Photo of the Remarkables mountain range in Queenstown, New Zealand.

Finance

Cayman see near 7% fall in funds since 2013

Cayman see near 7% fall in funds since 2013

(CNS): The Cayman Islands saw another fall in the number of funds registered in the jurisdiction at the end of 2016, according to figures released by the Cayman Islands Monetary Authority (CIMA) in its recently published Investments Statistical Digest for that year. Since 2013, when the number of funds peaked at 11,379, there has been a 6.97% […]

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CIMA report reveals banking sector under pressure

CIMA report reveals banking sector under pressure

(CNS Business): A report assessing the health of the Cayman Islands banking sector in 2016 has revealed that the sector remains “vulnerable to global macroeconomic environments, as well as political uncertainty and regulatory policy changes from advanced and emerging countries”. The 2016 Banking Statistical Digest also revealed that while local GDP and government finances improved in 2016, […]

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Offshore law firm goes after press in Paradise Papers hack

Offshore law firm goes after press in Paradise Papers hack

(CNS Business): The law firm which was the victim of a hack in which millions of documents about their clients’ offshore financial affairs were exposed is taking legal action against the BBC and the Guardian. Both media organisations have stated that they will defend the breach of confidence proceedings instigated by Appleby, which has also […]

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Captive market claims boost to local economy

Captive market claims boost to local economy

(CNS):  The Insurance Managers Association of Cayman claims that the captive market generated US$100 million for the local economy in 2016, based on recently published results from an economic impact survey. An IMAC survey found that the captive industry generated US$72 million in revenue for Cayman’s service providers, and currently provides employment for around 300, nearly half of whom […]

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Scott defends Queen’s use of Cayman funds

Scott defends Queen’s use of Cayman funds

(CNS Business): After the first revelations from the hacked documents that have been dubbed the Paradise Papers began making headlines around the world Sunday, Jude Scott, CEO of Cayman Finance, has defended the British monarch’s use of Cayman Islands funds and what he said is the legitimate use of offshore financial services by many investors. […]

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Tourism

Over 58,500 passengers in first week of year

Over 58,500 passengers in first week of year

(CNS): The cruise ship sector is off to a great start, as statistics on the Port Authority of the Cayman Islands website indicate than more than 58,500 people will be arriving in Grand Cayman this week aboard 24 ships. Nearly 7,000 passengers sailed into George Town on New Year’s Day, but that number was eclipsed […]

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Stay-over visitor numbers break more records

Stay-over visitor numbers break more records

(CNS Business): Almost 35,000 people visited the Cayman Islands in November, according to the latest statistics from the Department of Tourism, breaking more records for the stay-over tourism sector. Last month was the best November on record and was the sixth consecutive month where air arrivals into Cayman exceeded existing statistics. A total of 34,999 visitors flew […]

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Cayman appears on mega ship’s 2019 itinerary

Cayman appears on mega ship’s 2019 itinerary

(CNS): MSC Cruises has announced that its mega ship, Meraviglia, a 5,700-passenger ‘smart’ ship that was launched this summer, will include the Cayman Islands on its itinerary during the 2019 autumn season, even though there will be no piers in George Town when the ship makes is debut in the Caribbean. According to a press […]

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Almost 20,000 passengers to hit George Town

Almost 20,000 passengers to hit George Town

(CNS Business): The cruise sector will be enjoying a bumper day Wednesday as more than 19,700 people will be arriving in George Town on six ships in the busiest day of the year. Cruise arrival numbers had been down for this year at the end of October, as rough weather had impacted the calls, but […]

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7MB #25 on travel website’s best beach list

7MB #25 on travel website’s best beach list

(CNS Business): Grand Cayman’s Seven Mile Beach has come in at number 25 on a list of the world’s top fifty beaches by a Canadian online travel company. Around 1,800 beaches were said to have been evaluated and some 600 of world’s best travel journalists, editors, bloggers and agencies were consulted by Flight Network to […]

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Local Business

CUC demand rates change for big customers

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 […]

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7-bed house on 7MB sells for record price tag

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. […]

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Commerce minister promises support for SMEs

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 […]

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Building society squeezes clients to increase CI profits

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 […]

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CUC sends new team to help BVI

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 […]

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Tecnology

Radio Cayman assists Turks and Caicos broadcaster

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, […]

