Archive for November, 2015
Secrecy in BOTs fuelling corruption, says report
(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a World Bank study found that BOTs are the most popular jurisdictions for the corrupt to incorporate a […]
Money transfer business creeps back to Cayman
(CNS): The return of Western Union money transfer services, which will once again offer local currency transfers, was made possible by the Cayman-based Scotiabank, which said it was willing to offer banking services to the firm’s partner, Grace Kennedy, a money transfer company it had worked with for decades, because it was comfortable with its compliance […]
UK wants direct access to Cayman company info
(CNS): The UK’s overseas territories minister has told the Cayman Islands premier that the British government wants direct access to companies registered here for all of their law enforcement agencies, but the Cayman leader has so far refused. As the dispute between the UK and its territories continues, the return of James Duddridge to the OT desk […]
Cayman Finance calls for more public cash to protect industry
(CNS Business): The promotion and protection of Cayman’s financial services industry is badly underfunded, according to the head of Cayman Finance. Speaking last week at the inaugural Members Briefing of the industry’s private sector umbrella organisation, Jude Scott, its CEO, said the local FS industry was in urgent need of proper funding by government to ensure it was able […]
Western Union reopens at Fosters
(CNS Business): The money transfer service firm Western Union has reopened for business at Foster’s Food Fair airport branch, the financial services minister has confirmed. Wayne Panton told CNS Business that as of 9am Tuesday morning, the service was back in business as a result of a new partnership and Fosters would be the agent […]
CIMA under fire in Caledonian saga
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’s insolvency. Questions are also being asked about Caledonian’s […]
Cayman Captive Forum targets generational advantage
(CNS Business): Generational Kinetics, the study of how generational behavior and trends will influence future society and business, takes top billing at the 2015 Cayman Captive Forum, the biggest conference of the year on Island. Over 1,500, mostly international delegates, attended last year’s Forum, and organisers expect even more this year. “Our registrations are up […]
Duddridge to press for open register
(CNS): As the Cayman Islands premier and other leaders of British overseas territories (BOTs) continue to resist the concept of an open beneficial ownership registry to meet the UK’s demands for more transparency regarding the offshore sector, the FCO minister with responsibility for BOTs has said he will be pressing for a commitment to transparency at this […]
C&W sold to Liberty Global
(CNS Business): International telecommunications and cable TV company Liberty Global has bought Cable & Wireless Communications (CWC), the parent company of Flow, for £5.4 billion (US$8.2 billion), which includes £1.8bn of debt. This follows the $3.3bn takeover by CWC of regional competitor, Columbus International, on 31 March of this year, through which they also acquired Flow, which has […]
Government bean counters join private sector for conference
(CNS Business): Public sector accounts and other staff will be joining with experts from the private sector during a professional development conference this week hosted by the Cayman Islands Society of Professional Accountants (CISPA) and government and supported by the Office of the Auditor General. The three-day seminar will focus on a variety of relevant […]
Mac gets his own Chamber lunch presentation
(CNS): The Chamber of Commerce has introduced an “opposition lunch” to provide McKeeva Bush, the leader of the opposition, a chance to address its members to present his views on national topics identified by the council as important to the membership and the wider community. Although the non-profit organization that represents local businesses has hosted […]
CAL’s new Saab christened into fleet
(CNS Business): Cayman Airways’ new Saab 340B+ aircraft was formally christened on Friday 13 November at the Charles Kirkconnell International Airport (CKIA) on Cayman Brac. The airline said that the 34-seat aircraft will be phased into service between Grand Cayman and the Brac this month, replacing the 30-seat Embraer E120, which has operated under a […]
CUC brings in 350 ton generators for new plant
(CNS): As work gets underway at the North Sound Road site where an additional power plant is being constructed CUC brought in the new generating equipment this week. The first 350 ton diesel generating units was offloaded at the George Town Dock on Saturday night but it took over four hours to move the machine […]
Dart names Kimpton resort ‘Seafire’
(CNS Business): The ten-storey hotel and residency resort built by the Dart Realty (Cayman) on the former site of the Courtyard Marriott on the West Bay Road has been named the Kimpton Seafire Resort + Spa. Dart Realty CEO Mark VanDevelde said the countdown to the opening of the luxury resort, scheduled for November 2016, had started with the naming […]
Caledonian’s demise was SEC blunder
(CNS Business): A federal judge has said that the US Securities and Exchange Commission (SEC) got it very wrong when it issued an order earlier this year that froze more than $88 million in assets belonging to two financial institutions suspected of securities fraud that led to the collapse of Caledonian Bank in Grand Cayman. Although […]
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