Business in brief

Water Authority

On 3 February, 2012, the staff at the Water Authority-Cayman presented a cheque of CI$1,242.00 to Big Brothers Big Sisters of the Cayman Islands. The funds will be used to assist in charity’s mission “to enrich the lives of children by providing one-on-one positive adult role models, as well as services which nurture social, intellectual and creative growth”.

Donations by Water Authority staff to Project Angel Tree, organised by the human resources department, were matched by the Authority.

Feed our Future

Feed our Future, a nonprofit association that provides nutritionally balanced school meals to children in need, has benefitted from two local professional services firms replacing traditional paper Christmas cards with e-cards. In December, the law firm of Campbells and the accounting firm of KPMG elected to send their good wishes in a paperless manner to benefit the environment and donated the cost savings to Feed our Future.

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“We are most appreciative of the decision taken by these two reputable firms to donate funds in lieu of paper cards to our cause,” said Feed our Future Chairwoman Stacey VanDevelde.

The donated funds will support the provision of school meals for children in need during the remainder of the school year. Feed our Future provides school meals for more than 100 children at 10 local schools.

“Campbells is proud to support this worthwhile programme, as every child in our community deserves the opportunity to do their best in school,” said Shaun McCann, senior partner of Campbells. “No child should go to school hungry in Cayman, but it’s happening and Feed Our Future Cayman is trying to do something about it.”

Through partnerships with government agencies, private companies, schools, and concerned citizens, Feed our Future Cayman exists to provide an immediate and direct way to reduce child hunger and improve health and educational development through the funding of nutritional meals.

JN Money Services

Jamaica National Money Services is repositioning its operations as a global money transfer provider and launched a brand campaign in December to strengthen brand awareness beyond Caribbean markets in the Diaspora and to reach other migrant communities in Europe and North America.

In 2011, JN Money Transfer expanded its services in major international cities and provinces including New York, London and Ontario; as well as Caribbean territories, such as the Bahamas and the Cayman Islands.

“These new locations have strengthened our network to more than 250 branches and agents throughout the Americas, the United Kingdom and Africa,” said Leesa Kow, general manager of JNMS. “While we maintain our uniqueness as a Jamaican company which provides services to Jamaican and Caribbean Diaspora communities, our growing presence in the international market gives us the opportunity to establish a company, which is fully-owned by Jamaicans, but truly global and competitive.”

Although fiscal difficulties in the global economy have resulted in challenges for many countries, remittances to less developed countries continue to grow. Ms Kow maintains there are many opportunities for Jamaica in this expanding market.

“Remittances have proven to be an even more important source of income for recipient countries over the past four years of global economic turmoil, particularly countries in Africa, Asia and Latin America and the Caribbean,” she said. “There are tremendous opportunities for us as a company, and for Jamaica, to enter into new markets and provide a unique alternate channel for remitting and receiving funds from developed countries,” she underscored emphasising the strength of the ‘Jamaica brand.’” Remittances to the developing countries are expected to grow at lower, but more sustainable rates of 7 to 8 per cent from 2011 to 2013, according to a World Bank paper, which noted that inflows are projected to reach US$375 billion by 2012 and US$404 billion by 2013.

Future of Cayman

The Chamber recognised a number of companies including Bodden Holdings Ltd., Butterfield Bank, Cayman Free Press, Dart Enterprises Ltd., Digicel, KPMG, IBM, PwC ,The Phoenix Group and The Security Centre Ltd., as Partners in Progress of the Future of Cayman economic development initiative.

“I would like to thank our Partners in Progress for their commitment to the Future of Cayman initiative which clearly demonstrates their sense of responsibility and dedication to the prosperity of our country as a whole. I would urge more companies to get involved in this way and endorse the initiative online,” said Shayne Howe, chairman of the Steering Committee. He encouraged everyone to familiarise themselves with Future of Cayman’s strategic report released in July 2011, the five key drivers Develop Talent, Create a Business Friendly Climate, Diversify the Economy, Enhance Quality of Life and Build a Smarter Infrastructure it has identified and to contribute to the strategic process.

If you feel you can contribute either as a Partner in Progress of the initiative or as a member of a driver committee you can contact the Steering Committee through www.futreofcayman.com or the Chamber of Commerce at 949-8090 ext. 122 and speak to Chamber CEO and Steering Committee member, Wil Pineau.

BDO

BDO is supporting Junior Achievement’s Corporate Ambassador sponsorship programme.

“An ‘Ambassador’ corporate sponsor pledges to support Junior Achievement through an annual donation of $10,000 for a 3-year term,” said Junior Achievement President Paul Byles.

Junior Achievement is dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programmes. The programmes help prepare young people by showing them how to generate and manage assets, create jobs – which make their communities more robust – and apply entrepreneurial thinking.

Mr. Paul Arbo, partner BDO Cayman, said his company was proud to become a JA Ambassador as it was a great opportunity to participate in programs benefiting youth during BDO’s 10th year of business in Cayman.

“Junior Achievement provides a valuable support framework to enable students to realise their potential,” he said. “BDO is committed to the sustainability of this important initiative and the benefits it will bring, not only to participants, but also to their families, schools and the Cayman community.”

“Junior Achievement’s young people inspire us with their abilities and leadership skills and the contributions they make in our community will help define where the Cayman Islands heads in the 21st Century,” Mr. Arbo said.

Junior Achievement is celebrating its 20th anniversary in the Cayman Islands this year. It is supported by many corporate sponsors including its seven Corporate Ambassadors: HSBC, Rotary Central, Dunkin Donuts, Caledonian Global Financial Services, Maples & Calder, BDO and Cayman Islands Chamber of Commerce.

RBC Wealth Management

RBC Wealth Management has been recognised by banking magazine Euromoney as the best private banking services provider in both the Cayman Islands and the Caribbean region.

RBC Wealth Management’s Cayman Islands team won the number one ranking in 10 categories, including “Best Trust Services” and “Best Investment Provider”.

In addition, RBC Wealth Management was recognised as providing the “Best Private Banking Services Overall” in the Caribbean for the third consecutive year.

The Euromoney Private Banking and Wealth Management Survey is based primarily on a peer ranking methodology.

Deanna Bidwell, head of Caribbean, RBC Wealth Management, said “This reflects the hard work that our Caribbean teams put in day-in, day-out to better serve our clients. We really value this recognition of our performance by our peers in the industry and look forward to building on this success, in particular following a number of strategic hires that we have made in the last year. In our 40th year in Cayman, we are particularly proud of being named the best provider of Trust Services in Cayman by our peers, where there is a significant market of quality trustees.”

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