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Brac air arrivals jump 20%

Brac air arrivals jump 20%

| 03/08/2015 | 0 Comments

(CNS Business): Tourism Minister Moses Kirkconnell cites upgrades to the airport on Cayman Brac as a key factor in a 20% increase of tourists to the island in the first half of this year compared to 2014, as well as the introduction of a 30-seater jet aircraft by Cayman Airways. And he said the increase in tourism is good news for […]

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CUC claims 99.95% reliability in latest results

CUC claims 99.95% reliability in latest results

| 03/08/2015 | 0 Comments

(CNS Business): Grand Cayman’s monopoly provider claimed that it had a near perfect rate of keeping the island connected in the second quarter of this year. Despite a blackout across George Town in April that lasted more than four hours, Caribbean Utilities Company (CUC) said that customers on average experienced less than one outage lasting under an […]

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Builders Bill heading for the LA

Builders Bill heading for the LA

| 30/07/2015 | 0 Comments

(CNS Business): The long debated Builders Bill, which would create more accountability in Cayman’s construction industry and protect those who hire contractors, will make its way to the Legislative Assembly when parliamentary meetings continue next month. The bill, which is on government’s agenda for 12 August, is an update to the law passed in May […]

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Offshore lawyer to head regulatory board

Offshore lawyer to head regulatory board

| 29/07/2015 | 1 Comment

(CNS Business): The former managing partner at Walkers, Grant Stein  is the new chair of the Cayman Islands Monetary Authority. Stein replaces George McCarthy, the former chief secretary, at the regulator, which oversees the islands’ offshore sector. Financial Services Minister Wayne Panton confirmed Tuesday that Stein and several other new faces were appointed because existing members […]

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C&W first quarter shows growth across region

C&W first quarter shows growth across region

| 03/08/2015 | 0 Comments

(CNS Business): Cable & Wireless Communications announced revenue is up and trading in line with outlook and Columbus integration was progressing well, according to their recently released interim results. The data gives a detailed analysis on the first quarter performance and financial position since the year ended 31 March. The update revealed revenues of US$583 […]

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Cayman Shipping Registry in top six

Cayman Shipping Registry in top six

| 28/07/2015 | 0 Comments

(CNS Business): A division of the Maritime Authority of the Cayman Islands is making waves in a recently published shipping performance report. In the Tokyo Port State Control 2014 Annual Report, the Cayman Islands Shipping Registry is listed as one of the six best performing Maritime Administrations. 

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Power outage costly for small businesses

Power outage costly for small businesses

| 27/07/2015 | 0 Comments

(CNS Business): The island-wide power outage that left customers all over Grand Cayman without power on Friday proved costly for some small business owners, some of whom are now considering purchasing a back-up generator after losing a day’s worth of business. Carey Burns, owner of Karma Closet & Kids Karma Closet wanted to know, “Is CUC going […]

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OTs still face UK demands for beneficial ownership access

OTs still face UK demands for beneficial ownership access

| 27/07/2015 | 0 Comments

(CNS): The Cayman Islands premier has said that Britain will be putting its overseas territories under pressure to create some kind of beneficial ownership register when the OT leaders meet in London later this year. Speaking in Bermuda at the end of last week following a meeting with the leaders of other OTs, Alden McLaughlin said that even though the […]

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Labour bill seeks boss-worker balance, says ministry

Labour bill seeks boss-worker balance, says ministry

| 27/07/2015 | 1 Comment

(CNS Business): The employment ministry has accused a local lawyer of trying to “sensationalise certain issues” during a Chamber of Commerce presentation to the business community. Ministry officials said concerns about the new labour bill would all be considered during the consultation process but that employers who abide by the law need not fear increased […]

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Bank shuts down money transfer business

Bank shuts down money transfer business

| 20/07/2015 | 6 Comments

(CNS Business): Fidelity Bank leaders said that due to “economic times and risks” they have officially closed the doors to their money transfer service, Western Union, throughout the Cayman Islands. The Board of Directors of Fidelity Bank & Trust International Limited (FBT) and its subsidiary boards have announced that they will no longer offer Western Union […]

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GDP jumps over 2% as inflation falls 0.4%

GDP jumps over 2% as inflation falls 0.4%

| 17/07/2015 | 0 Comments

(CNS) The drop in fuel prices saw inflation fall in Cayman last year and the biggest upturn in the economy since 2007 led to a growth in the country’s estimated Gross Domestic Product (GDP) by 2.1 per cent in 2014. Although the quantity of imports rose in 2014, the value fell by more than $26 […]

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Cayman gears up for AI summit

Cayman gears up for AI summit

| 21/07/2015 | 0 Comments

(CNS Business): The fourth annual Cayman Alternative Investment Summit, an internationally recognized event, will bring together the world’s leading institutional investors and it expected to attract more than 500 prominent executives and hedge fund managers next year. 

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CUC in legal wrangle with telecom firms

CUC in legal wrangle with telecom firms

| 16/07/2015 | 0 Comments

(CNS Business): A legal battle has begun as Caribbean Utilities Company Ltd (CUC) seeks a restraining order against two local cable providers in the Cayman Islands. According to papers filed with the Grand Court, CUC officials claim both Logic and C3 used CUC’s utility poles to hang cable lines without permission. CUC filed two writs […]

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Dan Scott steps down from Cayman Finance board

Dan Scott steps down from Cayman Finance board

| 16/07/2015 | 1 Comment

(CNS Business): After five years of service on the Cayman Finance Board of Directors, Dan Scott, regional managing partner for Ernst & Young, is stepping down, citing growing commitments at EY, where he is responsible for the firm’s operations in the Bahamas, Bermuda, British Virgin Islands and in the Cayman Islands. 

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Appleby sells fiduciary business

Appleby sells fiduciary business

| 16/07/2015 | 0 Comments

(CNS Business): Offshore trust giant, Appleby, has announced a management buyout of its fiduciary business, AFB, which includes the corporate administration, trust administration and fund services businesses. The deal, for an undisclosed sum, is backed by private equity firm Bridgepoint. 

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