Cayman News
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Insurance firm blocks cover at Health City
(CNS Business): British Caymanian Insurance Company (BritCay) will not cover patients to attend Health City Cayman Island for any treatment unrelated to cardiac care. In a memo sent to people who are insured by the agent that represents Colonial Medical Insurance, the firm said it wanted to review all the services that the hospital now […]
Inadequate law must be updated, say lawyers
(CNS Business): The Cayman Islands Law Society said it was disappointed that the Legal Practitioners Bill failed to make it through the Legislative Assembly yesterday and warned that remaining with the status quo would continue to have a negative impact on current and future generations of local lawyers. “The bill would have been an important […]
Finance sector is important to all, says Scott
(CNS Business): Jude Scott, the CEO of Cayman Finance, said that the offshore financial services sector is important to everyone in Cayman and not just those making a direct living from it. In an effort to win the hearts and minds of the local community at a time when the industry continues to come under […]
Cayman retains Moody’s credit ratings
(CNS Business): The Cayman Islands has kept its international credit rating from Moody’s of Aa3 for its government’s bonds issued in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes. Finance Minister Marco Archer said the rating and stable outlook for the jurisdiction was “attributed primarily to a very […]
Minister signs deal to support small businesses
(CNS Business): The Cayman Islands Small Business Association (CISBA) has been contracted by the commerce ministry to help support and deliver certain small-business services. Minister Wayne Panton and CISBA President Dawn McLean-Sawney signed a memorandum of understanding recently to deliver workshops, mentoring, and consulting to small business owners. “This is another important step forward for government’s […]
CAL increases flights to Sister Islands
(CNS Business): Cayman Airways said that there has been an increased demand for seats on flights to the Sister Island, so Cayman Airways Express has added a new flight rotation between Cayman Brac and Grand Cayman with its Saab 340 B+ aircraft six days a week. On Tuesday 4 April the National Flag Carrier will […]
Chief justice joins elite insolvency body
(CNS Business): The International Insolvency Institute has invited the chief justice of the Cayman Islands, Anthony Smellie, to become a member of the invitation-only organisation. Accepting the invitation, the chief justice said it wasn’t just a personal credit but reflected the quality of Cayman’s courts. The selective non-profit body includes leading practitioners, academics, judges and […]
3,500 businesses asked for data to measure local economy
(CNS Business): The Economics and Statistics Office has begun its annual business surveys to measure local economic performance. Officials said about 3,500 forms for the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys, which began Monday, have been sent to the business community. The information is necessary to collect comparative information […]
Bank increases loan but not deposit rate
(CNS Business): Following the 25 basis point increase in the US Federal Funds Rate earlier this week, Butterfield Bank has announced an adjustment in its US and CI dollar prime lending rates for mortgages, consumer loans and commercial loans from 3.75% to 4% beginning today Friday, 17 March. But the bank stated in a short […]
UK crime law will impact CI financial sector
(CNS Business): A new piece of legislation currently being steered through the UK parliament could have a significant impact on the Cayman Islands. The Criminal Finances Bill, which once passed will amend the Proceeds of Crime Act, is focused on dealing with terrorist financing but it also creates corporate offences for cases where people associated […]
ESO begins annual business survey
(CNS): The Economics and Statistics Office will be starting its annual business surveys in less than two weeks to get accurate data on the local economy. The survey forms will be hand-delivered, mailed or emailed to all entities that produce goods and services in the Cayman Islands. The surveys include the System of National Accounts (SNA) […]
Lawyers sue Ironwood developers for $95k debt
(CNS Business): The company that is planning a huge multi-million-dollar resort based around an Arnold Palmer golf course is being sued by a local law firm for an outstanding debt of around CI$95,000. Despite promoting plans for the proposed significant $300+ million development in Frank Sound, developer David Moffitt and Ironwood are being sued for […]
Premier: Cayman will thrive in changing world
(CNS Business): Premier Alden McLaughlin told an audience of British lawyers that the Cayman Islands will not only survive in these “times of uncertainty” but its financial sector, constitution and adherence to the rule of law will ensure that it thrives. “As a jurisdiction, Cayman has always ensured that it kept, and keeps, up-to-date with […]
Cayman model may lead way on beneficial ownership
(CNS Business): As the technical experts at the financial services ministry continue to work on the systems that will allow UK authorities to access the beneficial ownership details of companies and other financial entities domiciled in Cayman during investigations, the model Cayman is adopting could be followed in many other jurisdictions. The system is not […]
Flow lays off workers in team restructure
(CNS Business): Local telecommunications company Flow, the brand name of Cable & Wireless, confirmed that they have laid off seven Caymanians workers and two ex-pat positions have been cut in what it described as “adjustments to how we run our business”. The job cuts come following announcements from Cayman’s other major telecoms employer, Digicel, that […]
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