Archive for January, 2016

Cayman hedge fund cancellations spike

Cayman hedge fund cancellations spike

| 29/01/2016 | 6 Comments
(CNS Business): The number of hedge funds registered in the Cayman Islands has fallen after cancellations more than doubled new authorisations in the final quarter of 2015, leaving Cayman’s hedge fund count sitting just below the 11,000 level, against a background of significant volatility in inve [...]

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Bank’s economist predicts spending spree

Bank’s economist predicts spending spree

| 27/01/2016 | 5 Comments
(CNS): A Cayman-based economist at the RBC Royal Bank is predicting that lower gas and oil prices will trigger spending. During a client reception here in the Cayman Islands, Senior Vice President and Chief Economist Craig Wright assessed the global economic trends for the year ahead and told arou [...]

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US talk show star to headline local investment conference

US talk show star to headline local investment conference

| 27/01/2016 | 0 Comments
(CNS Business): Comedian, actor, writer, producer and television star Jay Leno will be the keynote speaker at the Cayman Alternative Investment Summit on Grand Cayman next week. Leno has been a late night chat show host for the last 20 years and was recently inducted into the Television Hall of Fame [...]

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Golf course developers to use waste tyres

Golf course developers to use waste tyres

| 26/01/2016 | 4 Comments
(CNS Business): Developers of a proposed golf resort in the Frank Sound area have struck a deal with a waste company to use the recycled shredded tyres from the George Town dump as fill for an Arnold Palmer 18-hole golf course. Officials from the Ironwood project said they have signed an agreement [...]

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Panton: Mac out of touch with reality

Panton: Mac out of touch with reality

| 26/01/2016 | 5 Comments
(CNS Business): Following recent comments by Opposition Leader McKeeva Bush on Facebook about new standards for the exchange of information introduced in Cayman, Financial Services Minister Wayne Panton said Bush was “completely out of touch with reality”. The latest Common Reporting Standard [...]

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Minister disappointed over daylight savings U-turn

Minister disappointed over daylight savings U-turn

| 25/01/2016 | 15 Comments
(CNS Business): Financial Services Minister Wayne Panton has said he is disappointed that the Cayman Islands Government will not be going ahead with the decision to introduce daylight saving time in March. The minister told CNS Business  it was “unfortunate” that the opposition to the plan had [...]

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Cayman battles to attract insurance business

Cayman battles to attract insurance business

| 25/01/2016 | 1 Comment
(CNS Business): The ripple effects of health care reform in the United States and increasing competition from more than 80 captive domiciles around the world has required diligence by the industry to continue to attract new business, according to the Insurance Managers Association Cayman. However, I [...]

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Broken planes challenge CAL fleet

Broken planes challenge CAL fleet

| 25/01/2016 | 13 Comments
(CNS Business): Cayman Airways Ltd has said that problems over maintenance time, missing parts and damage by a ground vehicle in Tampa caused the many delays and cancellations over the holiday period and beyond. Over the last few weeks around 10% of flights were either rescheduled or delayed by m [...]

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Governor struggles to explain offshore sector

Governor struggles to explain offshore sector

| 25/01/2016 | 36 Comments
(CNS Business): Quizzed over what the Cayman Islands and its offshore sector means to the people of Britain, the governor struggled to answer Jacques Peretti in the documentary aired on the BBC in the UK on Friday evening. “Britain’s Trillion Pound Island”, in which the producer a [...]

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CEC added US $70M to local economy

CEC added US $70M to local economy

| 21/01/2016 | 8 Comments
(CNS Business): Cayman Enterprise City officials say that the special economic zone (SEZ) has attracted 60 new companies over the past year, that its impact to the local economy since its creation is nearly US$70 million and that there are now around 300 zone-based employees. Almost five years aft [...]

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BBC documentary set to scandalize Cayman

BBC documentary set to scandalize Cayman

| 19/01/2016 | 74 Comments
(CNS Business): A new BBC documentary on the Cayman Islands due to air in the UK on Friday is likely to scandalize the jurisdiction once again. Despite efforts  by the Cayman Islands to shake off the tax haven label, the programme by Jacques Peretti will be focusing on the UK territory as a “n [...]

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Cayman copies Delaware for limited liability law

Cayman copies Delaware for limited liability law

| 18/01/2016 | 1 Comment
(CNS Business): Cayman has taken the blueprint from Delaware for the introduction of its new Limited Liability Company (LLC) legislation. Combining the key features of a company and a partnership, when the new LLC vehicle becomes law, it will increase the structuring options for investment funds, me [...]

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Brac hotel upgraded, renamed and ‘reimagined’

Brac hotel upgraded, renamed and ‘reimagined’

| 18/01/2016 | 5 Comments
(CNS): Following major renovations made to the Little Cayman Beach Resort in 2009, which resulted in raising the occupancy to 85% in 2015 – an increase of about 20% since 2008 – the owners have now turned their attention to the Cayman Brac Beach Resort, formerly the Brac Reef. Phase one, [...]

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Tax havens blamed in global inequity crisis

Tax havens blamed in global inequity crisis

| 18/01/2016 | 8 Comments
(CNS Business): Just 62 people hold the same amount of wealth as the poorest half of the entire world population combined, a new Oxfam report published Monday has revealed. The global charity said runaway inequality has seen the wealth of the richest 62 people, mostly men, increase by more than hal [...]

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O’Dea retires from bank’s top job

O’Dea retires from bank’s top job

| 15/01/2016 | 3 Comments
(CNS): After more than 26 years at Butterfield Bank (Cayman) Ltd and over 19 as the managing director, Conor O’Dea is retiring from his executive roles at the bank in April this year. He will then become the non-executive chairman of the board, according to a release from the bank. Sophia Harri [...]

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