100 issues covered in 100 issues

The first edition of the Journal opened with a headline relating to the expectation of independence of the Cayman Islands Monetary Authority from government. Managing Director Jennifer Dilbert was looking forward to a far speedier approval system for financial institutions once this process had taken place. (1)

In the same edition, the Cayman Islands Investment Bureau was launched – apparently created to provide a central point for the branding of the Cayman Islands. (2)

Also in that edition, houseware shop Sounds & Things owner William Peguero lamented the dramatic flight back to their homeland by Cayman’s Jamaican population and the effect this was having on his business. (3)

The second issue (July 2002) highlighted concerns by bankers with the EU Savings Directive, which had been agreed between the UK and the EU, in particular the form the information exchange would take and the burden it might place on them. (4)

In this edition the Journal chronicled Cayman’s “historical and giant leap into the 21st Century” in May 2002, by passing the Information and Communications Technology Authority Law, 2002. (5)

Issue 3 (August 2002) saw Cayman clearing the way for a billion dollar merger between two high street banking giants – Barclays and CIBC, to create a new entity; FirstCaribbean International Bank. (6)

The Journal also looked at enhancements that were under way for the Financial Reporting Unit, yet director Brian Gibbs said the FRU still had a long way to go. “The types of criminals that we are investigating have an enormous wealth of knowledge at their fingertips. The sophisticated transactions involved in laundering the profits of crime mean that the FRU needs to have on board staff whose level of knowledge is at least equal to, if not greater than that of the criminals,” he said. (7)

KPMG’s Simon Whicker worried whether Cayman was doing enough to promote the quality services that Cayman had to offer. Despite taking a myriad of steps, Whicker wondered whether Cayman was doing enough to “market, communicate and educate the financial services providers in the major worldwide market.” (8)

In issue 4 (September 2002) Cable & Wireless’s Internet and email services crashed following an upgrade in its servers, causing widespread misery for Cayman users. (9)

At the same time, the TV company CITN announced that it was about to go digital and therefore offer triple the existing 34 TV channels that were on offer. (10)

The Journal examined about the “potentially massive growth sector” for Cayman’s cruise tourism product, further to the Florida and Caribbean Cruise Association’s research, which found this specific sector was in a growth pattern and visitors were particularly pleased with Cayman’s offering. (11)

CIMA director Tim Ridley worried in issue 7 (December 2002) that Cayman’s financial services industry needed more support, especially when it came to international bodies putting pressure on the jurisdiction. “…rather than change their flawed domestic regimes, they (the supranationals) would prefer to see the demise of competitive financial centres such as Cayman,” he wrote. (12)

The Cayman Islands Chamber of Commerce sounded off a warning with its first pre-budget submission to government, highlighting core issues such as the decline in tourism stayover guests, the rise in fees for the financial services industry and the need for government to focus on small businesses by promoting local shopping. (13)

The Journal examined upping the ante for Cayman’s tourism product by converting cruise visitors to stayover visitors and the benefits this would bring the jurisdiction. (14)

The Chamber of Commerce’s pre-budget submission urged Cayman to seek means of diversifying the economy in issue 8 (January 2003). Making Cayman a centre for medical tourism was one such way, as proposed by Dr. Steve Tomlinson, from the Chrissie Tomlinson Memorial Hospital. (15)

In this same edition the Journal wrote about Cayman’s health insurance industry which was “in crisis”. This was due to massive losses sustained in 2001. The article noted a contraction in the number of active health insurance carriers from 11 to six, soon to be four. (16)

In issue 9 (February 2003) the Journal looked ahead to the forthcoming liberalisation of the communications market, focusing on cheaper prices that were being touted by a newcomer Irish company, Digicel. (17)

Following considerable conjecture during the development process, in issue 10 (March 2003) the Ritz-Carlton’s developer Michael Ryan gave the Journal an exclusive, candid interview on the hurdles that had to be overcome to get the project under way (and which was slated for completion early 2004.) (18)

