Finance
Cayman National ‘regrets’ affiliates’ tax scandal
(CNS Business): Cayman National Corporation (CNC) was quick to pass off revelations that its subsidiaries had, for more than ten years, assisted US account holders in massive tax evasion as an historic issue that impacted lots of other banks around the world. In a statement Thursday the corporation said the conduct was a thing of the past, […]
French bank facing Cayman labour scandal
(CNS Business): BNP Paribas has come under fire locally for reportedly laying off Caymanian employees, attracting the attention of labour enforcement officers, who are said to have visited the bank’s offices in Cayman. CNS Business understands that several Caymanians have been laid off by the French bank, which operates in Cayman providing a range of banking […]
Cayman firms fined $6M for helping tax dodgers
(CNS Business): Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The two entities will pay US$6 million in forfeiture and fines, […]
Industry body helping CIG dodge public register
(CNS Business): With the threat still looming that the UK could force the Cayman Islands and other overseas territories to introduce a publicly accessible beneficial ownership register, Cayman Finance has said it is working with government on the technology to help satisfy the access demands without making the register public. Jude Scott, the CEO of […]
CIG keeps Moody’s Aa3 rating on its bonds
(CNS Business): The finance minister credits government’s fiscal prudence for retaining the Cayman Islands’ solid credit rating and stable economic outlook after the international credit rating agency, Moody’s, maintained Cayman’s Aa3 rating for the government’s bonds issued in a foreign currency and an Aa2 rating for long-term foreign currency ceiling bonds and notes. Marco Archer said […]
Cayman details alternative to open beneficial owners register
(CNS Business): Financial Services Minister Wayne Panton has been in discussions with UK officials about alternatives to the controversial central public register of beneficial ownership that will still meet the British government’s transparency requirements for its territories. Panton updated representatives from the Foreign and Commonwealth Office (FCO) who visited the Cayman Islands on Tuesday about progress his ministry […]
Cayman operations boost Butterfield’s earnings
(CNS Business): The Chief Executive Officer of Butterfield, Michael Collins, said the bank was encouraged by improving economic conditions last year, which has resulted in a 6% increase in deposits, and a boost to core earnings of over $7.5 million, according to figures in the bank’s annual report. Butterfield’s net income last year was still down […]
June deadline for Cayman EU funds passport
(CNS Business): The Cayman Islands can expect a decision on its inclusion in the EU’s AIFMD (Alternative Investment Fund Managers Directive) Passport scheme by June, which, if granted, would secure future access to European investors for funds either managed or registered in Cayman. The funds industry is keenly awaiting a resolution to this long drawn […]
Premier berates TV show at investment summit
(CNS): The controversies surrounding the recently broadcast BBC documentary about the Cayman Islands was at the heart of a speech delivered by the country’s leader at last week’s Alternative Investment Summit. With Cayman central to the success of alternative investment, Premier Alden McLaughlin said it was a shame “that there are those who wish to shut […]
Mac claims Panton is destroying offshore sector
(CNS Business): Opposition Leader McKeeva Bush has accused the financial services minister of failing to protect Cayman’s financial services sector because of what he claims are agreements made with the UK and plans to dismantle Cayman’s secrecy law. Bush has accused Wayne Panton of shifting his loyalty from his own country to the British government, as […]
Cayman hedge fund cancellations spike
(CNS Business): The number of hedge funds registered in the Cayman Islands has fallen after cancellations more than doubled new authorisations in the final quarter of 2015, leaving Cayman’s hedge fund count sitting just below the 11,000 level, against a background of significant volatility in investment markets. At the end of 2015 there were 10,940 funds […]
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 […]
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 […]
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