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Cayman Islands News, Articles and InformationEconomic Crime Survey will shock says ChamberCayman Islands Chamber of Commerce President, Morgan DaCosta, has warned that the findings of a fraud, embezzlement, asset misappropriation, and corruption-levels report on Cayman will surprise many people because of the insight the report provides into the magnitude of financial fraud committed among Cayman residents. The 40-page report is called an Economic Crime Survey and, according to Mr Morgan, is the first of its kind for the Cayman Islands. The Chamber will go public with the report this month and reveal the estimated costs associated with financial crime here. What is compelling is the estimated cost that businesses spent to prevent and combat the problem, said Mr DaCostsa, previewing another aspect of the report at a special Chamber of Commerce lunch last week at the Wharf Restaurant focusing on crime.Business continuity a priority for the Cayman Islands Monetary ...The installation of off-site data replication systems, work stations and telecommunication equipment, and arrangements for uninterrupted supply of currency are all part of actions the Cayman Islands Monetary Authority (CIMA) has taken to strengthen its preparedness, not only for the hurricane season but also for a range of events which could disrupt business. The Authority's current disaster recovery and business continuity plan was in development prior to Hurricane Ivan in 2004 and contributed to CIMA's ability to resume operations one week after that hurricane. The Authority has been enhancing the plan since that time. A major milestone was reached in May 2005 when the CIMA Board of Directors authorised the leasing of space and services at Deloitte's Disaster Recovery Centre at Citrus Grove, George Town.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.
St Ignatius takes RBC Sailing ChampionshipsIn one of the more unusual school sports championships, a team from Saint Ignatius Catholic School triumphed in the Royal Bank of Canada (RBC) School Sailing Championships at the Cayman Islands Sailing Club (CISC).Traditionally held at the culmination of the school year, the RBC School Sailing Championships enables teams from rival schools to compete against each other after a year of learning how to sail. RBC returned as the sponsor in 2006 after the event was postponed last year in the wake of Hurricane Ivan. Prior to the September 2004 hurricane, the RBC School Sailing Championships was one of the most exciting dates in the youth sports calendar in the Cayman Islands, and this year's event, held on 16 June, recaptured the unique spirit of past race days. Cubans Feel Asylum's BarriersTAMPA - There was no time to worry about travel restrictions. Graciela Naranjo's son was in Cuba, dying of heart disease.She skipped government approval, entered the communist country through Mexico on April 22 and stayed until her son's last breath a month later. By staying for more than two weeks, Naranjo violated the government's restrictions on travel to Cuba, imposed by President Bush in 2004. Her failure to register the trip with the Treasury Department also was illegal. After an interrogation by customs officials, she faces a fine of up to $7,000. "It's not just and it's not fair," said Naranjo, 40. "I had to go see my son. It was urgent and horrible. My son comes first." The United States ordered more than 500 fines for travel-related violations since the restrictions were implemented in June 2004.
Toyota Motor Leads J.D. Power's 2006 Quality Survey (Correct)(Corrects Nissan rank and spelling of Infiniti in 22nd paragraph, spelling of Oshawa in final paragraph.)June 7 (Bloomberg) -- Toyota Motor Corp. dominated the closely watched J.D. Power & Associates annual survey of automobile quality, bolstering the Japanese carmaker's chances of winning market share from U.S. rivals. Toyota and Lexus vehicles topped more than half the categories in the J.D. Power & Associates Initial Quality Study. Porsche AG vehicles had the fewest problems on average, rising from No. 32 a year earlier. Seoul-based Hyundai Motor Co., which was plagued by quality problems in the 1990s, had its best showing ever at No. 3. among brands. Asian and European brands held the top six spots in rankings that measure each brand's average quality in design and production.
The destruction of our IslandI was searching the web to see where my family would go for our holiday, when I happened upon a letter from Ms Jane Erea, a Caymanian.I was shocked by her reference between locks and ganja. She should have just said all people of the African race are criminals. What self-hatred. If we look at our children and judge them by what they wear and what style of hair they have, then who will save our children. She talked about the old way; I can only imagine what the old way was. The old way for all people of colour, no matter where you were in the world, was subservient; except for our Mother Africa. Is that the life she envisioned for future Caymanians? Just because of one person's ignorance I am not going to totally dismiss the Cayman Islands as my family's holiday. From cabin to condoPlaying pioneer in the push for affordable housing was not something EB Developers envisioned for a pricey subdivision planned west of Boynton Beach.New Palm Beach County rules that require limiting some home prices for low- and middle-income buyers did not fit in with plans showing two-story, five-bedroom houses at Osprey Oaks, proposed on the east side of Jog Road about one-quarter mile south of Hypoluxo Road. . Toyota Kicks Big Butt In JD Power Initial Quality StudyWESTLAKE VILLAGE, Calif., June 7 -- The way in which technology is integrated into new-vehicle design, particularly interior features and controls, is considered by consumers to be as important to quality as are defects and malfunctions, according to the J.D. Power and Associates 2006 Initial Quality Study(SM) (IQS) released today. The study is in its 20th year.The Initial Quality Study, which serves as the industry benchmark for new-vehicle quality measured at 90 days of ownership, has been completely redesigned for 2006 to capture problems experienced by owners in two distinct categories -- quality of design and quality of production (defects and malfunctions). "New vehicles today are often packed with new technologies that unfortunately can be complicated and frustrating for the average consumer when their integration is not well executed," said Joe Ivers, executive director of quality and customer satisfaction research for J.D.
Cayman students are awarded for 'Environmentality'Disney Cruise Line honoured the Grand Prize Winners of the 2006 Jiminy Cricket's Environmentality Challenge on Tuesday 20 June in a special ceremony aboard the Disney Magic Cruise ship.The prizewinners were all from Cayman schools, including the third-year class from George Town Primary School, the sixth-year class from St. Ignatius Catholic School, and the eleventh-year class from John Gray High School. Winning classes had to show exemplary environmental skills in championing projects that included recycling, and making new items out of old, and replanting a garden in an abandoned area. "These students are making a difference in the Cayman community and raising awareness for Environmentality everywhere," said Mark Witko, Disney Cruise Line Community and Government Relations Manager. |
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