Cayman’s newest attraction, the Cayman Islands Butterfly Farm, opened its doors, with the anticipation that it would play a major part in the tourism industry, particularly for cruise visitors. (19)

In issue 12 (May 2003) the Journal covered the story of Cayman’s government servicing its debt with its first ever note issue (to the value of $136 million, marking a new era in financing for the government. (20)

Cayman’s Financial Secretary George McCarthy unveiled a “pro-business budget” as highlighted in issue 14 (July 2003), dedicating $14.8 million to develop, promote and regulate the financial services industry. (21)

The Cayman Islands Chamber of Commerce held its second economic forum, addressing key topics for business, with economic diversification top on the agenda. (22)

At the same time, the Cayman Islands Tourism Association called for better data collection by government in areas such as visitor arrivals, visitor expenditure and levels of employment within the industry, in order to better plan for the future. (23)

The Journal discussed how Cayman was walking the tightrope when it came to immigration in issue 18 (November 2003), looking at the almost impossible job of achieving the right balance of immigrants and indigenous people, and, in particular, how Cayman should deal with long term residents. (24)

The Journal also pondered whether hedge funds were a liability for the Cayman Islands, given the recent collapse of Enron and WorldCom. The subject was up for discussion at law firm Campbells first investment fund seminar. (25)

Real estate agent Sheena Connolly explored the positive aspect of the blanket 2003 status grants by government, with a greater number of buyers suddenly on the market. (26)

In issue 21 (February 2004) Vincent Vanderpool Wallace, the Bahamas director general of Tourism, spoke at the Cayman Business Outlook Conference, urging delegates to lift complacency around the possibility of Cuba opening its doors to US visitors. (27)

The Journal introduced Cayman’s new Chief Immigration Officer, Franz Manderson, in issue 27 (August 2004), charting his career development and his move to the top immigration spot, having spent eight years as deputy CIO. (28)

Hurricane Ivan put the Journal temporarily on hold until issue 29 (February 2005). The hurricane was a phenomenon that would go down in the Caymanian history books as one of the all time disasters that everyone hoped would never be repeated. (29)

In that same edition was an article about art after the crisis and how the various art institutions on Island were coping with their losses and working on their reconstruction. (30)

Real estate broker Kim Lund wrote that there would be no appreciation in the market before 2006, with an inventory shortage across the jurisdiction. (31)

In issue 33 (June 2005) the Journal looked at defending the case for legal aid and in particular the work carried out by Walkers Legal Aid department. Senior litigation partner Angus Foster noted that financial assistance from government only went to strengthen the effectiveness of the criminal justice system. (32)

Climate change topped the agenda at a two-day workshop in issue 34 (July 2005), attended by the Leader of Government Business, Kurt Tibbetts and Governor Bruce Dinwiddy. Tibbetts noted that small island states such as Cayman would bear the brunt of climate change in the future, even though they accounted for less than 1 per cent of the greenhouse gas emissions that were driving climate change. (33)

A conference designed to examine the issue of education was covered in issue 35 (September 2005) and found that the entire system needed overhauling. Education Minister Alden McLaughlin called for a decentralisation of the system to give schools more autonomy. (34)

The Cayman branch of Hedge Funds Care (a US-based charity) was launched and covered in issue 37 (October 2005), with the aim of raising funds to combat child abuse in Cayman. (35)

Real estate agent Kim Lund spoke about the “tidal wave of demand about to roll into Cayman” with property facing “enormous pricing power”. (36)

In issue 39 (December 2005) the Journal looked at government’s introduction of a bill for a law to give the public a general right of access to official documents – known as the Freedom of Information Bill. (37)

Banking experts gathered at the Caribbean Association of Indigenous Bankers 32nd annual conference and delivered a unified message that transformation of the industry was the only way forward, as highlighted in issue 40 (January 2006). (38)

