August 25, 2019

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iNews briefs2Jack’ Warner opts not to seek re-election as ILP party leader

From Caribbean360

PORT-OF-SPAIN, Trinidad, Monday June 9, 2014, CMC – One year after he founded the Independent Liberal Party (ILP), Jack Austin Warner is not seeking re-election as its leader.

Warner, the former national security minister in the coalition People’s Partnership government, is seeking the post of chairman when the party holds internal elections on June 29.

Former president of the Senate Lyndira Oudit, who served as deputy ILP leader, is expected to take over as leader since her slate of candidates, which includes Warner, was nominated unopposed on Sunday.

Warner told reporters that after reflection and introspection it was time the party made some changes to improve its chances in the 2015 general election, adding that if the slate was supported by the party’s membership in the June 29 national executive elections, “it will be another landmark decision on the road to government in 2015”.

“It is therefore against this background, members, supporters, friends and well wishers that I do solicit your support and understanding.”

Warner resigned from the coalition government last year soon after the publication of a report by the CONCACAF Integrity Committee that had been very critical of the former international football boss. Warner did not co-operate with the investigation.

He successfully regained the Chaguanas West seat after he also submitted his resignation as the parliamentary representative and as chairman of the ruling United National Congress (UNC).

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S. Korea’s big businesses setting up more firms in tax havens: report

SEOUL, June 9 (Yonhap) — South Korea’s largest business conglomerates have been setting up more paper companies in tax havens around the world, a report by a local corporate research firm showed Monday.

With the exception of holding companies for shipping lines, the number of South Korean companies located in the top 10 offshore tax havens stood at 86 last year, up from 54 in 2012, according to The companies are affiliates of the 40 largest family-run conglomerates.

The tax havens checked include the Cayman Islands, the Virgin Islands, , Barbados, Panama, the Labuan territory in Malaysia, the Marshall Islands, Mauritius, Cyprus and Switzerland. These areas are popular because companies and individuals are either exempt from taxes or are subject to very light tax rates.

The report said the Cayman Islands were especially popular, apparently as the nearby Virgin Islands were getting examined by tax authorities to ferret out tax dodgers and for any ties to terrorist organizations.

The research firm said SK Group had the largest number of companies in the tax havens, with 35. This is about 40 percent of the total.

Besides SK, Lotte had 13 firms in tax havens, followed by five for Hyundai Heavy Industry Group. Samsung and Hyundai Motor groups, the country’s two largest conglomerates, and LG each had three firms.

The latest findings show 41 South Korean companies in the Caymans, up 23 from the previous year.

Of these, 29 belonged to SK as of late 2013, an increase of 21 from the previous year.

The number of South Korean firms in the Virgin Islands and Panama stood at 15 each, with Bermuda having four, the report said.

For Switzerland, Samsung and GS groups each set up one firm in the Central European country last year.

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PwC continues to support Cayman’s junior tennis

PwC has again agreed to sponsor five two-day junior tournies, known as the PwC junior circuit, for children aged 10 & Under, 12 & Under, 14 & Under and 18 & Under. Last year, the circuit attracted nearly 60 contestants, most of whom played in at least four tournaments. In addition, PwC is also sponsoring four new mini tennis fests in 2014, for the age groups 8 & Under and 10 & Under. These tennis fests are fun events for youngsters who either lack the confidence or experience to take part in the 10 & Under junior circuit tournies.

PwC Partner, Mr Charles Bolland, stated: “We are pleased to support another year of the Cayman Islands’ PwC Junior Tennis Circuit. We feel that the various tournaments and events encourage and reward the dedication that our youth put into improving their game year-round. The importance of sportsmanship, physical health and challenging the personal limits of our youth is something that PwC’s Junior Tennis Circuit places importance on and why we continue to be a long-standing sponsor.”

