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Ministry brings key bills ahead of task force review
(CNS Business): The financial services minister will be presenting another four bills at the forthcoming meeting of the Legislative Assembly in order to ensure Cayman successfully clears next year’s Caribbean Financial Action Task Force’s (CFATF) mutual evaluation process and improve the financial sector’s regulatory framework. The four pieces of legislation are intended to maintain Cayman’s adherence to […]
CAL climbs out of fiscal hole
(CNS Business): The chair of Cayman Airways Ltd told the Public Accounts Committee Thursday that he expects the airline to have cleared its bank loan debts within three years because a number of factors have combined to help it climb out of the “hole it was in” a few years ago. Talking about the turnaround in fortunes of the airline, Philip Rankin said they were “seeing the fruits of our labour now”, as he pointed to the falling debt, as well as cuts in expenses and operating losses. Rankin said the debt was now around US$19 million and bank loans would be cleared in less than three years.
CAL’s US$21M subsidy keeps airline flying
(CNS Business): The latest audit of the national flag carrier has reinforced the fact that while Cayman Airways Ltd is turning its financial losses around, it is still very heavily dependent on a government subsidy of around US$21 million per year and would not be a viable entity without it. But the management team has […]
Caymanian med students get chance to work under Shetty
(CNS Business): Health City Cayman Islands in East End is planning to send four Caymanian college students on pre-med programmes to India next year to work for a month with Dr Devi Shetty, who spearheaded Cayman’s specialist hospital, at one of his Narayana hospitals. Richard Parchment, the manager for HCCI’s Healthcare Explorers Programme, told CNS […]
UK bill to open details on multinational tax avoidance
(CNS Business): A legislative amendment in the UK this week will give the British government the power to publish details of tax payments made by UK-based multinational corporations on a country by country basis, as tax authorities try to clamp down on the abuse of tax laws and aggressive tax avoidance. The change in the […]
DCI steps up oversight of local expat businesses
(CNS Business): The Department of Commerce and Investment has introduced tighter controls to “better uphold” the legislation that governs the regime surrounding Local Companies (Control) Licences. Companies that are created with international and Caymanian partners remain a controversial area for government as allegations of fronting persist. From 1 September, Caymanians who participate in potential business […]
Developers select golf course contractors
(CNS Business): A Florida-based general contractor has been named as the developers of the much-anticipated Ironwood golf community to work on the proposed golf course and infrastructure works, officials said Monday. Described as a $1.1 billion development around an Arnold Palmer golf course, the developers have been in discussions with the current and previous government […]
Trust conference to attract overseas experts
(CNS Business): Over 150 trust and private wealth specialists from Cayman, the United Kingdom and the United States will be attending a day-long conference on Grand Cayman next month, bringing a small but welcome boost of business during the low tourism season as well as promoting the off shore sector. The major trust and private […]
CUC begins to shape future energy plan
(CNS Business): The monopoly power provider on Grand Cayman has brought in consultants to begin drawing up potential future plans for CUC to consider to maintain a safe, reliable and viable electricity supply for the next three decades. Integrated Resource Plan (IRP) will set out a proposal for renewable energy and consider what the technological […]
Italy places Cayman on ‘whitelist’
(CNS Business): Cayman’s financial services industry received a boost last month when the Italian government revealed that it now has the jurisdiction on its whitelist. As a result of a European assessment of offshore financial centers, Cayman had ended up, local officials believe unfairly, on the blacklist of a number of European countries. The CEO […]
Notes on BO exchange details published
(CNS Business): The arrangements under which the UK law enforcement authorities will be able to access information on the beneficial owners of offshore companies registered in Cayman have been posted on the FCO website for several months, though local officials say that the technical aspects of how the data will be accessed is still being […]
Caribbean banks hope IMF can solve de-risking-risk
(CNS Business): The Caribbean Association of Banks (CAB) has welcomed recent remarks by Christine Lagarde, Managing Director of the International Monetary Fund (IMF), over the problem of correspondent banks in the region de-risking and hopes that the organisation can help stop the current trend. As larger, mainly North American banks end their relationships with regional […]
Ex-Cayman banker dodges jail term in Switzerland
(CNS Business): A former offshore banker who was based in the Cayman Islands before he blew the whistle on his former bosses at Julius Bäer, accusing them of assisting clients with tax evasion and leaking sensitive account information to Wikileaks, will not go to prison. Rudolf Elmer (60) was given a 14-month suspended sentence after […]
CIG’s Honduras day-trip paves way for deals
(CNS Business): The government is hoping Honduras could serve as a new source of imports for the Cayman Islands and a new gateway for Cayman Airways. On a day trip to Roatan on Tuesday, the premier led a delegation to discuss future trade deals between the Central American country and Cayman. Alden McLaughlin and Deputy […]
Liquidators on trail of fugitive for missing $4M
(CNS Business): Joint liquidators trying to untangle the affairs of Ryan Bateman and the group of Cayman-registered companies he once owned and managed have filed another winding up petition and are on the fugitive’s trail for some $4 million of investors cash and assets that has gone astray from Bateman & Company. The Canadian national absconded […]
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