A delegation of Cayman business people, led by the Chamber of Commerce, headed for Panama to explore trade links between the two jurisdictions in issue 41 (March 2006). (39)

The Journal covered the launching of GAIM Cayman in issue 44 (May 2006) at which delegates got to hear about the growing challenges for investors to feel adequately protected from risk as hedge funds continued to diversify into increasingly leveraged products with illiquid strategies. (40)

In issue 46 (July 2006) the Cayman Islands Bankers Association examined why Cayman’s economic prosperity hung in the balance, with the new Immigration Law slowly having an effect on business. Butterfield Managing Director Conor O’Dea said that the new world service economy was suffering from a tremendous shortage of skilled labour internationally. O’Dea believed that Cayman was “over-regulated on the immigration front”. (41)

The Journal investigated ways to conquer the George Town landfill via turning waste products into useful biomass fibre, known as STAG technology, as was being used in Scotland. (42)

In issue 49 (October 2006) the Journal detailed the premier of Frankie Flowers’ movie, Haven, with full support from the cast, including Orlando Bloom who played the lead, and who were in attendance at the opening night. (43)

The 13th annual Florida and Caribbean Cruise Association’s conference was held at the Westin Casuarina, as detailed in issue 50 (November 2006) and issue 51 (December 2006). Micky Arison, FCCA Chairman and chairman & CEO of Carnival Corp confirmed that it was a key component of his company’s strategy to invest substantially in Caribbean ports. Colin Veitch, president & CEO of Norwegian Cruise Lines said the port destinations that recognised the need to accommodate new larger ships were the ones that would ultimately succeed. (44)

In issue 52 (January 2007) the Journal examined the implications for Cayman’s tourism industry should Cuba open up to US visitors, a real possibility with the impending changeover of presidents in the Communist state. (45)

The draft Proceeds of Crime Bill 2007 was under scrutiny in issue 56 (May 2007) at a special session hosted by the Cayman Islands Compliance Association; in particular the inclusion of a new regime of civil forfeiture and the extension of routes by which evidence could be obtained. (46)

The Cayman Islands Monetary Authority’s chairman Tim Ridley assessed key domestic and international challenges to Cayman’s financial services industry in issue 58 (July 2007), including a breakdown in communication between the public and private sector. Ridley also worried about the continual threat from abroad by international bodies wishing to impose their regulatory regimes on Cayman. (47)

In issue 61 (October 2007) the annual tourism conference highlighted the need to enhance Cayman’s tourism product in a sustainable manner, in particular involving more Caymanians in the industry. CITA president Karie Bergstrom said the tourism workforce ought to aim for a 50/50 Cayman/ex-pat split and that the industry needed to do a better job in attracting young Caymanians into the industry. (48)

Campbells partner Alistair Walters looked at the crisis in the US sub-prime mortgage industry and explained Cayman’s involvement in the CDO market. Walters said that Cayman would “shrug off the sub-prime mortgage crisis and continue with consistent and steady growth”. (49)

Global Compliance Solutions annual conference attracted ex-money-launderer-turned- financial-crimes-consultant Kenneth Rijock as its keynote speaker. He highlighted areas such as international trade and the trade in life settlement policies for key employees in large organisations as key emerging trends for money launderers, as covered in issue 62 (November 2007). (50)

The 2007 Health Insurance Seminar analysed in issue 63 (December 2007) how far Cayman had come 10 years on since health insurance had become mandatory for all employees. (51)

In issue 64 (January 2008) the Cayman Islands Financial Services Association introduced Wall Street Journal and political commentator John Fund at a luncheon. Fund said that the US government was unable to raise taxes higher so revenue would need to be found elsewhere to pay for its burgeoning debt problem. (52)

The Journal reported that Cayman may well feel the effect of the US sub prime meltdown as the world rebounded from its threat, further to analysis of the issue at the Cayman Business Outlook conference. Keynote speaker Nouriel Roubini spoke about how the sub-prime problem would lead to a US recession and how it was spreading across the globe into other investments, in issue 65 (February 2008). (53)

