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GRAND CAYMAN, Cayman Islands, April 30, 2012 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (GLRE - News) today announced financial results for the first quarter of 2012. Greenlight Re reported net income of $65.1 million for the first quarter of 2012 compared to a net loss of $43.0 million for the same period in 2011. The fully diluted net income per share was $1.75 for the first quarter of 2012, compared to a net loss per share of $1.19 for the same period in 2011.

Fully diluted adjusted book value per share was $23.29 as of March 31, 2012, a 15.1% increase from $20.23 per share as of March 31, 2011.

"There are signs that the reinsurance market is slowly improving. However, in an environment which remains quite competitive, we continue to be diligent and cautious as we identify underwriting opportunities that we believe offer attractive risk adjusted returns," stated Bart Hedges, Chief Executive Officer of Greenlight Re. "We are pleased that our investment portfolio performed well during the quarter, as we continue to grow book value per share over the long term while preserving capital."

Other financial and operating highlights for Greenlight Re for the first quarter ended March 31, 2012 include:

"We continue to take a consistent, disciplined approach in executing our underwriting and investment strategies," said David Einhorn, Chairman of the Board of Directors. "As the market turns, Greenlight Re is well-positioned to capture new opportunities given our solid balance sheet, reputation, and customer-focused orientation."

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the first quarter of 2012 on Tuesday, May 1, 2012 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. First Quarter 2012 Earnings Call.

To participate, please dial in to the conference call at:

U.S. toll free 1-877-317-6789

International 1-412-317-6789

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Greenlight Re Announces First Quarter 2012 Financial Results

With a backdrop of tales of corruption and murky collusion in the Caribbean, two former senior British police officers are set to confront each other in a courtroom battle that could shed new light on a Scotland Yard team's controversial investigation in one of the world's largest tax havens.

The former head of the Cayman Islands' police force is suing for wrongful dismissal after he was sacked four years ago during an inquiry into an alleged illegal break-in at a newspaper office. The search was part of a local leak inquiry over claims of improper links between police and press on the British overseas territory. But after Scotland Yard was called to the islands in 2007, the case spiralled into a multimillion-pound inquiry that reached the top ranks of the local judiciary.

The affair resulted in a clearout of the top ranks of the islands' police force, the wrongful arrest of a senior judge who was later awarded more than 1m damages, embarrassment for the Met and professional disgrace for a British lawyer called in to advise the investigation.

The inquiry codenamed Operation Tempura and overseen by former assistant commissioner John Yates, who later quit the Yard over the phone hacking scandal was halted in 2009 without any successful prosecutions and with the Scotland Yard team dispatched from the Caymans.

But the controversy is set to be reignited with a legal battle that could feature documents that the Foreign Office has refused to make public because of fears it could damage the islands' multi-billion-pound offshore finance industry.

The sacked police chief, Stuart Kernohan, is due to appear at a mediation hearing in June in London to try to reach a deal over his claim against the Attorney-General of the islands, as well as the man who led the Scotland Yard probe, former Detective Chief Superintendent Martin Bridger.

If the case is not resolved, it will go to the Grand Court of the Caymans where details of potentially embarrassing private meetings between senior police and British-appointed officials are likely to be aired. "This is typical of this whole case," one of the lawyers closely involved in the case told The Independent. "Someone has made a complete and utter cock-up and unless people start disclosing documents we won't find out who it was."

The saga soured relations between Britain and the Caymans and comes amid new turmoil in the tax haven. The Independent reported last month that a Conservative peer, Lord Blencathra, faces investigation over lobbying work on behalf of the islands. The islands' Premier is at the centre of three police inquiries, including two into financial irregularities, according to reports from the Cayman Islands. William McKeeva Bush denies the claims.

"The continual rumours of investigations... are reminiscent of, and consistent with, the Operation Tempura fiasco and other attempts over the years," he said in a statement reported last week. "It is now obvious to the Premier that there are certain civil servants in the Foreign and Commonwealth Office...who continue to apply the policies of the former UK Labour Government with a view to destabilising the Cayman Islands."

