Cayman News
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Widening inequality gap will hurt CI economy
(CNS Business): The gap between the “haves†and the “have-notsâ€, which is squeezing out the middle classes, combined with technologies that are cutting white-collar jobs could soon have detrimental impact on the Cayman Islands economy. Speaking at the recent Fidelity CEO conference, Anwer Sunderji said “global wealth has become dramatically unequally†and the gap is widening.
Students tackle real life business problems
(CNS Business): Five local businesses are enjoying the benefit of free business advice from a group of students at the University College of the Cayman Islands (UCCI) who are on business course. Atlantic Supply Ltd, Chatterbox, Kelly Holding Ltd, Swim & Trim Ltd and Ted Green Fragrances are taking part in the consulting programme in […]
C&W dials up the profits during 3rd quarter
(CNS Business): Cable & Wireless Communications (CWC) announced group revenue was up 5% at $444 million when it released the results of its third quarter performance and financial position. The communication giant and parent company of LIME said mobile revenue was up 4%, driven by strong subscriber growth across Panama and LIME markets. The firm […]
HSBC whistleblower to appear at watchdog conference
(CNS business): Hervé Falciani, the man responsible for exposing the financial shenanigans at HSBC, has agreed to speak at this year’s OffshoreAlert, conference organisers have said. Falciani took reams of documents from HSBC Switzerland when he left seven years ago but they were only released into the public domain recently. The information fuelled a barrage of media […]
Investment digest published for 2013
(CNS Business): the Cayman Islands Monetary Authority has published its latest digest but the compendium of financial information is now more than a year old. While the regulator publishes much more up to date data on its site, the annual digest, which pulls together investment information, is usually one year behind. The data comes from […]
Exporters urged to enter regional trade awards
(CNS Business): The Department of Commerce and Investments (DCI) is urging local exporters to enter a regional competition to help boost their businesses and enjoy new opportunities. The 2015 Caribbean Exporter of the Year awards are organised by the region’s export development agency and are intended to encourage Caribbean countries to export their goods.
Sailing ship sticks with Brac call
(CNS Business): Cayman Brac has secured a more permanent place on the port of call list for the magnificent MS Star Flyer, a tall sailing ship which will be visiting the island in peak seasons on Wednesdays until 2016. An impressive spectacle with 16 white sails, the 370-foot luxury Swedish sailing ship carries up to […]
Weavering directors win appeal against $111M fine
(CNS Business): Three years after hearing the appeal, the Cayman Islands Court of Appeal delivered its much-anticipated ruling in the infamous Weavering case last week and threw out the record-breaking $111 million fine imposed by the trial judge. The appeal judges said that the behaviour of the directors, Stefan Peterson and Hans Ekstrom, in the […]
Bank ‘crippled’ by $68 million run
(CNS Business): Caledonian Bank has now filed for bankruptcy in New York following a crippling run on the bank last week triggered by the news that the US Securities and Exchange Commission had sued the bank over a $75 million penny stock scam. In his ruling regarding the appointment of controllers by CIMA, the chief justice […]
Contractor picked for proposed project
(CNS): Investors planning to develop a golfing resort and community in the Frank Sound area have signed a deal with Arch and Godfrey to build the town centre, officials have announced, but they remain in negotiations with government over the development of a critical highway. The Ironwood project is contingent on the extension of the […]
CUC to use more client generated power
(CNS): The Electricity Regulatory Authority has approved a revision to the current Feed-in Tariffs (FITs) programme, which allows people who have their own source of alternative power generation, such as solar panels and wind turbines, to remain connected to the CUC grid and feedback electricity they generate. The revision increases the maximum total capacity available […]
Court rejects Caledonian bank liquidation
(CNS Business): Attempts by Caledonian Bank to place it and Caledonian Securities in voluntary liquidation under its own appointed liquidators have been rejected by the Cayman Islands Grand Court, which has upheld the appointment of the local regulator’s controllers. During a hearing on Thursday morning the chief justice described the appointment of the joint voluntary […]
ICTA website gets facelift and improves access
(CNS): The Information & Communications Technology Authority (ICTA) has launched a new website that brings the regulator into the 21st century, offering greater access to everything, from buying KY domain names to links for streaming all local radio stations. Aiming to provide an enhanced level of service to its primary clients, the general public and ICT […]
Cayman takes Miliband to task
(CNS Business): Accusing Ed Miliband, Leader of the British Labour party, of trying to distort the issue of beneficial ownership “in light of readily available, third-party assessments and factsâ€, Cayman’s finance minister said that the warning letter that he is reportedly sending to all British overseas territories has so far not been received.
Caledonian in hands of controllers
(CNS Business): The Cayman Islands Monetary Authority has appointed two number crunchers from Ernst & Young to take charge of the affairs of Caledonian Bank and Caledonian Securities after placing the firms in controllership. The news follows revelations that the bank and its securities arm is being sued by the US Securities and Exchange Commission over allegations […]
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