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Hedge fund managers under pressure to adapt
(CNS Business): A survey by consultants Ernst & Young of global hedge fund managers warns that only those who adapt to the needs of investors will see real growth in future. The 10th annual survey found that hedge fund growth has slowed for a variety of reasons, from lacklustre performance to cost concerns. In 2016 […]
Laws drafted to pave way for beneficial ownership access
(CNS Business): Three new pieces of legislation are expected to be gazetted this week, paving the way for the Cayman Islands to create a platform whereby relevant authorities in other countries can access information on beneficial owners of companies and other financial entities registered here. The publication of the laws will open another 21-day window […]
Jamaican boss to lead Caribbean C&W ops in New Year
(CNS Business): Regional telecommunications conglomerate Cable & Wireless has appointed its Jamaican chief, Garfield “Garry” Sinclair, as president of the Caribbean, covering 15 territories across the region, including Jamaica, Trinidad, Barbados and the Cayman Islands. He will be responsible for the strategic execution, financial performance and reputation of the business, developing the company’s growth in […]
Business urged to watch their cash this Christmas
(CNS): Police are reminding local businesses owners to be careful when managing their cash this holiday season. With crime on the up and commercial operations handling more cash than usual, owners are being urged to pay attention. The RCIPS said business owners and the general community should exercise caution when handling large amounts of cash, […]
Cayman Finance says Oxfam is wrong
(CNS Business): The local body representing the offshore sector has described a recent Oxfam report on tax havens as “the same purposefully misleading rhetoric pretending to be research that Oxfam has published and republished for years”. Cayman Finance said the analysis was biased and “intentionally inaccurate and misleading information”, as it accused the global charity that […]
Local bank raises interest rates on loans
(CNS Business): Butterfield Bank (Cayman) has announced plans to adjust its loan rates in response to the US Federal Funds 25 basis point increase. The KYD and USD prime rates for residential mortgages, consumer loans and commercial loans will increase from 3.50% to 3.75%, the bank announced soon after news broke of the first interest […]
Ironwood claims golf course to start in New Year
(CNS Business): On her first visit to Cayman, Amy Saunders, daughter of the late Arnold Palmer, said she is committed to keeping alive the idea of the championship golf course in her father’s name at Frank Sound following his death earlier this year. Developers for the course, which is meant to form part of a […]
Cayman listed as 2nd worst tax haven
(CNS Business): The Cayman Islands has been named as one of the worst corporate tax havens in the world in a new report examining the impact that tax-dodging corporations have on the world’s poorest people. The report, by the international charity Oxfam, lists Cayman in second place behind Bermuda because of the zero-rated corporate income […]
Pension law paves way for larger RSA withdrawal
(CNS Business): As the government begins the gradual implementation of its complex amendments to the pension law, officials said this week that the legislation paves the way for some members of pensions to transfer more money annually into Retirement Savings Arrangements accounts. From January there will be a minimum and maximum amount that a pensioner […]
80% of Law Society back new bill
(CNS): As the row over the latest draft version of the Legal Practitioners Bill continues, the Cayman Islands Law Society have released a statement backing to the proposed law and said that over 80% of its 400 plus members are behind it. The profession has been in agreement for years that a new law is […]
Panton: Objecting lawyers wrong on bill
(CNS Business): The public criticisms made by four local attorneys regarding the Legal Practitioners Bill have been roundly refuted by the financial services minister. Wayne Panton has indicated that the four sole lawyers are wrong on all of the critical points they made about the proposed legislation and he will not be going back to […]
Input sought on beneficial ownership plan
(CNS Business): Government is hoping to steer through amendments to the Companies Law in January to allow the development of a centralised platform for beneficial ownership information and is seeking comment on the proposals. The financial services ministry has stated that it will not consider the introduction of a public register until that becomes the […]
Panton talks de-risking with US lawmakers
(CNS Business): Financial Service Minister Wayne Panton is continuing to talk with US lawmakers about how the move by American banks to drop money service business clients is impacting the Caribbean region and is seeking a way to address the problem. The banks’ efforts to comply with more stringent guidelines regarding money laundering has seen […]
Cayman Finance boss talks transparency with BBC
(CNS Business): Appearing on ‘Business Live’ on the BBC’s World News channel earlier this month, Jude Scott stressed that Cayman is not a tax haven but a tax neutral jurisdiction. The CEO of Cayman Finance pressed home the continued claim that Cayman is a transparent jurisdiction where the financial industry is held to the highest […]
New Year fines for owners who fail to renew TBLs
(CNS Business): Owners who are operating businesses using expired licences will be subject to fines under the Trade and Business Licensing Law (TBL) in the New Year, the Department of Commerce and Investment has warned. Government will be clamping down in January and businesses owners who allow their licences to expire without renewing on a […]
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