sports | page 18 U-15s reach cfU qUarterfinals Footballers face Antigua next High of 91 Low of 81 Smooth to slight with wave heights less than 2 feet. editorial | page 4 Mr. Jackson: ex-airports boss finally cleared ESTABLISHED 1965 www.caymancompass.com – 50 CENTS – Wednesday aUgUst 12, 2015 15% gratuity will be added. Menu will change weekly. Negotiations over road extension near completion JaMes Whittaker jwhittaker@pinnaclemedialtd.com A second golf course has been added to plans for the proposed Ironwood resort, and the development’s project director is pre- dicting a 2018 opening date. “If I can hit the first golf ball off the first tee on January 2018, then we’ll be right on schedule,” said James McVey, project di- rector for Ironwood. The much-discussed project has been mired in delays, with funding for the resort apparently hinging on a proposed partner- ship with government to build a 10-mile highway extension that would ensure easy access to George Town and beyond. Mr. McVey said the basic details of the li- censing agreement that would facilitate the road construction had been agreed and the document would be signed this month. His comments echo recent remarks by Planning Minister Kurt Tibbetts that the discussions were nearing a conclusion. Mr. McVey said the developer had ac- quired more land and added a nine-hole golf course to the plans, which already include an 18-hole PGA course and a Camana Bay-style “town center” with a mix of retail, restau- rants and homes. He said the addition of a nine-hole course would make the resort more appealing to both casual and serious golfers. Clearing on the 10-mile extension to the East-West Arterial highway could begin as early as November, Mr. McVey said. Around a month later, he believes, work could begin Golf resort aims for 2018 tee-off Former Airports Authority boss cleAred by police West Bay Road speed limit to drop in September brent fUller bfuller@pinnaclemedialtd.com A planned speed limit reduction along Cayman’s main tourism thorough- fare is going ahead, though it has been pushed back a few months, government officials confirmed. National Roads Authority managers said Monday that none of the speed limit changes proposed after public consultation last year have taken effect, including one that would lower the limits along West Bay Road between Bay Town Plaza and the old RBS Coutts building near Public Beach to 30 miles per hour. The limit along that stretch of road is now 40 mph. “In regards to the speed limit change, it is [in] the hands of the ministry at the moment,” the National Roads Authority’s Marion Pandohie said. Officials in the Ministry of Planning said they hoped to put the speed changes into ef- fect by mid-September and were attempting to coordinate the changes with some other public works, including road construction in several areas of George Town district. Planning Minister Kurt Tibbetts announced in April that speed changes on West Bay Road would take effect in May, along with the installa- tion of additional crosswalks on the busy street where most of Cayman’s major seaside ho- tels are located. There are now four crosswalks with flashers installed along the road, including outside the Strand JaMes Whittaker jwhittaker@pinnaclemedialtd.com Former airport boss Jeremy Jackson is hoping to resurrect his career and reputation after being cleared of wrongdoing following a two-and-a-half-year police investigation into al- legations of financial misconduct. Mr. Jackson, who was fired as chief exec- utive officer of the Cayman Islands Airports Authority in February 2013, said the allegations were baseless and suggested they were politi- cally motivated. He said he was questioned on numerous oc- casions by police but never charged or arrested. Police spokeswoman Jacqueline Carpenter said, “The Royal Cayman Islands Police Service can confirm that the investigation involving Mr. Jackson has been closed and that no further ac- tion will be taken.” Mr. Jackson, who was informed of the decision in a letter from the police’s Financial Crime Unit on Friday, said, “I knew all along that I had done nothing wrong, and I was 100 percent confident that I would be vindicated.” He said he had been out of work and fighting to clear his name since being dismissed following an “internal audit” commissioned by the airports authority’s board. The audit, which was leaked and posted on the Internet but never officially released, included allegations of abuse of expenses by Mr. Jackson and Chief Financial Officer Shelley Ware, who was also dismissed. Ms. Ware was never the subject of any criminal investigation. It later emerged in an auditor gener- al’s report that the board had paid $46,000 to one of its members to carry out the audit. PLEASE TURN TO PAGE 6 » PLEASE TURN TO PAGE 6 » PLEASE TURN TO PAGE 7 » One of the new crosswalks on West Bay Road connects the Westin Resort to Governors Square shopping center. - photo: Jewel levy2 LOCAL&REGIONAL Wednesday august 12, 2015 • Cayman Compass Boost your TV & Internet experience by signing up for any Logic Fibre Bundle starting at $99 and get one month free service including the HBO premium pack. Contact a Customer Care Representative today or visit logic.ky for promotion details. www. REGmovies.com SATURDAY NIGHT: For your viewing pleasure, minors under the age of 18 will not be admitted to any lm starting after 6pm, unless accompanied by their parent. *Additional charges will apply per 3D ticket requested. - WEDNESDAY - $8.00 FANTASTIC FOUR (PG13) 1:15 | 3:45 | 7:00 | 10:00 MISSION IMPOSSIBLE (PG13) 12:55 | 3:50 | 6:50 | 9:45 VACATION (R) 1:30 | 4:20 | 7:20 | 9:40 RICKI & THE FLASH (PG13) 12:50 | 3:30 | 7:15 | 9:50 ANT-MAN 3D (PG13) 12:45 | 3:40 2D | 6:45 | 9:30 2D MINIONS 3D (PG) 12:30 | 3:15 2D | 7:30 | 9:55 2D CAROL WINKER cwinker@pinnaclemedialtd.com A jury on Tuesday heard how three armed men held up Blackbeard’s liquor store in Grand Harbour, stealing thousands of dollars from the store, as well as a purse from one of the customers. Andrew Lopez, Bron Webb and Randy Connor are charged with the Dec. 17, 2014 robbery. They have pleaded not guilty to the charge. CCTV in the store showed the three men entering and demanding cash. One pointed a gun at a female customer and demanded her purse. Director of Public Prosecutions Cheryll Richards said the robbery occurred around 7:30 p.m. Four men had driven to Grand Harbour in a black Ford Escape – one remained in the vehicle, while the three others entered the store, two of them carrying guns. One of the guns was a gold-colored shotgun. The Crown’s case was based on circumstantial evi- dence – the finding of the ve- hicle and clothing within 15 minutes of the robbery and the discovery of the shotgun the following day, she said. After the robbery, the fe- male cashier called 911. A woman outside the store saw a man with a short silver gun entering a dark car parked at the curb. A police officer in the shopping com- plex was alerted and he gave chase. The vehicle entered into the Prospect area and he lost sight of it. Two armed officers who had been alerted drove to the area, and in the vicinity of Morningside Drive they no- ticed a male peeping out of a door. They parked nearby and saw a black Ford Escape parked under a tree. They saw a man going toward the vehicle and jumped a fence to intercept him. He was identi- fied as Lopez. Then they saw another man, identified as Webb, whom they believed was