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Cayman Islands News, Articles and InformationFortis Earns $37.9 Million in Second QuarterST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (MARKET WIRE) -- August 04, 2006 -- Fortis Inc. (TSX: FTS) reported net earnings applicable to common shares of $37.9 million, or $0.37 per common share, for the second quarter of 2006 compared to earnings of $38.2 million, or $0.37 per common share, for the second quarter of 2005. Year-to-date net earnings applicable to common shares were $74.5 million, or $0.72 per common share, compared to earnings of $77.4 million, or $0.77 per common share, for the same period last year. Earnings for the second quarter last year included a $7.0 million positive after-tax adjustment to FortisAlberta's earnings driven largely by the resolution of tax-related matters pertaining to prior years. Earnings for the second quarter last year also included a $1.1 million positive adjustment to equity income from Caribbean Utilities related to a change in accounting practice for recognizing unbilled revenue.
World Cup 2006 in the Cayman IslandsIt was not hard to find the French supporters in George Town. The tricolour flag flying outside Harvey's Island Grill gave the first hint and the cries of "Allez les bleus" coming from inside confirmed it.French restaurant owner Bruno Deluche brought forward the scheduled opening of his establishment just to cater for his fellow football fans and, for the duration of the World Cup, visiting Harvey's during any match was like stepping into any bar or restaurant in France. Three large television screens conveyed the images, while the bar provided food and other refreshments to the assembled crowd. Fans sported red, white and blue face paint, t-shirts promoting the Cayman-French Connection and even the football shirts of their favourite players. On Cup Final day at least 60 loyal supporters crowded into Harvey's for the big showdown with Italy. Replace the misplaced fear of Immigration with assuranceThe current heightened debate over the seven-year rollover immigration policy, hit the radio airwaves last week as local businessman and former political candidate Mario Ebanks and Gordon Barlow, a member of the Cayman Islands Human Rights Committee, sat on opposing sides of the debate.Their discussion prompted a barrage of calls from Caymanians who appear generally fearful that immigrants are taking all the jobs and taking over the country. It is an understandable concern, but a misplaced one and one that serves no one well and certainly not the economic future of this country. Turning the immigrant into the boogey man has occurred in countries all over the world that have been dependent on overseas labour for their development and such is certainly no different here. The Police GameI know one of these days they will try to arrest me because I buy numbers here in Cayman and also in Honduras where I play heavy and win big, at all times.Some years ago I wrote a letter to the papers about the same incident that happen a few Sundays ago, as far back as I can remember the amount of raffles tickets that have been selling isn't that gambling? Even churches sometimes do raffle, Government Schools, to me it's all gambling. Sometimes when I find kids at the supermarkets selling tickets I buy a full book or two each with 25 or 30 tickets each, I never won from a raffle yet but I always win from the numbers. I suppose you want to say that's not gambling as far as I am concerned any ticket bought and money is passed from one person to the other in my opinion it's considered gambling.
Our young people are being failedSomeone who used to be employed in the further education sector here once said to me that youngsters in the Cayman Islands are far better prepared by the country's education system for the next life than they are this one.Until recently I had little experience with the young people here as I am an expatriate worker and I have no children. However, recently I had reason to deal with young people here in a workplace environment and I now realise what that friend meant by what I though was merely an amusing comment. Indeed the youngsters with whom I had reasons to deal, were polite and very nice young men and women but in every other aspect these youngsters were lacking in life skills, they were inarticulate, poorly educated, lacked any self confidence or initiative and appeared to be perpetually puzzled about everything around them and entirely unable to deal with the most basic tasks. Shelter from fairnessIf middle-class taxpayers needed any more reasons to resent the cut Uncle Sam takes out of their paychecks, they could, oh, cite the various offshore "tax havens" used by the wealthy to avoid taxes. A McClatchy Newspapers report notes that these "semi-legal scams" basically allow Americans to hide assets by setting up corporations in countries that have minimal tax laws, and where government officials are none too ambitious about regulation and oversight.Some of the accounts set up, say, in places like the Cayman Islands or the Isle of Man or Belize or the British Virgin Islands show losses in investments to offset capital gains these investors might have made in this country.The bottom line on these very complicated setups isn't so complicated itself: These people avoid paying perhaps $100 billion in taxes to the U.S.Cayman Islands cruise past Bahamas in 20/20 matchST JOHN'S, Antigua Set up by half-centuries from Barbadian Pearson Best and Saheed Mohammed, and five wickets from Kenute Tulloch, the Cayman Islands romped to an easy 57-run victory in their Stanford 20/20 Cup match against the Bahamas on Tuesday under the lights at the Stanford Cricket Ground.Best, who was named Man-Of-The-Match hit the top score of 74, and Guyana-born Mohammed was undefeated on 64, as the Cayman Islands posted a challenging 175 for four from their allocation of 20 overs after being put in to bat under the lights. Best, who played several seasons of Division 1 cricket in Barbados for the St Philip-based St Catherine, collected US$25 000. Jamaica-born Tulloch then bagged five wickets for 21 runs from his allotment of four overs to be the most successful Cayman Islands bowler, as the Bahamas were restricted to 118 for nine in 20 overs.
Butterfield awards scholarshipThe award will entitle her to financial assistance of up to US$40,000 per year over a two year period to achieve her Bachelors Degree.Marzeta, daughter of Martin and Eziethamae Bodden of West Bay, graduated with honours from John Gray High School in 2002. Having since completed her Associates degree in Accounting at the University College of the Cayman Islands, Marzeta is well on her way to getting her undergraduate degree. During her studies she has also made time for the community with her work as a co–founder of Cayman Loves Children. She is also involved with the Commonwealth Youth Club and the Commonwealth Youth Parliament. Marzeta will begin the fall semester at Florida International University in Miami to pursue a double major in marketing and finance.
Earnings Still On Radar; Cisco To Headline Week's Earnings(RTTNews) - More than 400 of the S&P 500 companies and twenty-five of the thirty Dow components have already reported results. Based on these results and the estimates for the companies yet to report, the S&P 500 companies are set to report double-digit profit growth in the recently concluded quarter. This would mean a continuation in the double-digit profit growth streak for seventeen consecutive quarters. This is based on estimates by Standard and Poors. Thus far, health of corporations have kept at bay any fears over the lagging impacts of seventeen consecutive interest rate hike in the current tightening cycle and the geopolitical tensions, that have kept the oil markets edgy. However, a careful analysis reveals that all is not well on the earnings front, especially from the point of view of the technology sector.
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