Archive for September, 2015
Bermuda in sights for Cayman law firms
(CNS Business): Two Cayman law firms have announced plans to establish an office in Bermuda, highlighting a resurgence in international business for one of Cayman’s key offshore competitors. While Cayman sees a regular influx of law firms from abroad, an international firm has never set up in Bermuda before, so assuming all the relevant regulatory clearances […]
World’s wealth is growing offshore
(CNS Business): A French economist has estimated that the amount of wealth held offshore has increased by 25% in the last five years and currently stands at around US$7.6 trillion, or 8% of the world’s assets. In a new book, The Hidden Wealth of Nations, which is already grabbing headlines, Gabriel Zucman says that there […]
LIME drops Ericsson to do its own service work
(CNS Business): Local telecommunications operator LIME has cancelled its field service contract with Ericsson and is bringing the maintenance and support work back in-house as part of what it said was its promise “to overhaul and improve its customer service experience”. Cable and Wireless Communications (CWC), the operator of LIME, which is being rebranded to […]
5-star resort expected to bring new life to BT
(CNS): A 200-room five-star hotel and 75 private condos planned for the Beach Bay of Bodden Town has taken a step towards becoming a reality after government signed an official agreement Thursday that will see construction start on the project inside twelve months. The investors involved in the project said the goal was to have […]
Changes coming to liquor law and board
(CNS Business): Government is finalising amendments to the liquor licensing law that will change how booze licenses are allocated, linking them directly to premises rather than individuals. Commerce Minister Wayne Panton said that the forthcoming amendments to the law would see liquor licenses tied to trade and business licences and address some of the problems created […]
CUC and OTEC still hopeful about ocean energy
(CNS): The development of a commercial ocean thermal energy conversion system in the Cayman Islands remains a real possibility, according to both CUC and industry experts, Cayman OTEC. It is almost four years since CUC signed a non-binding ‘term sheet’ with the firm to begin a feasibility study in Grand Cayman, which is seen as […]
Business law to create equity for local commerce
(CNS): Revisions to the Trade and Business Licensing Law passed in the Legislative Assembly almost a year ago are expected to create a fairer environment for local commerce and increase compliance when the legislation is finally implemented next month. The main goal is to curtail illegal vending and make compliance easier, so the law offers […]
Chamber wins DCI workshop contract
(CNS Business): The Chamber of Commerce will be taking over the small business workshops that were being provided by the DCI, government officials have revealed almost a month after the contract was awarded following a tendering process. Government has not said how much it is worth or who else bid but the deal will now see […]
Fidelity won’t pay Trump hackers’ ransom demand
(CNS): A group of internet hackers has reportedly stole data from some of Fidelity Bank’s website but the bank has stated that it will not be paying the ransom of $30,000 demanded by the online crooks, who say they want the cash to support Donald Trump’s bid for the US presidency. The group calling itself “Hack […]
Estonians to teach CIG about e-government
(CNS): A team of experts from the Baltic state of Estonia will be sharing their knowledge and experience with government officials this week about best practices in e-governance. Although successive administrations have pointed to the power of the web as a way of increasing government efficiency and cutting costs, Cayman has been slow to use […]
Lawyers lauded for asset recovery expertise
(CNS Business): A number of lawyers in Cayman have been recognised for their excellence in the field of asset recovery, which is an area providing a buoyant stream of work, despite the relative slowdown in cases connected with the global financial crisis. The Who’s Who Legal guide to Asset Recovery 2015 identified 22 practitioners in Cayman […]
Canadian conference call for Cayman captives
(CNS Business): Representatives from the Cayman Islands captive insurance industry are heading to a major conference in Canada to highlight the benefits of Cayman as a domicile to a key target market. The 2015 Risk and Insurance Management Society (RIMS) Canada Conference is being held in Quebec City from 27 to 30 September and the Insurance […]
Cayman urged to offset carbon footprints
(CNS Business): Local businesses with a heavy carbon footprint struggling to reduce their emissions are being offered a local option for offsetting those greenhouse gases. A new partnership between the National Trust of the Cayman Islands and a local green energy company will help companies compensate for hard to eliminate emissions by contributing to local […]
M&A flurry reshapes Cayman fund administration sector
(CNS Business): A raft of mergers and acquisitions in the fund administration sector has had a major impact on the landscape of the Cayman financial services industry. As a result of market consolidation, the number of fund administrators operating in this jurisdiction has dropped by 28% since the financial crisis.
Strand shopping plaza up for sale at $15.5M
(CNS): One of Seven Mile Beach’s larger shopping centres is up for sale with a price tag of $15,495,000. The Strand Plaza, which is home to one of Foster’s supermarkets and Kirk Freeport’s stores, is on the market and described by the real estate agent who is marketing the property as a “truly exceptional opportunity” — […]
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