Operation Tempura started in 2007 following claims that a senior police officer was passing confidential information to a newspaper proprietor. Mr Kernohan, with a force of only a few hundred officers, asked for Scotland Yard's help. Martin Bridger, a veteran of anti-corruption investigations, was sent and began a secret inquiry.

More here:
Cayman Islands: The Met's Caribbean connection

30-04-2012 12:18 On the eve of New Jersey Tax Freedom Day on May 1, Assembly Republican Leader Jon Bramnick said the state needs to continue its focus on reducing income taxes and controlling the cost of government in order to return the state to prosperity. Bramnick was joined today at a press conference in the State House by Assembly Republican members Donna Simon, Rob Clifton and BettyLou DeCroce.

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Bramnick: Reducing Taxes is the Best Way to Keep People in NJ and Stay Competitive - Video

BEIRUT: Parliament Speaker Nabih Berri voiced support for the allocations of Parliamentary seats to Lebanese expatriates saying it would lessen sectarianism in the country, reported a local daily Tuesday.

"[I] support the allocation of 10 parliamentary seats to expatriates in the same manner that Algeria and France do and the Lebanese communities would vote for them, Berri told An-Nahar in remarks published Tuesday.

He added that the allocation would be implemented by either increasing the number of parliamentarians or allocating 10 seats for expatriates out of the current 128.

[Mixing] the MPs with others that represent expatriates reduces sectarianism and the intensity of the political rhetoric, Berri said.

Foreign Affairs Minister Adnan Mansour has proposed that Lebanese expatriates be included in the decision-making process.

The Cabinet approved last month a mechanism to allow the Lebanese in the diaspora to vote. Under Mansour's proposal, Lebanese expatriates will be able to vote through their embassies.

The Cabinet is still discussing a draft electoral law that is based on a system of proportional representation, which Berri supports, drafted last year by Interior Minister Marwan Charbel.

The draft law has been met with criticism from both former Prime Minister Saad Hariri and Progressive Socialist Party leader MP Walid Jumblatt.

Lebanons current electoral system is a winner-takes-all. In the 2009 Parliamentary elections, the 1960 election law was implemented which adopts the qada as an electoral district and was used in the 2009 round.

Berri has voiced support for proportional representation that adopts Lebanon as a single qada.

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Berri backs allocating Parliament seats to expats

Apple Inc. is reportedly circumventing huge tax bills by setting up offices in tax havens all around the world, to help avoid Californias present corporate tax rate of 8.84%, amongst others. In Reno, Nevada, the corporate tax rate is 0%, and Apple set up an office there, as well as business hubs in other light tax locales in Ireland, the Netherlands, Luxembourg and the British Virgin Islands. The small business offices help to legally offset the global tax bill by collecting and investing in Apples huge profits $39.2 billion was raked in in Q4 2011.

According a former Apple exec who had a hand in creating the legal tax evasion tactics, the company had devised corporate strategies that take advantage of gaps in the tax code. Apples office in Reno is called Braeburn Capital, (perhaps the British Virgin Islands location is called something like Albermarle Pippin Investments), and invests some of the profits from Cupertino under Nevadas tax codes, to save some funds. Robert Hatta, former iTunes retail marketing chief for Europe, states, We set up in Luxembourg because of the favorable taxes Downloads are different from tractors or steel because theres nothing you can touch, so it doesnt matter if your computer is in France or England. If youre buying from Luxembourg, its a relationship with Luxembourg.

But, so what? Apple already pays a ridiculous amount of taxes worldwide, and their efforts on getting around some of them arent exactly uncommon or unorthodox Amazon has also gone through Luxembourg in the past. Still, with the world economy being all over the place, there will always be those who object to Apple looking for ways to avoid hefty tax bills.

Apple told the New York Times that the company has conducted all of its business with the highest of ethical standards, complying with applicable laws and accounting rules We are incredibly proud of all of Apples contributions, and noted that the corporation pays an enormous amount of taxes, which help our local, state and federal governments.

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Apple Sets Up Shop in Tax Havens Worldwide