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CUC speeds power restoration in TCI

CUC speeds power restoration in TCI

(CNS Business): Caribbean Utilities Company (CUC) has sent two more staff members to hurricane-hit Turks and Caicos Islands (TCI). Right after Irma ripped though the islands, CUC sent a crew of seven linepersons to help with restoration efforts. But with conditions there still very difficult, Joshua Ebanks, supervisor for transmission and distribution planning and estimating, […]

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C&W achieves security standard

C&W achieves security standard

(CNS): An telecoms and entertainment provider operating within the Cayman Islands has announced it has been recognised for its standard of information security. C&W Business, a division of C&W Communications, achieved compliance with ISO/IEC 270001:2013, a security standard with thorough requirements aimed at establishing, implementing, maintaining and continually improving a company’s information security management system.

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Flow offers free credit in Dominica

Flow offers free credit in Dominica

(CNS Business): Cable & Wireless Communications (C&W), the parent company of Flow, says it has begun the successful restoration of mobile services to Dominica and has extended free credit to help mobile customers communicate with family and friends. The island’s infrastructure, including its communications networks, suffered significant impact from Category 5 Hurricane Maria, which made […]

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OfReg to investigate CUC’s solar deal

OfReg to investigate CUC’s solar deal

(CNS Business): With the price of solar energy now falling rapidly and the increase competitive pricing of other alternative fuels, Cayman’s utilities regulator, OfReg, has announced its intention to investigate the process around Cayman’s first commercial-scale renewable energy plant, which opened last week. The regulator said it wants to ensure that lessons are learned to […]

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Golden Spoons

Golden Spoons Review: Agua

Golden Spoons Review: Agua

(CNS Foodie): My partner and I arrived for brunch at Agua just after the 11:30am opening, already starving and anxious to get started on the meal. After a little wait to get seated we were ushered to our booked table, which we were sharing with some friends. A waiter arrived and explained the menu to […]

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Golden Spoons Review: Café Amazon

Golden Spoons Review: Café Amazon

(CNS Foodie): I will admit to having a soft spot for Café Amazon since it seems to be one of the few businesses on this island trying to make a difference by embracing the idea of a zero carbon footprint. They also say they source their ingredients locally and use organic coffees and teas. So […]

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Golden Spoons Review: Ave

Golden Spoons Review: Ave

(CNS Foodie): When you’re preparing to go out for dinner, there’s this surging excitement, almost childlike anticipation, of the possibilities of the epicurean night ahead. For me, it’s the prospect of sampling someone’s culinary creativity, a chance to take pointers from experts in a field in which I’ve dabbled, albeit as a domestic thrill, never […]

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Golden Spoons Review: Boggy Sand Café

Golden Spoons Review: Boggy Sand Café

(CNS Foodie): In the mood for a change of scenery, my companion and I decided a small trip to West Bay was in order, plus the opening of a new café had caught my eye. We found the place fairly easily; the Boggy Sand Café is in the car park next door to Foster’s Republix. […]

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Golden Spoons Review: Catch

Golden Spoons Review: Catch

(CNS Foodie): My partner and I were in the mood for al fresco dining, especially somewhere with an ocean view. Catch was our choice and we were looking forward to the evening out, but unluckily Mother Nature decided to let it rain. Despite the dismal weather, which surprised us, as we scampered to the restaurant […]

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Tourism minister outlines record-breaking statistics

Tourism minister outlines record-breaking statistics

(CNS): Tourism Minister Moses Kirkconnell said he expects that more than 400,000 tourists will have visited the Cayman Islands by the end of this year, passing another record-breaking milestone and continuing the incredible successes in overnight tourism figures since he took over the ministry in 2013. During his contribution to the debate late Wednesday evening, […]

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Cayman sends full tourism team to FCCA conference

Cayman sends full tourism team to FCCA conference

(CNS Business): Government officials were joined by private sector tourism stakeholders to create a 19-man delegation at the 24th annual Florida Caribbean Cruise Association (FCCA) ​Conference in Merida, Mexico, where they delivered the message that Cayman is open for business following the impact of hurricanes on other destinations on the region this summer. In a […]

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Three cruise ships switch from Falmouth, Jamaica

