< PreviousChurchill’s Funeral Home Condolences can be registered at churchillsfuneralhome.com We have been asked to announce the passing of Mr. Sheldon Marquiss Brown, who passed away on Wednesday, October 23, 2019. A Church Memorial Service will be held at Church of God Universal, George Town, Grand Cayman on Saturday, November 2, 2019 at 11:00 a.m. Viewing 10:30-11:00 a.m. rchillsfuneralhome.co ing of d at .m cayman compass 20 L living FRIDAY, 1 NOVEMBER 2019 communitycalendar FRI-SUN, 1-3 NOV. PIRATES WEEK: CAYMAN BRAC The pirates are coming to Cayman Brac, starting on Friday with a happy hour at The Captain’s Table, leading into late night festivities at La Esperanza. The float parade and fireworks happen on Saturday and the farewell lunch will be held at La Esperanza on the Sunday. SATURDAY, 2 NOV. BREEZE FUSION 5K/10K WALK/RUN GRAND CAYMAN Organised by Radio Cayman and Breeze FM Smith’s Barcadere in South Sound, starting at 6:15am for runners and 6:30am for walkers Register – $20 for adults and $10 for students – online at caymanactive.com/breeze, or at Radio Cayman Broadcasting House on Elgin Avenue Registration also available on day of event, starting at 5am. Proceeds will benefit the NCVO and other charitable organisations. RE/MAX FAMILY FUN DAY Black Pearl Skatepark, Grand Harbour, 3-7pm Free entry to the skatepark, with the first 100 kids receiving free scooter, skateboard and helmet rentals. Bouncy castle, basketball tournament, games, hot dogs, snow cones, cotton candy and popcorn. THURS-MON, 7-11 NOV. PIRATES WEEK: GRAND CAYMAN Pirates invade from Thursday with a kick-off party at Royal Palms. This starts a weekend of enter- tainment and activities, including the food festival, Sounds of Soca, fireworks, the Illumination Parade, Cardboard Regatta and, of course, the Pirates Landing and float parade. FRI-SUN, 15-17 NOV. PIRATES WEEK: LITTLE CAYMAN The smaller sister island gets her due with a kick-off party and fireworks on the Friday, followed by the float parade on the Saturday. The farewell lunch happens at Mc- Coy’s Lodge Seaside Bar, bringing to a close another Pirates Week until next year. SATURDAY, 16 NOV. CAMANA BAY CHRISTMAS TREE LIGHTING The Crescent, 7pm Bring the family out to enjoy the magic of Christmas at the annual tree lighting event. VISUAL ARTS SOCIETY ARTISANS MARKET Camana Bay, 7pm Arts, crafts, paintings, prints, hand- crafted jewellery, woodwork and more for sale, 4-9pm, Camana Bay. Email info@visualartcayman.com SATURDAY, 23 NOV. BREAST CANCER FOUNDATION FUNDRAISER Musical evening at XQ’s, 233 West Bay Road, next to Margaritaville Beach Resort, 7:30pm Live music, prizes and an auction. Tickets, $25, also include a champagne reception and hors d’oeuvres. Purchase at XQ’s (947-9770; xqs.ky) FRIDAY, 29 NOV. A NIGHT AT THE MUSEUM Fundraiser for the National Gallery, 6:30pm-1am at the gallery. Tickets $225 each, or $2,025 for a group of 10. Call 945-8111 or email events@nationalgallery. org.ky. SATURDAY, 30 NOV. TURKEY TROT WALK/RUN: Cayman Islands Meals on Wheels 5K and 10K walk/run fundraiser; 6:30am at the Holiday Inn Resort by Safehaven. Register online at www.caymanac- tive.com/turkeytrot or starting at 6am on the day. Adults (18 and over): $25; juniors (11-17): $15; and children (4-10): $10. For more information, call 769-1974; email info@mealsonwheels.ky or go to www.mealsonwheels.ky TUESDAY, 2 DEC. TREE LIGHTING CEREMONY: Annual Christmas Tree Lighting Ceremony hosted by Rotary Club of Grand Cayman. 6pm. Heroes Square SATURDAY, 7 DEC. CHRISTMAS GIVING FAMILY FUN DAY: For students of Lighthouse School, NCVO and Frances Bodden Children’s Home. 10am to noon. CAYMAN NATIONAL PARADE OF LIGHTS A colourful procession of boats decked out for the holidays sail through the harbour at Camana Bay, 6-8:30pm. Craft market, fireworks, entertain- ment and a visit by Santa. quar AY, 7 S GIVING N DAY For ghthouse and Frances o F ocession of out for the hrough the mana Bay aft market ertain sit by SATURDAY, 14 DEC. VISUAL ARTS SOCIETY ANNUAL ARTS & CRAFTS SALE Camana Bay, 10am-5pm Arts, crafts, gifts, Christmas decora- tions, paintings, prints, hand-crafted jewellery, woodwork and more for sale. Email info@visualartcayman. com DANCING FOR A CAUSE Organised by Miss Jackie’s School of Dance to support Father Richard Ho Lung’s Missionaries of the Poor world- wide and in the Cayman Islands. Harquail Theatre, 3pm matinee: Adults, $30; children under 12, $15; 7pm: all tickets $30 (no children’s prices); 10 tickets for $250 For further information email pet- ique@candw.ky. on USD Credit Facilities 1 November, 2019 5.00% to 4.75%. amendmentde 30 October, 2019. The CIBC logo is a registered trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license. A note to our clients CLICK cibcfcib.com POST cibcfcib TWEET cibc_fcib VISIT Your nearest Branch INSTAGRAM cibcfirstcaribbean Thank You! to the sponsors and contributors of the Lions Club of Tropical Gardens Breast Cancer Awareness Campaign 2019. Major Sponsors: • Breast Cancer Foundation • Remax • JN Money • Cayman National • Dolphin Discovery • Davenport Development • Consolidated Water • Bodden Shipping • Estera • Water Authority – Cayman • CTMH Doctors • Hospital • Health Services Authority • MedLab Contributing Supporters: • Abacus Restaurant • Agua Restaurant & Lounge • Auto King Service Centre • Baptist Health South Florida/Miami Cancer Institute • Calico Jack’s • Calypso Grill • Capelli Hair Salon • Caribbean Insurance Practice • Casanova’s By The Sea • Catch Restaurant • Cayman Islands Baptist Church • Cayman Islands Cancer Society • Chicken Chicken • Cimboco • Compass Media • Cost U Less • Cutting Edge • Da Fish Shack • Deckers Restaurant • Derek Larner and the Race Caribbean Crew • DMS Broadcasting • Eclipze Hair Design & Day Spa • Equal Nail Salon • Fiji Water • Foster’s • Gale & Evelyn Tibbetts • Hi Impact Media • Hurley’s Marketplace • Hurley’s Media • Kirk Freeport • Kirk Market • Lighthouse Restaurant • Lucozade • Ministry of Health • Premier Crew • Print Tek • Progressive Distributors Ltd. • Rackam’s • Radiance Dance Studio • Radio Cayman • Salon Fab • Sameena’s Beauty Centre • Seven Fathoms • The Brasserie • The Cake Studio • Tom Foodery • The United Churches (Church Halls) • Today’s Image Beauty Salon • Webster’s Tours • Williams Promotions • Winner’s Circle Grace Repair & Maintenance Services A La Luna Island Jewelry Early Detection Saves Lives Give the Gift of Being Rewarded CAYMANCIGARS.COM ...Because you Deserve it. Call to Order 345-946-2447 cayman compass 21 FRIDAY, 1 NOVEMBER 2019www.silverthatch.org.ky Please join us for ANNUAL GENERAL MEETING on November 19 th 2019 at the Marriott Grand Ballroom from 6pm onwards D avina Bennett, 2017 Miss Universe Jamaica and 2017 Miss Universe second runner-up, is visiting Cayman in the lead-up to the Brunch + Fashion Show taking place this Sunday at Eating House 1503 in Margaritaville Beach Resort. Bennett is assisting with the event, using her extensive knowledge of the industry to train, style, and guide the models, who include Miss Universe Cayman Islands 2019, Kadejah Bodden; Miss World Cayman Islands 2019, Jaci Patrick; and the current Miss Teen Grand Cayman, Ashley Gooden. Drive to succeed Bennett has dreamed of being an international model since childhood, although her first forays into the industry were challenging. “I went to London twice and New York once, and was rejected by over 20 different agencies, and so after these failed attempts I went back to the University of the West Indies to pursue marketing,” she said. “I was later signed up to the Miss Universe Jamaica pageant – behind my back – by my best friend, Jermaine Dyer. He saw the potential in me even though he knew I had no interest in pageants due to a lack of confidence in myself and my abilities. This is why it is important to surround yourself with positive people who believe in you even when you are in doubt.” These positive people include her family and friends, and partner Dimitris Cosvogiannis. “He has been by my side throughout and remains my strongest support system to date,” said Bennett. “I don’t know where I’d be without him today.” Through her experiences on the international stage she has learned valuable life lessons. “I have learned to have thick skin, that all success comes from extremely hard work, drive and believing in yourself as an individual – even when no one else can – and being confident in showing that to the world.” Giving back Her success has also enabled her to give back to the community through her foundation, The Davina Bennett Foundation for the Deaf. “The foundation came about Fashion show utilises skills of 2017 Miss Jamaica, Davina Bennett cayman compass 22 L FRIDAY, 1 NOVEMBER 2019 n compassn compassn livingSunday Brunch and Fashion Show Sunday, 3 Nov. 11am - 2:30pm Eating House 1503 by Roy Yamaguchi This event launches the resort’s weekly bottomless champagne brunch and highlights Margaritaville Beach Resort’s retail shop pieces, Live Life Like A Song. Buffet style brunch. Cost is $60 with unlimited bubbles; $50 without bubbles. Reservations can be made by emailing dine@eatinghouse1503.com or calling 345-640-6441. after I was inspired by a deaf model I was training at Sway Caribbean Model agency back in 2017. I was very fond of her, her abilities and her will and drive to thrive as a deaf model,” Bennett explained. “I was inspired and empowered to start a foundation to do more for deaf people like her. Since then I have done a total of four projects in deaf schools across Jamaica, including partnering with the popular Sigma Run (a run, walk, wheelchair 5K event) in Jamaica as an ambassador to donate millions to a deaf school to aid in their needs.” Future aims Bennett is hopeful her visit to Cayman will extend further than the brunch event. “I hope to stay for a while to do more on the island, helping girls, mentoring and spreading positivity, and seeking opportunities to brand and give back to this beautiful Caribbean island,” she said. She also hopes to continue to impart her knowledge to Miss Cayman titleholders and future beauty queens. “I hope to pass on my knowledge