of timeshare owners decided to accept a settlement, which amounted to about 20 cents on their invested dollar. None of 16 former club members who responded to questions posed by the Caymanian Compass thought the settlement was fair.
Check passports says officeAnyone planning on heading overseas this summer will need to ensure visas and passports are valid and the Passport Office is advising residents to check all their travel documents well before their trips.People traveling to the United States of America on Cayman Islands passports are required to ensure that their passports are valid for at least six months beyond the date of intended departure to the USA. During the summer peak period, the time required to issue a Cayman Islands passport (new or renewal) is three working weeks, while the processing of applications for United States visa-waiver takes three working days. Visa-waivers cannot be issued to passport holders whose Police Record list criminal convictions. Once travel documents have been filed with the Cayman Islands Passport Office and a date and time for collection has been arranged, applicants must ensure that the documents are collected at the pre-arranged date and time. Best Assigns VASCO Re Debt RatingA.M. Best Co. has assigned a debt rating of "bb" to the $50 million senior secured floating rate notes, due June 5, 2009, issued by VASCO Re 2006 Ltd. (the issuer), a newly created Cayman Islands exempted company licensed as a Class B insurer."The primary business purpose for the creation of the issuer is for the issuance of the notes and servicing and performance of the various agreements entered into, including the reinsurance agreement, bank deposit agreement and other related activities," Best explained. "Proceeds from the issuance of the notes will be deposited into a collateral trust account and will be available to pay any loss payments required to be made by the issuer under a multi-year reinsurance agreement entered between the issuer and Balboa Insurance Company and its affiliates (ceding insurer)," the bulletin continued.
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