Local Business
CUC demand rates change for big customers
(CNS Business): More than 100 of CUC’s largest customers who are both generating their own power and using power supplied by CUC will face a new rate system in 2018. New Demand Rates for large commercial customers and those with Distributed Energy Resources will allow the customers’ billing to be itemized into fixed and variable costs under the new […]
7-bed house on 7MB sells for record price tag
(CNS Business): A single family home on Seven Mile Beach was sold last week for a record-breaking US$12.5 million, the highest sale price for a stand-alone family house in the Cayman Islands. Kim Lund from RE/MAX, who sold the Coconut Walk Estate, said it eclipsed the last record price for a home sale by over US$4.5 million. […]
Commerce minister promises support for SMEs
(CNS Business): Joey Hew, the new minister for commerce in the Unity government, has said that the 2018/19 budget includes funding to support the small and micro business sector and that this administration is also aiming to reduce fees for them as well as cutting regulations and red tape that serve no purpose or are more […]
Building society squeezes clients to increase CI profits
(CNS Business): JN Cayman, a member of the Jamaica National Group, revealed a whopping 404% increase in its earnings during the 2016/17 financial year when it posted profits of CI$668,000, compared to a loss of CI$219,000 in the previous year. Managing director Damion Hylton told shareholders at the recent annual general meeting of the JN Cayman that […]
CUC sends new team to help BVI
(CNS Busines): A second group of linepersons from CUC’s transmission and distribution (T&D) operations department was sent to assist the British Virgin Islands Electricity Corporation (BVIEC) with the restoration of power following the passing of Hurricane Irma and Hurricane Maria in September. Andrew Wood, supervisor line services, is heading up the team, which arrived in […]
Southwest Airlines plans new service from Houston
(CNS Business): Hot on the heels of recent revelations about the continued record-breaking success of overnight tourism in the Cayman Islands, ministry officials were welcoming an announcement from Southwest Airlines that it will begin a seasonal summer service from Houston, Texas, to Grand Cayman in June 2018. This addition of service is set to begin almost exactly […]
US partner pulls out of deal with Health City
(CNS Business): The faith-based US healthcare provider, Ascension, has pulled out of its partnership with Health City Cayman Islands, the East End hospital founded by the internationally renowned Indian cardiac surgeon, Devi Shetty. Since the state-of-the-art facility was first conceived and then through the construction and opening, the hospital’s goals have changed, and the ending […]
Higher sales boost CUC profits
(CNS Business): Caribbean Utilities Company has revealed an increase on its third quarter earnings for 2017 when compared to the same period last year of $300,000 due to a 5% increase in sales. The third quarter 2017 was $7.7 million compared to net earnings of $7.4 million for the three months ended September 30, 2016. However, net […]
Premier pledges major cut in SME red tape
(CNS Business): The premier has committed to cutting the regulations that he said are hindering small businesses. Alden McLaughlin said that “ambitious, entrepreneurial Caymanians need encouragement, not the dead weight of government bureaucracy holding them back”, as he pledged to abolish at least 25% of small business regulations. “We will also introduce a tiered fee […]
Flow’s Cayman boss departs after 10 months
(CNS Business): The managing director of Flow’s Cayman Islands operations has resigned after just ten months on the job. Victor Salgado was appointed managing director in December last year, but according to a report in the Jamaican Gleaner, he will be replaced in the interim by the customer experience director, Daniel Tathum. According to Garfield Sinclair, president of the […]
Radio Cayman assists Turks and Caicos broadcaster
(CNS Business): Radio Cayman recently stepped in to help the Turks and Caicos Islands, after Hurricane Irma destroyed the majority of the jurisdiction’s broadcast network. Following high-level talks between the Cabinet Office and the government-owned radio station, Radio Turks and Caicos (RTC), Radio Cayman’s senior technician flew into Providenciales (locally known as Provo) on Wednesday, […]
DCI offers AML help to vulnerable businesses
(CNS Business): Professionals in the real estate sector and dealers in precious metals and stones were offered help and support recently from the Department of Commerce and Investment in ways to combat money laundering and terrorist financing. The sectors are classified as Designated Non-Financial Businesses and Professionals, which are still prone to the same threats and […]
Pageant Beach proposal gets initial nod from CPA
(CNS Business): A proposal to build a ten-storey hotel on the Pageant Beach site in George Town has been given initial approval by the Central Planning Authority after the project was granted outline planning permission last month. Despite a number of objections from residents, largely at the neighbouring Poinsettia Condos, according to the minutes of […]
Mobile booze licensees warned to follow rules
(CNS Business): The chairman of the Liquor Licensing Board has issued a reminder to all mobile licensees to comply with the laws and that their licences are restricted to mobile bartending and limited to private and organised events or functions. There was no indication in a release from the Department of Commerce and Investment (DCI) […]
Dart finally confirms Ritz acquisition
(CNS Business): After several months of speculation that Dart Real Estate had acquired the Ritz-Carlton, Grand Cayman but no comment from officials at the company, the Cayman Islands’ biggest property owner has finally announced that it has bought the luxury hotel on Seven Mile Beach. The news comes just weeks after Dart confirmed its acquisition of […]
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