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Cayman Islands News, Articles and InformationDaman announces successful closure of its flagship UAE Value FundDaman, managers of Daman UAE Value Fund (DUV), a specialized mutual fund which invests in the UAE stock market, announced the successful closure of its flagship fund which has offered investors an impressive 273.84 per cent returns during its 5 year tenure, corresponding to an annualized return to investors of 34.76 per cent. .How the US super-rich ‘dodge’ taxesWASHINGTON: If you had a billion dollars in the bank and lived a jet-set lifestyle out of a string of luxury homes filled with valuable artworks, your taxes would be pretty hefty, right?Well not entirely, according to a Senate probe that has examined hundreds of documents and issued 74 subpoenas as it turns a spotlight on the murky tax dealings of some of America's richest citizens. The Senate's subcommittee on investigations has spent a year tracking the finances of several billionaires and discovered they funnelled hundreds of millions of dollars to tiny Caribbean islands and the Isle of Man. Named in a subcommittee report are Robert Wood Johnson IV, the owner of the New York Jets American football team, Haim Saban, the billionaire behind the Mighty Morphin Power Rangers TV show, Texan tycoons Charles and Sam Wyly and telecoms entrepreneur Walter Anderson.
Tanker crew ordered to workCREW members involved in industrial action aboard the MV Stolt Australia have been ordered back to work.The Australian Industrial Relations Commission today issued an order for the 18 crew members to return to work by 5pm (AEST), as well as an order preventing further action. Maritime Union of Australia (MUA) Tasmanian secretary Mike Wickham said the latter orders would remain in force for one month. Crew members face $6,000 fines or up to 12 months' jail if an order from the commission is breached. Mr Wickham said he had not yet spoken to the workers, but the order could force them to break the law. "It's turned them into criminals for trying to save their jobs," he said. Crew members stopped work on Saturday night over moves to reflag the vessel to the tax haven of the Cayman Islands and replace them with foreign workers Workers heeded a plea from the Hobart Zinifex zinc smelter to load 9,000 tonnes of sulfuric acid yesterday but refused to sail this morning.
Expansion to offer 90 jobsSalem will land some high-paying engineering and technology jobs because of Garmin International's decision to expand its local aviation-products subsidiary. Garmin AT plans to spend about $9 million to expand its office building and hangar at the Salem airport. Garmin, which produces navigation and communication equipment for general-aviation customers at its Salem site, also said that it will increase its local work force by 90 employees within four years. The company employs 165 people in Salem. As one of the few local high-tech companies that has grown in recent years, Garmin's plans have elated economic-development officials. The 90 new Garmin workers will be paid an estimated $9 million in annual wages plus $4 million in benefits, state officials said. "This is a very exciting confirmation of the pro-business attitude in Salem," Salem Mayor Janet Taylor said.Vik, Harvard Golf Champ, Drives Bid to Chip Away Vivendi AssetsJuly 11 (Bloomberg) -- Alexander Vik, the Norwegian investor attempting to break up French media company Vivendi SA, honed his financial skills at Harvard College, thinking up ways to raise funds for the golf team he captained.``He was very effective at thinking of ways to raise money,'' says Leslie Greis, a teammate who remembers selling aerial photos of Harvard Stadium in Boston. ``We went armed with these 8-by-10 color photographs to all the tailgates at home Harvard football games and sold them to partially inebriated alums at exorbitant prices.'' Vik, 51, has been using his entrepreneurial skills ever since, starting an insurance firm, investing in real estate and buying software makers. Now he aims to profit from dismantling Vivendi, a former water utility that owns television, mobile- phone, music and video-game assets.
Fact Sheet: About The Crown PrincessThe ship's maiden voyage happened on June 14, 2006. It has been on the seas for only 34 days. The Crown Princess was built by Fincantieri Cantieri Navalli Italiani Ship Co. out of Monfalcone, Italy. Passenger capacity is 3,080. With a full crew, there are 1,200 workers. It weighs 113,000 tons. The vessel is one of the biggest cruise ships at sea. It is 951 feet long and 195 feet high. There are 19 decks. The only other ship that comes close to this ship which ports regularly at Port Canaveral is the Carnival Cruise Lines' Glory, which is 952 feet, 110,000 tons and holds 2,978 passengers. The Crown Princess was christened in New York. Martha Stewart smashed a bottle of champagne over its bow before setting sail on June 14, 2006. The ship was on a nine-day cruise and had docked without incident in Grand Turk, Ocho Rios, Grand Cayman and Port Canaveral before heading home to New York. |
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