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Cayman Islands News, Articles and InformationWalkers sees changes in Middle East private equity marketLaw firm Walkers said this week that there has been rapid growth in the Middle East private equity market in both the number and size of funds. The firm reports that growth in the market is bolstered by the fact that typical private equity fund structures are consistent with Shari'ah principles of sharing in risks and rewards commensurate with capital contributions, making private equity investments particularly attractive to Islamic investors. "A confluence of factors in the region such as high oil prices, the real estate boom, a marked increase in infrastructure development and privatizations -- as well as the stellar returns for PE from the IPO market over a short history -- could lead to a tripling of the size of the region's private equity industry over the next five years," Rod Palmer, Managing Partner of the Walkers Dubai office, said.Hedge Funds Fell in May, Cutting Gains for 2006, Investors SayJune 2 (Bloomberg) -- Hedge fund managers gave up about half of this year's market gains in May as prices for stocks, oil and metals fell, investors said.Most funds were down 3 percent to 6 percent last month, said Stuart Bohart, head of alternative investments at Morgan Stanley Investment Management in New York, which oversees $18 billion for clients. ``A few funds are up and a few funds are down double digits,'' he said. The $1 billion Boyer Allan Pacific Fund in London fell 10 percent from May 1 to May 26, cutting its return for the year to 1.8 percent, data compiled by Bloomberg show. Dorset Energy, a $756 million fund in New York, dropped 8.4 percent through May 19, leaving it up 3.3 percent for 2006. The $1.3 billion Threadneedle European Crescendo Fund in London declined 3.7 percent through May 30, trimming its 2006 return to 4.2 percent.
Tourism Outlook GoodCreative marketing strategies by the Department of Tourism (DOT) are wooing more stay-over visitors to the Cayman Islands, according to stakeholders in the local hospitality sector.Since Hurricane Ivan hit Grand Cayman in 2004, the number of stay-over visitors dropped massively, forcing the DOT to invest large sums of money into promoting the Islands. The Government agency, prior to the hurricane, was faced with a situation of dwindling air arrivals as other destinations competed fiercely with Cayman for market share. Twenty-one months later, the Islands have been seeing a steady growth in that sector with renovation work on hundreds of hotel rooms completed following widespread devastation. Tourism-related businesses are preparing to cash in on the fortunes to be had from the hike in bookings from visitors, mostly from the United States. Water sports and car rental organisations have projected significant increase in revenue, given the high levels of bookings for this summer compared to the pale showing in the same period last year. Managing Partner of DiveTech Nancy Easterbrook hailed the hurricane recovery process as an ongoing success story for the dive sector. TV preacher aims at the multitudesJust after midnight on a Monday night, Bill Keller strolled into the UPN television station in Tampa, Fla., looking relaxed, if a bit sleep-deprived, in a jaunty red and black Michael Jordan jumpsuit.He greeted his TV crew and pastoral team, took a leather-bound Bible out of his briefcase and hurriedly ate a banana. Then he changed into a dark blue suit, sat down in a chair on the corner of the set and prayed quietly - eyes closed, hands held a football length apart. Three minutes later, he was on the air live, talking to 250,000 viewers throughout Florida in earnest tones about sin, death, salvation and alligator attacks. Five nights a week, Keller - televangelist, ex-convict and founder of the Web site liveprayer.com, billed as the world's largest interactive Christian Web site - brings a stark, fundamentalist message to broadcast TV.
Brac's Wahler is best at school's essayCAYMAN Brac High School's Brendan Wahler emerged as the best essay writer in the Cayman Islands' school system after eclipsing three other students in the finals which took place on Thursday 22 June.The Rotary Club, which organised the essay contest for Cayman's schools, announced the winner at its luncheon at the Westin Casuarina on the Seven Mile Beach. Students were asked to write on the topic "My Cayman" and the quartet of Wahler, Erin Hislop, Chanelle Ramoon and Krystal Hydes topped their colleagues with superior skills. Mr Wahler, whose trip to Grand Cayman was sponsored by Cayman Airways, expressed excitement on capturing the laptop computer and other prizes as the winner. "I'm pretty excited, glad that I have won obviously," he told Cayman Net News after the ceremony. |
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