to guide them along the way in their upcoming pageants to be better versions of themselves.” As for wider aims, next year will be heavily focused on the Paris modelling agency she has partnered with investors to start. She also hopes to continue the training and grooming of girls for future pageants, travelling and establishing herself in the Caribbean and beyond, and to continue accepting and maximising the benefits of the opportunities as they come her way. compass 23 FRIDAY, 1 NOVEMBER 2019 cayman compassn compassn ville be ms, next year used on the ency she has estors to start ontinue ooming g g ey 23Churchill’s Funeral Home We have been asked to announce the passing of Mrs. Annie Zelma Ebanks who passed away on Friday October 25, 2019 Details of a Thanksgiving Service will be Announced at a later date. Condolences can be registered at churchillsfuneralhome.com ng of 2019 b hillsfuneralhome.co Wosila Rochester 10 May 1945 - 29 October 2012 ~ 7 Years at Rest No farewell words were spoken, no time to say goodbye. You were gone before i knew it, and only God can tell me why. It broke my heart to lose you but you didn’t go alone, for part of me went with you, the day God called you home. ~ Forever in my Heart, Greatly Missed Your Daughter, Michele In Loving Memory of my Beloved Mother Shirley Yvonne Broderick, aged 83 passed away peacefully in her sleep on October 18, 2019 at Florida Medical Center. Shirley was born on December 5, 1935 in Kingston Jamaica. Survivors include her beloved sister Beverly Helen McKenley and her three children - Dr. Jenifer Broderick-Thomas, Pastor Shelley Wilson (Penny), Percival Broderick III, (Tertius), Son in laws - Dr. Kevin Thomas, Rev. EC Wilson, eight beautiful grandchildren and a host of relatives and friends. A Celebration of Life will be held on Saturday - November 16 @ 1 p.m at St. Benedict’s Episcopal Church 7801 N.W. 5th Street Plantation, Florida 33324 Community Annoucement Churchill’s Funeral Home We have been asked to announce the passing of Mr. Sherman Eddington Manderson AKA “Sherry” who passed away on Sunday, October 20, 2019. A Thanksgiving Service will be held at Wesleyan Holiness Church, 150NW Point Rd, West Bay Grand Cayman on Saturday, November 2, 2019 at 3:00 p.m. Viewing: Closed Casket Interment at: Boatswain Bay Cemetery Condolences can be registered at churchillsfuneralhome.com ng of 2019 t Rd, m y chillsfuneralhome.co cayman compass 24 FRIDAY, 1 NOVEMBER 2019DAILY HOROSCOPE YESTERDAY'S SOLUTIONS Puzzle 16210 ACROSS: 1 Standstill, 8 Genie, 9 Georgia, 10 Taffeta, 11 Delve, 12 Malawi, 14 Trifle, 17 Visor, 19 Remnant, 21 Opinion, 22 Refer, 23 Go downhill. DOWN: 2 Tuneful, 3 Niece, 4 Signal, 5 In order, 6 Legal, 7 Pacesetter, 8 Get a move on, 13 Worried, 15 Fearful, 16 Erenow, 18 Swing, 20 Mirth. CURTIS By Ray Billingsley BLONDIE By Y. Marshall PEANUTS By Charles M. Shulz HÄGAR THE HORRIBLE By Chris Browne THE LOCKHORNS By Bunny Hoest & John Reiner ARIES (MARCH 21 TO APRIL 19) Try to travel in the next three weeks, because you will love this. You also will enjoy taking courses and doing anything where you can learn something new. TAURUS (APRIL 20 TO MAY 20) Romance will be affectionate and sweet in the next three weeks. Gifts, goodies and favors from others will come to you. Yippee! GEMINI (MAY 21 TO JUNE 20) Relations with partners and close friends will improve in the next three weeks. An easygoing and give-and-take nature will exist in all your relationships. CANCER (JUNE 21 TO JULY 22) Relations with co-workers and cus- tomers will improve in the next three weeks. Many of you will also see ways to improve your job. LEO (JULY 23 TO AUG. 22) Love at first sight might occur in the next three weeks. Vacations, sports events, parties, the arts and fun activities with kids will appeal to you. Lucky you! VIRGO (AUG. 23 TO SEPT. 22) You will enjoy redecorating where you live in the next three weeks. This is an excellent time for real estate speculation or looking for a new place to live. LIBRA (SEPT. 23 TO OCT. 22) You can make money with your words in the next three weeks. You also will be happier because you will appreciate your surroundings. SCORPIO (OCT. 23 TO NOV. 21) You might see ways to increase your earnings in the next three weeks. However, you also will want to spend money on pretty things. SAGITTARIUS (NOV. 22 TO DEC. 21) Take a look in the mirror to see how you can improve your appearance in the next three weeks. This is an excellent window of time to buy wardrobe goodies for yourself. CAPRICORN (DEC. 22 TO JAN. 19) In the next three weeks, you will enjoy time alone to contemplate your navel and relax. You might discover that being aware and being in the moment is the best way to be. AQUARIUS (JAN. 20 TO FEB. 18) Friendships will be meaningful to you in the next three weeks. Many of you will become more involved with creative, artistic people. PISCES (FEB. 19 TO MARCH 20) Because you make a great impres- sion on others, especially in the next three weeks, many of you will strike up a romance with a boss or someone in a position of authority. BY