Eliza Harford, president of the Tennis Federation of the Cayman Islands (TFCI) stated: “We are very grateful to PwC for their continued support of junior tennis in Cayman. “PwC’s contribution is a significant one. It would not be possible for the TFCI to run these events, which dozens of juniors thoroughly enjoy, without PwC’s help.”


Inews briefs shootin LV_75387616_022603178-2Five dead in Las Vegas shootings

From BBC

An eyewitness said the gunman declared he was taking part in “a revolution”

Two people have shot and killed two police officers in the US city of Las Vegas, before killing another person and then shooting themselves.

The incident began in a pizza cafe at 11:30 (18:30 GMT) on Sunday, when a man and a woman shot at the two officers who were having lunch.

They then entered a Walmart shop nearby and shot one person dead, before killing themselves.

Police say there are no other suspects in the shooting.

The woman shot her male companion before turning the gun on herself, Sheriff Doug Gillespie of the Las Vegas Metro Police Department said at a news conference.

There was no obvious motive for the shootings.

However, eyewitnesses said the attackers shouted “This is a revolution” as they entered Cici Pizza and shot the police officers.

For more:


Cayman MLA queries little use of boy’s home

Arden McLean, Independent Member of Cayman Islands Legislature for East End, says as there are only three troubled young men at Bonaventure Boys Home that has a capacity of ten, perhaps it’s time to consider if we should still send men there. He suggested sending them to an institution overseas as this should be a cost saving.

At present government has allocated $2.1 million for both the Bonaventure Boys Home and Frances Bodden Girls Home.

The Bonaventure Boys Home is a 24 hour facility in West Bay, Grand Cayman for youth who have been remanded by the courts for rehabilitation and the Francis Bodden serves a similar purpose for girls.

In the 60’s to the 80’s troubled young men were sent to Jamaica before the decision was taken then to keep the young men home in Cayman.


Turks Caicos and Belize Leaders in Tourism Growth in the Caribbean

Cockburn Town, Jun 7 (Prensa Latina) Turks Caicos and Belize were tourism destinations of master growth in the Caribbean during the first quarter of 2014, said official sources here.

According to the Caribbean Tourism Organization (CTO), Turks Caicos experienced a 30 percent growth in arrivals during the first quarter, with 105 thousand 506 visitors, compared to the same period of the previous year.

Belize welcomed 101 thousand 981 visitors in the first quarter this year, for an increase of 9.7 percent compared to the same period of 2013.

The other great increase was registered by Cayman Islands, where arrivals increased by nine percent in 2014, according to CTO data.

However, in the same period, had the greatest fall in the sector of this region, with a reduction of 6.6 percent in tourist arrivals, while Curazao saw a drop of 4.3 percent in the same activity.


Caribbean Unity averts third CDB downgrade

Prime Minister Mitchell has applauded the Government and People of Trinidad and Tobago for helping Grenada to make payments to the Caribbean Development Bank (CDB) and avert a third downgrade. “They showed me the books and said look, next week if you don’t pay the 5 million dollars to the bank they are going to downgrade us a third time,” Dr Mitchell recalled.

“So I called my good friend Kamla Persad-Bissessar and I said you have to help me because Jamaica will get hurt, Guyana, St Vincent and the Grenadines will get hurt because of Grenada again. So she helped us and we were able to pay that and pay a number of countries so that’s why I will always remember our sisters and brothers in Trinidad and Tobago because they saved us and, that is what Caribbean unity is all about.”

Officials of the Barbados based CDB had warned the Mitchell administration that if Grenada failed to make an outstanding 5 million dollar payment, the bank will again be downgraded. CDB downgrading costs borrowing Caribbean countries millions of dollars due to much higher borrowing rates.

“The Caribbean Development Bank accesses loans from the international community and then lend to governments… so the higher the ratings of the bank, is the cheaper the loans to the individual countries,” Mitchell explained to a town hall meeting in New York this past week. “So when they got downgraded twice because of Grenada, it means that it caused the borrowing member countries in the Caribbean hundreds of scores of millions of dollars because they now have to borrow at much higher rates.”


