Archive for September, 2014
Cruise line eyes bigger slice of the pie
(CNS Business): Royal Caribbean’s ‘Double-Double Program’, a new three-year profitability initiative that aims to double earnings per share and increase the company’s return on capital to double-digits by 2017, may have a negative impact on cruise ports, including Grand Cayman, according to a Canadian academic who researches the cruise industry. Memorial University of Newfoundland Professor […]
CIMA to co-host insurance seminar with Fitch Ratings
(CNS Business): The Cayman Islands Monetary Authority (CIMA) will co-host a seminar with Fitch Ratings in the Cayman Islands next month. Fitch currently rates the securities of 92 different entities domiciled in the Cayman Islands, and considers it an important market. Sponsors of the event include Cayman Islands Insurance Association, Greenlight Re, RBC Wealth Management, Cayman […]
Noise complaints get mixed response from booze board
(CNS Business): While complaints from residents about the noise from the Kings Sports Centre did not prevent the Liquor Licensing Board from granting the facility a music and dance licence, complaints from Casanova’s about its neighbour, Cayman Cabana, resulted in a refusal for the owner’s request for live music. Last week’s annual general meeting saw […]
Re-zone paves way for Bodden Town hotel
(CNS Business): A recent vote in the Legislative Assembly has paved the way for the development of a new resort in the Beach Bay area of Bodden Town. The project has been on the cards for a long time and the planning minister told his parliamentary colleagues, earlier this month that the current government picked […]
Ogier Fiduciary Services re-brands following MBO
(CNS Business): Ogier Fiduciary Services launched its new brand and identity today, following the management buyout (MBO) from the Ogier Group in June. Chief executive officer Paul Willing said the additional investment would enable the firm to make their client service even better. Elian employs 500 people across 10 offices; the group has delivered 15 […]
Cayman loses ground in global index
(CNS Business): The Cayman Islands has dropped 11 ranks in the Global financial Centres Index 16 (GFCI 16) in the most recent rating of financial centres published this month. Down 23 points, Cayman is now ranked at #54 in the global listing, compiled by the Z/Yen Group, and third in the list of offshore centres, […]
IRS warns IFIs of FATCA scams
(CNS Business): The Internal Revenue Service today issued a fraud alert for international financial institutions complying with the Foreign Account Tax Compliance Act (FATCA). Scam artists posing as the IRS have fraudulently solicited financial institutions seeking account holder identity and financial account information. The IRS said it does not require financial institutions to provide specific […]
Kirkconnell: tourism benefits must trickle down
(CNS Business): If the effects of record breaking statistics for tourism in the Cayman Islands are not trickling down to small business owners and the people who work in the industry “then we are merely skirting round the edges of opportunity and our efforts are seriously missing the mark,†Tourism Minister Moses Kirkconnell told the […]
Sister Islands ‘safe’ from mega-resorts
(CNS Business): Deputy Premier Moses Kirkconnell, who has responsibility for the Sister Islands, says the Cayman Islands’ new National Conservation Law adds significant protection from unsuitable or inappropriate developments. The DP also said he supports the establishment of a strategic development plan for Cayman Brac and Little Cayman to ensure that future developments on the […]
Local movie may show Cayman in new spotlight
(CNS Business): A short film written, directed and produced by an entirely local team which opened in Grand Cayman last weekend shows that movies shot here don’t have to be about money laundering or pirates. Although The Devil you Know film is shot almost entirely in Cayman, the location is unrelated to the story and […]
$1,000 fines for health insurance offences
(CNS Business): Starting next month, the Health Insurance Commission will have the power to impose fines up to $1,000 for both employers and insurance companies for infractions of the health insurance law, though the accused person or company can still opt to take the matter to court instead of paying the fines and they will end up […]
Major roadblock for cryptocurrency ‘haven’
(CNS Business): Capital Treasury Services (CTS), the company that linked Bitcoin businesses to banks in the Isle of Man, has said it will no longer be doing business with digital currency businesses as of next month. CTS said that while government was supportive of efforts to build Bitcoin businesses, its banking partners were not so positive. […]
Still time for input on Sunday trading
(CNS Business): The public has two more weeks to give input on whether or not the Cayman Islands should revise its Sunday trading laws. Commerce Minister Wayne Panton has said he wants to modernize the law and make it more appropriate for the current business environment. The goal, he has said, is to revise the […]
Public consulted on daylight savings
(CNS Business): 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 by the end […]
Update to banking regulations enhances Cayman’s appeal
The Cayman Islands have for decades been one of the world’s leading banking and financial centres, currently ranking as the fifth largest banking centre worldwide, with over 200 banks, including 40 of the world’s 50 largest banks, and over US$1.5 trillion in assets, writes Marco Martins, Managing Partner, Harneys. As is the case in most […]
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