1) MEDIA RELEASE Date: Monday, 15 September 2014 Contact: Angela Piercy Direct line: (345) 244-2266 Tel: (345) 525-2266 • Fax: (345) 949-6374 E-mail address: angela.piercy@gov.ky Twitter: @CaymanFinServ Official Websites: www.gov.ky; www.caymanfinance.gov.ky FOR IMMEDIATE RELEASE Should Cayman Adopt Daylight Savings Time? The Cayman Islands Government is considering whether it would be beneficial to adopt Daylight Savings Time (DST) – the practice of adjusting clocks one hour forward during the longer summer months, and back again in the fall – and is inviting the public to give their views on the subject. ‘The move to DST has potential benefits for the traditional pillars of our economy – tourism and financial services’, said Minister of Commerce Wayne Panton. For tourism, he noted that DST would increase the time that cruise ships are in port; stimulate shopping and dining experiences; and make it easier for some visitors to adapt to local time. For financial services, he said the move would put Cayman more in sync with its large client base in New York; and eliminate some discrepancies in travel schedules, which will simplify business travel. DST has been in use for more than 100 years, and was first introduced by Germany as a fuel-saving measure during World War I. Today, about 80 countries and territories around the world have some observation of DST. Regionally, Bermuda and the Bahamas are examples of similar countries that have found it beneficial. The discussion on DST’s advantages or disadvantages typically focuses on energy use, public safety, health, economic effects, and inconvenience. The public is encouraged to read Government’s consultation paper, and to take the online survey titled ‘Daylight Savings Time’, on www.dci.gov.ky, under ‘New Developments’. The consultation period ends on Thursday, 30 October. -end- 1|Pag e