Archive for March, 2016
ESO to begin upgraded business surveys
(CNS Business): The Economics and Statistics Office will be starting the annual business surveys next Monday, collecting information to measure the economic performance of the Cayman Islands as a whole and all the individual sectors in 2015. Together, the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys allow officials to gather […]
Cayman fund manager to capitalise on global food shortage
(CNS Business): A new hedge fund which aims to capitalise on demand for environmentally sustainable food is being launched and managed from the Cayman Islands next week. Prairie Wind Advisors, which was established in Cayman Enterprise City (CEC) last year, will bring its Harvest One Fund to market to invest in companies looking to solve […]
Carnival first major US cruise line to sail into Cuba
(CNS Business): The world’s largest cruise company will be the first of the major American lines to cruise to the island of Cuba in more than 50 years. According to international reports, the Adonia, one of the cruise line’s Fathom brand, will sail from Miami with 704 passengers for a week-long trip to the island on […]
Business email scammers target Cayman
(CNS Business): There has been an increase in wire transfer frauds by email against Cayman Islands businesses and government entities, the new Cybersecurity Incident Response Team, CIRT-KY, has warned. The internet security arm of the Information and Communications Technology Authority (ICTA), CIRT-KY said the scammers are masquerading as legitimate businesses in an attempt to make unauthorised wire transfers. “Actors use the compromised […]
Doctors take over local private hospital
(CNS Business): A new company made up of doctors as well as local and international investors has bought the Chrissie Tomlinson Memorial Hospital. CTMH Holdings Ltd, the newly formed holding company, has also purchased land, buildings and related medical companies. The hospital was sold by Dr Steve Tomlinson, who opened the private sector facility in […]
Chamber members impatient for labour reform
(CNS Business): Immigration and labour reform have been identified by Chamber of Commerce members as two of the main issues for the business community, which is becoming impatient for change, according to the new Chamber President Paul Pearson. He also noted the slow introduction of online payment systems within government and said people were spending “countless hours […]
Cayman pushes maritime business
(CNS Business): Government is hoping that a new conference will help boost the country’s growing maritime business. The Cayman Islands Shipping Registry and industry partners, including Maples and Calder and Cayman Maritime Services Park from Cayman Enterprise City, have joined forces to create an annual event. It is hoped that Cayman Maritime Week will promote the […]
Business students practice skills on local firms
(CNS): A number of small-business owners are getting free consultations from business students at the University College of the Cayman Islands as they try out the lessons learned in the classroom in the real world. Now in its eighth year, the programme is a joint initiative between UCCI and the Ministry of Commerce. During the eight-week […]
Tourism minister minimises room loss news
(CNS Business): Cayman’s tourism minister minimised the loss of 53 rooms in the heart of Seven Mile Beach, as he reacted to the closure of the Beach Suites, as well as the sale of that property and the related former Hyatt site to Dart Realty (Cayman). Although Dart has no immediate plans to do anything with the hotel, […]
Dart buys Hyatt, Beach Suites to close
(CNS Business): Dart Realty (Cayman) has acquired another major piece of property in Grand Cayman’s popular tourist area and where the current hotel operation is set to close down in six months. The island’s largest landholder has bought Beach Suites and the former Hyatt Resort, as well as the Britannia Golf Course but the firm has not revealed […]
Bermuda funds on fast track as cost creep clouds Cayman
(CNS Business): Bermuda’s new low-cost, fast track regime for hedge funds is gaining traction, while frustration builds over the growing cost and regulation associated with a Cayman launch. Although the numbers involved are quite modest, industry insiders remain concerned that cost and regulatory creep in Cayman could lead to a tipping point where the conversation […]
Private water firm remains in talks over new licence
(CNS Business): The Consolidated Water Company has said that it is still in talks with the local authorities regarding a new retail licence after its existing deal expired last December. In its operating results for 2015, in which it revealed a drop in sales in both Cayman and the Bahamas but an increase in net […]
Cayman deals equal 25% of all offshore merger business
(CNS): Merger and acquisition deals reached a five-year high in the Cayman Islands last year, according to offshore law firm, Appleby, which said business in Cayman accounted for around one third of the deal volume and over a quarter of the deal value for the entire offshore region. The total cumulative value of offshore M&A deals […]
Developer begins work on road to proposed hotel
(CNS Business): Developers and politicians were out in force Thursday to announce the start of a road that will lead to a proposed new hotel development in the Beach Bay area. Although the project has not started, developers claim St James Point Resort will begin with a 200-room hotel and 75 residential units managed by undisclosed […]
Cayman National ‘regrets’ affiliates’ tax scandal
(CNS Business): Cayman National Corporation (CNC) was quick to pass off revelations that its subsidiaries had, for more than ten years, assisted US account holders in massive tax evasion as an historic issue that impacted lots of other banks around the world. In a statement Thursday the corporation said the conduct was a thing of the past, […]
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