Archive for August, 2015
UK and Cayman agree on beneficial ownership principle
(CNS Business): The stand-in overseas territories minister has indicated that the UK and the Cayman Islands are in agreement over beneficial ownership, despite indications that the British government is still pushing for a central register. On a short visit to Cayman last week, Grant Shapps said he believed the two governments were in agreement over […]
Local trade website hack hits 1,000s of users
(CNS Business): The Cayman-based web directory and trading site, Ecay Business, has been hacked, impacting what the local regulator has said is thousands of user accounts, passwords and email addresses. Users are being urged to change their passwords and any other passwords they use on other sites similar to the ones used on Ecay.
Cayman’s internet domain set to go global
(CNS Business): The Information & Communications Technology Authority (ICTA) will be opening up access to the .KY domain on the global market Wednesday, allowing anyone in the world to register a local Cayman domain on a first-come, first-served basis. Managing Director Alee Fa’amoe said that the ICTA has identified interest on the international stage for […]
Rivers urges tourism sector to give locals jobs
(CNS): The employment minister is urging employers in the tourism industry to offer real job opportunities for local people and remove any artificial barriers preventing them from being employed. Speaking at a recent networking drive organised by CITA and the NWDA, Tara Rivers also told would-be workers in the sector to embrace, promote and display great customer […]
Companies get two month waiver to abide by new law
(CNS Business): The Companies (Amendment) Law 2015 will commence on Monday 2 November and requires companies to notify the registrar of any changes to their directors and officers within 60 days of the change. It establishes a CI$500 penalty per company for a breach of that obligation, up to a CI$2,500 fine for five or […]
LIME promotes young Caymanian to HR manager
(CNS) Local telecommunications firm LIME has appointed Matthew Seales as its new human resources manager for the Cayman business. Seales has worked for LIME Cayman Islands for the last seven years, having started as a retail sales associate and worked his way up to retail sales manager, looking after several stores. Now, officials said, he will […]
Cayman based compliance course certifies first graduates
(CNS Business): Two senior compliance experts working in the Cayman Islands financial services sector have become the first graduates of a specialist course created by the International Association of Certified Compliance Specialists (IACCS), which is based in Cayman. Marco Capelli and Crystal Hennings have acquired the designation of Certified Compliance Specialist (CCS) after completing the […]
LA passes laws for financial services sector
(CNS Business): Several bills relating to the Cayman Islands’ offshore financial services sector were passed in the Legislative Assembly last week, when parliament members convened for the second meeting of the budget year. Minister of Financial Services Wayne Panton highlighted four bills he said were critical for the financial future and the investment firms of this country.
Half year figures confirm tourist sector growth
(CNS): The number of visitors to the Cayman Islands on overnight trips and on cruise ships is still rising, according to the half-year figures recently released by the Department of Tourism. As Cayman faces the controversial decision about cruise piers in George Town, figures for cruise arrivals this year show that, despite a lack of […]
Cash transfer firms stay open using US currency
(CNS): Three of Cayman’s money transfer businesses have entered into new arrangements that will deal with US currency transactions only, which will enable them to continue providing cash remittance services after a number of local banks pulled out of partnerships with them. Increased concerns over the risks of these kind of financial transactions and pressure […]
Private sector development boom fails to materialize
(CNS Business): Progress on the private sector construction projects government is depending on to boost the local economy is thin on the ground as the PPM administration passes its halfway mark. From Frank Sound to George Town, government has touted a number of proposed developments by private sector investors that it is hoping will create […]
Ministry wraps up pensions public meetings
(CNS Business): Community members gathered one last time on Thursday night at the George Town Town Hall to discuss the proposed changes the Ministry of Employment and the Department of Labour and Pensions have suggested in the National Pensions Law 2015. Minister of Employment Tara Rivers said the ministry set out to gain public input […]
Cayman Airways reveals new aircraft
(CNS Business): Cayman Airways expanded their aircraft fleet on Friday with a new turboprop plane that will exclusively service between Grand Cayman and Cayman Brac. The 34-seater Saab 340B+ aircraft will replace the 30-seat Embraer E120 service, which is currently operated under a wet-lease arrangement with InterCaribbean Airlines.
Fraud expert joins KRyS Global
(CNS Business): Cayman-based fraud investigation and asset recovery firm, KRyS Global, which was recently retained by the Cayman Islands Monetary Authority to help conduct forensic audits on the authority, has now hired Kevin Haywood Crouch as Global Head of Forensics and Consulting. Last week CIMA Chair Grant Stein revealed that KRyS Global would review any transactions […]
Gas prices on the rise
(CNS Business): The planning minister has questioned the basis for the increase of fuel prices and suggested that oil companies are “making hay while the sun shines”. Kurt Tibbetts continues to push for some type of public utilities commission to oversee the islands’ two major fuel distributors. Such a body will have the power to check and order […]
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