Cayman News
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Over 58,500 passengers in first week of year
(CNS): The cruise ship sector is off to a great start, as statistics on the Port Authority of the Cayman Islands website indicate than more than 58,500 people will be arriving in Grand Cayman this week aboard 24 ships. Nearly 7,000 passengers sailed into George Town on New Year’s Day, but that number was eclipsed Tuesday, 2 January, when six ships carrying 18,850 people were docked in port. January looks set to be a very busy month at the port, as 98 ships are scheduled to call in Grand Cayman bringing well over a quarter of a million visitors.
Cayman see near 7% fall in funds since 2013
(CNS): The Cayman Islands saw another fall in the number of funds registered in the jurisdiction at the end of 2016, according to figures released by the Cayman Islands Monetary Authority (CIMA) in its recently published Investments Statistical Digest for that year. Since 2013, when the number of funds peaked at 11,379, there has been a 6.97% […]
Stay-over visitor numbers break more records
(CNS Business): Almost 35,000 people visited the Cayman Islands in November, according to the latest statistics from the Department of Tourism, breaking more records for the stay-over tourism sector. Last month was the best November on record and was the sixth consecutive month where air arrivals into Cayman exceeded existing statistics. A total of 34,999 visitors flew […]
CUC demand rates change for big customers
(CNS Business): More than 100 of CUC’s largest customers who are both generating their own power and using power supplied by CUC will face a new rate system in 2018. New Demand Rates for large commercial customers and those with Distributed Energy Resources will allow the customers’ billing to be itemized into fixed and variable costs under the new […]
CIMA report reveals banking sector under pressure
(CNS Business): A report assessing the health of the Cayman Islands banking sector in 2016 has revealed that the sector remains “vulnerable to global macroeconomic environments, as well as political uncertainty and regulatory policy changes from advanced and emerging countries”. The 2016 Banking Statistical Digest also revealed that while local GDP and government finances improved in 2016, […]
Offshore law firm goes after press in Paradise Papers hack
(CNS Business): The law firm which was the victim of a hack in which millions of documents about their clients’ offshore financial affairs were exposed is taking legal action against the BBC and the Guardian. Both media organisations have stated that they will defend the breach of confidence proceedings instigated by Appleby, which has also […]
7-bed house on 7MB sells for record price tag
(CNS Business): A single family home on Seven Mile Beach was sold last week for a record-breaking US$12.5 million, the highest sale price for a stand-alone family house in the Cayman Islands. Kim Lund from RE/MAX, who sold the Coconut Walk Estate, said it eclipsed the last record price for a home sale by over US$4.5 million. […]
Captive market claims boost to local economy
(CNS): The Insurance Managers Association of Cayman claims that the captive market generated US$100 million for the local economy in 2016, based on recently published results from an economic impact survey. An IMAC survey found that the captive industry generated US$72 million in revenue for Cayman’s service providers, and currently provides employment for around 300, nearly half of whom […]
Cayman appears on mega ship’s 2019 itinerary
(CNS): MSC Cruises has announced that its mega ship, Meraviglia, a 5,700-passenger ‘smart’ ship that was launched this summer, will include the Cayman Islands on its itinerary during the 2019 autumn season, even though there will be no piers in George Town when the ship makes is debut in the Caribbean. According to a press […]
Almost 20,000 passengers to hit George Town
(CNS Business): The cruise sector will be enjoying a bumper day Wednesday as more than 19,700 people will be arriving in George Town on six ships in the busiest day of the year. Cruise arrival numbers had been down for this year at the end of October, as rough weather had impacted the calls, but […]
7MB #25 on travel website’s best beach list
(CNS Business): Grand Cayman’s Seven Mile Beach has come in at number 25 on a list of the world’s top fifty beaches by a Canadian online travel company. Around 1,800 beaches were said to have been evaluated and some 600 of world’s best travel journalists, editors, bloggers and agencies were consulted by Flight Network to […]
Commerce minister promises support for SMEs
(CNS Business): Joey Hew, the new minister for commerce in the Unity government, has said that the 2018/19 budget includes funding to support the small and micro business sector and that this administration is also aiming to reduce fees for them as well as cutting regulations and red tape that serve no purpose or are more […]
Scott defends Cayman at offshore conference
(CNS Business): The CEO of Cayman Finance, Jude Scott, defended the Cayman Islands’ financial services sector at an offshore conference in London recently. Taking a seat alongside several high-profile journalists at the 6th Annual OffshoreAlert Europe Conference in London, he was the only panelist representing the financial industry in a discussion about the recent data hack and leak […]
DoT signs new PR deal with Canadian firm
(CNS Business): The Cayman Islands Department of Tourism has signed up a new public relations firm in Canada to help promote the destination to that market. Although the DoT had a company promoting the islands in the country, Aerial Communications Group based won the latest competitive tender aimed at boosting visitors from that country. “The Cayman […]
Building society squeezes clients to increase CI profits
(CNS Business): JN Cayman, a member of the Jamaica National Group, revealed a whopping 404% increase in its earnings during the 2016/17 financial year when it posted profits of CI$668,000, compared to a loss of CI$219,000 in the previous year. Managing director Damion Hylton told shareholders at the recent annual general meeting of the JN Cayman that […]
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