Cayman passport issues with UK not resolved

The Cayman Islands will continue to use its current stock of passports and start repatriating the passports to the United Kingdom (UK) around May 2015 but has rejected any options involving the replacement of the passports bearing its name with U.K. passports.

The current Cayman passports do not have the now required biometric identification chips.

Cayman’s Premier, Alden McLaughlin, said he was trying to get Cayman Islands passport application information to be transmitted to the U.K. via secure emails, without the need for local residents to send their passports away.

The main problem is with the issue of Cayman emergency passports that would have to be issued here and not the UK.

“England has been horrendous in their ability to process passports, even for their own people,” McLean said in the Legislative Assembly last week. “Right now, the British passport is taking three to four months.”


Jamaican Tourism Minister hails Carrole Guntley on CTO Lifetime Achievement Award

From Jamaica Observer

KINGSTON, Jamaica — Minister of Tourism and Entertainment, Dr Wykeham McNeill has congratulated former Director General in the Ministry, Carrole Guntley on receiving the Caribbean Tourism Organization’s (CTO) Lifetime Achievement Award.

“Over the years Ms Guntley has demonstrated an insight which I am confident will continue to be of benefit to the region. Her accomplishments over the past few decades span not only the airline and accommodation sectors, where she has consistently demonstrated great vision and perseverance, but have been admired by the Jamaican government as well as industry colleagues,” McNeill said.

Guntley received the award on Friday, June 6 during CTO’s Caribbean Week activities in New York.

“The award is testimony to her long and distinguished service in the industry, having served in the private and public sectors in a variety of capacities: Area Manager for Jamaica, St Maarten & Western Caribbean for BWIA; European Marketing Manager for the Caribbean Tourism Organisation; Jamaica’s first female Director of Tourism and more recently Director General in the Ministry of Tourism and Entertainment,” McNeill said in a release.

He added that Guntley’s work and dedication to Jamaica’s tourism industry as well the wider Caribbean region is “exemplary and makes her a most deserving candidate for this special award”.

For more:


Cayman’s “Killa” Whittaker loses on points

Cayman Islands Charles “Killa” Whittaker lost on points to Denis “Momma’s Boy” Douglin last Saturday (7) in Miami.

All judges were unanimous in scoring all ten rounds to Douglin.


Mark Simmonds FCO Minister to open UK-Caribbean Business Conference

Agenda for the UK-Caribbean Business Conference

17 June 2014, Lancaster House

0830 – 0930 Registration and networking

0930 Welcome remarks

Lord Foulkes, President, The Caribbean Council

0935 Opening address

Mark Simmonds MP, Parliamentary Under Secretary of State at the Foreign and Commonwealth Office

0945 Economic Prospects for the Region

Dr William Warren Smith, President, The Caribbean Development Bank

0955 What is it like doing business in the CARIFORUM region?

Tim Corrigan, Managing Director, Caribbean and Middle East, Kier

1005 Questions and Answers

1020 Business Opportunities in the Caribbean

Moderator: Diane Edwards, 1st Vice President, Caribbean Association of Investment Promotion Agencies and President of JAMPRO

 Infrastructure and Energy Opportunities in the Caribbean

Benjamin Greenberg, Director, Real Estate Services, Deloitte

 Working together to build exports to the EU

Christopher McNair, Manager – Competitiveness and Innovation, The Caribbean Export and Development Agency

 New opportunities in tourism

James Burdess, Head of Caribbean Desk, Residential International, Savills

 Opportunities in the International Education sector

Dr Anthony Fisher, Director, International Office, University of the West Indies

 Questions and Answers

1125 Closing remarks from Lord Foulkes

1130– 1300 Networking event including business matchmaking and CARIFORUM trade stands


Barbados disagrees its currency should be devalued

From The Washington Post

BRIDGETOWN, Barbados — Barbados’ government does not support devaluing the Caribbean island’s currency and says it is determined to maintain its fixed exchange rate with the U.S. dollar.