FRANCES DRAKE FRIDAY, 1 NOVEMBER 2019 ACROSS 1 Full of life (5) 4 Pillage (7) 8 Turncoat (3) 9 Opportune (4-5) 10 By mistake (2,5) 11 Soiled (5) 13 Company of performers (6) 15 Impassive (6) 18 Chock (5) 19 Evident (7) 21 A court game (9) 23 Light meal (3) 24 Mischievousness (7) 25 Of the moon (5) DOWN 1 Judgment (7) 2 On the credit side (2,3,4) 3 Inferior (5) 4 Worthless (6) 5 Nervously tense (7) 6 Faint (3) 7 Healthily red (5) 12 Obtained dishonestly (3-6) 14 Accurate (7) 16 Be without hope (7) 17 Stout (6) 18 A unit of magnetic flux (5) 20 Open to bribery (5) 22 Follow closely (3) The Compass CROSSWORD PUZZLE The Compass UNIVERSAL KAKURO Puzzle 16211 The numbers in the black cells are clues. Numbers above the slash are across clues. Number below the slash are down clues. The goal is to enter digits 1 - 9 in the white cells to add up to the number clues. You cannot enter any digit more than once when adding up to clue. cayman compass 25 FRIDAY, 1 NOVEMBER 2019Notice Changes in Prime Rates on KYD and USD Effective 30 October 2019, Fidelity Bank (Cayman) Limited decreased the USD and KYD prime rates by .25% to 4.75%. The decrease in the Prime rates followed a decision by the US Federal Reserve Bank to decrease its Fed Funds Reserve rate by .25% on 30 October 2019. I am in that age group where I’m not old enough to really loathe technology, but not quite young enough that my mobile phone is crammed with selfies. Yes, I use my iPhone a lot, and yes, I would probably offer a robber a kidney rather than lose it, but I also know when it is time to put it away. In my opinion, a phone should never appear in the cinema and only in a restaurant when one is dining alone. I was in a popular local restaurant last week, having dinner with a friend, and we looked over to see a couple at another table eating dinner together; yet, by all indications, they were dining solo. Both of them were heads down, texting away, oblivious to each other’s presence. I’ve seen the same when families dine at a hotel or restaurant. The kids have their tablets, Mum and Dad have their phones, and barely a word is spoken all night. My mother was a high school teacher for many years, and as much as it could be difficult getting kids’ attention back then, I can’t imagine what it is like now. Teachers are battling against personal mobile devices all day long. Come back, notes passed in class – all is forgiven! My biggest pet peeve, however, is the phone in the cinema. The worst offenders are those who don’t mute their phones and actually take a call in the middle of the film. But even those who turn them on to check for a message (and maybe reply back) drive me absolutely barmy. The light from the screen shines out like a beacon and completely distracts any who witness it. It has become such a frequent occurrence that I enter the theatre with my blood already close to the boil, knowing … waiting … for some person to see if a friend has LOL’d in response to a post of theirs, right at a crucial moment in the film. At that point I’ll ask them as politely as I can if they can put their device away. I rarely get an apology – usually I’m viewed as the person making a mountain out of a molehill. I then sit back down and seethe; not even the sight of Brad Pitt in shorts can cheer me up at that point. I just turned 50 this year, so perhaps I am finally entering the age bracket of those who think we are better off without technology. Let me make a note of that in my iPhone. MARK MUCKENFUSS mmuckenfuss@compassmedia.ky First, it was Jimi Hendrix … fashioned from bottle caps. Now, artist Marc Laurenson has created a portrait of Mick Jagger from cast-off toys. The large format reproduction of a famous early photograph of Jagger is one of more than two dozen artworks made from repurposed materials now on display at Mojo Gastro Pub, on the second floor of Bayshore Mall. ‘Trash Talks 2’ is a follow up to the ‘Trash Talks’ show held at Premier Wine and Spirits Tap Room in April. In addition to Laurenson’s pieces, artist Kerwin Ebanks said the new exhibit features textiles by Rhonda Edie, mixed media by Nasaria Suckoo Chollette, sculpture by Ebanks and Joseph Betty, fluid art and epoxy resin by Marcia Codner, Bonnie Lambert and June-South Robinson, and sea glass jewelry by Olivia Sutton. Several of the pieces are for sale. However, the aim of the exhibition is to stimulate dialogue on the issues of pollution, sustainability and effective waste management. It is also hoped that the show inspires others to explore the many ways they can repurpose objects in their artwork. The exhibit opens on Friday and runs through 31 Dec. Admission is free. Hours are 11am to 10pm daily. Second edition of ‘Trash Talks’ opens Stoak'd Cayman's Marc Laurenson created this portrait of Rolling Stones singer Mick Jagger from used toys. It is one of the pieces in 'Trash Talks 2' at Mojo Gastro Pub. Steven Sokohl is once again taking the plunge for a good cause. The Cayman Islands resident is planning to join the annual ‘Polar Bear Plunge’ on New Year’s Day in East Hampton, New York