In issue 67 (April 2008) Hugh McDermott, attorney with Charles, Adams, Richie & Duckworth said an anti-corruption watchdog was necessary, calling it “the only safeguard against political and police corruption”. If established he said “the Cayman Islands would become a better and more honest place.” (54)

In that same edition the Cayman Heart Fund launch was covered, marked by a reception at Government House with the aim of helping people in Cayman live healthier lives. (55)

Offshore financial centres came under a barrage of questions as covered in issue 68 (May 2008), with British Overseas Territories coming under fire in the House of Commons and the US Treasury launching an inquiry into offshore financial centres. (56)

The CIFSA invited British journalist David Aaronovitch to a luncheon. He spoke about offshore tax havens coming under increasing scrutiny, especially in light of the economic downturn. (57)

In issue 70 (July 2008) Dan Scott, managing partner with Ernst & Young, said people were the financial service industry’s biggest challenge. (58)

Appleby’s head of fund disputes Jeremy Walton discussed the lessons learned from the Bear Stearns litigation in issue 71 (August 2008) with investors winning a significant victory in Cayman’s Grand Court by wrestling control of the fund from the liquidators and installing their preferred appointees. (59)

In the same issue the Journal took a look at the career of Cable & Wireless Chief Executive Tim Adam as he stepped down from heading the communications giant after 35 years of service. (60)

A landmark event in the arts scene also took place this month, with government purchasing Miss Lassie’s home in South Sound for the Cayman Islands Cultural Foundation. (61)

Newly appointed CIMA Chairman Carlyle McLaughlin spoke exclusively to the Journal in issue 72 (September 2008) about how he anticipated leading Cayman’s financial regulator. He said he wasn’t fazed by the task, confirming that he lectured at the ICCI for 10 years. (62)

Butterfield’s portfolio manager Gareth Pulman wrote in issue 74 November 2008 about how Cayman ought to be looking at the wider economic picture and how the existing financial crisis in the US could have severe implications for the US and thus the Cayman economy in general. (63)

The Journal surveyed a number of business people attending the annual tourism conference to find out what they thought were the most pressing issues facing tourism. Walter Regidor, GM at the Marriott said the effects of the recession and the state of the US economy were his biggest concerns, while Loxley Banks from the Cayman Catboat Club believed Cayman needed to retain the values of what made Cayman so successful in the past. Frank Roulstone, GM of the National Trust said he thought Cayman was at a critical stage and needed to make some important decisions as to just how much of the Islands it wanted to give away. (64)

A new campaign to combat cervical cancer was launched by the Cayman Islands Cancer Society in which they provided a new vaccine for young girls, which would protect them against the most common viral causes of the disease. (65)

Experts predicted that 2009 would be an immensely challenging time for Cayman’s economy with many pressures bearing down on the jurisdiction from a variety of angles. In issue 75 (December 2008) the Journal spoke with Cayman Islands Financial Services Association chairman Eduardo d’Angelo to find out what Cayman was doing to protect itself from international threats. d’Angelo said the association would be speaking loud and clear to educate the world about the integrity of the jurisdiction with a multi level target audience in mind. (66)

Wil Pineau CEO with the Chamber of Commerce and chairman of a sub committee of Hazard Management Cayman Islands spoke to the Journal about how the latter organisation was assisting Cayman Brac get on its feet again following the hit by Hurricane Paloma on the island in November 2008. (67)

In issue 76 (January 2009) the Journal covered a hard hitting key note speech from the Cayman Captive Forum conference in which retired US Drug Enforcement agent Robert Stutman spoke about the very real threat that drugs was placing on society, in particular on young people. (68)

HSBC obtained its class A banking licence and was poised to launch into retail banking services in the Cayman Islands. (69)