The Barbados dollar has been pegged 2-to-1 to the U.S. dollar since the 1970s. But some analysts believe the currency of the economically struggling country should be devalued.

Moody’s Investors Service has downgraded the island’s government bond rating by two notches from Ba3 to B3, citing “anemic economic growth” and “limited prospects for improvement.”

The Barbados Ministry of Finance conceded that “a number of experts, including some in the ratings agencies,” believe devaluation is needed. But in a Saturday statement, the ministry said it is committed to the current exchange rate and “and will do what needs to be done to protect” the Barbados dollar.

For more:


Cayman’s government channel (CIGTV) should be free says legislators

Two of Cayman Islands legislators, East End MLA Arden McLean and government backbencher Bodden Town MLA, Anthony Eden, want the government-run television channel CIG-TV to be offered “for free.”

At present the station is available only by subscription to the WestStar cable service. The deal government has with WestStar expires in November and precludes government from providing any content that would take sponsorships away from WestStar.


Cancer Genetics, Inc. announces partnership with AstraZeneca to provide biomarker & molecular based testing

— Agreement Expands Reach of Cancer Genetics’ Molecular Diagnostic &

Biomarker Services

— Collaboration Will Focus On Select Oncology Categories & Trials

RUTHERFORD, N.J., June 9, 2014 (GLOBE NEWSWIRE) — Cancer Genetics, Inc. (Nasdaq:CGIX) (“CGI” or the “Company”), an emerging leader in DNA-based cancer diagnostics, has been selected by AstraZeneca CAMCAR, S.A., (“AZ-CAMCAR”), a division of multinational pharmaceutical and biologics company AstraZeneca, serving Central American and Caribbean countries, to provide biomarker-based diagnostic testing for cancer. Under the terms of the agreement, CGI will perform complex testing for diagnosis and prognosis of cancer patients in Central America and the Caribbean. CGI will work in close conjunction with AZ-CAMCAR on exploring expansion opportunities into additional geographic territories, further oncology categories, and into select oncology trials.

“We chose to partner with Cancer Genetics in this endeavor because of their experience in biomarker-based diagnostic testing and their commitment to delivering timely and accurate results to healthcare professionals and patients,” said Rodrigo Fernandez, Country President of AstraZeneca CAMCAR, S.A.

“Partnering with AstraZeneca further strengthens our ability to touch the lives of patients globally,” said Panna Sharma, Chief Executive Officer of Cancer Genetics, Inc. “We believe our ability to provide accurate, state-of-the-art biomarker-based testing was a key factor in AstraZeneca’s decision to partner with us, and serves as a testament to the growing global awareness of the value of our brand. We are committed to positively impacting cancer care globally, and this relationship serves as another major milestone in fulfilling that mission.”

The relationship is expected to concentrate on multiple cancer categories, with lung cancer being an initial area of focus. According to the Pan American Health Organization (“PAHO”), lung cancer is the third most common cancer and the leading cause of cancer deaths in the Americas, with more than 300,000 new cases and nearly 250,000 deaths each year. PAHO expects the number of new cases and deaths from lung cancer to double in Latin America by 2030.


150 Cancer survivors celebrate life with annual dinner in Cayman

“Hit the beach. You’ve earned it,” was the theme of the annual Cancer Survivors Dinner, organised by the Cayman Islands Cancer Society in partnership with Cancer Treatment Centers of America last Friday (6).

The dinner was held at the Marriott Beach Resort, Grand Cayman and was attended by around 150 persons.

It was a happy night with persons wearing beach attire, sharing experiences and included a focus on health and the importance of “clean eating” during cancer treatment.

Many people present celebrated they had “made it through”.