in a bid to raise funds for charity. He braved the frigid waters of the Atlantic Ocean three years ago, raising $8,000 for Rotary Sunrise to support the service club’s local and international projects. “My goal this time is to raise $27,000,” he said. He said 20% of the funds are earmarked to buy Christmas gifts for the children at the Frances Bodden Children’s Home and the Bonaventure Boys Home and 80% to help complete construction of a medical clinic Las Mangas, La Ceiba, Honduras. “The local population has very limited access to medical care and the clinic will have an enormous impact to a very rural area in Honduras,” he said. Sokohl grew up in New Jersey and recalls watching members of the Coney Island Polar Bear Club on their New Year’s Day polar plunge, and it was something he wanted to experience. As most polar bear plunges partner with charitable organisations, Sokohl said the East Hampton event – which raises funds for the local food pantry – was an ideal vehicle to seek donations for Rotary. Sokohl, chief financial officer with WB Financial Group, has raised around $9,000 in cash and pledges so far and has set up a GoFundMe page, ‘Freezin’ for a reason’ for donations. The chilly dip will see the long- time member of Rotary Sunrise brave a water temperature that hovers around 40-45 degrees Fahrenheit. The words he used to describe jumping into the freezing cold water: “Sensational, stupidity or, as all Rotarians say, ‘Service above self’.” He added the best part of participating in the plunge is “finishing alive, and the knowledge that all contributions are going toward good causes.” How to contribute GOFUNDME https://www.gofundme.com/f/polar-bear-plunge-freezin-for-a-reason EMAIL: steven.sokohl@wbfinancial.ky Taking the plunge for charity Steven Sokohl WHEATON’S WAY cayman compass 26 L living living opinion FRIDAY, 1 NOVEMBER 2019Karen Ryan celebrates a milestone in her career at the Cayman Compass this year – 1 Nov. 2019 marks her 40-year anniversary with the company. She joined the Compass in 1979 as a typesetter, learning the publishing field from the ground up. Karen honed her skills in graphic design, layout and production before joining the commercial print division. She’s seen vast changes in printing technology, but one area remains constant: the satisfaction that comes from a job well done. “I enjoy what I do,” she says. “When you see the finished product and the client is happy, that makes it all worthwhile.” Karen Ryan When you see the finished product and the client is happy, that makes it all worthwhile. Graphic Designer Compass Print Cayman Compass Promotion For more information call 949-8699 or visit www.britcay.kyFor more information call 949-8699 or visit www.britcay.ky VACATION Rental Cover SAVE UP TO $500 with Buildings Insurance $50,000 Personal Accident Cover at No Extra Cost INTEREST FREE Payment Options SAVE 10% on Private Motor Vehicle Insurance with Buildings Insurance GRAND CAYMAN The Cenotaph, Elmslie Memorial Church Harbour Drive CAYMAN BRAC The Cenotaph, District Administration Lawn Stake Bay Sunday, 10th November, 2019 at 10:45 am Dress Code: Business Attire Poppies to be worn Assemble by 10:30 am Contact: Grand Cayman: (345) 244-3612 Cayman Brac: (345) 244-4414 Kensington House, 69 Dr. Roy’s Drive P.O. Box 2510 | Grand Cayman KY1-1104 | Cayman Islands +1 (345) 949 3344 | www.stuartslaw.com (L to R) Richard Annette (Partner & Head of Litigation), Hon. Robert McMillan (Judge), Shuvra Deb (Senior Associate) and Chris Humphries (Managing Director). Stuarts congratulates Shuvra Deb on her admission to the Grand Court of the Cayman Islands Chris Humphries, Managing Director states, “Shuvra adds to Stuarts Walker Hersant Humphries’ wide ranging experience in corporate and insolvency litigation and she will join our busy team as a much-needed part of our firm’s growth.” Richard Annette, Partner and Head of Litigation says, “having Shuvra join the litigation team, contributing first class knowledge and expertise, further strengthens Stuarts’ litigation practice.” Our primary objective is the provision of timely, cost effective and first-class legal advice specialising in commercial and corporate litigation, insurance related disputes and insolvency. If you would like more information about this topic, please contact Richard Annette at (+1 345) 814-7920 or email at richard.annette@stuartslaw.com. www.stuartslaw.com cayman compass 27 FRIDAY, 1 NOVEMBER 2019Physician’s Office A clinical practice is interested in merger/clinical collaboration. The current scope of practice is combined primary care and specialist general medicine. Caymanian physician in general medicine/urgent care or established clinical practice in medicine sub-specialty only. Contact: Olayinka Adedayo MD, FACP 32 Passadora place, P.O Box 12256, Grand Cayman KY1-1011, Cayman Islands 345-925-9581/345-938-9581 Butterfield reports ‘solid’ 3Q earnings after ABN Amro deal MICHAEL KLEIN mklein@compassmedia.ky Butterfield reported net income of $42 million or $0.79 per share and $49 million or $0.91 per share on a