The Cayman Business Outlook conference broke new ground, as detailed in issue 77 (February 2009) and issue 78 (March 2009) when it invited Leader of Government Business Kurt Tibbetts and Leader of the Opposition McKeeva Bush to a debate over the most pressing issues facing the jurisdiction. Bush said that there was no doubt that there was a need for a pier facility for cruise tourism and that Cayman needed to get its brand right in the international marketplace. Tibbetts said that statistics showed the rollover policy had not negatively affected the workforce. (70)

Artists and National Gallery Deputy Director Natalie Coleman discussed censorship and the arts on Radio Cayman. Coleman said that at the Gallery they take a modern approach to the issue and rather than exclude certain provocative material, they make public aware of any material on show that might not be suitable for children, to allow the parent decide on what was appropriate. (71)

In issue 78 (March 2009) the Journal wrote about how this would be a crucial year for Cayman’s tourism product. CITA Executive Director Trina Christian and CITA’s president Steve Broadbelt said that relationships between the public and private sectors needed to be further strengthened, cruise infrastructure needed to be improved, the cost of doing business needed to be lowered and a development plan for the industry was sorely needed. (72)

The Cayman Islands Film Commission was launched at a star-studded event at Camana Bay in the anticipation that it would become Cayman’s third economic pillar. (73)

The Chamber of Commerce’s annual legislative lunch found that it would definitely not be business as usual for 2009. Calls for an overhaul in the civil service, diversification in the economy and the necessity to fuel economic growth were all made. (74)

The Journal caught up with Young Caymanian Leadership Award winner Elroy Bryan in issue 79 (April 2009), a young man who had made some impressive life choices and was working as a force for good with the young people at The Lighthouse School. (75)

The Cayman Islands National Museum finally opened its doors after years of renovation and reconstruction since being damaged by Hurricane Ivan. (76)

Appleby partner Simon Raftopoulos and articled clerk Samuel R Banks debunked the myth that offshore financial centres were the cause of the financial crisis in issue 80 (May 2009), calling the global outrage against OFCs “hypocritical”. (77)

Natalie Coleman is appointed director at the National Gallery. Coleman was “a neat fit” for the Gallery having spent years as its deputy director as well as a stint at the British Museum and the Institute of International Visual Arts. She was looking forward to employing creative management on a tight budget. (78)

Bacchus restaurant introduced a brand new dining concept to Cayman: dining in the dark. (79)

Newly elected Leader of Government Business McKeeva Bush granted the Journal an exclusive interview in issue 81 (June 2009) and said that high on the agenda was following up on agreements the Cayman Islands had made with the OECD with regard to tax information exchange agreements. He also spoke about introducing a Leadership Cayman programme led by his office investing in the human capital of Cayman. (80)

Former CIMA chairman Tim Ridley gave a hard hitting speech at the CI Bankers Association conference. Referring to the jurisdiction’s initial placement on a grey list of countries by the OECD, he said: “All too often Cayman has been late out of the starting gate, only to discover that the damage has been done by our inaction.” (81)

A group of UK politicians attended a UK Overseas Territories Conservation Forum held in Cayman and the Journal reported in issue 82 (July 2009) about ways that Overseas Territories could improve relations with the mother country.

While OTs had unique concerns they also had low political status, according to Foreign Affairs Committee member MP Paul Keetch. He said that nevertheless there were ways that OTs could make their voices heard. (82)

Doug Soares, partner with Bermuda-based Expertise spoke at the Cayman Islands Society for Human Resource Practitioners conference. Soares said performance management, cutting costs while increasing output and reducing non-personnel costs ought to be considered before redundancies in a recession. (83)

The Journal speaks with CIMA MD Cindy Scotland in issue 83 (August 2009) about Cayman recently becoming a full IOSCO member after years of negotiation. Scotland said this gave Cayman a competitive edge over non-member countries. (84)

The Cayman Islands Red Cross launched a campaign to bring awareness of the importance of safe sex and how this can lead to reducing the risk of contracting diseases such as HIV and AIDS. (85)