attempting to leave the scene. The officers looked into what they referred to as a washer room and saw Connor and Devon Wright. Wright is not before the court. An officer then noticed a tan purse lying on the floor, along with a quantity of cash and clothing. Money re- covered from the scene was CI$4,536 and US$594. The men are charged with robbing the cashier of CI$4,604.42 and US$582. Ms. Richards said the house was sealed and officers were placed on guard until the next day, when a fur- ther search was carried out and a gold-colored 12-gauge shotgun was found. It con- tained three live cartridges. When the men were inter- viewed, Lopez said his house was a “hangout spot.” Webb said he went to the house, fell asleep and when he woke up, Lopez was being arrested. Connor said he had been at home with Wright fixing a car and they walked to Lopez’s home, and when they arrived they saw Lopez on the ground. A check with the Vehicle Licensing Department showed there were only three 2004 black Ford Escapes on the is- land. The owners of the other two provided statements that their vehicles were not in the vicinity of Grand Harbour at the time of the robbery. Crown opens case for liquor store robbery The Cayman Islands Legislative Assembly will convene its second meeting of the budget year on Wednesday in what is expected to be a relatively short ses- sion prior to the regu- larly scheduled meeting in September. Seven bills, most of them having to do with governing the financial services industry, are due to be considered by law- makers. A major revamp of legislation governing construction companies is also expected to be taken up during the meeting. The Builders Bill seeks to update legisla- tion from 2007 that was never brought into force following passage in the Legislative Assembly. The primary purpose is to en- sure proper qualifications of construction firms. There have been no of- ficial pronouncements re- garding when govern- ment intends to bring a redrawn voting map to assembly members for approval, but it was not expected to occur during this month’s meeting. Lawmakers resume meeting Wednesday MIAMI (AP) – A Florida Keys man pleaded not guilty Tuesday to federal charges of plotting to set off a backpack bomb on a beach to show solidarity with the Islamic State militant group. Attorney Richard Della Fera entered the plea Tuesday in federal court in Miami for 23-year-old Harlem Suarez of Key West, who did not speak during the brief hearing. Suarez faces life in prison if con- victed of attempting to use a weapon of mass destruc- tion and up to 20 years be- hind bars if found guilty of seeking to provide material support to terrorists. Della Fera says Suarez, who emigrated from Cuba with his family in 2004, is no terrorist and has por- trayed him as “troubled and confused.” The case, which involved FBI use of undercover operatives, evolved from a series of pro-Islamic State postings on Suarez’s Facebook pages earlier this year. Suarez sometimes used a Facebook account with the name “Almlak Benitez” in which he appeared to be trying to recruit fighters for the terror group, the FBI says. “We are the islamic state. We are isis Muslims,” one posting says. According to the FBI, Suarez told an informant he wanted to detonate a home- made bomb using a back- pack filled with nails on a Key West beach after previ- ously discussing plans to set off a bomb in Miami Beach In a story on the front page of Tuesday’s news- paper titled “MLAs’ secre- tary arrested in home in- vasion case,” the Compass erroneously reported that police spokeswoman Jacqueline Carpenter con- firmed the identity of a woman arrested in connec- tion with a home invasion. The identity of the arrested woman was confirmed through other sources and the arrested woman was not named by Ms. Carpenter. The error occurred in the editing process. The Cayman Compass strives for accuracy and is committed to correcting errors that appear in the newspaper. Those interested in contacting the paper for that purpose can email the editor at newsdesk@pinnaclemedialtd.com. Man pleads not guilty to backpack boMb plot on Florida beach in solidarity with islaMic state CorreCTion or another Keys town. He was arrested in July after officials say he took posses- sion of an inert explosive device from an undercover FBI employee posing as an Islamic State member. The material support charge stems from an Islamic State recruitment video Suarez is accused of making – using a script he wrote – with the assistance of the FBI informant, Della Fera said.The islands’ most-trusted news source 3 Cayman Compass • Wednesday august 12, 2015 Cultivating Tomorrow’s Leaders I have enjoyed being able to actually contribute to such a dynamic company through various hands-on projects and assignments. Moses Ebanks I was very excited to return to the Internal Audit team, who came up with creative projects that helped me better understand the different aspects of the department. David Forbes My time at Dart has provided me with invaluable experience and helped confirm my decision to pursue a Master of Science in Finance this fall. Jamie-Lauren McTaggart Receiving a university education is very important, but this real- world experience at Dart, in my career of choice, is the type of exposure every person needs. Keri-Elaine Lawrence The experience and exposure gained over the past two summers at Dart has reassured me that I have chosen the correct career path. Damian Thompson This year, we welcomed 40 new and returning students to the Dart Minds Inspired Summer Programme. Designed to provide young students with valuable professional experience, the programme is an investment in the future leaders of the Cayman Islands. We thank each of them for their contributions to our businesses this summer. To learn about Dart’s Minds Inspired education initiatives: mindsinspired.ky Dart, being such a diverse company, really helped me enhance and cultivate my skillset. It was my first summer with the organisation and I hope to return. Bianca Meghoo Back row, left to right: Robert Rivers, Tishan Crowe, Amber Caum, Jordan Cacho, Chloe Tathum, Hasani Stewart, Katie Merren, Bronwen Burke, Wray Sulisz, Lucy Day, Natasha Valerio, Shanda Johnson, Moses Ebanks. Front row, left to right: Jonathan Rowe, Drew Milgate, Daniel Nicholson-Gardner, Bianca Meghoo, Matthew McTaggart, Damian Thompson, Samantha Grundy, Keri-Elaine Lawrence, Jamie-Lauren McTaggart, Nicholas Ebanks, David Forbes and Nathan McCoy. What they’re saying…The islands’ most-trusted news source 4 – EDITORIAL – Opinion&Letters The Cayman Compass welcomes comments, opinions and viewpoints from readers. Letters to the editor can be emailed to editor@pinnaclemedialtd.com, submitted via www.caymancompass.com, sent by post or hand-delivered to the Compass office. Leonid Bershidsky Google’s reorganization into a conglomerate called Alphabet may provide more transparency to investors wor- ried about Google’s growing spending on so-called moon- shot projects. It also shows the determination of Google founders, Larry Page and Sergey Brin, to distance them- selves from the core business just when its business model is being challenged, which is less encouraging. Through a convoluted legal process, Alphabet will become the owner of all Google stock and supersede it on the Nasdaq later this year, keeping the GOOG and GOOGL ticker symbols. The company that emerges will amount to a collection of frol- icking