HMS Protector ready for disaster relief ops in the Caribbean

From naval Today

The Royal UK Navy’s ice patrol ship HMS Protector has embarked a specialist Humanitarian Aid and Disaster Relief team as she undertakes hydrographic survey operations around the British Virgin Islands.

The team joined the ship following a disaster relief exercise on Beef Island where the ship’s company practised their response to an emergency – in this case the aftermath of a hurricane.

And in a five-day training period in the lead-up to the Beef Island exercise, there were a host of scenarios for the ship’s company to deal with including simulated fires, floods and man overboard and casualty exercises.

This specialist training ensures HMS Protector’s crew are fully up-to-date and validated in their ability to deal with any emergency that could arise in the Caribbean while she is in the region.

The Executive Officer of HMS Protector Commander Richard Bird said: “Having a specialist ice patrol ship in the Caribbean may appear slightly strange but we are a very capable and versatile ship and are conducting survey operations in the region while also ensuring we are fully equipped for any situations we may encounter.

“We are well prepared to assist with any aid effort that may be required in the lead-up to hurricane season both with a well-trained and focused ship’s company and the embarkation of a specialist Humanitarian Aid and Disaster Relief team.”

The HADR team will remain onboard until HMS Protector relocates to the southern hemisphere in preparation for resuming her ice patrol tasking at the beginning of the Antarctic summer.

For more:


office head in London will be Caymanian

All four candidates being considered for the job as head of the Cayman Islands London office will be a Caymanian announced Ministry of Home Affairs Chief Officer Eric Bush in the Cayman Islands Legislative Assembly last week.

The previous head was Lord Blencathra, formerly known as David MacLean, and he operated both as head and lobbyist in the United Kingdom’s Parliament. Lord Blencathra’s contract was terminated in March due to incompatibility issues with new parliamentary rules prohibited peers from lobbying.


Bahamas, Microsoft sign agreement on education technology

By Caribbean Journal

The government of the Bahamas has signed a partnership agreement with Microsoft on education technology.

The Microsoft Partners in Learning Education Transformation Agreement is a “significant milestone” in the development of education, according to Jerome Fitzgerald, the Bahamas’ Minister of Education, Science and Technology.

He said it would allow the Ministry to forge ahead with its goal of “ensuring that teachers and students in The Bahamas are immersed in technology enriched learning environments.”

The agreement was signed at the end of May by Nicole Campbell, Permanent Secretary, and George Corbin, Microsoft Territory Manager at the Ministry of Education.

The partnership includes projects to help the Ministry increase “digital inclusion” of all students in the Bahamas, provides technical assistance to refine the Ministry’e “e-Strategy” guiding ICT initiatives and provides an email platform for all teachers and students in the public education system, among other features.

The agreement will also allow 1,500 teachers and 22,000 students the ability to download Microsoft Suite programmes on up to five devices.

Fitzgerald said the government said it was pushing to create an educational system that was “technologically sound” and “competitive.”

“We have implemented a very aggressive and diverse professional development framework to ensure that teachers are able to teach effectively in an increasingly ICT-enriched environment,” he said.

For more:


Cayman fitness extravaganza attracts bodybuilding fans

Over 200 bodybuilding fans attended the Cayman Islands first annual Fitness Extravaganza last Saturday (7) at the Arts and Recreation Centre, Camana Bay.

The majority of the contestants were from World Gym, Kings Sports Centre and Universal Fitness. The event sponsors included Ai Rentals and X107.1FM radio.

The Mr. Physique Open title was won by Jose Luis Bush, Runner up was Olmer Mendez Navas. Olga Kovtun won the Ms. Bikini title.


