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Cayman Islands News, Articles and InformationBest 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.
Falklands : Hydrocarbons Weekend Record (17/18 June 2006)A South African Company will assess the salvage prospects of the rig that was stranded on Tristan da Cunha.HYDROCARBONS WEEKEND RECORD (17/18 JUNE 2006) By J. Brock (FINN) At 1800 LMT on Sunday, 18 June 2006 Light Sweet Crude had risen 5 Cents and settled at $69.33 and Brent Crude has risen .25C and Settled at $68.70. These quotes are from different markets than are normally reported. TRENDS: Oil prices to be fluctuating within a narrow margin around the $69.00 to $70.00 per barrel range. Irans continues to be positive but firm about unconditional bilateral talks. Investors are not worried about the continuing good supply of gasoline in the States, nor are they fearful about any hurricanes in the Gulf of Mexico. All could change on onday. We wait and see.Doubt about food security: Flexibile wheat procurement policyThe Government decision to pay market price for the domestic wheat bought by the state procurement agencies to support the public distribution system not only blunts the criticism about importing wheat but also introduces a welcome flexibility in food procurement policy. However, the move to import wheat, after a gap of five years has stirred a fresh controversy about India's tendering process and doubts about the claims that we have achieved food security. Even as the Government inked the deal to import 500,000 tonnes of wheat from Australia and announced it would import another 3 million tonnes, newspaper reports said the Australian Wheat Board (AWB) had paid some 2.5 million Australian dollars into a bank account in Cayman Islands in 1998, apparently as commission, for the import of 2 million tones wheat, during Prime Minister Gujral's tenure.
Calendar boosts community projectsAt a recent meeting of the Rotary Club of Grand Cayman, David and Melissa Wolfe presented the club with US$13,000. The donation represents proceeds from the corporate pre–sales of the 2006 calendar."Thanks to our corporate supporters, we are able to once more donate funds to community–based initiatives, said Project Manager, Melissa Wolfe. "Much deserved recognition goes to Deutsche Bank, Conyers, Dill & Pearman, JEC, Cayman Kai Developments, Bank Austria, Royal Bank of Canada, CITN, Solomon Harris, Paget–Brown Trust Company Ltd., Hurlstone Ltd., Dart Realty, Scotiabank, PricewaterhouseCoopers, WestTel Ltd., and the Water Authority." In addition to the Rotary Club donation, more than 1,300 calendars, with a retail value in excess of US$16,000, were given to the Cayman Islands Department of Tourism.
Rollover Fuels Brain-drainThe rollover policy is offering a very positive opportunity for one local firm, which is ready to cash in on the expertise that the seven-year work permit limit is forcing out of the country.After many years of wooing professionals into the Cayman Islands to fill high-level financial positions, as the brain-drain starts here in the Cayman Islands, BrightStaff is now offering those who were once employed in high level posts here, opportunities in similar positions overseas in competitive jurisdictions to the Cayman Islands. One of the leading recruitment agencies in Cayman, BrightStaff has found employment for hundreds of professionals from all over the world. With changes to the Immigration Laws, work permit holders and their families are finding it difficult to make long-term plans to reside indefinitely in the Cayman Islands and BrightStaff said in a press release that it was expanding its services for financial professionals who are leaving the Island as a result of the seven-year rollover policy. Brac BPW supports girls at collegeA tea party at the Heritage House for all the girls from Cayman Brac in tertiary education, hosted by the Brac Business and Professional Women's (BPW) Club, has become an annual tradition.Members of the Brac BPW send a small stipend to all girls from the Brac at college, and also send them letters of encouragement while they are away. This is in keeping with one of the stated aims of the Club: to encourage women and girls to acquire education, occupational training, and advanced education; and use their occupational capacities and intelligence for the advantage of others as well as themselves. The tea party provides a social situation in which the girls can chat informally with members and tell them how the school year has been, and also becomes an opportunity to discuss any problems they may have had, said Brac BPW President Claudette Upton. Daniel (Danny) E Tibbetts passes onWell known local businessman and entrepreneur Daniel E Tibbetts passed away suddenly in Little Cayman on 23 June, 2006, at the age of fifty-two.Though he was born and raised in St Petersburg, Florida, Mr Tibbetts had strong ties to the Cayman Islands, the land of his father Linton Tibbetts, and continued the family tradition of developing business on these Islands, especially Cayman Brac and Little Cayman. A graduate of Lakewood High School and Stetson University in Deland Florida, Mr Tibbetts' entrepreneurial spirit materialized in various business ventures on all three Cayman Islands, as well as in Florida. The Little Cayman Beach Resort (LCBR), his first development on that Island in 1991, was followed by Conch Club Condominiums and The Club Condominiums, the only luxury resort on the Sister Islands. STEVE BUTLER: RETIREMENT PLANNER: Should you stash money overseas?Grand Cayman Island, a British protectorate and the Switzerland of the Caribbean, about 100 miles south of Cuba, seems to reek of money, with a population of only 30,000 permanent residents and what seems like a fleet of new Jaguars, Porsches and Ferraris roaring around the narrow streets. My wife and I find our way to this paradise to visit our son, who is in veterinary school there.On a trip last week, my curiosity overwhelmed me and I stopped in a building housing a Goldman Sachs and a Merrill Lynch office to inquire about the arcane financial tool known as the "offshore trust." Could any possible application make this a "loophole for the little guy?" Offshore trusts have the stigma of being a repository for ill-gotten gains or tax havens for people who have something to hide.
J.D. Power and Associates Reports: Redesigned Initial Quality Study Shows That Vehicle Design Plays as Critical a RoleThe 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.(Logo: http://www.newscom.com/cgi-bin/prnh/20050527/LAF028LOGO-a ) 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.
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