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Cayman Islands News, Articles and InformationIsland 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. It's not just fireworks for the 4thSeveral Monmouth County towns will host Fourth of July celebrations this weekend and next week. They include:ALLENTOWN: Mill Pond at Pete Sensi Park; (609) 259-3151; 9 a.m. Tuesday, July 4; fishing contest, register on site; stocking demonstration by state Division of Fish and Game, 7:30 a.m.; sponsored by the Allentown Recreation Committee. ASBURY PARK: Bradley Park, Kingsley Street near Convention Hall; (732) 502-5721; noon Tuesday, July 4, festival; parade begins 2 p.m. on Cookman Avenue, continues on Main Street to Fifth Avenue, ends at the park; carnival rides, entertainment 3:30 p.m.; fireworks Fourth Avenue beach at 9 p.m. ATLANTIC HIGHLANDS: Marina, Simon Lake Drive; (732) 291-1444, ext. 613; Firemen's Fair, 6 to 11 p.m. Tuesday, July 4, through Saturday, July 8; fireworks after dark Friday, July 7.
Fort George rendered defenceless by dockFOR two centuries Fort George stood guard over the Island's capital, George Town, but now its prowess has been stripped and its splendour reduced to a wounded soldier status.Fort George, which is located at the George Town Harbour, was one of six lookout posts that defended Grand Cayman during World War II. The fort, however, stood as a pillar of strength from the 1780s when its base protected the soldiers who defended Cayman against Spanish marauders from Cuba. With the threat of pirates diminished and no foreseeable wars, the fort became both a historic site and a tourist attraction in the North Church Street-Fort Street junction. To maintain its sacred and sentimental value to the people of the Cayman Islands, the National Trust for the Cayman Islands acquired the property in 1987. CIBC acquires majority stake in FirstCaribbean International BankCIBC announced on Thursday that it has reached a definitive agreement with Barclays Bank PLC to acquire its 43.7% ownership stake in FirstCaribbean International Bank.As previously announced, CIBC will pay US$1.62 for each FirstCaribbean share for a total price of approximately US$1.08 billion. This transaction, which is conditional upon regulatory approvals, is expected to close by the end of 2006. Once it is completed, CIBC will own 87.4% of FirstCaribbean, with the remaining shares held by regional investors. Under the definitive agreement, CIBC has the option of paying for the transaction in cash, CIBC common shares or a combination of cash and shares, the relative proportions of which CIBC will determine before completion. Barclays would not intend to be a long-term holder of any CIBC shares it may receive in connection with this transaction. Plenty of holiday actionIn conjunction with Artown, this event features children's activities and live entertainment from 6 to 10:30 p.m. at Rancho San Rafael Regional Park, 1595 N. Sierra St. Fireworks start at 9:30 p.m. Details: www.renoisartown.com or 323-3138STAR SPANGLED SPARKS A pancake breakfast, two-mile and 5K fun runs, milk-carton boat regatta, rides and a singing competition are scheduled from 6 a.m. to 3 p.m. at Sparks Marina Park, 300 Howard Drive. Entertainment, arts and crafts are among pre-firework festivities in Victorian Square starting at 4:30 p.m. Fireworks at Victorian Square will be launched at 9:30 p.m. Details: 356-3300 FOURTH OF JULY PARADE, RENO The Independence Day parade starts at 10 a.m. at Wingfield Park at the corner of First Street and Arlington Avenue. Low cost but quality housing neededThe recent revelation by the relatively new owners of Treasure Island Resort that they have created self contained studio units at one of Grand Cayman's prime sites, that are affordable as well as good quality accommodation, demonstrates that Seven Mile Beach does not have to be an enclave of the rich.These residential condos show that property developers can build affordable homes that people living and working here, be they Caymanian, or ex-patriate can call home. In the last few months market forces have finally curbed the runaway rental rates that were becoming a serious problem here. While there is still a long way for some rents to come down before they become a realistic proposition, it seems that a combination of landlords realizing that they were pricing themselves out of tenants: a significant increase in the room stock after the completion of renovations; and a departure of a number of people from the Island, have resulted in a slight decrease in the average rent. |
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