core basis in the third quarter, which was notable for the early closure of the group’s acquisition of ABN Amro (Channel Islands). As expected, the deal had an impact on net earnings through higher expenses and lowered net interest margins as Butterfield acquired a larger multi-currency balance sheet. “However, once the business normalises, we expect continued growth to long-term profitability from this acquisition,” Michael Collins, Butterfield’s chairman and chief executive officer, said in an earnings call. Collins described the results as “solid”, adding in a press release that the group was making “excellent progress” combining the acquired ABN AMRO [Channel Islands] business with its existing Guernsey bank. “We have been working to integrate ABN AMRO [Channel Islands] since the early close of the deal on July 15, 2019. Client relationships and employee retention have been broadly stable throughout this period, while customer and staffing integration are progressing well,” he said. Collins acknowledged that the bank experienced an anticipated staff turnover. But the expected cost savings remain at the same levels as when the deal was first announced in April. “We continue to view this deal very favourably and believe that Butterfield’s increased presence in the Channel Islands enhances our position as a leading bank and trust company in those core markets with increased scale and improved organic growth prospects.” Third-quarter earnings continued to benefit from stable and growing fee income, expense management and an expanding balance sheet, the Butterfield CEO said. The core return on average tangible common equity for third-quarter 2019 was 22.5%, compared to 24.6% for the previous quarter and 24.9% for third-quarter 2018. Net interest income increased by $1.2 million in the third quarter to $86.3 million as a result of an increase in average earning assets following the ABN Amro (Channel Islands) acquisition. Net interest margin, in turn, dropped 66 basis points to 2.52% from the previous quarter and was down 85 basis points from 3.37% in third- quarter 2018, also as a result of lower yielding cash and short-term US dollar securities in Bermuda and Cayman. Interest rate cuts in the US and the resulting lower US prime rate referenced in Cayman loans as well as the inclusion of the ABN AMRO (Channel Islands) loan book at lower yields also reduced loan yields by 45 basis points to 5.22%. However, non-interest income of $46.6 million increased during the period compared with $44.2 million in the previous quarter due to higher foreign exchange revenue, and custody and asset management fees from the acquired business in Guernsey. Non-interest expenses were also slightly lower in the third quarter at $90.4 million, down from $91.7 million, as the second quarter of 2019 included restructuring costs in Bermuda and the Channel Islands and costs associated with the departure of a senior executive. On a core basis, non-interest expenses were higher in the third quarter of 2019 due to costs associated with the ABN AMRO [Channel Islands] acquisition. Butterfield announced a $0.44 dividend, which will be paid on 15 Nov. to stockholders of record on 4 Nov. In other news, Mark Lynch, a former partner at Wellington Management Company, joined the bank’s board as an independent director, bringing the total number of directors to 10. He served as Wellington’s senior financial services analyst, and was also a portfolio manager of mutual funds, hedge funds, and institutional portfolios over that period. “Under Mark’s leadership, Wellington Management was part of the investor group that participated in the Bank’s recapitalisation in 2010,” Collins said. “Mark has a deep understanding of our business and markets, and recognises the value and growth potential of our franchise.” ICAZ North America holds 2nd annual conference in Cayman The Institute of Chartered Accountants Zimbabwe (ICAZ) North American chapter recently held its second annual conference in the Cayman Islands. The chapter represents over 120 members who trained and qualified as chartered accountants in Zimbabwe, now living and working in the US, Canada and the Caribbean. Inspired by the ever-changing professional landscape for accountants, the theme of this year’s conference was ‘Breaking the Mould - Fuelling Creativity’. As public expectations for chartered accountants are rising globally, it is important that they acquire new skills in a rapidly changing business environment: From participating in the launch and use of emerging technologies and financial instruments, to rewriting the framework for how these should be used, valued and audited. “Chartered accountants have been left with little choice but to break out of the established and traditional accountancy functions,” said Richard Maparura in a press release. “They have pursued new paths in different careers by collaborating with professionals in various other fields like IT, Human Resources, Regulation, Law, Music and Sport. In the process they have been instrumental in creating new business solutions