(CNS Business): The new tourism minister has revealed that Cayman Airways Limited is considering buying some, if not all, of the planes it currently leases following feedback from the leasing company and discussions with the UK. Cline Glidden explained that the four aircraft cost CAL more than $6.3 million per year in fees and, as the planes are coming to the end of their leases over 2013/14, which will see the airline facing return costs, buying the aircraft could well prove to be much better value for money for the public purse. Because CIG is squeezed when it comes to borrowing, the minister said that he had sought advice from the UK’s economic advisor, who has agreed to help the national flag carrier and will arrive in Cayman next week.

(CNS Business): The Chamber of Commerce is hopeful that the extension of the duty concessions on building materials will help to boost the local economy, which is still struggling to recover. Although the concession has been in place for over two years, the organisation that supports business welcomed the latest six month extension, saying it would motivate developers and residents to start new construction projects, which in turn would stimulate economic activity and create jobs. Chamber President Chris Duggan pointed to the importance of the building industry to Cayman and hoped the move was a signal of a broader review of government fees currently imposed on businesses that needed to be addressed.

(CNS Business): The move to encourage more mediation rather than acrimonious courtroom battles in civil cases in Cayman has taken another step forward with the accreditation of a local attorney as a Civil and Commercial Mediator. Higgs & Johnson Partner Philip Boni has been accredited by the London School of Mediation, having satisfied the requirements of the United Kingdom Civil Mediation Council and the National Mediator Database, his firm stated in a release. “We are in a time of change when the traditional methods of dispute resolution are perceived by many as no longer serving the needs of the community,” Boni stated following the announcement.

(CNS Business): The Cayman Islands Law Society has fallen short of an outright rejection of the latest draft of the controversial Legal Practitioners Law but has made it clear that it will not support any legislation that could undermine the independence of the profession, damage it by unnecessary regulation or increase the financial burden on practitioners. In the wake of the circulation of a new draft version of the law, which has been at an impasse for almost a decade, the industry body representing Cayman-based attorneys said it had not yet had the opportunity for a detailed review of the draft bill that was circulated by the premier on Monday.

(CNS Business): Whether Charles Clifford will be appearing on the hustings next year when the country’s general election campaign begins remains to be seen, but the former Cabinet minister can now been seen regularly in the courtrooms. Having recently been called to the Cayman Bar, Clifford has opened an office in the capital. Clifford Law Associates is a civil and criminal litigation practice which is owned and managed by Clifford, who said its mission is to provide professional and affordable legal services in a timely, efficient and effective manner and help right the wrongs which people have suffered.

(CNS Business): In an effort to raise awareness about and the status of local paralegals and legal executives, a Cayman Islands branch of the Chartered Institute of Legal Executives, CILEx, is being established The UK-based regulatory authority for people working in legal support also  provides education and training for those in the legal profession.  The new branch was launched on Tuesday evening and organisers hope to promote the profession. Legal Executives are a recognised form of lawyer in the UK as well as many other territories whose legal systems are based on English Common Law. Bermuda recently enacted legislation to recognise Legal Executives and organisers of the Cayman branch of CILEx are hoping that this is the first step to doing the same in Cayman. 

(CNS Business): A Caymanian articled clerk was called to the local bar last week, having started her legal career as an office assistant with Maples and Calder. Sasha Hunte was admitted to the bar by Charles Quin, QC, eleven years after she began the important process of learning the intricacies of an international law firm. In 2004 Maples and Calder sponsored Hunte’s attendance at the Cayman Islands Law School (CILS), and upon graduation in 2007 she received her LLB with honours from the University of Liverpool. Hunte entered the Professional Practice Course at CILS in 2009 and with continued sponsorship from Maples attained a Commendation. 

