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04 June 2012

The Isle of Man's positive contribution to the global economy, and in particular to the City of London, has been examined a recent report from Ernst and Young.

The government-commissioned report aims to independently substantiate the benefits that international financial centres provide for advanced nations, and to the financial health of the global economy.

The report says that the United Kingdom, a key beneficiary of the Isle of Man's activities, for instance, benefited from USD38.9bn in net financing from Isle of Man sources during the second quarter of 2011, according to Bank of England statistics.

The report further finds evidence of the strong contribution the island makes to the UK's regional development, in particular in the North West where the Isle of Man Aerospace Cluster plays an important role in the growth of the UK's aerospace industry. The report found that the Isle of Man and the United Kingdom should maintain a symbiotic relationship in recognition of the Isle of Man economy's supportive role in balanced growth in the United Kingdom.

The report also recognizes the positive impact on global economic growth of highly-diversified, innovative economies, such as the Isle of Man. The report says: International Business Centres (IBCs) play a key role in contributing to investment, employment and growth in neighbouring countries in particular, and the global economy in general. The report goes on to suggest that the island has led the way amongst IBCs in establishing a modern regulatory system aligned to world best practice, with a conducive environment for strong economic productivity, through the island's internationally-recognized low-tax, and robustly-regulated regime.

Commenting on the Report, John Hopes, Partner at Ernst and Young said: The report demonstrates how the Isle of Man supports UK economys growth and its financial sector. This should not be underestimated. Our report clearly demonstrates the mutually beneficial relationship which exists between the Isle of Man and the UK. The strong economic partnerships between the Isle of Man and the North West, in particular, show the important role the island plays in stimulating growth. At a time when the UK is trying to rebalance its economy... these partnerships are of great importance to the UKs growth prospects.

Welcoming the report, Chief Minister Allan Bell, added: This report provides an objective view of the Isle of Mans economic strengths and the significant contribution we make to the global economy. It also emphasizes the islands vital role, particularly since the credit crunch of 2008, as a provider of financial flows to UK and international markets in three main areas: liquidity, listed companies and investment.

The rest is here:
IoM Plays Key Role For UK Economy

by Richard Parslow

An independent report published on last Friday (June 1) provides further evidence of the Isle of Mans positive contribution to the global economy.

The Economic Research Report, commissioned by the Isle of Man Government and produced by Ernst & Young LLP, describes the Island as a key commercial partner that delivers many benefits to the international community, to the UK, and City of London in particular.

The report finds compelling evidence of this contribution by showing that the Island provided $38.9 billion in net financing to the UK in the second quarter of 2011, according to Bank of England statistics.

The Islands progression from a largely rural economy into a diversified and thriving International Business Centre (IBC) is highlighted, along with its position at the forefront of regulatory standards.

The report also counters critics who claim that IBCs cause distortions in the global economic and financial system, saying a large body of independent research has strongly proved the opposite is in fact true. It adds: IBCs play a key role in contributing to investment, employment and growth in neighbouring countries in particular, and the global economy in general.

The Ernst & Young report is based on a robust and independent analysis of the facts and data, and the results of a series of interviews with key stakeholders.

The findings provide solid evidence that the Isle of Man is a responsible and transparent country that benefits the UK and emerging world markets.

Chief Minister Allan Bell MHK said: This report provides an objective view of the Isle of Mans economic strengths and the significant contribution we make to the global economy. It also emphasises the Islands vital role, particularly since the credit crunch of 2008, as a provider of financial flows to UK and international markets in three main areas: liquidity, listed companies and investment.

He added: One of the overriding conclusions from the report is that the UK and Isle of Man benefit from each others success, and it is in the best interests of the UK to see the Island do well. This is a message we will continue to deliver to UK Government Ministers, MPs and business leaders in Westminster and the City of London.

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Chief Minister welcomes findings of Ernst & Young economic study into Isle of Man

The Cayman Islands released a giant turtle into the wild to mark the anniversary of Queen Elizabeth II's birthday.

The 60-year-old tortoise named Sir Thomas Turtleton weighs 600 pounds and has spent half of his life in a turtle farm breeding with female turtles.

