Archive for May, 2016
Cayman to extend BO info exchange and repeal secrecy law
(CNS Business): After just two days in London, the Cayman Islands Government has announced plans to enter into deals, similar to the one it has with the UK, over the exchange of beneficial ownership information with other jurisdictions and to amend the notorious secrecy law. On the eve of the UK’s anti-corruption summit, Premier Alden […]
Panama Papers published on line
(CNS Business): The huge database of documents, now known as the Panama Papers, relating to more than 200,000 offshore accounts has been posted online. The full database became accessible to the public for the first time at 18:00 GMT on Monday at offshoreleaks.icij.org. Anyone can now search the extensive data base, which includes many entities registered […]
Formal professional training established for judiciary
(CNS): The judiciary is adopting a more formalised process of training for judges and magistrates with the creation of the Judicial Education Committee (JEC) to help maintain a forward-looking approach to the changing legal world. It comes against the backdrop of a change to legislation last week to move magistrates, in terms of their employment […]
Golden Spoons Review: Karoo
(CNS Foodie): When it comes to brunch in Cayman, Karoo might not be the first place you think of. And in a place where brunch ranks high in the top 3 things to do on a Sunday, you might be looking for somewhere fancy, with a grand buffet laced with carved watermelons and petite pastries. […]
Warm weather and new customers boost CUC profit
(CNS Business): Both the weather and an increase in customers helped to drive profits up for Caribbean Utilities Company (CUC) in the first quarter of this year, despite increased depreciation, maintenance and amortization costs, according to results released by the power provider on Grand Cayman. The firm also claimed that it had a 99.9% reliability […]
EU blacklist of tax havens coming within six months
(CNS Business): A European-wide blacklist of non-cooperative tax jurisdictions is definitely coming and will be announced within six months, according to EU officials. Member of European Parliament (MEP) Jeppe Kofod, who is part of the TAXE2 Committee that a delegation from Cayman recently appeared before, confirmed to CNS Business that an EU blacklist for non-cooperative […]
UN calls for greater global tax coherence
(CNS Business): Statistics released by the United Nations Conference on Trade and Development (UNCTAD) Tuesday revealed considerable volatility in foreign direct investment flows in 2015, with investment flows to offshore financial centres retreating from a high of $132 billion in 2013 to $75 billion, in line with previous years. But the report noted that there […]
First US cruise ship for fifty years docks in Havana
(CNS Business): More than 700 passengers on the first cruise in almost 50 years arrived in Havana Monday on a Carnival ship, which left Miami on Sunday. The Adonia, which is part of its Fathom cruise fleet, steamed into Cuba to be greeted by waving crowds. Although Americans still cannot legally visit Cuba as tourists, […]
UK-Cayman beneficial ownership deal more secure than register
(CNS Business): The system agreed by the UK and the Cayman Islands over how beneficial ownership information will be shared with the relevant authorities is safer than a centralised public register because the new platform for access will not require information to be aggregated in one place, which would have made it vulnerable to hackers, […]
CORE programme grows another 2MW
(CNS Business): The Electricity Regulatory Authority (ERA) has sanction an expansion of Caribbean Utilities Company’s Consumer-Owned Renewable Energy (CORE) Generation Programme, which will see more residential and commercial customers who are using alternative power, such as solar and wind, to feed back another two megawatts of power to the grid. The Feed-in Tariffs (FITs) programme, […]
Golden Spoons Review: Casanova
(CNS Foodie): Casanova is considered one of the best restaurants in Cayman. It is situated right on the waterfront in George Town, and if it’s ambiance you are after, you will not be disappointed. We had a very pleasant young man as our server. When he came to the table, he enthusiastically recommended the specials […]
Butterfield reports increase in earnings but fall in profit
(CNS Business): Butterfield Bank reported an increase in its core earnings for the first quarter of this year of more than 24% but saw its net income decline by $1.2 million, or 4.3%, compared to the same time last year. During the first three months of the year, bank officials said asset quality was strong […]
Ex-senior cop to lead DCI enforcement team
(CNS Business): A former chief inspector with the RCIPS has taken up the post of head of Compliance and Enforcement at the Department of Commerce and Investment (DCI), which has added four new staff members over the last month to beef up enforcement of the laws relating to the business community. Claudia Brady, who started […]
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