mice and one bloated elephant. In his news release, Page didn’t name all the sub- sidiaries that will make up his new corporate ABC, but, for example: C will stand for Calico, which is working on extending the human life span; L for Life Sciences (glu- cose-sensing contact lenses); X for X Lab (futuristic proj- ects such as drone delivery); V for Ventures (investment in startups); and C for Capital, another investment arm. Wait, didn’t we already have a C? G will unequivocally stand for Google – the first line of the news release says so. Google will include all of Google’s relatively mature ser- vices, such as YouTube, Maps and the Android mobile oper- ating system. It will also be responsible for virtually all of Alphabet’s revenue and profit (the other letters in the soup are predominantly money- losing, which is why more transparency is required). Google reports about US$2.5 billion, sometimes more, in capital expendi- ture and about US$2.7 bil- lion in research and develop- ment costs every quarter. The company’s segment reporting is for now rudimentary: just “Internet search advertising” and “Licensing and other rev- enue.” Once this becomes more detailed, investors may get a glimpse of how the invest- ments are split among proj- ects, a rare opportunity that I’m sure the market would love for Amazon to provide. In Google’s case, how- ever, the insight may not be particularly valuable, given the company’s well-known 70:20:10 framework. Seventy percent of its investment goes into the core business, 20 percent into adjacent areas (mostly the company’s cloud business) and 10 percent into long-shot innovations, such as the life sciences projects. The latter will now be broken out as separate parts of Alphabet, and these will draw a lot of attention. This, however, is just a dis- traction from what is perhaps the most important part of the restructuring announce- ment: Page and Brin will no longer run Google’s core busi- ness. They are more interested in the allocation of funds among the side projects and the search for the new, new thing. Core Google is now in the hands of Sundar Pichai, its new chief executive. This may not be the best moment for the founders to leave that business to some- body else. In the second quarter of 2015, 90 percent of Google’s US$17.7 billion of revenue came from search en- gine advertising. The revenue still appears to be growing strongly – by 18.9 percent in 2014 and by 14 percent in the last 12 months – but Internet advertising is facing two se- rious threats: ad blocking and exposure as a scam. According to a fresh re- port from PageFair, a firm that helps advertisers adjust to widespread ad blocking, 198 million people actively use software that blocks ad- vertising, costing publishers US$22 billion this year. Blocking grows much faster than Google revenue, and it will soon be a major threat. Internet advertising is less and less effective: Click- through rates are falling and industry standards for view- ability – used to determine whether an ad has been seen – are ridiculously lax. The Media Rating Council considers an ad viewable if 50 percent of its pixels are in view for a min- imum of one second; for video, the standard is 50 percent for two seconds. For a human brain, that’s no time at all. Big advertisers are wor- ried. Many companies suspect that they’re being scammed. That’s only natural: There’s a big disconnect between what they’re being sold and the ad executives’ own experience as consumers, which consists of ignoring ads or clicking them away at the first opportunity. Targeting, which Internet companies have sold as their advantage over traditional media, is also deceptive: The data collected from people by companies such as Google is too circumstantial and often irrelevant to be of use. The online ad business, some insiders claim, is broken. Probably not so broken as to call Google a colossus with feet of clay, but broken enough to worry about the long-term sustainability of the compa- ny’s biggest revenue stream. Of course, Alphabet does need to grow more legs to stand upon, but, in line with the 70:20:10 formula, the core re- quires a bigger share of the founders’ attention. Figuring out how to fix the business model problem is a tough job that Page and Brin don’t seem to want. They prefer to play with self-driving cars and de- livery drones. Leonid Bershidsky, a Bloomberg View contributor, is a Berlin-based writer. © 2015, Bloomberg View Mr. Jackson: Ex-airports boss finally cleared Wednesday augusT 12, 2015 • Cayman COmpass Jeremy Jackson’s long road to redemption has taken more than two years to traverse, but he has finally made it. In February 2013, Mr. Jackson was fired from his position as CEO of the Cayman Islands Airports Authority, amid allegations of financial misconduct related to authority expenses. Importantly, those accu- sations were never proven to be true, no charges were filed and no arrests were made — and after a drawn- out inquiry, the police Financial Crime Unit has now formally notified Mr. Jackson that the investigation is closed, and no action will be taken against him. It may be small consolation to Mr. Jackson, who lost his job and suffered damage to his reputation, but in our opinion, the appearance in hindsight is that Mr. Jackson may have been a victim of a coordinated character assassination. Consider the following timeline: • In September 2008, following a 28-year career in Cayman aviation, Mr. Jackson was appointed head of the airports authority • On the authority’s financial statements for 2010/2011, Cayman’s auditor general noted that he was unable to determine if the authority was complying with standards on disclosure of “related party transactions” — i.e., business relationships between the authority and members of its senior management or board of directors. For example, then-board chairman Richard Arch, and also then-board member Frank Flowers, each owned a company that performed services at the airport. • In March 2012, Cayman’s Auditor General Alastair Swarbrick sent a letter warning the board that it had overstepped its powers, and warned of poten- tial conflicts of interests among board members. Mr. Swarbrick wrote, “This has created a significant risk that decisions and transactions of the organi- zation could be conflicted and/or corrupt.” • In December 2012, the board placed Mr. Jackson on “required leave” and dismissed the authority’s finance chief Shelley Ware, amid an “internal audit” that was being conducted by the board. In February 2013, the board terminated Mr. Jackson. Before Mr. Jackson’s dismissal, certain media outlets (not the Cayman Compass) reported details of allegations, purportedly from a leaked copy of the internal audit. • In January 2013, the auditor general was informed by the board that the internal audit was being carried out at no cost to the authority. • In May 2013, the authority’s board passed a resolu- tion paying board member Jewel Hydes, who is an accountant, $46,000 in exchange for having con- ducted the internal audit. Auditor General Swarbrick commented on this transaction, “In our opinion, the board circumvented good business practice, abused their authority and failed to ensure that they achieved value for money.” • In June 2013, following the May general election, Mr. Arch agreed to resign from his position as chairman of the board. The Progressives govern- ment replaced the entire eight-member board, including