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Cayman Islands News, Articles and InformationLeos Special Installation Ceremony LunchThe Leo Club of Grand Cayman held their Annual Administration Installation Luncheon on Saturday the 10 June at Castaway's Restaurant.Many members of the Cayman Islands Leos as well as the Lions Club were present, along with the members guests. During the luncheon, 12 new Leo board members were installed as officers for the 2006-2007 Leos year. Among them, Daniel Reid, who was installed as president for a second term. Anya Christian was also installed to the post of First Vice President for a second year. The President's Theme for the coming Leos' year is: 'Strengthening our call to service: Empowering young leaders; establishing partnerships.' Leo's goals and forthcoming events for the next Leos' year include holding a free Family Fun Day at the end of July, or early in August. How a UK banker helps US clients trim their taxesLONDON -- At Barclays PLC, a British bank steeped in 300 years of tradition, the work of a team led by banker Roger Jenkins is far from traditional.For instance, in 2003 his team set up a company with no employees, no products and no customers -- just a mailing address in Delaware and a slate of British directors, mostly employees of his office. It was co-owned by Barclays and U.S. bank Wachovia Corp. The following year, according to documents filed in the United Kingdom, the jointly owned company had $317 million in profits. It paid U.K. taxes on them. Barclays and Wachovia were both able to claim credit for paying all of the tax. This was one of at least nine such structures Mr. Jenkins and his team have set up involving U.S. banks, which also included Wells Fargo & Co.
What Contest?Generally speaking, Porsche owners don't have anything left to prove, either to themselves or to the world. They've already made it. They've got money, but they've also got enough self-confidence that they don't have to embark on the mine's-bigger-than-yours sort of contest which marks the world of fast-car buyers.It's nice to have a Porsche badge on the front of your car, but it's even better to drive the vehicle. So, while Porsches are indeed status symbols, they are also some of the most satisfying cars ever built, from a driver's point of view. Probably more than any other marque, Porsche's products are put to the test: Porsche drivers regularly take their charges out onto the track and push them to the limits. (At a recent Porsche Club Kyalami track day, one of the participants remarked: "What car could you drive to the track, thrash it for 15 or 20 laps and then drive home again?") So, it's no surprise to see the prominent stopwatch mounted centrally on the dashboard in the new Porsche Cayman S.
Island Heritage celebrates ten yearsNigel Twohey, Marketing Director, Conor O'Dea, Chairman of the board, Mark Burns Vice Chairman and Bryan Murphy, CEO of Island Heritage.As the Cayman Islands finally begins to see property insurance rates decrease from the high of 2.5 percent to 2.25 percent, Island Heritage celebrated its ten-year anniversary last week. It had a lot to celebrate, especially with Hurricane Ivan still fresh in the minds of residents and Island Heritage secure that it came out of that event with a solid reputation for paying claims and staying solvent with an A minus rating from AM Best. That is a notable achievement considering how many insurance companies in the region struggled to stay afloat after year on year of numerous devastating hurricanes. The CEO of Island Heritage, Bryan Murphy, said the Caribbean region is likely to have higher property insurance rates from the impact of a long series of losses. Cost of living driving people awayThe report of 1.6 percent deflation by the Economics and Statistic confirms what the general public is already experiencing, that housing and other cost of living expenses have finally been coming down a little in recent months.However, the Economics and Statistics Office still predicts the inflation rate will rise by 3 percent by the end of the year. That means that cost of living will still be 10 percent higher than it was two years ago, which is having a long term impact on the purchasing power of the average worker according to Tom Phillips, Economics Lecturer at the University College of the Cayman Islands (UCCI). "Problems caused by inflation after Hurricane Ivan can't be solved by lowering inflation," said Dr Phillips. "The damage has already been done. Kiwanis get behind after-school programmeGeorge Town Primary School recently received a generous donation from the Kiwanis Club of Grand Cayman in support of their breakfast and after-school care programme, which helps children who come to school with no breakfast.The funds provided will go towards providing a healthy and substantial morning meal for them. Principal Marie Martin thanked the Kiwanis Club for providing the funds to help with the after-school care programme. This programme is on-ongoing community service project of the Kiwanis Club of Grand Cayman and it is hoped to be able to provide a similar programme in some of the other Primary Schools on the Island with funds raised from generous public donations. Meanwhile earlier this year 45 Key Clubbers from St. Ignatius Catholic School, Triple C School, John Gray High School and Cayman Prep. Harry F. Falkenstein Sr., liked to scuba diveHarry F. Falkenstein Sr. and his wife, Elizabeth Ann, enjoyed scuba diving, especially at the Cayman Islands.They enjoyed it so much that they even contemplated moving permanently to Little Cayman. They were renting a home back in 2001 to see if they liked it and wanted my girls to come with them during the summer, a daughter Joan M. Ramos of Morrisville said. My husband [Ed] and I took them down, and we stayed a week. When we were ready to leave at this tiny little airport, my husband took this picture of my parents with the little girls, and I remember my dad saying, "Go home, you have the whole summer to yourself, and the girls will be just fine it's a life experience for them.' She said he was so right. Her daughters loved it and always asked when could they go back and stay there.
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