Archive for July, 2015
Builders Bill heading for the LA
(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 […]
Offshore lawyer to head regulatory board
(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 […]
Cayman Shipping Registry in top six
(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.
Cash transfer services hang in balance
(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 National Bank, which facilitates the remaining […]
Power outage costly for small businesses
(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 […]
OTs still face UK demands for beneficial ownership access
(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 […]
Labour bill seeks boss-worker balance, says ministry
(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 […]
Islamic finance on the rise in Cayman
(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.
Cayman gears up for AI summit
(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.
Bank shuts down money transfer business
(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 […]
First alumni graduate from hospitality school
(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 experience many different aspects of Cayman’s hospitality sector.
CITA prepares for Taste of Cayman 2016
(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 Saturday 23, January 2016.
GDP jumps over 2% as inflation falls 0.4%
(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 […]
Dan Scott steps down from Cayman Finance board
(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 and in the Cayman Islands.
CUC in legal wrangle with telecom firms
(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 without permission. CUC filed two writs […]
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