directors Mr. Flowers and Ms. Hydes. • In June 2014, police informed Mr. Arch he was no longer under investigation by the anti- corruption unit, after a probe that had been initiated as a result of a complaint that had been filed by Mr. Jackson. • In August 2015, police informed Mr. Jackson their investigation against him had similarly ended. We hope that the conclusion of police investiga- tions, with no resulting charges or arrests, signifies that the dust has settled around the airports authority and that the skies are clear for the future of Owen Roberts International Airport, and its much-anticipated expansion project, and also for Mr. Jackson personally. Printed and Published by: Caymanian Compass Limited (a subsidiary of Pinnacle Media Ltd) Compass Centre Shedden Road, George Town send us yOur VieWs Or neWs: P.O. Box 1365 Grand Cayman KY1-1108, Cayman Islands Telephone: (345) 815-0095 Email: newsdesk@pinnaclemedialtd.com adVertise With us: Telephone: (345) 949-5111 Email: sales@pinnaclemedialtd.com Website: www.caymancompass.com PUBLISHERS daVid r. legge and Vicki l. legge EdITOR-In-CHIEf daVid r. legge A MEMBER OF THE INTER-AMERICAN PRESS ASSOCIATION “Give light and the people will find their own way” Google’s ‘Alphabet’ soup is too thin5 LOCAL NEWS Cayman Compass • Wednesday august 12, 2015 No conclusion to ‘guns in fridge’ case Cayman Compass staff RepoRts Two Cayman Islands men charged in a Florida- to-Cayman gun smuggling investigation between 2011 and 2012 have not been sent to the U.S. to face charges more than three years after a criminal case was brought against them. The Royal Cayman Islands Police Service said Monday that it believed American authorities had not sent an extradition re- quest for the two suspects, Marvin Matthew Watson and Kyle Santamaria, and directed queries to the of- fice of the director of public prosecutions for further information. Deputy Director of Public Prosecutions Patrick Moran declined to com- ment on individual cases involving extradition. “Whether or not another state requests extradi- tion is a matter for the re- questing state,” Mr. Moran said. “When such requests are made to this jurisdic- tion, they are generally dealt with in confidence. We cannot confirm whether such requests have or have not been received in an in- dividual case.” According to U.S. court records in the Southern District of Florida [Miami], three Cayman Islands resi- dents still face charges in the gun smuggling investi- gation, known locally as the “guns in the fridge” case, and will be arrested if they enter the U.S. Gun smuggling Robert Terry, Watson and Santamaria were charged along with Mikkyle Brandon Leslie, Alexander Michael Henry [referred to in some re- cords as Michael Alexander Henry] and Tito Bonilla during a period between late 2011 and early 2012. Bonilla pleaded guilty to one count of conspiring to transport firearms and was deported from the U.S. All charges against Henry were eventually dropped. Leslie pleaded guilty in February 2013 to one of seven counts in a U.S. fed- eral court indictment. He was sentenced in Fort Lauderdale, Florida, to 46 months in prison with an additional three-year pe- riod of supervised release. According to count one of the federal indict- ment, Leslie “did know- ingly and wilfully combine, conspire, confederate and agree with persons known and unknown ... to know- ingly and wilfully deliver and cause to be delivered to a common carrier ... a package or container con- taining a firearm and am- munition without written notice to the carrier that such firearm and ammu- nition was being trans- ported and shipped ... and did knowingly and fraud- ulently export, attempt to export, and send from the United States to a place outside the U.S., that is, the Cayman Islands, merchan- dise, articles and objects, that is, firearms and am- munition, contrary to the laws and regulations of the United States ...” In return for the guilty plea to count one of the in- dictment, the U.S. govern- ment agreed to dismiss counts two through seven in the charge against Leslie, who might have faced 20 to 30 years in prison if con- victed on all counts. Terry is serving a 12- year sentence in the Cayman Islands on a con- viction relating to posses- sion of a weapon that U.S. authorities believed to be part of the Florida-Cayman gun smuggling and which was used to fire shots at the home of former Cayman Islands Chief Magistrate Margaret Ramsay-Hale in 2010. Watson and Santamaria are still believed to reside in the Cayman Islands. Conspiracy Although some details of the Florida-Cayman gun smuggling operation were reported by the Cayman Compass as early as 2009, the full extent of the in- vestigation was not known publicly until the news- paper obtained a probable cause affidavit filed by U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives investigators in early December 2011. That document, required to be filed so officers could arrest Leslie, named roughly a dozen other in- dividuals who U.S. author- ities believed played some role in the gun smuggling operation. The affidavit does not amount to crim- inal charges against those named individuals. Several individuals named in the document have never been charged in either the U.S. or the Cayman Islands. However, statements made in the document in- dicate the named individ- uals – most of whom are Caymanians – “were iden- tified as participants in the firearms smuggling activities.” The original indictment against Leslie also names several other individuals in recounting what U.S. au- thorities believe to have oc- curred with the gun smug- gling case during 2008. According to U.S. court records ... three Cayman Islands residents still face charges in the gun smuggling investigation, known locally as the “guns in the fridge” case. Three apartments were broken into during day- light hours Monday in the Prospect area of George Town, Royal Cayman Islands Police officers confirmed. The break-ins occurred at apartments on Victory Avenue near the intersec- tion of Summit Crescent, just north of Shamrock Road. RCIPS officers said in each case the back door of the apartments had been forced open. Items such as laptops, jewelry and a televi- sion were taken. The burglars struck some- time between 7:30 a.m. and 6:30 p.m. Daytime burglars hit ProspectThe islands’ most-trusted news source 6 The auditor questioned whether the board had ensured it got value for money in commissioning the review and warned that having a board member conduct the investigation, “raises concerns over the in- dependence and objectivity of the audit.” Mr. Jackson believes the intention of the report was to get rid of him because he refused to be a “yes man” for the board. Despite the saga, which he says has cost him fi- nancially and affected his family, he says he would be willing to return to the air- ports authority – in any po- sition except CEO. “I would like to go back at a level where I don’t have to deal with the political side of things,” said Mr. Jackson, who started his career as an air traffic controller, rising through the ranks to run the airports authority. “I knew I was innocent from day one and at this point I just want to put it behind me and move on,” he added. Since he was dismissed in early 2013, the govern- ment has changed and a new board has been appointed, and a new CEO, Albert Anderson, hired. Richard Arch was chairman of the board at the time Mr. Jackson was