to the challenges facing their clients and communities.” The two-day conference included an evening gala dinner and a boat cruise after the event. Duduzile Shinya, the senior vice president of ICAZ, in her address, emphasised the institute’s mission to enhance the international standing, brand and recognition of the chartered accountant (Zimbabwe) qualification to benefit its members and the institutions they serve. Zimbabwe-born Blair Lilford, founder and owner of SALT Technology Group, spoke about innovation and creativity in his presentation. SALT was named 2017 and 2018 Microsoft Partner of the Year for the Cayman Islands and received the Outstanding Innovation Award from the Cayman Islands Chamber of Commerce in their first year of business. The keynote speech was followed by a panel discussion consisting of five speakers from the fields of asset management (hedge funds), blockchain technology and cryptocurrency, human resources, law and regulatory compliance. Hellen Chemeli, Petri Basson, Alistair Mills, Gail Lufu, and Anna Nyaundi discussed how they used their creativity to create, capture and take advantage of opportunities in ways that have added value to their clients, or helped them as individuals to switch to a different career path. The evening gala featured a keynote address from EY-trained CPA Linda Maduwura, who narrated her life journey and experiences in breaking the mould and defying societal boundaries. Following a career in the alternative investment industry in Bermuda and California, she launched fund accounting and consulting services firm Fife Avenue Partners. Butterfield completed the early closure of the group’s acquisition of ABN Amro (Channel Islands) on 15 July. cayman compass 28 B business FRIDAY, 1 NOVEMBER 2019The Office of the Director of Public Prosecutions and the national coordination team spearheading Cayman’s work to enhance its anti-money laundering capabilities held a training session at the George Town Public Library on 23-24 Oct, featuring UK legal expert John Ringguth. He addressed Crown counsel on their role in relation to anti-money laundering and counter financing of terrorism. “John’s wealth of knowledge assists the work being carried out by the various Government agencies,” Elisabeth Lees, national coordinator for the Anti-Money Laundering Steering Group, said in a press release. “His prior experience educating members of the international community on AML/CFT specifics will allow us to address targeted areas within our framework. “In addition to Crown Counsel, John has met with members of the Financial Reporting Authority, the Financial Crimes Unit and the Joint Intelligence Unit of the Royal Cayman Islands Police Service, and the Cayman Islands Monetary Authority, all with a view to assisting the proactive investigation and prosecution of cases.” The sessions are part of government’s work to address the Caribbean Financial Action Task Force’s March 2019 report on Cayman’s anti-money laundering regime. The critical report recommended specific actions Cayman should take to strengthen its anti-money laundering framework. Cayman is under a one- year “observation period” by the FATF, ending in February 2020, to remedy any shortcomings. “During the sessions with the prosecutors, we covered some important topics such as the role of prosecutors in relation to money laundering and terrorist financing, the prosecution of legal persons, third party laundering and the development process from intelligence through to investigations and finally prosecutions,” Ringguth said in the release. “It was a very interactive session and these local prosecutors offered some useful insights into the work being done in the Cayman Islands and the more proactive approach being undertaken.” Crown counsel receive FATF standards training Global growth would benefit from a weaker US dollar, but a weaker US dollar requires a sustainable pickup in global growth. This paradox is one of the central challenges facing the global economy and the strength of the dollar last year was one of the factors behind the current economic slowdown. Since 1980, the US share of global growth has fallen from 22% to 15%. However, the dollar remains as important as at any time since the end of Bretton Woods in 1971. While the US only accounts for 10% of world trade, the dollar accounts for around two-thirds of global security issuance, foreign exchange reserves and emerging market external debt. Furthermore, one-third of countries explicitly peg their currency to the dollar and 70% use the dollar as their anchor currency. The world is on a dollar standard and a stronger dollar causes pain in a number of ways. Around 50% of global trade is invoiced in dollars, so when the dollar appreciates this creates a headwind for world trade. The financial crisis provided an important example; dollar strength and a squeeze on trade financing meant that trade declined significantly, even in regions with little exposure to the troubled US housing market, such as Asia. The rise of dollar-denominated debt outside the US