A town hall-type meeting held at The Ritz-Carlton covered in issue 84 (September 2009) brought together representatives from all walks of business life to discuss ways in which the government might get itself out of the huge budget deficit situation that it faced. This was held in light of the UK government’s denial to the Cayman government to borrow any more funds and the UK government’s suggestion that Cayman introduce taxation to bring in revenue. (86)

CIFSA Anthony Travers spoke about the “inconvenient truth” that Cayman was actually not to blame for all the financial woes of the world, as suggested by some world leaders and that they all had their own agendas. (87)

Westin bartender Khi Leonard brought home honours from the Ketel One World Class Cocktail Competition held in London using native ingredients in his concoctions. (88)

In issue 85 (October 2009) representatives from the Chamber of Commerce discussed ways in which they felt government ought to be increasing revenue and cutting costs. (89)

The CFA Institute’s Philip Lawton spoke about the importance of protecting investors in good times as well as bad to an audience of CFA Society and CISPA members. In particular, investment professionals ought to be wary of investment opportunities which seem too good to be true. (90)

A new world order for investment funds was dissected at the Campbells Fund Focus, covered in issue 86 (November 2009). Global challenges would cause a marked retraction in the number of funds in the first quarter of 2010, there would be a flight by investors to quality and a balancing of interests between the invest manager and the investors, the delegates heard. (91)

Ben Tonner attorney with Samson & McGrath investigated the Anti Corruption Law, 2008, due to take effect in 2010, in issue 87 (December 2009). Tonner said the law would not only affect police officers, politicians and public officials, but also financial institutions and their employees. (92)

New Police Commissioner David Baines gave an exclusive interview to the Journal on his hopes for better policing in Cayman. “It is disgraceful that a first world country such as the Cayman Islands has not already adopted 21st Century evidence collecting processes as well as modern processes for the treatment of those individuals arrested…” he said. (93)

Chef Indika Kumara took the Chef of the Year award at the Cayman Islands Culinary Society’s Culinary Awards for Excellence. The competition was extremely hard fought with the final decision coming down to just half a point. (94)

Attendees of the Cayman Business Outlook were asked by the Journal: How does the Cayman Islands prosper in a grave new world in issue 88 (February 2010). Michael Ryan, Ritz-Carlton and Dragon Bay developer said that a coordinated approach was lacking. Franz Manderson, deputy chief officer, Cayman Islands Government, said government needed to quickly move toward the situation whereby Immigration staff process the majority of work permits and for this more staff was required. Eddie Thompson, business owner said the government needed to ensure that Immigration understood the ramifications of their decisions on businesses. (95)

A study commissioned by Cayman Finance was highlighted in issue 89 (March 2010) and suggested that any form of new or increased taxation introduced into the Cayman Islands would have a hugely detrimental effect on Cayman’s economy, and concludes that slashing government expenditure is the only solution to solving the budget deficit. (96)

Glitz and glamour came to the Cayman Islands, as reported in issue 93 (July 2010) with the Engage!10 luxury wedding summit, held at The Ritz-Carlton, highlighting Say Yes to the Dress TV star Randy Fenoli and Todd-Avery Lenahan, who shared their views on how style is defined and discussed the importance of getting image spot on in order to win business. (97)

At the same time former Cayman Finance Chairman Eduardo d’Angelo was busy setting the record straight, attending Offshore Alert’s conference in Miami and defending the Cayman Islands. (98)

The Journal explored ways to break the slow season cycle in issue 96 (October 2010), and found the tourism industry was finding creative new ways to woo visitors during the summer months. (99)

Issue 97 (November 2010) looked to the US mid-term election to give an indication of how Cayman’s own economy would fare, depending on whether the Republicans or Democrats took the reins in the US Senate and House of Representatives. Local real estate agent Toni Paolini said he was positive about future growth for the islands. (100)

100-issuesS

Chamber of Commerce’s Brian Barnes, Joanne Diaz–Berry and Wil Pineau

NO COMMENTS