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Bank’s economist predicts spending spree
(CNS): A Cayman-based economist at the RBC Royal Bank is predicting that lower gas and oil prices will trigger spending. During a client reception here in the Cayman Islands, Senior Vice President and Chief Economist Craig Wright assessed the global economic trends for the year ahead and told around 130 guests that as families feel the cut […]
US talk show star to headline local investment conference
(CNS Business): Comedian, actor, writer, producer and television star Jay Leno will be the keynote speaker at the Cayman Alternative Investment Summit on Grand Cayman next week. Leno has been a late night chat show host for the last 20 years and was recently inducted into the Television Hall of Fame. Leno will address the audience […]
Golf course developers to use waste tyres
(CNS Business): Developers of a proposed golf resort in the Frank Sound area have struck a deal with a waste company to use the recycled shredded tyres from the George Town dump as fill for an Arnold Palmer 18-hole golf course. Officials from the Ironwood project said they have signed an agreement with a company that […]
Panton: Mac out of touch with reality
(CNS Business): Following recent comments by Opposition Leader McKeeva Bush on Facebook about new standards for the exchange of information introduced in Cayman, Financial Services Minister Wayne Panton said Bush was “completely out of touch with reality”. The latest Common Reporting Standard is not a UK initiative but the new global standard on automatic exchange of information […]
Minister disappointed over daylight savings U-turn
(CNS Business): Financial Services Minister Wayne Panton has said he is disappointed that the Cayman Islands Government will not be going ahead with the decision to introduce daylight saving time in March. The minister told CNS Business it was “unfortunate” that the opposition to the plan had mounted recently in the face of a jittery world […]
Cayman battles to attract insurance business
(CNS Business): The ripple effects of health care reform in the United States and increasing competition from more than 80 captive domiciles around the world has required diligence by the industry to continue to attract new business, according to the Insurance Managers Association Cayman. However, IMAC Chair Kieran O’Mahony said he was confident that Cayman […]
Broken planes challenge CAL fleet
(CNS Business): Cayman Airways Ltd has said that problems over maintenance time, missing parts and damage by a ground vehicle in Tampa caused the many delays and cancellations over the holiday period and beyond. Over the last few weeks around 10% of flights were either rescheduled or delayed by more than two hours and 1% of flights were cancelled […]
Governor struggles to explain offshore sector
(CNS Business): Quizzed over what the Cayman Islands and its offshore sector means to the people of Britain, the governor struggled to answer Jacques Peretti in the documentary aired on the BBC in the UK on Friday evening. “Britain’s Trillion Pound Island”, in which the producer and filmmaker tried to understand how the financial services industry […]
CEC added US $70M to local economy
(CNS Business): Cayman Enterprise City officials say that the special economic zone (SEZ) has attracted 60 new companies over the past year, that its impact to the local economy since its creation is nearly US$70 million and that there are now around 300 zone-based employees. Almost five years after former premier McKeeva Bush announced plans for a deal […]
BBC documentary set to scandalize Cayman
(CNS Business): A new BBC documentary on the Cayman Islands due to air in the UK on Friday is likely to scandalize the jurisdiction once again. Despite efforts by the Cayman Islands to shake off the tax haven label, the programme by Jacques Peretti will be focusing on the UK territory as a “notorious tax haven” and what […]
Cayman copies Delaware for limited liability law
(CNS Business): Cayman has taken the blueprint from Delaware for the introduction of its new Limited Liability Company (LLC) legislation. Combining the key features of a company and a partnership, when the new LLC vehicle becomes law, it will increase the structuring options for investment funds, meeting demand from US fund sponsors and promoters for […]
Brac hotel upgraded, renamed and ‘reimagined’
(CNS): Following major renovations made to the Little Cayman Beach Resort in 2009, which resulted in raising the occupancy to 85% in 2015 – an increase of about 20% since 2008 – the owners have now turned their attention to the Cayman Brac Beach Resort, formerly the Brac Reef. Phase one, a large free-form pool […]
Tax havens blamed in global inequity crisis
(CNS Business): Just 62 people hold the same amount of wealth as the poorest half of the entire world population combined, a new Oxfam report published Monday has revealed. The global charity said runaway inequality has seen the wealth of the richest 62 people, mostly men, increase by more than half a trillion dollars to $1.76tr. […]
O’Dea retires from bank’s top job
(CNS): After more than 26 years at Butterfield Bank (Cayman) Ltd and over 19 as the managing director, Conor O’Dea is retiring from his executive roles at the bank in April this year. He will then become the non-executive chairman of the board, according to a release from the bank. Sophia Harris will be stepping down to make way […]
Bar Association pleads for lawyers law
(CNS Business): Yet another year has passed with no sign of a modernised law dealing with the legal profession and, as the current president of the Caymanian Bar Association, it was Abraham Thoppil’s turn this year to urge government to address the issue. In his speech at the opening of the Grand Court Wednesday, he called it “a […]
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