23.02.2014 Views

Volume 21 Issue 24: June 23, 2011 - fp Turks and Caicos

Volume 21 Issue 24: June 23, 2011 - fp Turks and Caicos

Volume 21 Issue 24: June 23, 2011 - fp Turks and Caicos

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

p www.<strong>fp</strong>tci.com______________________________________________________________________________________________________________ <strong>June</strong> <strong>23</strong>, <strong>2011</strong><br />

f LOCAL<br />

▶ 05<br />

Scotiabank Investment Summit bears success<br />

PIMCO Vice President Kimble Skov, Scotia Private Client Group<br />

Investment Advisor Kevin O’Sullivan <strong>and</strong> Arrow Capital CEO<br />

Jim McGovern<br />

Two heavyweights in the financial<br />

industry visited the<br />

<strong>Turks</strong> <strong>and</strong> <strong>Caicos</strong> Isl<strong>and</strong>s last<br />

week, giving local investors insight<br />

into the current investment<br />

market.<br />

PIMCO Vice President Kimble<br />

Skov, whose firm manages<br />

$1.3 trillion in assets worldwide,<br />

gave TCI investors a bearish<br />

view of bonds. Arrow Capital<br />

CEO Jim McGovern explained<br />

why “hedge fund” are not dirty<br />

words. Arrow is one of the most<br />

experienced alternative investment<br />

fund companies in Canada<br />

with CAD $1.2 billion in assets<br />

under management.<br />

Scotia Private Client Group<br />

Investment Advisor Kevin<br />

O’Sullivan invited the two experts<br />

to an Investment Summit<br />

he designed to offer clients “more<br />

information” <strong>and</strong> confidence in<br />

investing in the currently volatile<br />

markets.<br />

O’Sullivan says he wanted<br />

to share global market insight<br />

with SPCG’s TCI resident investors.<br />

The goal was well achieved,<br />

thanks to clever presentations<br />

by McGovern <strong>and</strong> Skov that put<br />

often complex financial concepts<br />

into easily underst<strong>and</strong>able real<br />

world examples.<br />

After a rough past two years<br />

in financial markets, Skov <strong>and</strong><br />

McGovern preached safe investment<br />

practices that offer longterm<br />

gains by means of bonds.<br />

Skov said PIMCO’s outlook,<br />

based on in-depth industry<br />

analysis <strong>and</strong> insight from consultants<br />

such as Alan Greenspan<br />

<strong>and</strong> Gordon Brown, is mixed<br />

over the next nine months. “We<br />

are long-term investors,” he said,<br />

explaining the benefits of safe<br />

yield bonds.<br />

McGovern said his firm is<br />

focused on income generating<br />

vehicles over the next five years.<br />

This includes “diversifying like<br />

crazy,” which he said alternative<br />

investment funds can be good<br />

for.<br />

The one-day summit was held<br />

at the Regent Palms, closing with<br />

a roundtable discussion of which<br />

emerging markets are worth<br />

keeping an eye on, where the yen<br />

is going against the dollar <strong>and</strong><br />

what industries they see having a<br />

positive growth potential.<br />

O’Sullivan says the feedback<br />

received from clients was<br />

very positive, <strong>and</strong> the firm was<br />

pleased to bring the experts to<br />

the TCI.<br />

Earlier this month the Royal Fleet Auxiliary (RFA) Wave Ruler made a Regional<br />

Engagement Visit to Gr<strong>and</strong> Turk.<br />

Royal ship visits capital<br />

Gr<strong>and</strong> Turk was given the royal treatment<br />

this week when a U.K. naval ship<br />

visited the country’s capital.<br />

From <strong>June</strong> 16-20, Royal Fleet Auxiliary<br />

(RFA) Wave Ruler made a Regional Engagement<br />

Visit to Gr<strong>and</strong> Turk. This was<br />

the third time the ship has visited the<br />

<strong>Turks</strong> <strong>and</strong> <strong>Caicos</strong> Isl<strong>and</strong>s, the first being<br />

