Editorial: 'Twas a year of survival

The year 2009 has been an eventful and challenging one for the Cayman Islands in general and Cayman Net News in particular as we all try to survive “Hurricane Lehman” – the term coined by Britain’s Guardian newspaper to describe the global financial crisis precipitated by the collapse of investment bankers Lehman Brothers.

Compared to the day or so of direct impact and the weeks of initial recovery thereafter brought upon us by Hurricane Ivan five years ago, the effects of the global economic storm have been with the Cayman Islands for a year or more and there is still some doubt as to when we will come out the other side.

In 2004, dominance in local media was in effect thrust upon us by the hand of nature rather than man when, for a period of time, we became the only source of news in print and online in the immediate aftermath of Hurricane Ivan.

And lest readers forget – or never knew in the first place – the publisher of this newspaper was the first to bring the Cayman Islands to the world in the shape of the venerable Nor’wester magazine some 40 years ago and the world to the Cayman Islands through the introduction of the country’s first television service to homes and businesses.

Yes, we have had to face some major challenges this year but we have kept going and, in fact, some of the changes that have in effect been forced on us are helping us to weather the ongoing economic storm.

In particular, we have slashed our production and operating expenses, whilst at the same time continuing to publish a quality newspaper, which now includes some improvements in presentation and layout that we hope readers and advertisers will appreciate.

It is fitting at this time of year that we once again pay tribute and give thanks to those individual members of our loyal staff who remained with us who, along with other local individuals and businesses, have helped us bring news, information and commentary to the people of the Cayman Islands and the world.

In addition, we would like to give thanks to those advertisers and financial institutions that not only supported us when times were better, but have sustained us during this difficult economic situation.

Thanks are also due to our many readers for their moral support and encouragement during these tough times.

The year ahead will no doubt be another difficult one for these Islands as we continue to try to find a way through the economic morass in which we all seem to be stuck. Having discovered that there was, in fact, no Santa Claus in the shape of substantial foreign aid donors following Hurricane Ivan, we are once again left to rely on our own resources of adaptability and ingenuity during the current economic storm.

The one bright spot in recent months was the emphatic vote of confidence on the part of international investors, led by the sterling efforts of HSBC Bank, in the shape of the four times oversubscribed first sovereign bond issue by the Cayman Islands government.

We hope that the government and private sector will have the necessary acumen and wisdom to build on this foundation during 2010 in order to put the country on a far better and sustainable financial footing for the future.

For our part, we will continue to address the issues of the day with rigorous political neutrality and, once again, we remind politicians that they should not construe our airing of what might be an uncomfortable issue for them as political partiality. Our only agenda is the good of the Cayman Islands and the best interests of our people, and we do so quite frankly in this regard.

We have never succumbed to intimidation or manipulation by printing only what the financially rich and politically powerful want us to publish. We are in the business of publishing news, information and opinion, regardless of whether or not those in positions of authority and influence want to read it.

We do not seek controversy, but we will not shrink from it. We do not seek confrontation, but we will not avoid it. We consider that we have a duty to all the people who live in the Cayman Islands and our international audience to keep them informed and up-to-date with current events in these Islands, the region and the world at large, and we will not shirk from fulfilling that duty.

As we close out a year of survival and look forward to better times ahead, it is our sincerest wish that God’s richest blessings and the good news be yours this Christmas and in the New Year 2010.

Posted in: World News