dis- missed. The auditor general has questioned some of the practices of the board around that time, in particular in re- lation to the handling of po- tential conflicts of interest involving board members. Both Mr. Arch and fellow former board member Frank Flowers had firms that did business at the airport at the time. Minutes from board meetings during that period indicate Mr. Jackson was at- tempting to introduce new policies related to manage- ment of ground handling contracts at the airport. Mr. Arch has always de- nied any conflicts of interest relating to his ownership of the Air Agencies ground han- dling firm and insisted he had always acted properly and within the law. Mr. Jackson, following his dismissal, filed a complaint with the Anti-Corruption Commission against Mr. Arch, but police confirmed last year that the investiga- tion had concluded with no charges brought. Former CFO Ms. Ware filed an application for ju- dicial review of the deci- sion to dismiss her, but was informed in June that the application had not been brought within the required time frame. “I was informed by po- lice in February 2014 that there was never any investi- gation of any kind involving me,” Ms. Ware said Tuesday. “There has been proven to be no substance to the allega- tions that were made. Both Jeremy and I lost our jobs, and our reputations were damaged over this. I feel that we were both very wronged.” The Cayman Islands Airports Authority had no comment Tuesday. Mr. Arch said he did not wish to com- ment at this point. on clearing land for the golf courses and creating the lake that will be part of the development. Work on the town center will begin almost simultaneously, he said. The project was first publicly announced in March last year during a launch event with American golf legend Arnold Palmer, whose com- pany has been contracted to design the golf course. Mr. McVey, who was also involved in the early stages of the Health City development, said the de- lays had been frustrating but unavoidable given the complexity of the partner- ship over the road. He said he understood that people might be skep- tical about the project, but he is confident it will happen. “I worked on the hos- pital development and a lot of people said that would not happen, but we got it done and we got it done in 12 months with Cayman laborers and Cayman con- tractors,” he added. Once the development is under way, Ironwood plans to sell plots around the golf course for people to develop homes. There will also be residences for sale in the town center. Mr. McVey said some marketing of the properties had already begun, but he said the developer is cur- rently accepting only refund- able deposits from people who wanted to reserve plots. 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Our Tyre Services Include: • Latest technology in tyre repairs • Major brands and off brand tyre sales • Tyre rotation, vulcanizing, balancing & installation • Auto-Air conditioning repair & service Mon. – Sat. 7:30am – 6:30pm Holidays: 8:00am – 1:00pm SALE Buy 2 tyres and receive 5% Discount Buy 4 tyres and receive 10% Discount NATIONAL COURAGEOUS SALE Sale on while supplies last. Hurricane season forecast revised downward By Kelsey JuKam kjukam@pinnaclemedialtd.com There is now a 90 per- cent probability that this year’s hurricane season will be below normal, according to the National Oceanic and Atmospheric Administration’s updated 2015 Atlantic hurri- cane season outlook. NOAA’s pre-season hurri- cane outlook for the region, released in May, had pre- dicted a 70 percent chance that this year’s season would be below normal. The updated outlook was re- leased last week. The agency now pre- dicts that the Atlantic hurri- cane region, which includes the Caribbean Sea, the Gulf of Mexico and the north Atlantic Ocean, is expected to see only between six and 10 named storms this year. This includes the three named storms (Ana, Bill and Claudette) that have already formed in the Atlantic re- gion to date. One to four of these storms are expected to become hurricanes, but it is unlikely that any will be- come a major hurricane. For comparison, a near- normal hurricane season typically has in the range of 10 to 15 tropical storms and four to nine hurricanes. According to NOAA, this means there could be a re- cord low number of hurri- canes this year, surpassing the previous records set in 1982 and 2013. One factor contributing to this below-normal season is El Niño, a warming weather pattern that shows up every few years and af- fects global weather sys- tems, NOAA scientists say. It has strengthened this year and is predicted to continue throughout the remainder of the hurricane season. Atmospheric conditions as- sociated with El Niño in- clude a strong vertical wind shear and enhanced sinking motion across the tropical Atlantic and Caribbean Sea, which make it difficult for hurricanes to develop. Additionally, sea surface temperatures across the re- gion in which Atlantic hur- ricanes develop are pre- dicted to remain below average. These cooler tem- peratures are associated with stronger trade winds, which further suppress hurricane formation. Nevertheless, fore- casters and hazard man- agement officials stress that people living in areas that can be affected by hurri- canes should remain vigi- lant. According to NOAA’s updated outlook, trop- ical storms and hurri- canes can strike even in below-normal seasons, and it only takes one to cause significant damage. “Regardless of our call for below-normal storm activity, people along the Atlantic and Gulf coasts should remain prepared and vigilant, especially now that the peak months of the hurricane season have started,” Gerry Bell, lead seasonal hurricane fore- caster with NOAA’s Climate Prediction Center, said in a press release. Simon Boxall, aware- ness communications officer for Hazard Management Cayman Islands, said it is best to “err on the side of caution” when businesses and lives are at stake. He said that while the outlook is cause for some optimism, “we strongly cau- tion people against letting their guard down.” “We are vulnerable to a range of hazards, including earthquakes, tsunamis, heavy rains and floods,” Mr. Boxall said. “We live in an area where it behooves resi- dents to prepare.” Mr. Boxall said people should take basic precau- tions, such as having a supply of nonperishable foods, water, batteries and a battery-powered radio. He says that is a kit “every res- ident should have, not just in hurricane season, but all year long.” The Atlantic hurricane season runs between June 1 and Nov. 30. The Atlantic hurricane season runs between June 1 and Nov. 30. “If I can hit the first golf ball off the first tee on January 2018, then we’ll be right on schedule.” James mcVey, project director, Ironwood Golf resort aims for 2018 tee-off CONTINUED FROM PAGE 1 “I knew all along that I had done nothing wrong and I was 100 percent confident that I would be vindicated.” Jeremy Jackson, former CEO, Cayman Islands Airports Authority Former airports authority boss cleared by police Mr. Jackson CONTINUED FROM PAGE 1The islands’ most-trusted news source 7 shopping center, the Westin hotel, the Marriott Beach Resort and the Royal Palms Beach Club. Minister Tibbetts’s an- nouncement in April came less than two weeks after the April 6 accident on West Bay Road that left a teenage tourist in critical condition. Harrison Zierenberg, now 17, was struck by a