Archive for November, 2014
CUC raises $50m to fund new diesel plant
(CNS Business): Grand Cayman’s power supplier has raised $50 million in the US markets from an unsecured private debt placement. Caribbean Utilities Company (CUC) raised the cash from different institutional investors to finance the development of a 39.7 MW diesel power plant and other capital expenditures. CUC was recently awarded the contract to supply itself […]
Regional watchdog worried over telecom takeover
(CNS Business): The regulatory authority for the Eastern Caribbean region has said that a preliminary review of the takeover of Columbus International by Cable & Wireless Communications (CWC) raises competition concerns. The Eastern Caribbean Telecommunications Authority (ECTEL) said the deal could have a potentially negative impact on competition with a reduction in the choice of […]
CIG’s infrastructure plans inspire conference theme
(CNS Business): Organisers of a property and construction conference schedule to take place in Grand Cayman in March next year said the theme for the industry gathering is inspired by the Cayman government’s plans to prioritize a number of major infrastructure projects. Some 200 delegates are expected at the Royal Institution of Chartered Surveyors (RICS) […]
HR professionals gen up on Immigration technology
(CNS Business): Thirty people from Chamber of Commerce member companies recently took advantage of a free workshop delivered by immigration officials. The HR personnel were walked through the Immigration On-Line (IOL) facility offered by the government department. IOL was described as a powerful tool that business owners and HR staff can use to efficiently manage […]
Latest G20 summit holds no surprises for Cayman
(CNS Business): Following the G20 summit in Brisbane last week questions remain over how much the latest talks on global tax transparency will impact Cayman and other offshore jurisdictions. Despite the bluster from international politicians in the build-up to the summit over clamping down on multinational corporate tax dodging, illicit cash flows and jurisdictions that […]
Treasure Island resort goes bust
(CNS Business): The future of one of Grand Cayman’s long standing resorts is in jeopardy after receivers were appointed last week to deal with Treasure Island. Restoration Cayman Ltd, the company that owns the 280-room resort on Seven Mile Beach in the heart of the tourist district, has gone into receivership in the face of […]
Cayman tops offshore deal making
(CNS Business): Cayman was the leading destination for offshore deals in the third quarter of 2014, according to a report by local law firm Appleby. The jurisdiction attracted 155 deals with a cumulative value of US$13.68bn, accounting for 25% of the total deal volume and 29% of all dollars spent on offshore targets. “In the last […]
DoT helps local wedding planners
(CNS Business): As the leading luxury wedding business summit, ‘engage!14 :: Cayman Islands’, got underway last week at the Ritz-Carlton, Grand Cayman, local experts and service providers in the community were invited to a special complimentary ‘mini-engage!14’ symposium, which was tailored to their needs and where they had the chance to engage with colleagues and experts […]
Bermuda waits for level playing field on ownership register
(CNS Business): The Bermuda government has said it will not be creating a publicly available register of beneficial owners of firms domiciled there before the UK, the USA and Canada all adopt the same type of access. Despite receiving similar pressure as the Cayman Islands government from the UK to create a register that will be […]
RBC shutting down Caribbean wealth management arm
(CNS Business): The Royal Bank of Canada is pulling out of the wealth management business in the Caribbean, a decision that will impact Cayman jobs though the number of workers that will be hit has not yet been confirmed. This is the second Canadian bank with branches in the Cayman Islands that appears to be cutting […]
Recruitment firm hires YPP graduate
(CNS Business): SteppingStones has recently hired a young Caymanian mother they met while volunteering for the Young Parents Programme. Sharon Woodman was introduced to the company through the programme when the local recruitment firm volunteered by providing seminars and workshops on resumé writing, interview preparation, worth ethics and other relevant subjects. Woodman was initially hired […]
Banker walks free from $20bn tax evasion charges
(CNS Business): Former head of UBS Raoul Weil has been acquitted by a US federal jury on all charges of conspiring with as many as 17,000 US taxpayers to abuse Swiss bank secrecy to hide $20 billion in secret offshore accounts. Jurors in a Fort Lauderdale, Florida, federal court reached their verdict after deliberating less […]
DMS to hosts offshore funds summit in Brazil
(CNS Business): DMS Offshore Investment Services (DMS) will host its 4th Annual Offshore Investment Funds Summit in São Paulo, Brazil, on 18 November. The firm said that this year’s summit will focus on the opportunities and challenges for Brazilian asset managers seeking to raise capital offshore, and developments in the local market with investment diversification […]
Planning sought for solar power
(CNS Business): A renewable energy providers which is currently in discussions with Caribbean Utilities Company (CUC), the power distributors for Grand Cayman, has applied for planning permission to start the development of a 5MW solar power plant. According to CUC, which is currently the sole supplier of electricity for the island, it is anticipated that […]
Bank remains mum on potential local job losses
(CNS Business): Following the announcement last week by Canada’s Scotiabank that it will be closing some 35 branches in the Caribbean region, with a potential loss of over 500 jobs, it is not clear how many of them will be in the Cayman Islands. Ahead of its fourth quarter earnings announcement next month, the bank […]
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