Three cruise ships switch from Falmouth, Jamaica

(CNS Business): Royal Caribbean Cruise Lines (RCCL) is changing the itinerary or three of its ships next year to avoid Falmouth Port in Jamaica, according to a report in the Jamaica Gleaner, even though the port was built through a partnership between RCCL and Port Authority of Jamaica. However, the news report makes no mention […]

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April stayover guests soar to new high

April stayover guests soar to new high

(CNS Business): The continued success story of overnight tourism reached record highs last month when a whopping 38,927 visitors flew into the Cayman Islands, largely from the United States. The figure represents the best air arrival statistics for April since the tourism department began keeping records. A 12.62% increase on April 2016, the number eclipsed […]

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2016 cruise figures fall short on previous year

2016 cruise figures fall short on previous year

(CNS) Although 577 ships called at the George Town port during the last twelve months, the annual passenger figure has fallen short on the numbers recorded in 2015 by 4,959, according to statistics on the port authority website. In 2015, 575 ships brought 1,716,812 while an extra two vessels brought 1,711,853 last year. The figures […]

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Recent Posts

Concessions renewed for builders and developers

Concessions renewed for builders and developers

| 04/12/2017 | 5 Comments

(CNS Business): The government will be continuing the flat 15% import duty rate on building materials imported to Grand Cayman for another year, officials have confirmed. The duty cut has been running for several years and Finance Minister Roy McTaggart claimed the concession was working and helping to boost the economy. “The government is committed […]

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People on the Move: Carey Olsen adds to finance practice

People on the Move: Carey Olsen adds to finance practice

| 27/11/2017 | 0 Comments

(CNS Business): This month, offshore law firm Carey Olsen has expanded its finance practice in the Cayman Islands with the appointment of Dylan Wiltermuth, who has joined the firm as counsel. The firm said Wiltermuth is an experienced Cayman Islands lawyer who specialises in all aspects of structured finance and securitisation transactions, as well as […]

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Scott defends Cayman at offshore conference

Scott defends Cayman at offshore conference

| 21/11/2017 | 1 Comment

(CNS Business): The CEO of Cayman Finance, Jude Scott, defended the Cayman Islands’ financial services sector at an offshore conference in London recently. Taking a seat alongside several high-profile journalists at the 6th Annual OffshoreAlert Europe Conference in London, he was the only panelist representing the financial industry in a discussion about the recent data hack and leak […]

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DoT signs new PR deal with Canadian firm

DoT signs new PR deal with Canadian firm

| 14/11/2017 | 2 Comments

(CNS Business): The Cayman Islands Department of Tourism has signed up a new public relations firm in Canada to help promote the destination to that market. Although the DoT had a company promoting the islands in the country, Aerial Communications Group based won the latest competitive tender aimed at boosting visitors from that country. “The Cayman […]

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Financial services gets budget boost

Financial services gets budget boost

| 07/11/2017

(CNS Business): Funding for the financial services sector has increased considerably in the 2018/19 budgets, the new minister for the sector, Tara Rivers, revealed in the Legislative Assembly Monday, as she stressed the need to protect the industry and underscored the importance of the sector to the local economy. Rivers revealed that while money would […]

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Southwest Airlines plans new service from Houston

Southwest Airlines plans new service from Houston

| 07/11/2017 | 1 Comment

(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 […]

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US partner pulls out of deal with Health City

US partner pulls out of deal with Health City

| 07/11/2017 | 20 Comments

(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 […]

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Cayman gears up for CFATF review

Cayman gears up for CFATF review

| 07/11/2017 | 0 Comments

(CNS Business): The attorney general has said that the Portfolio of Legal Affairs, the Ministry of Financial Services and CIMA have been working with the public sector agencies and private sector stakeholders to get the jurisdiction in a state of readiness for the upcoming evaluation by the Caribbean Financial Action Task Force (CFATF) Mutual Evaluation […]

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Higher sales boost CUC profits

Higher sales boost CUC profits

| 06/11/2017 | 0 Comments

(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 […]

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Queen using Cayman investment fund

Queen using Cayman investment fund

| 06/11/2017 | 31 Comments

(CNS Business): Labour leader Jeremy Corbyn has called on Queen Elizabeth to apologise to the British people for using tax havens, including the Cayman Islands. Revelations that the Queen was among a list of very rich individuals and organisations using offshore vehicles to dodge taxes has come with the release of a trove of information […]

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