means that dollar strength tightens global financial conditions. For countries or companies with dollar debt but local currency cash flows, a stronger dollar can be equivalent to a rate rise, which can be painful if it coincides with slower growth or weaker revenues. After the Asian financial crisis many countries built up their reserves, but dollar exposure can still cause stress via private sector balance sheets. As the world’s reserve currency, the US provides the most flexible, deep and open capital markets in the world, which allows countries to build reserves. The conventional thinking is that this gives the US an exorbitant privilege because they import goods using their own currency. However, economist Michael Pettis has argued persuasively that the cost associated with providing the reserve currency is a factor in the current trade war. His argument is that these inflows create distortions and as long as the US absorbs these foreign flows they need to respond with either more debt or face higher unemployment. This quickly becomes complicated, but President Trump is aware of the potential benefits of a weaker dollar and has turned his attention to the currency. Since 1995, the US has had a strong dollar policy, but under the current administration this is now uncertain. The most obvious channel to weaken the dollar is pressuring the Federal Reserve (Fed) to cut rates. While rates have indeed fallen, weaker growth outside the US has kept the dollar strong. Many expected this year to be a rerun of 2016, when a combination of easier US monetary policy and stimulus in China boosted growth. However, the China stimulus has been much more measured this time. Returning to trade, a key issue is that the basic assumptions underlying the benefits of global trade have been undermined: Firstly, that the countries benefitting most from global trade see currency appreciation, and secondly, that the winners spend their “winnings”. While Trump focusses on China’s competitive devaluation, his accusation was only valid between 2003 and 2014. Today, Germany is a big beneficiary of trade, yet it is not seeing currency appreciation, due to euro membership, and it is also not spending enough. The positive news is that there are good reasons for the dollar to fall. The currency is expensive, the budget deficit is almost $1 trillion and the Fed is cutting rates while also launching a form of quantitative easing. Furthermore, pressure is increasing on Germany to increase spending, which would increase imports and allow rates to rise back above zero. While growth in China is structurally slowing, recent measures should also help to stabilise growth. A longer-term solution to dollar dominance was recently suggested by Bank of England Governor Mark Carney and involves a Synthetic Hegemonic Currency. Carney mentioned Facebook’s Libra, but this has a host of problems and Jamie Dimon has since described it as “a neat idea that will never happen”. So, Libra is not the answer, but Carney’s wider point does help to advance the conversation. In the short term, global manufacturing is showing tentative signs of stabilising, thanks in part to responsive central banks. However, if growth continues to weaken then the dollar is likely to remain strong with the rest of the world continuing to export stagnation to the US. In this case, we are likely to end up with more of the same - negative rates in Europe and increasingly radical fiscal and trade policy in the US. Nicholas Rilley is an investment manager/fund analyst, Asset Management in Bermuda. Sources: Bank of England, TS Lombard, Carnegie Endowment for International Peace, Council on Foreign Relations, Gavekal. Disclaimer: The views expressed are the opinions of the writer and whilst believed reliable may differ from the views of Butterfield Bank (Cayman) Limited. The Bank accepts no liability for errors or actions taken on the basis of this information. The world needs a weaker dollar RiverStone, an insurance run-off management company, has acquired two Cayman-based captives: GMPCI Insurance Company and Seaside Indemnity Alliance Company. Seaside was formed in 2013 to assume hospital and physician professional liabilities in Connecticut. GMPCI was formed in 2005 to insure anaesthesiologists, certified registered nurse anaesthetists and registered nurses, primarily in Massachusetts. “We are very excited to complete our first transactions in the captive space,” said Matt Kunish, chief business development officer of RiverStone, in a press release. “We were able to provide a solution as part of a larger transaction. With over 20 years’ experience in the traditional insurance markets, we look forward to using our expertise in the captive space.” He added, “In addition to providing insurance risk solutions, we also see an opportunity to use our skills to provide other services to the captive industry, including claim handling services.” RiverStone acquires two Cayman-based captives BY NICHOLAS RILLEY Butterfield market watchwatc cayman compass 29 B business FRIDAY, 1 NOVEMBER 2019Next >