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Cayman Islands News, Articles and InformationLawmakers' vote may cost NaborsNabors Industries, an oil driller operating out of Houston, wanted to be considered a Bermuda company for tax purposes but an American company for business purposes. It may regret trying to be both.The Senate Finance Committee voted unanimously this week to treat as American all companies that made Bermuda or any other tax haven their tax headquarters after March 20, 2002. Nabors completed its Bermuda move three months after that. .Tree saving project takes rootA HOME for the Island's mature trees is in the making as one local organisation accelerates its plans to save them with the help of the general public.The Shade Brigade said it has come up with a simple scheme to help prevent the destruction of mature trees by finding them new homes. To make it work, the organisation said it needs a little help from the communities on Grand Cayman. Anyone with unwanted mature trees is being invited to email the voluntary group with a description of the tree or trees, plus their contact details to Shadebrigade@hotmail.com. "We will then forward that information, via email, to architects, builders, developers and landscapers who might have a use or know of someone who might have a use for the trees," said Shade Brigader Eliza Harford. Toyota Tops Quality & Assembly Plant AwardsJune 8, 2006 -- Toyota and Lexus topped the J.D. Power and Associates 2006 Initial Quality Study, released June 7, capturing 11 out of 19 quality awards. Toyota also received four assembly plant quality awards for producing vehicles yielding the fewest defects. In the Asia Pacific region, Toyota's Higashi-Fuji, Japan plant, which produces the Lexus SC 430, received the Silver Plant Quality award while its Georgetown, Ky. plant tied for second with DaimlerChrysler's Windsor, Ontario, Canada plant in the Silver Plant Quality award for North and South American plants. .Cayman Hedge Funds Are Unstoppable,The Cayman Islands Monetary Authority (CIMA) announced this week that the islands' hedge fund sector is continuing to boom, with an additional 665 funds having registered in the first five months of the year.The years 2004 saw a record 1,405 funds acquiring registration, and 2005 was almost as good. Now it seems that 2006 will also see a comparable level of activity. At the end of 2005 there were 7,106 registered hedge funds on the islands, putting it far ahead of competitive jurisdictions such as the BVI and Bermuda. The SEC's new rules for hedge fund registration in the US have done nothing to lessen the attractions of 'offshore' as an alternative domicile. Many US fund managers now choose to register their funds in Cayman, with actual management sub-contracted to US or UK firms.
Travels With CongressOh the toil, the drudgery. It's a difficult, demanding, grueling and thankless lot that falls on the shoulders of our poor overworked Senators, Congressmen and their diligent staffers. Travel here, junket there, cramped seats in corporate jets, expensive booze, four star hotels, an endless grinding cycle of golf and spas, dinner and massages, speeches and shopping and hookers, oh weariness, the hookers.. Little Cayman Airport plans revived: MinisterThe development of the airport at Little Cayman will continue under the current administration, and may start this year, according to Tourism Minister, the Hon Charles Clifford, who has responsibility for Cayman Islands Airports Authority (CIAA).Initial plans for the new runway were approved in August 1999 by the Cayman Brac and Little Cayman Development Control Board (DCB). Approval was appealed by several individuals, but the Appeal Board upheld the decision of the DCB. In August 2003, then Aviation Minister Gilbert McLean announced at a public meeting on Cayman Brac that the position of the proposed new runway on Little Cayman had been "tweaked south to avoid deep swamp area". These amendments to the Little Cayman Airport plan, passed in 1999, have not been approved by the DCB, and must be resubmitted to the Planning Department. Charity cycle ride for Cancer SocietyOn Sunday 25 June, Butterfield Bank will present a charity cycle ride with the aim of raising funds for the Cayman Islands Cancer Society.The ride will start from Paradise Bar and Grill, with the route taking participants down South Sound Road to the turnaround point just before the Grand Harbour roundabout. From there, participants will make their way back to the finish at Paradise. There is no entry fee as such, but a minimum donation of $10 to the Cayman Islands Cancer Society is required. These donations will be collected at registration. Presenting sponsor Butterfield Bank had undertaken to match dollar for dollar the amount raised for the cancer society on the day, and in so doing the organisers hope to collect a tidy sum. All participants who ride the course will be eligible to win a Cayman Airways flight to Miami in the post-ride prize draw. Tennis ace makes triumphant return14-year-old Panav Jha made a victorious return to Grand Cayman on Friday 23 June fresh from winning the International Tennis Federation Group 14 tournament in Cuba. In securing the title he beat the number one players from Guatemala and Cuba. Panav has been playing tennis for five years and previous triumphs include the Cayman Islands Tennis Club (CITC) Open Championships where he beat all comers.Inspiration for the sport comes from the achievements of his father, Gyanendra Jha, who is also an accomplished player. Head Pro at CITC, Eduardo Torres, has been putting Panav through an intensive training programme including six kilometre road runs and sessions in the gym. Travelling coach, John Goldenberg, is responsible for fine-tuning his tennis skills for tournaments abroad. Book cruises with an eye to hurricanesSeven-day Carnival and Royal Caribbean cruises from Galveston for $500-$600 in September. A 50 percent discount for your companion through August at Club Meds on three Caribbean islands. A fourth night free at the luxurious Four Seasons on Great Exuma in the Bahamas. Significant savings at other resorts. .Awaiting the judgment on low speed vehiclesI have recently completed the building of a little cottage on Little Cayman-and of course my only transportation is an electric vehicle which is locked up in my utility room.My house is about six miles from the grocery store. I greatly appreciated your recent article about electric vehicles and look forward to your follow up. Electric vehicles would be ideal for Little Cayman and I've met a surprising number of other people on Little Cayman who find this evolution in the law of great personal importance. Maybe you could nudge the officials to move a bit more quickly on this issue? - Thanking you Lucy Barker Editors Note: Starting on page one is the latest update on the position with these vehicles. Sadly the news is still not good for owners.
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