Recent Articles

Greenlight Re has 2nd quarter loss

Greenlight Re has 2nd quarter loss

| 04/08/2015 | 0 Comments

(CNS Business): Greenlight Capital Re experienced its second straight quarterly loss for 2015 due to faltered investments, company leaders stated. The Cayman Islands based company announced its financial results this week, with a net loss of $39.6 million, compared to a net income of $109.6 million for the same period in 2014. An underwriting loss […]

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ICTA decides against Local Loop Unbundling

ICTA decides against Local Loop Unbundling

| 04/08/2015 | 0 Comments

(CNS Business): Cayman’s telecoms regulator, the Information and Communications Technology Authority (ICTA), has denied Digicel’s request for access to LIME’s fibre and copper network. Following a three-year debate, the ICTA has determined that the telecoms group does not have to allow access for infrastructure sharing services that Digicel had requested in 2012.

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Cayman prepares for AIFMD passport

Cayman prepares for AIFMD passport

| 04/08/2015 | 0 Comments

(CNS Business): Cayman Islands financial and government leaders said they remain committed to working with the European Securities and Markets Authority as the island,  along with other major jurisdiction, face uncertainty over whether they will be granted the EU’s Alternative Investment Fund Managers Directive (AIFMD) passport, allowing the sale of funds in European countries. ESMA […]

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Brac air arrivals jump 20%

Brac air arrivals jump 20%

| 03/08/2015 | 0 Comments

(CNS Business): Tourism Minister Moses Kirkconnell cites upgrades to the airport on Cayman Brac as a key factor in a 20% increase of tourists to the island in the first half of this year compared to 2014, as well as the introduction of a 30-seater jet aircraft by Cayman Airways. And he said the increase in tourism is good news for […]

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CUC claims 99.95% reliability in latest results

CUC claims 99.95% reliability in latest results

| 03/08/2015 | 5 Comments

(CNS Business): Grand Cayman’s monopoly provider claimed that it had a near perfect rate of keeping the island connected in the second quarter of this year. Despite a blackout across George Town in April that lasted more than four hours, Caribbean Utilities Company (CUC) said that customers on average experienced less than one outage lasting under an […]

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Builders Bill heading for the LA

Builders Bill heading for the LA

| 30/07/2015 | 0 Comments

(CNS Business): The long debated Builders Bill, which would create more accountability in Cayman’s construction industry and protect those who hire contractors, will make its way to the Legislative Assembly when parliamentary meetings continue next month. The bill, which is on government’s agenda for 12 August, is an update to the law passed in May […]

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Offshore lawyer to head regulatory board

Offshore lawyer to head regulatory board

| 29/07/2015 | 2 Comments

(CNS Business): The former managing partner at Walkers, Grant Stein  is the new chair of the Cayman Islands Monetary Authority. Stein replaces George McCarthy, the former chief secretary, at the regulator, which oversees the islands’ offshore sector. Financial Services Minister Wayne Panton confirmed Tuesday that Stein and several other new faces were appointed because existing members […]

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C&W first quarter shows growth across region

C&W first quarter shows growth across region

| 03/08/2015 | 0 Comments

(CNS Business): Cable & Wireless Communications announced revenue is up and trading in line with outlook and Columbus integration was progressing well, according to their recently released interim results. The data gives a detailed analysis on the first quarter performance and financial position since the year ended 31 March. The update revealed revenues of US$583 […]

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Cayman Shipping Registry in top six

Cayman Shipping Registry in top six

| 28/07/2015 | 0 Comments

(CNS Business): A division of the Maritime Authority of the Cayman Islands is making waves in a recently published shipping performance report. In the Tokyo Port State Control 2014 Annual Report, the Cayman Islands Shipping Registry is listed as one of the six best performing Maritime Administrations. 

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Power outage costly for small businesses

Power outage costly for small businesses

| 27/07/2015 | 0 Comments

(CNS Business): The island-wide power outage that left customers all over Grand Cayman without power on Friday proved costly for some small business owners, some of whom are now considering purchasing a back-up generator after losing a day’s worth of business. Carey Burns, owner of Karma Closet & Kids Karma Closet wanted to know, “Is CUC going […]

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OTs still face UK demands for beneficial ownership access

OTs still face UK demands for beneficial ownership access

| 27/07/2015 | 0 Comments

(CNS): The Cayman Islands premier has said that Britain will be putting its overseas territories under pressure to create some kind of beneficial ownership register when the OT leaders meet in London later this year. Speaking in Bermuda at the end of last week following a meeting with the leaders of other OTs, Alden McLaughlin said that even though the […]

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Labour bill seeks boss-worker balance, says ministry

Labour bill seeks boss-worker balance, says ministry

| 27/07/2015 | 1 Comment

(CNS Business): The employment ministry has accused a local lawyer of trying to “sensationalise certain issues” during a Chamber of Commerce presentation to the business community. Ministry officials said concerns about the new labour bill would all be considered during the consultation process but that employers who abide by the law need not fear increased […]

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Bank shuts down money transfer business

Bank shuts down money transfer business

| 20/07/2015 | 6 Comments

(CNS Business): Fidelity Bank leaders said that due to “economic times and risks” they have officially closed the doors to their money transfer service, Western Union, throughout the Cayman Islands. The Board of Directors of Fidelity Bank & Trust International Limited (FBT) and its subsidiary boards have announced that they will no longer offer Western Union […]

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GDP jumps over 2% as inflation falls 0.4%

GDP jumps over 2% as inflation falls 0.4%

| 17/07/2015 | 0 Comments

(CNS) The drop in fuel prices saw inflation fall in Cayman last year and the biggest upturn in the economy since 2007 led to a growth in the country’s estimated Gross Domestic Product (GDP) by 2.1 per cent in 2014. Although the quantity of imports rose in 2014, the value fell by more than $26 […]

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Cayman gears up for AI summit

Cayman gears up for AI summit

| 21/07/2015 | 0 Comments

(CNS Business): The fourth annual Cayman Alternative Investment Summit, an internationally recognized event, will bring together the world’s leading institutional investors and it expected to attract more than 500 prominent executives and hedge fund managers next year. 

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