minivan, and underwent extensive sur- gery at the Cayman Islands Hospital and additional sur- geries back home in the U.S., for extensive head injuries. His family, from the Richmond, Virginia suburb of Midlothian, told the local news media that Harrison would re- quire extensive recovery, but that he had managed to sur- vive a catastrophic injury. The Royal Cayman Islands Police Service said no charges have been filed in connection with the April 6 accident as of last week. “I want to … wish God’s blessings on the young man that was injured in the ac- cident,” Mr. Tibbetts said. “We wish him a full and speedy recovery.” Plans to change speed limits on a number of local roads were placed before Cabinet in late February or early March 2014. Proposals to lower the speed limits and install crosswalks on West Bay Road along the Seven Mile Beach corridor date back to the first People’s Progressive Movement ad- ministration of 2005-2009. In addition to changing the speed limit and installing more crosswalks, Mr. Tibbetts said other improvements would be coming shortly for West Bay Road. “[The safety measures will] prevent the middle lane from being used to overtake,” Mr. Tibbetts said. “Those [who] are in a hurry can use the Esterley Tibbetts Highway.” Speed limit changes pro- posed as part of a National Roads Authority review in late 2013 included setting the speed limit on Frank Sound Road at 30 mph be- tween Bodden Town Road and Botanic Road. That route’s limit is currently set at 50 mph. On North Sound Road, the speed limit of 25 mph is set to increase to 30 mph be- tween the Butterfield round- about and Shedden Road. Cayman Compass • Wednesday august 12, 2015 Yellow Pages Advertisementhttp://caymanyp.com/sys/pageserver.dll?b=55020&f=pw440 1 of 111/17/2014 4:40 PM www.facebook.com/napacaymanwww.napacayman.comE-mail: kmotors@candw.kyFax: 949-8532 North Side speeders rounded up BreNt Fuller bfuller@pinnaclemedialtd.com After getting an earful from North Side residents and eastern district MLAs about traffic problems ear- lier this year, police ticketed more than a dozen people during a Sunday crackdown at Rum Point. The Royal Cayman Islands Police Service re- ported 14 people were tick- eted for speeding and two other drivers were nabbed for other traffic offenses during the operation. One man was arrested on an outstanding court warrant, police said. “We’ve conducted a number of covert opera- tions in the Rum Point area in the past, during which people were arrested for the possession of drugs,” Chief Inspector Brad Ebanks said. “However, this operation was more visible as its ob- jective was to address road safety and other concerns raised by residents.” Mr. Ebanks said issues such as double parking, loud music and drug use on boats anchored at the Rum Point beach area are also being addressed by police, and that further patrol op- erations will be carried out there in the future. A number of traffic-re- lated problems in North Side were raised by MLA Ezzard Miller during public meetings this spring. Mr. Miller blamed traffic violations on the same “half-dozen” people who he said were committing the same offenses on a daily basis. “Nobody seems to be able to get any control over these people,” Mr. Miller said. “The tint on the windows, the same thing happen[s]. Do we need to amend the Traffic Law to say, after a number of offenses, repeat offenses such as tint and mufflers, we con- fiscate the car?” During separate public meetings in North Side, East End and West Bay districts, residents also told police of- ficers that problems with loud, dangerous motorcycles – some of which appeared to have been operating without license plates or registration – were affecting quality of life, and in some cases inter- fering with public enjoyment of local beaches. Mr. Miller said his con- stituents have been reporting these matters to police for months, with apparently little result. “These bikes are illegal,” Mr. Miller told Mr. Ebanks and other police officers attending a North Side district meeting. “They cannot be licensed and you can’t get insurance for them. How can police allow them on the road?” Chief Inspector Ebanks said the issue is not so clear-cut. The difficulty, in part, is in determining initially who is a legal bike operator and who is illegally using the road. Once a determination is made that the motorbike is being operated illegally, Mr. Ebanks said, police are then left with a difficult decision of whether to give chase. “The risk that we have is if people pursue them, and the unfortunate happens, we could be held liable,” Mr. Ebanks said. The Royal Cayman Islands Police Service reported 14 people were ticketed for speeding and two other drivers were nabbed for other traffic offenses during the operation. There are now four crosswalks with flashers installed along [West Bay Road], including outside the Strand shopping center, the Westin hotel, the Marriott Beach Resort and the Royal Palms Beach Club. West Bay Road speed limit to drop in September CONTINUED FROM PAGE 1 The speed limit signs along West Bay Road remain at 40 miles per hour. - Photo: Jewel levy8 WORLD&REGIONAL Wednesday august 12, 2015 • Cayman Compass Japan restarts first reactor since Fukushima disaster TOKYO (AP) – A power plant operator in southern Japan restarted a nuclear reactor on Tuesday, the first to begin operating under new safety requirements following the Fukushima disaster. Kyushu Electric Power Co. said Tuesday it had restarted the No. 1 reactor at its Sendai nuclear plant as planned. The restart marks Japan’s return to nuclear energy four-and- half-years after the 2011 melt- downs at the Fukushima Dai- ichi nuclear power plant in northeastern Japan following an earthquake and tsunami. The national broad- caster NHK showed plant workers in the control room as they turned the reactor back on. Tomomitsu Sakata, a spokesman for Kyushu Electric Power, said the re- actor was put back online without any problems. The Fukushima disaster displaced more than 100,000 people due to radioactive contamination and spurred a national debate over this re- source-scarce country’s reli- ance on nuclear power. A majority of Japanese op- pose the return to nuclear en- ergy. Dozens of protesters, in- cluding ex-Prime Minister Naoto Kan, who was in of- fice at the time of the disaster and has become an outspoken critic of nuclear power, were gathered outside the plant as police stood guard. “Accidents are unpredict- able, that’s why they happen. And certainly not all the nec- essary precautions for such accidents have been taken here,” Kan shouted to the crowd of about 300 people. The Nuclear Regulation Authority affirmed the safety of the Sendai reactor and an- other one at the plant last September under stricter safety rules imposed after the 2011 accident, the worst since the 1986 Chernobyl explosion. The Sendai No. 1 reactor is scheduled to start gener- ating power Friday and reach full capacity next month. The second Sendai reactor is due to restart in October. Yoichi Miyazawa, Japan’s industry minister, said Tuesday that the government would “put safety first” in re- suming use of nuclear power. All of Japan’s 43 workable reactors were idled for the past two years pending safety checks. To offset the shortfall in power output, the country ramped up imports of oil and gas and fired up more thermal power plants, slowing prog- ress toward reducing its emis- sions of greenhouse