(CNS Business): The new president of the Cayman Islands Chamber of Commerce has called on government to ensure proper practices are followed in procurement procedures. Chris Duggan, who assumed his post at the annual general meeting last week, said he was not prepared to accept deviation from good governance and vowed to ensure that Chamber members were given a fair and equal opportunity to bid on all major government projects. He told members that, since they create the islands’ jobs, they should benefit from public sector developments. He also said that government must follow the Framework for Fiscal Responsibility and offered the Chamber’s support for getting public finances back on track.

(CNS Business): Ninety Caymanian doctors, 900 Caymanian nurses and around 1,300 Caymanian support staff are projected to be working at Health City Cayman Islands by the time the project is completed in 2023, according to the project’s director, Gene Thompson. However, they predict that initially it will be very difficult to find suitably trained and educated Caymanians for the field and they expect that when the first phase is opened next year, they will employ a fraction of that number – three Caymanian doctors, 10 nurses, 10 support staff and 10 technical staff. Health City has announced that it will open a 140-bed tertiary-care hospital in late 2013.

(CNS Business): Given the continuing struggle for small businesses in Cayman at present, trapped between ever increasing fees, government cash flow problems and a dwindling customer base, the Chamber of Commerce plans to help the small business sector over the next year. Following on the work started by outgoing president, David Kirkaldy, the new Chamber president, Chris Duggan, has announced a small business awards programme for 2013. It is hoped that the programme will help focus attention on the challenges they face and increase advocacy on their behalf. “Small businesses are at the heart of the Cayman Islands economy and it is now time to recognise them for their contribution to our society, to openly discuss their challenges, and to advocate incentives that will strengthen this economic sector," Duggan said last week.

(CNS Business): High school and college students on Grand Cayman who are participating in the Saxon Investment Club are gaining insight into the world of investment. In the annual competition, which was launched this year on 1 October, fifty fledgling investors, aged 14-19, were given a virtual startup capital of $100,000 to invest in a simulation of the New York Stock Exchange, enabling students to experience the highs and lows of what it might be like to trade in the real world. In this way, Saxon said in a release,  club members get hands-on experience of how stock markets function. In addition to sponsoring, promoting and administering the competition, Saxon Pensions will award monthly prizes along with a grand prize of $2,500 and a $500 cash prize for the runner-up.

(CNS Business): State Street Corporation has been appointed by the Cayman Islands Chamber of Commerce Pension Plan to provide custody services to its USD$270 million plan, in a week in which a previous employee of the plan admitted stealing almost CI$290,000 from its funds over a two year period to pay for an uncontrollable drug habit (see link below). "Global financial events that have occurred in the past several years have highlighted the importance of having financial partners with strong controls and a solid risk rating," said William Fleury, general manager and chief operating officer, Cayman Islands Chamber of Commerce Pension Plan. 

(CNS Business): Sophia Harris has been appointed Chair of the Board of Directors of Butterfield Bank (Cayman) Limited, which is a wholly-owned subsidiary the Bank of N.T. Butterfield & Son Limited. Harris, who has served as a non-executive director on the Cayman Board since 2002, is the Managing Partner and founder of Solomon Harris, a leading independent law firm in the Cayman Islands. She has served as chair of the immigration department’s Business Staffing Plan Board and is currently chair of the Immigration Appeals Tribunal. She has also served on the Board of Governors of UCCI. Harris is a past president of the Rotary Club of Grand Cayman and the Chamber of Commerce, a council member of the Cayman Islands Law Society and has sat as a council member of the Caymanian Bar Association.

(CNS Business): Shanghai Hawker Pacific Business Aviation Service Centre (SHPBASC) has been certified by the Civil Aviation Authority of the Cayman Islands (CAACI) to perform maintenance repair work on Cayman Islands’ registered aircraft, marking the first time that a maintenance facility has been granted Cayman Islands’ approval in mainland China.. The CAACI said in a release that it had completed an on-site audit of SHPBASC in October which resulted in the certification of that facility as a qualified maintenance facility for Cayman registered private and corporate aircraft. SHPBASC General Manager Carey Matthews commented, “Our approval will have a positive impact on customers with the VP-C registration operating in China.