in July 2008 to Providenciales.<br />

During its four-day visit, Wave Ruler<br />

conducted Humanitarian Aid <strong>and</strong> Disaster<br />

Relief visits in order to enhance<br />

awareness of facilities available on Gr<strong>and</strong><br />

Turk, <strong>and</strong> to assist Wave Ruler in preparing<br />

to provide future humanitarian aid<br />

assistance should the isl<strong>and</strong> require it.<br />

The Wave Ruler assisted Gr<strong>and</strong> Turk<br />

in September 2008 when Hurricane Ike<br />

caused major damage throughout the<br />

isl<strong>and</strong>. Teams were deployed on various<br />

tasks, including restoring power to the<br />

isl<strong>and</strong>’s reverse osmosis plant, providing<br />

temporary roofing <strong>and</strong> restoring power<br />

to the health clinic, as well as distributing<br />

bottled water <strong>and</strong> food.<br />

Wave Ruler has previously been stationed<br />

in the Far East, Persian Gulf <strong>and</strong><br />

in the South Atlantic, supporting the<br />

Falkl<strong>and</strong> Isl<strong>and</strong>s, as well as working in<br />

territorial waters around the U.K.<br />

A significant part of the Royal Navy’s<br />

presence is patrolling the North Atlantic<br />

<strong>and</strong> Caribbean. Wave Ruler’s primary<br />

role is to provide support to the U.K.<br />

Overseas Territories <strong>and</strong> strengthen the<br />

U.K. government’s commitment in the<br />

region. This role includes providing regional<br />

support in the event of natural disasters<br />

such as hurricanes.<br />

Whilst at sea working in support of local<br />

defence <strong>and</strong> police forces, from a host<br />

of Caribbean nations together with the<br />

United States Coast Guard, Wave Ruler<br />

conducts maritime patrols.<br />

FirstCaribbean adds<br />

‘CIBC’ to name in<br />

co-br<strong>and</strong>ing move<br />

As part of a new co-br<strong>and</strong>ing exercise, First-<br />

Caribbean International Bank is adding its<br />

parent company name to its title.<br />

On <strong>June</strong> 20, FCIB announced that it will be<br />

br<strong>and</strong>ed under the CIBC banner by adopting<br />

the co-br<strong>and</strong>ed name of CIBC FirstCaribbean<br />

International Bank.<br />

FirstCaribbean’s parent company, CIBC, says<br />

the goal is for FCIB to be more closely aligned<br />

to the CIBC br<strong>and</strong>, while still maintaining the<br />

FirstCaribbean name <strong>and</strong> local identity.<br />

“By joining together the strong br<strong>and</strong>ing<br />

identities of both CIBC <strong>and</strong> FirstCaribbean,<br />

CIBC FirstCaribbean represents the proud<br />

heritage <strong>and</strong> uniqueness of the Caribbean<br />

backed by the financial strength of CIBC,<br />

one of the largest <strong>and</strong> best capitalized banks<br />

in Canada,” explained Michael Mansoor, the<br />

bank’s executive chairman.<br />

The transition to the new CIBC FirstCaribbean<br />

identity is expected to be gradual over the<br />

coming months as the CIBC FirstCaribbean<br />

br<strong>and</strong> is introduced to operations across the<br />

Caribbean region. “The addition of CIBC to<br />

the FirstCaribbean br<strong>and</strong> emphasizes CIBC’s<br />

long-term commitment to the Caribbean region,<br />

our employees <strong>and</strong> our clients,” says the<br />

bank’s CEO John Orr. “Our clients <strong>and</strong> our<br />

employees across the Caribbean will continue<br />

to benefit from the long-term investment that<br />

CIBC is making in the region that dates back<br />

to our first branches opened in 1920.”<br />

PAID ADVERTISEMENT<br />

Check it out<br />

Digicel Postpaid Winner!<br />

Marketing Specialist Trina<br />

Adams presents Digicel’s<br />

latest Postpaid Rewards<br />

winner Bethany Henfield,<br />

Employee of PPC, with a<br />

cheque for $1000. To be<br />

eligible for $1000 monthly<br />

prizes, customers are<br />

encouraged to pay their<br />

bills on time <strong>and</strong> in full<br />

before the 22nd of each<br />

month.

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!