UPDATE 3-Most big US companies use offshore ‘tricks’ to avoid taxes-activists

By Kevin Drawbaugh and Patrick Temple-West From Reuters

* Senator Wyden wants public hearing on corporate tax

* Cayman Islands, Bermuda common sites of shell companies

* U.S. multinationals avoid $90 bln/year in taxes – report

* Business-aligned research group says report “misleading” (Adds details on hearing, background on inversions)

WASHINGTON, June 5 (Reuters) – Most Fortune 500 corporations have offshore tax haven units that they use to avoid paying U.S. taxes through “accounting tricks,” two left-leaning tax activist groups said on Thursday.

U.S. multinationals each year avoid paying about $90 billion in federal income tax, the groups said in a report that comes amid increased attention to corporate tax avoidance worldwide.

“Many large, U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens – countries with minimal or no taxes,” said Citizens for Tax Justice (CTJ) and U.S. Public Interest Research Group (PIRG).

About 72 percent of Fortune 500 companies had subsidiaries in low-tax jurisdictions in 2013, with most of these units located in the Cayman Islands or Bermuda, said the report.

“These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity,” it said.

Big corporations regularly defend their tax planning practices as legal and in the best interest of shareholders, who want companies to pay as little tax as possible.

But fiscal constraints facing many governments, as well as the increased aggressiveness recently of corporate tax-avoidance strategies, have fueled a political backlash.

For more:


MLA thinks Cayman’s government information officers are trained to make him climb ‘a lime tree backwards’

Cayman Islands independent Member of the Legislative Assembly, Arden Mclean said in the LA last Friday he feels he is “climbing a lime tree backwards” when he tries to get answers from government information managers who are responsible for answering Freedom of Information (FOI) requests.

He asked whether these managers were trained to utilise one month to answer questions and then ask for an extension and then provide the information on the last day of the second month?

Cabinet Secretary Samuel Rose refuted the length of time it generally took to answer FOI requests and said he could show McLean statistics proving this.

“In my office’s case, I know there are many FOI requests that are responded to long before the deadline,” Rose said.

However, the acting FOI commissioner, Jan Liebaers, has also complained at the length of time government responds to requests, as did her predecessor. She said the 30-day time line for FOI responses is the time within which those responses must be received, not a preferred goal.


Thousands of naked bicyclists stage festive Portland protest ride

By Shelby Sebens From Reuters

(Reuters) – Thousands of bicyclists, many of them stark naked, poured into the streets of Portland, Oregon on Saturday (7) night for the 11th annual World Naked Bike Ride, a protest that promotes bike riding as an alternative to driving cars.

Nude cyclists with lights flashing in their tire spokes rang bells as they barreled down avenues lined with cheering spectators, while a naked, apparently pregnant woman rode in a bike trailer.

“This is a party, but it’s also a protest,” said Carl Larson, a ride spokesman. “It is about oil dependence, cycling vulnerability and body” image.

Cyclists showed up in Normandale Park an hour before the ride, shedding garments according to the ride theme “as bare as you dare”.

The rides are held in more than 75 U.S. cities and in more than 20 other countries, but Portland’s is believed to be the largest, with more than 8,000 participants last year.

For more:


Cayman traffic police reports poor because there is no traffic police says minsters

Insurance companies have complained the quality of reports they have received from officers of the Royal Cayman Islands Police Service (RCIPS) are poor said United Democratic Party West Bay MLA Bernie Bush in Cayman Islands Legislative Assembly last week. He pointed to there being “no dedicated patrol set, or traffic department as I usually call it.”

Government Minister, Kurt Tibbetts, agreed with him saying, “When you don’t have an accident report that concludes who is at fault, that is where you have tremendous difficulty. Neither insurance company wants to settle with the other.”

Royal Cayman Islands Police Commissioner David Baines told the Legislative Assembly’s Finance Committee that the RCIPS Traffic Management Unit was discontinued in 2011. This was, he said, because of the reassignment of police officers when the RCIPS was facing an “unprecedented” series of gang-related killings.

“Since that has taken place, we have never grown our staff numbers, and at the same time we’ve had more demands placed on us,” he explained.

Baines asked the MLA’s to consider the use of speed cameras.


