Archive for May, 2016
Golden Spoons Review: Eats
(CNS Foodie): Walking into Eats and seeing a restaurant full of comfortable booths with old-time rock ‘n’ roll music playing at just the right level, you can’t help but be optimistic about the food. The US diner atmosphere also lends itself to high expectations of breakfast, which worked out well since we were there on […]
Consolidated Water executives cash in with share sale
(CNS Business): With its share price closing in on five year highs, two executives at Consolidated Water have cashed in some significant shareholdings in the wake of the water company’s first quarter results. Stock watchers, meanwhile, await news on the firm’s Mexican subsidiary’s proposal for a desalination plant in Rosarito Beach, Baja California, which, if […]
BNP Paribas closes Cayman branch
(CNS Business): French bank BNP Paribas is closing one of its two remaining branches in the Cayman Islands, as it continues to scale back its international offshore operations, having closed two Cayman subsidiaries in 2015. However, it will retain a banking presence in Cayman, which it does not classify as a “fiscal paradise”.
Golden Spoons Review: Gabriel’s Grill
(CNS Foodie): Let’s switch gears here and go to a food truck for a quick and easy lunch. Today we chose to check out Gabriel’s Grill, currently parked on Dorcy Drive across from the Honda Dealership. The owners are currently waiting for approvals from Planning to move into the building that is located on that […]
Cayman’s fuel issue skews inflation rate
(CNS Business): The Consumer Price Index (CPI) in Cayman fell by 2.8% during the first quarter of 2016 compared to the same time last year. The apparent deflation in the domestic economy is not necessarily a sign of an impending recession but as a result of a fall in oil prices and a reflection of […]
Cayman banks must adapt to survive de-risking
(CNS Business): The banking sector in Cayman will have to accept new ways of working, including sharing costs and services, in order to survive in the current climate of de-risking, according to US industry consultants that visited the jurisdiction recently. “There has been a paradigm shift in international banking and payments,” said Kobi Dorenbush, former […]
Import values drop due to oil prices
(CNS Business): Demand for imports into the Cayman Islands grew by around 7% in 2015 but the value decline by 6.3% compared to last year because of the fall in oil prices. Figures from the Economics and Statistics Office (ESO) revealed in its Foreign Trade Statistics Report that the total value of goods imported fell […]
UK chancellor backs Cayman’s position on beneficial ownership
(CNS Business): The government has released the response it received from Britain’s Chancellor of the Exchequer, George Osborne, to the letter sent to him by Financial Services Minister Wayne Panton about the Cayman government’s position on the sharing of beneficial ownership information. The UK’s senior Cabinet minister has accepted that any new future regime or […]
Cayman changes perception of offshore centres
(CNS Business): The narrative that the Cayman Islands and other offshore jurisdictions are to blame for the world’s corruption, financial crime and tax evasion is finally changing, Premier Alden McLaughlin and Financial Services Minister Wayne Panton believe. Having openly agreed to sign up to any new mechanisms for exchange of information on beneficial ownership at […]
Golden Spoons Review: The Lighthouse
(CNS Foodie): For Mother’s Day, we tried out the brunch at The Lighthouse in Breakers. While food and service clearly are among the top considerations when deciding on a place to eat, there is no denying the fantastic location of this restaurant, which is right on the water with a spectacular view. Ironically though, we […]
Cayman is on the right path
Grumpy the Cat writes: It sounds like many of the posters on here do not understand that there is a world outside of the Cayman Islands. There are some important events around some funky law firm in Panama and some “independent” journalist organisation that has galvanized much of what in the past was just conjecture.
Industry relieved by Cayman’s limited Panama links
(CNS Business): Although the Cayman Islands appears a number of times in the Panama Papers, which have now been made public, given the amount of data leaked, the jurisdiction has a relatively limited and benign part in the story. As government officials and financial service sector representatives do their level best this week to promote […]
Banks under pressure to shift to electronic clearance
(CNS Business): The government is engaged in talks with local banks to introduce electronic transfers and clearing systems in the first quarter of next year, Financial Services Minister Wayne Panton has stated. He told legislators last week that the six local clearing banks have entered into an MOU with a Barbados-based firm to create a […]
Maedac pulls out of retail fuel trade
(CNS Business): After more than thirty years selling fuel to Cayman drivers, Maedac has pulled out of the gas retail business and will be focusing on its wholesale business and other new business-to-business projects. Maedac Rubis gas station on Crewe Road closed down last week because, Operations Manager Morgan DaCosta explained, it was time for […]
Local lawyers join in the anti-corruption chorus
(CNS Business): With anti-corruption topping the news agenda this week as British Prime Minister David Cameron prepares to host a summit in London Thursday, the local legal profession has added its voice to the growing chorus about the ills of corruption and Cayman’s part in the fight against it. Endorsing a statement from the legal […]
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