Cayman News
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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, […]
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, […]
French bank facing Cayman labour scandal
(CNS Business): BNP Paribas has come under fire locally for reportedly laying off Caymanian employees, attracting the attention of labour enforcement officers, who are said to have visited the bank’s offices in Cayman. CNS Business understands that several Caymanians have been laid off by the French bank, which operates in Cayman providing a range of banking […]
Cayman firms fined $6M for helping tax dodgers
(CNS Business): Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The two entities will pay US$6 million in forfeiture and fines, […]
Industry body helping CIG dodge public register
(CNS Business): With the threat still looming that the UK could force the Cayman Islands and other overseas territories to introduce a publicly accessible beneficial ownership register, Cayman Finance has said it is working with government on the technology to help satisfy the access demands without making the register public. Jude Scott, the CEO of […]
CIG keeps Moody’s Aa3 rating on its bonds
(CNS Business): The finance minister credits government’s fiscal prudence for retaining the Cayman Islands’ solid credit rating and stable economic outlook after the international credit rating agency, Moody’s, maintained Cayman’s Aa3 rating for the government’s bonds issued in a foreign currency and an Aa2 rating for long-term foreign currency ceiling bonds and notes. Marco Archer said […]
Cayman details alternative to open beneficial owners register
(CNS Business): Financial Services Minister Wayne Panton has been in discussions with UK officials about alternatives to the controversial central public register of beneficial ownership that will still meet the British government’s transparency requirements for its territories. Panton updated representatives from the Foreign and Commonwealth Office (FCO) who visited the Cayman Islands on Tuesday about progress his ministry […]
Cayman operations boost Butterfield’s earnings
(CNS Business): The Chief Executive Officer of Butterfield, Michael Collins, said the bank was encouraged by improving economic conditions last year, which has resulted in a 6% increase in deposits, and a boost to core earnings of over $7.5 million, according to figures in the bank’s annual report. Butterfield’s net income last year was still down […]
$100k raised for sharks from local beer
(CNS Business): The five cents collected from every bottle of the Cayman Islands Brewery’s White Tip larger has raised more than $100,000 for shark conservation programmes over the last two years and there are high hopes for even more following a new partnership with local artist and marine conservationist, Guy Harvey. White Tip launched a […]
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