Archive for July, 2015

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 agend [...]

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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 confi [...]

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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 Administration [...]

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Cash transfer services hang in balance

Cash transfer services hang in balance

| 28/07/2015 | 0 Comments
(CNS Business): The future of money transfer businesses in the Cayman Islands is up for debate. Government leaders said when it comes to these types of services, in some instances the risks out weigh the rewards. US correspondent banks have pulled out of the “bulk cash business” and Cayman Natio [...]

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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 Clo [...]

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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 leade [...]

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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 [...]

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Islamic finance on the rise in Cayman

Islamic finance on the rise in Cayman

| 22/07/2015 | 1 Comment
(CNS Business): Islamic finance is growing beyond traditional borders to encompass new markets worldwide and continues to make steady inroads in the European and US markets. The Cayman Islands has also become a hub for this type of fund.  [...]

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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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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 subsidia [...]

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First alumni graduate from hospitality school

First alumni graduate from hospitality school

| 18/07/2015 | 2 Comments
(CNS Business): UCCI School of Hospitality Studies held their first annual awards ceremony Thursday night and recognised 19 young Caymanians who had successfully completed the program. The hospitality school was launched in September 2014 and the course has been designed so that students experien [...]

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CITA prepares for Taste of Cayman 2016

CITA prepares for Taste of Cayman 2016

| 17/07/2015 | 1 Comment
(CNS Business): The annual Taste of Cayman Food & Wine Festival continues to draw a crowd year after year, as event goers indulge and a wide range of restaurants get to show off their culinary skills. The Cayman Islands Tourism Association (CITA) is already gearing up for its 28th year on Saturd [...]

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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 [&he [...]

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Dan Scott steps down from Cayman Finance board

Dan Scott steps down from Cayman Finance board

| 16/07/2015 | 1 Comment
(CNS Business): After five years of service on the Cayman Finance Board of Directors, Dan Scott, regional managing partner for Ernst & Young, is stepping down, citing growing commitments at EY, where he is responsible for the firm’s operations in the Bahamas, Bermuda, British Virgin Islands [...]

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CUC in legal wrangle with telecom firms

CUC in legal wrangle with telecom firms

| 16/07/2015 | 1 Comment
(CNS Business): A legal battle has begun as Caribbean Utilities Company Ltd (CUC) seeks a restraining order against two local cable providers in the Cayman Islands. According to papers filed with the Grand Court, CUC officials claim both Logic and C3 used CUC’s utility poles to hang cable lines wi [...]

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