gases. Miyazawa said nuclear power is “indispensable” for Japan. “It would be impossible to achieve all these three things simultaneously – keep nu- clear plants offline, while also trying to curb carbon dioxide and maintain the same elec- tricity cost. I hope to gain the public’s understanding of the situation,” Miyazawa said. Prime Minister Shinzo Abe has sought to have the reactors restarted as soon as possible to help reduce costly reliance on imported oil and gas and alleviate the finan- cial burden on utilities of maintaining the idled plants. “There are very strong vested interests to reopen nuclear reactors. Accepting them as permanently closed would have financial implica- tions that would be hard to manage,” said Tomas Kaberger, chairman of the Japan Renewable Energy Foundation. Utilities are seeking ap- provals to restart 23 reactors, in- cluding the other Sendai reactor. The government has set a goal to have nuclear power meet more than 20 percent of Japan’s energy needs by 2030, despite the lingering trou- bles at the Fukushima plant, which is plagued by massive flows of contaminated water leaking from its reactors. Removal of the melted fuel at the plant – the most challenging part of the 30-to- 40-year process of shutting it down permanently – will begin only in 2022. Still, the government fa- vors restarting other plants judged to meet the new safety criteria, for both eco- nomic and political reasons. Japan invested heavily in its nuclear power program and many communities rely on tax revenues and jobs associ- ated with the plants. Japan also faces pressure to use its stockpile of more than 40 tons of weapons- grade plutonium, enough to make 40 to 50 nuclear weapons. The plutonium, as fuel called MOX, will be burned in reactors since the country’s nuclear fuel recy- cling program at Rokkasho in northern Japan has been stalled by technical problems. To burn enough pluto- nium, Japan needs to re- start as many as 18 reac- tors. Nuclear experts say this could pose a challenge. Anti-nuclear protesters shout slogans during a rally outside Prime Minister Shinzo Abe’s official residence on Tuesday in Tokyo. - Photo: AP Police officers and security guards stand in front of the main gate to the the Sendai Nuclear Power Station as No. 1 reactor, left, and No. 2 reactor stand in Satsumasendai, Kagoshima prefecture, southern Japan, on Tuesday. - Photo: AP 4th night of Ferguson protests brings confrontation, arrests FERGUSON, Mo. (AP) – Police arrested nearly two dozen people in Ferguson during a protest that stretched into early Tuesday marking the anniversary of the fatal shooting of 18-year-old Michael Brown, although there was no repeat of the vi- olence that scarred weekend demonstrations. There were no shots fired and no burglaries, looting or property damage during the protest along West Florissant Avenue, county police spokesman Shawn McGuire said. The St. Louis suburb thoroughfare was the focus of months of mas- sive protests and sometimes violent unrest last summer after the killing of Brown by a Ferguson police officer. But on Monday night, no smoke or tear gas was used, and no police or civilians re- ported injuries, McGuire said in a statement. By 1 a.m., the crowd and police were heading home. McGuire said approxi- mately 23 arrests were made, though police were still con- firming official totals. Late Sunday, a protest in the same area was in- terrupted by gunfire and a police shooting that left an 18-year-old suspect criti- cally injured. The violence set Ferguson on edge and had protest leaders wor- ried that tensions could escalate. St. Louis County Executive Steve Stenger de- clared a state of emergency that authorized county Police Chief Jon Belmar to take control of police emer- gency management in and around Ferguson. Early Monday evening, hundreds of protesters were chanting, beating drums and carrying signs. When some in the group moved into a traffic lane, officers in riot gear forced people out of the street. Some demonstra- tors threw water bottles and other debris at officers. “They’re not going to take the street tonight,” Belmar told The Associated Press: “That’s not going to happen.” Protests also cropped up outside Ferguson. Almost 60 people, including scholar and civil rights activist Cornel West, were arrested around midday Monday for blocking the entrance to the federal courthouse in down- town St. Louis. Another group later briefly blocked Interstate 70 during the late afternoon rush hour, with an additional 64 arrests, ac- cording to McGuire. Ferguson resident and military veteran Hershel Myers Jr., 46, criticized the police response as aggressive and unnecessary. At the Sunday night dem- onstration, tensions escalated after several hundred people gathered in the street, ignoring repeated warnings to get to the sidewalk or face arrest. Several gunshots rang out from an area near a strip of stores, in- cluding some that had been looted moments earlier. The shots sent protesters and re- porters running for cover. Belmar said he believed there were six shooters, in- cluding 18-year-old Tyrone Harris Jr., who the police chief said opened fire on officers. Police had been watching Harris during the protest out of concern that he was armed, he said. St. Louis County Police arrest people along West Florissant Avenue on Monday in Ferguson, Missouri. - Photo: AP ChAllenges remAin At destroyed nuke PlAnt TOKYO (AP) – as Japan resumed generating nuclear power tuesday, re- starting 1 reactor in the south, the destroyed Fukushima dai-ichi plant in the northeast remains a highly radioactive site, more than four years after an earthquake and tsunami triggered meltdowns in three of its six reactors. a look at the status of the plant: Radiation leaks Water is still being pumped into the reactors to prevent further melt- downs, and huge amounts of it, now radioactive, have leaked out of the damaged containment chambers and into other parts of the buildings. some has leaked outside, so a sea wall and an underground barrier have been built to try to block the contaminated water from reaching the sea. any leakage now appears to be minimal, but the immediate coastal waters are largely closed to commercial fishing. Evacuations Radioactive material spewed out by the initial explosions and melt- downs contaminated nearby towns and farms and driven more than 100,000 people to leave their homes. some areas have been cleaned up, but decontamination work often needs to be repeated, and some remain off-limits. some people have returned to areas deemed safe, many of them senior citizens, while families with children have tended to stay away. the government plans to send evacuees back to all but the most uninhabitable areas by March 2017, and to cut financial sup- port for those who will not return. Decommissioning Removal of melted fuel from the three reactors – the most challenging part of the 30- to 40-year cleanup – will not begin until 2022. experts have yet to pinpoint the exact location of the melted fuel and study it, and need to develop robots capable of working safely under extremely radioactive conditions. Implications for Japan’s nuclear industry the government has set a goal to have nuclear power share more than 20 percent of resource-poor Japan’s power generation by 2030. However, additional costs to retrofit and modernize plants to meet post- Fukushima safety requirements, as well as huge decommissioning costs, could make nuclear