Cayman’s ‘Rundown’ still extended to four more performances

The Cayman National Cultural Foundation’s ‘Rundown’ is not yet ready to wind down!



If you have not yet seen Rundown 2014, you have another chance to catch it before we ‘wind down’ the show for another year.

Four more performances on Thursday 12th June, Friday 13th June, Saturday 14th June and Sunday 15th June, at the Harquail Theatre. This year featuring some new members including Dexter Bodden, aka ‘The Calypso Cowboy’.

Tickets $25 Adults, $15 Youth (12 and under), $15 Senior (65+).

Thursday-Saturday performances start at 8pm. Sunday starts at 6pm.

Get your tickets from Funky Tangs, Fosters Airport, CNCF Offices or the Harquail Box Office on Saturdays between 10am-2pm. Or call 949 5477 for more information.


Prominent St Kitts businessman dies suddenly after receiving top honour

From Caribbean360

Krishan-Devidas-ChandiramaniBASSETERRE, St. Kitts, Monday June 9, 2014, CMC – Former president of the St. Kitts-Nevis Chamber of Industry and Commerce (CIC), Krishan (Kishu) Devidas Chandiramani, has died, less than 24 hours after he was honoured by the organisation at its annual banquet.

Chandiramani, 72, was also a past president of the Hotel and Tourism Association.

“It is with shock and horror that I learned of the passing of Mr. Kishu Chandiramani the former president of the St. Kitts and Nevis Chamber of Industry and Commerce,” said CIC president Damion Hobson, recalling that it was only on Saturday night Kishu…was honoured for his outstanding service to the organization, business development and the country generally.

He said the Indian-born businessman and philanthropist would also be remembered “for his love for family and the people of St. Kitts and Nevis.

“The Chamber and the business community here in St. Kitts and Nevis have lost a pioneer, a visionary and a national who practiced with the greatest sincerity, philanthropy at its best. We shall all miss him as a person, as a friend, and someone on whose wise council you can always depend.”

Chandiramani also served on several boards including the Bank of Nevis and was a Charter Member of the Rotary Club of St. Kitts since 1969.

For more:


Cayman Islands: Conyers advises HKT Group Holdings on HKD11.7bn bilateral facility

Conyers Dill & Pearman has acted as Cayman counsel to HKT Group Holdings (the guarantor) and provided Cayman legal opinions and condition precedents confirmation in respect of the bilateral facilities by each of the 11 participating banks to Hong Kong Telecommunications (HKT) (the borrower) on 21 May 2014.

The aggregate amount of the bilateral facilities is HKD11.7bn (£900m). The participating banks included ANZ Asia; the Hongkong and Shanghai Banking Corporation; Standard Chartered Bank (Hong Kong); Citibank, NA Hong Kong Branch; Deutsche Bank, Singapore Branch; the Bank of Tokyo-Mitsubishi UFJ; Sumitomo Mitsui Banking Corporation; DBS Bank; Mizuho Bank, Hong Kong Branch; United Overseas Bank, Offshore Banking Unit; and Bank of China (Hong Kong).

Richard Hall and Wynne Lau of Conyers’ Hong Kong office advised on the matter, working alongside Linklaters.


Coast guard resumes search for father and son missing off St Vincent coast

From Caribbean360

KINGSTOWN, St. Vincent, Sunday June 8, 2014, CMC – The search has resumed Sunday for a father and his son, who went missing while swimming at the San Souci Beach on the east coast on Saturday.

Rescue teams said they were searching for football coach, Othneil Delplesche, 39, and his son, Eto, whose age is not known.

The two were bathing at the San Souci beach when Delplesche’s son and two others got into difficulties.

The football coach and another person went to their rescue but while the youngsters were saved, Delplesche and his son have not been seen.

The Coast Guard is assisting in the search of the sea that is notoriously rough, with dangerous undercurrents that side of island.

For more:


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