He was released in North Sound, the largest protected bay on Grand Cayman Island, reported the Associated Press.

After his departure from the beach scientists will track him by satellite using GPS.

Read more on GlobalPost:Giant turtle was as big as a car, reveal fossil findings

Sir Thomas spent several decades in the wild honing his survival and foraging skills before becoming a breeder at the Cayman Turtle Farm; we have every expectation that those skills remain intact,"Chief Research Officer Walter Mustin said to the CayCompass.

"Two decades of CTF tagging studies have demonstrated that even farm raised yearlings, raised on artificial feed and then released to the wild, successfully transition to wild diets, grow, migrate, mature, return to nest, and survive.

He is the first old turtle of his size to released into the wild by the Cayman Turtle Farm.

He was released on Saturday at 3 p.m.

http://www.globalpost.com/dispatch/news/science/120603/cayman-islands-releases-turtle-honor-queens-birthday

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Cayman Islands releases turtle in honor of Queen's birthday

The second round of voting in the Egyptian presidential election began yesterday at the Egyptian embassy in Doha. The mission announced that voting would go on until next Saturday, from 8am to 8pm daily. Eligible voters should go to embassy in person with their Egyptian ID, and valid Qatari ID. Votes could also be send by mail. The sealed envelope addressed to the embassy in Doha should include copies of the Egyptian ID or passport with valid Qatari residency, the ballot paper and affidavit indicating voting by mail. The only candidates left in the fray are Ahmed Shafiq, the last prime minister of former president Mubaraks regime, and Mohamed Mursi, the candidate of the Muslim Brotherhood that has claimed the majority in the current Egyptian parliament. The situation is really critical and unique, said an Egyptian expatriate. He felt that both the candidates have not been successful in reflecting the aspiration of the majority of the Egyptian people so far. However, people have to deal with the situation at hand. The Islamists performance at the parliament could not come up to the expectations for those who voted for them. It is really disappointing but the other option would be to go back to the old guards of the former regime. This is really conflicting, yet I am still hopeful that things have better chances to improve that is why I came here to vote, said another voter. Yet another said he is sure that his vote would count and it is history being made. So I have brought my children along so that they could see the voting process. The turnout is expected to considerably increase on the afternoons with the embassy officials affirming that they are only providing logistic and administrative support to ensure that the process runs as smoothly as possible. In the first round of the presidential election more than 19,000 Egyptian residents in Qatar voted, out of a total of 32,000 who had registered online at the official website for the elections.

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Egyptian expats vote in second round of presidential election

The citys former sheriff, John D. Green, recently invoked his constitutional right against self-incrimination in a civil case involving Sheriffs Office real estate sales.

Greens attorney, Peter J. Scuderi, confirmed Friday his client had cited the Fifth Amendment in declining to answer questions from lawyers in the case. He said that was not significant.

"Taking the Fifth means nothing," Scuderi said. "Its just good lawyering. No competent lawyer would allow his client to answer any questions from anybody during the pendency of such an investigation."

Scuderi said he was referring to an ongoing federal probe of the sheriffs operations by the U.S. Attorneys Office in Philadelphia.

Contacted Saturday at home in East Mount Airy, Green, 64, declined to comment. He retired as sheriff at the end of 2010, after 23 years in charge of the office.

The federal investigation was first reported last year, after city controller Alan Butkovitz alleged widespread financial irregularities during Greens tenure.

The Fifth Amendment to the U.S. Constitution states, in part, that no person "shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty or property, without due process of law."

Green invoked that protection when he was scheduled to give a sworn deposition within the last two months in a class-action case that accuses him and his office of illegally failing to make payments to thousands of people who were owed money from the proceeds of sheriffs sales.

The primary defendants in the case are Green, former acting Sheriff Barbara Deeley, who held the post for all of 2011, and the City of Philadelphia.

The plaintiffs several people who lost properties at sheriffs sales, and an agent for others trying to recover money from the Sheriffs Office allege that within 30 days after the sheriff sells a piece of real estate for unpaid debts or taxes, he is required to prepare a distribution schedule for the proceeds. The schedule is supposed to be available for inspection at the Sheriffs Office.

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Former Sheriff Green takes the Fifth in real estate case