power less appealing to utility companies. Most experts doubt Japan will build any new nuclear plants, and as aging reactors are taken offline, the industry may be phased out.The islands’ most-trusted news source 9 Firms extend parental leave policy Adobe is the latest tech company to extend its paid parental leave policy after Netflix said it would offer corporate employees up to a year of paid leave to care for new babies. Business Cayman Compass • Wednesday august 12, 2015 Tailor-Made Professional Real Estate Services; But without any of the restrictions. . . INTRODUCING www.thpm.ky Tel: 345 949 5134 Banks said to be poised to win delay to US curbs on overseas swaps WASHINGTON – Wall Street banks are close to winning a further delay of a U.S. policy that clamps down on their overseas derivatives trades, according to two people with knowledge of the matter. The Commodity Futures Trading Commission is prob- ably going to postpone sub- jecting transactions set up in the U.S., but held in over- seas divisions, to Dodd-Frank Act trading regulations, said the sources, who asked not to be named because the de- liberations are private. The regulator is weighing how long the delay should be, the people said. Former CFTC Chairman Gary Gensler first outlined the increased oversight in 2013 following concerns that Wall Street was booking swaps overseas to dodge rules meant to bolster com- petition and increase trans- parency. Since then, the largest banks have fought to prevent the policy from taking effect. Industry lobbying groups representing JPMorgan Chase, Goldman Sachs, and other firms unsuccessfully sued the agency to overturn additional regulation for cross-border trades, arguing that the CFTC was overstep- ping its authority. The policy, which is cur- rently set to take effect on Sept. 30, has been delayed four times while the in- dustry and CFTC squared off in the courtroom. Within the agency, commissioners have questioned the need for it, with both Republicans and Democrats arguing that the extension of U.S. trading rules to such overseas trans- actions may be inappropriate. The agency is consid- ering a one-year delay, the people said. The deci- sion hasn’t been made final and the agency could still change its approach and implement the policy at the end of next month. “We haven’t quite de- cided what we’ll do,” CFTC Chairman Timothy Massad said last month at an event in Washington. He said at the time the agency was still de- bating which rules should apply for trades arranged, negotiated and executed in the U.S. but held overseas. Steve Adamske, a spokesman for the CFTC, de- clined to comment. The question of how to apply the Dodd-Frank rules overseas has been among the most contentious bat- tles between the finan- cial industry and the CFTC, whose power to regulate swaps was expanded by Dodd-Frank. Largely unreg- ulated deals helped fuel the 2008 credit crisis and led to the U.S. rescue of American International Group Inc., the New York-based insurer that traded credit-default swaps out of its London offices. Banks have argued that U.S. rules may hurt their ability to compete with foreign-based rivals since overseas jurisdic- tions have yet to fully put in place new oversight for the derivatives market. © 2015, Bloomberg News Former CFTC Chairman Gary Gensler first outlined the increased oversight in 2013 following concerns that Wall Street was booking swaps overseas to dodge rules meant to bolster competition and increase transparency. Industry lobbying groups representing JPMorgan Chase, Goldman Sachs, and other firms unsuccessfully sued to overturn additional regulation for cross-border trades. - Photo: AP Greece signs off on harsh new bailout terms ATHENS, Greece (AP) – Greece has agreed to harsh terms for a new three-year bailout package with international creditors, officials in Athens and the European Union said, with a few remaining details to be ironed out Tuesday. A swift deal on the 85 bil- lion euros (US$93 billion) in new loans would prevent the country from defaulting on its debts next week and se- cure its future in the euro. “We are very close. Two or three very small details remain,” Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-night discussions with creditors. The European Commission, a key negotiator in the talks, confirmed the progress. “The institutions and the Greek authorities achieved an agreement in-prin- ciple on a technical basis and talks are still ongoing on finalizing details,” said Annika Breidthardt, the Commission’s spokeswoman for economic affairs. She said the details were expected to be cleared up Tuesday. The draft deal forces left- wing Prime Minister Alexis Tsipras to accept what he had vowed to resist only months ago: the sale of some state property and deep cuts to pensions, military spending and tax credits to people considered vulnerable. Dissenters in Tsipras’s Syriza party, who want to end bailout talks and return to a national currency, prom- ised to fight the deal, de- scribing it as a “noose around the neck of the Greek people.” The government is hoping to push the agreement through parliament this week – something that will require the continued support of op- position parties – ahead of a meeting between eurozone fi- nance ministers on Friday. The agreement still re- quires approval from higher- level representatives, and se- nior finance officials from the 28 EU nations were holding a conference call Tuesday. Germany, the largest single contributor to Greece’s two previous bailouts and among the toughest negotia- tors so far, remained cautious on the timing for a final deal. “We will have to examine the results that come in the course of today,” deputy fi- nance minister Jens Spahn told n-tv television. Investors cheered the news of progress. Greece’s government bor- rowing rates fell, a sign in- vestors are less worried about a default. The two-year bond yield dropped by 4.2 percentage points to 14.73 percent. The Athens Stock Exchange, which reopened re- cently after being shut for five weeks during the most se- vere part of Greece’s financial crisis closed up 2.1 percent. Cash-strapped Greece needs more money by Aug. 20 at the latest, when it has a debt repayment of just over 3 billion euros to make to the European Central Bank. The government insisted it has also gained key conces- sions from lenders: greater control over labor reforms, avoiding a “fire sale” of state assets, and softer deficit targets. It said it had agreed to have a 0.25 percent govern- ment deficit this year and a 0.5 percent surplus next year, when not counting the cost of servicing debt. Those so-called primary surpluses would rise to 1.75 percent in 2017 and 3.5 percent in 2018. The surpluses are more ambitious than those of many European countries – Spain, for example, is not ex- pected to achieve a primary surplus before 2018. That’s largely because the creditors want to make sure Greece is able to start paying off its debt load as soon as possible. The government claims the creditors wanted even more ambitious surplus tar- gets, and that the targets it agreed to mean it has will be able to spare the country budget cuts worth about 20 billion euros. “This practically means that with the current agree- ment there will be no fiscal burden...” the government said in a note. Banks will be strength- ened with new cash infusions by the end of the year, it said. Greek Finance Minister Euclid TsakalotosNext >