(CNS Business):  Although UK Prime Minister David Cameron had touted his intention to deal with global tax transparency at last weekend's G8 summit in Northern Ireland, a number of international activists and NGOs believe he and other global leaders failed. Leaders of the G8 major economies agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders and to give automatic access to information on tax affairs for the relevant authorities. But despite the summit communique urging countries to "fight the scourge of tax evasion", not everyone believes the latest agreements will make much difference or lift the veil on the real financial secrecy.

(CNS Business): The publishers of Cayman’s glossiest magazine have purchased the islands' oldest and currently the only daily newspaper for an undisclosed sum and say that it is all theirs. David Legge categorically denied that there are any other shareholders, backers or financial contributors to their recent purchase of Cayman Free Press, which includes The Caymanian Compass. Despite speculation that Legge is the front man for a number of possible owners, he told CNS it was all his and Vicki's, his wife and business partner. Legge has refused to confirm or deny the more than $12 million price tag which has been suggested was paid for the paper, printing press and stable of magazines.

(CNS Business): Cayman’s first and only vegan café which opened in the heart of downtown George Town recently was balancing good and bad news on Tuesday when the owners woke to find their new café Bread and Chocolate had been broken into but they had also made it the widely read Huffington Post with a feature article. Owners Agata Kalicki and Reno Ciantar were obviously upset by the break-in but the burglars who were said to have stolen mostly food including pear tarts and brownies as they obviously agree that the unusual food is a winner.

(CNS Business): With the spotlight still shinning bright on Cayman and other offshore jurisdictions, Cayman is still fending off media attacks and onshore pressure, which means that Cayman’s offshore industry still has a PR fight on its hands to convince the world that Cayman plays a legitimate role in international finance. Having recently appointed Gonzallo Jalles as its first CEO, Cayman Finance now also has a new chair. Former attorney general Richard Coles has now stepped down after two years to make way for Ian Wight, the former head of Deloitte, who has worked within the industry for over 20 years. Coles said the continuous pressure on Cayman meant chairing Cayman Finance was an important job. 

(CNS Business): Anna Harper became the 500th LIME TV customer recently winning a flat screen T and marking the continued advance of the telecommunication’s company into its new market of entertainment.   LIME TV is a new product offered by the firm which is currently offering free trials, free set-up, free set top boxes and free HBO packages for a limited period as it rolls out the internet based service. Danny Tathum, head of retail sales said the initial take up of the TV has been overwhelming and the firm was delighted with the results. 

(CNS Business): With the introduction of major code changes that will impact Cayman’s construction industry next year as the country moves from the 1999 Standard Building Code to the 2009 International Code Council (ICC) family of codes, government officials are offering training to various private sector stakeholders. The Department of Planning is training its own staff in advance of the transition but is inviting interested code officials, architects, engineers and contractors to attend the introductory sessions free of charge. The training begins this week and will be facilitated by England Training Division, a US-based ICC certified training consultancy.

(CNS Business): Cayman Islands Premier Alden McLaughlin stressed that the jurisdiction had not been forced to sign any new agreements during the UK trip this week and that Prime Minister David Cameron has acknowledged the cooperation of Cayman over the years when it comes to issues of tax transparency. He said that Cayman had agreed to publish its action plan regarding beneficial ownership at the same time as other jurisdictions during this week’s G8 meeting.  “The UK was informed nearly two months ago – on 25 April – that Cayman would produce the action plan,” Alden McLaughlin said Saturday following the pre-G8 meeting with Cameron.

(CNS Business): The Cayman government delegation that met with the British Prime Minister David Cameron in London on Saturday has agreed to publish a national action plan on Beneficial Ownership and to play an active part in the new pilot initiative of multilateral automatic tax information exchange launched by the UK, France, Germany, Italy and Spain. The CIG does not appear to have signed any new agreements relating to the onshore world’s planned tax transparency clampdown but it has agreed to commit to joining the Multilateral Convention on Mutual Administrative Assistance on Tax Matters, as previously stated.

(CNS): The Bermudian government appears more reluctant than Cayman’s leaders to commit to the latest international OECD tax initiative ahead of the G8 summit, as Prime Minister David Cameron had hoped. The territory's premier has said he is willing to commit to more transparency but is not ready to sign the Convention on Mutual Administrative Assistance in Tax Matters. The PM has invited the leaders of Britain's territories and crown dependencies to London in advance of the annual gathering of the G8 group, which will be hosted next week by the UK in Northern Ireland. While all three crown dependencies and the Cayman Islands have already given their commitment to the latest convention, if Bermuda and other territories refuse to sign, the UK government’s goal to get what it has described as its "own house in order" before the summit will be missed.

(CNS Business): Although Butterfield bank’s rating with Fitch was confirmed and marginally raised on Tuesday, the rating agency pointed out that while its residential loan portfolio losses “remain manageable” it continues to face pressures. Stating that it considers support from the Bermuda Government for Butterfield to be “extremely high”, Fitch upgraded the bank’s stand-alone viability rating to bbb- from bb+ and affirmed it long-term issuer default rating at A- and retained its stable outlook.

(CNS Business): A group of public prosecutors and corruption hunters have written to G8 leaders this week calling on them to tackle shell companies and money laundering. The group claims that money launderers, corrupt politicians, terrorists, arms traffickers, drug smugglers, and tax evaders all rely on two things to move their dirty money: company structures that allow them to hide their identity, and banks and other professionals willing to do business with them. In the letter to the G8 governments the group says they have “witnessed first-hand the detrimental effects of state looting by unscrupulous politicians and officials”, which hinders development in by depriving governments of the revenue needed to combat poverty.

(CNS Business): The Cayman Islands government will be seeking to ensure that the latest OECD initiative surrounding the exchange of financial information is fair and equitable among all countries, onshore or offshore, when they attend the pre-G8 meeting this weekend. Wayne Panton, the new financial services minister, said Cayman’s commitment to the Convention on Mutual Administrative Assistance in Tax Matters was another step in its long history of compliance with international standards and it will not have any adverse impacts on the local financial services sector provided there is a level playing field around the world for information exchange to maintain the jurisdiction’s competitive edge.

(CNS Business): Although government’s deal with the islands’ largest investor may have hit some serious stumbling blocks along the West Bay Road, Dart Realty (Cayman) Ltd is continuing on with its commercial development at Camana Bay. According to a news release, the firm is beginning work on an office and retail building, covering some 85,000 square feet, at 18 Forum Lane. Joining 94 Solaris Avenue, 69 Forum Lane and 89 Nexus Way, the new building will be the fourth commercial block in addition to the office space in the town centre, diverting more and more of Grand Cayman’s commerce away from George Town. While many welcome the continued growth of the planned mixed-use town, others have concerns that the development is undermining the importance of the islands' capital.