Tag: Featured
Street vendors get short reprieve ahead of fines
(CNS Business): Local tradespeople who have been selling souvenirs, coconuts or fruit, or renting beach chairs or snorkel kits without a trade and business licence on the streets of George Town, along Seven Mile Beach and at the West Bay dock have been given one more month to comply with the law before government starts […]
Increase in imports signals economic recovery
(CNS Business): Finance and Economic Development Minister Marco Archer has said that the near 12% increase in imported goods at the beginning of this year compared to the previous year was a sign of the economic recovery in the Cayman Islands. According to figures released by the Economics and Statistics Office (ESO), the country’s merchandise imports […]
Cayman’s ‘secrecy law’ gets overhaul
(CNS Business): The controversial piece of legislation that has been considered Cayman’s ‘secrecy law’ for many years and fueled the jurisdiction’s tax haven label has been repealed and replaced to help detract unwanted and unfair criticism, Financial Services Minister Wayne Panton has said. Along with a number of other changes as well as a new […]
Brexit impact is unpredictable, says tourism minister
(CNS Business): Tourism Minister Moses Kirkconnell has said it is too early to say how Britain’s exit from the European Union will impact the Cayman Islands’ tourism statistics, which after years of continuing growth are showing signs of decline due to the Zika outbreak. He said the United Kingdom and Continental Europe account for around […]
Email scams costing businesses $billions
(CNS Business): Unsuspecting employees in Cayman are being targeted by criminals with ‘Scareware’ and sophisticated email scams, enabling them to siphon off cash from these companies without the need for complex hacking techniques. The FBI’s Internet Crime Complaints Center (ICC) has issued an alert surrounding Business Email Compromise (BEC), which it called the $3.1 Billion […]
Concerns ignored, golf course gets green light
(CNS Business): The Central Planning Authority has given the green light to the proposed development of a golf course in the Frank Sound area despite a catalogue of environmental concerns. The proposal to build an Arnold Palmer golf course was submitted to the CPA in complete isolation and not as part of the major resort […]
Cayman holds $265 billion in US Treasury bonds
(CNS Business): The Cayman Islands is now the third biggest foreign holder of US government debt, topped only by China and Japan. Holdings of US Treasury bonds in Cayman reached $265 billion in March, which was up more than 30% from the same period last year and was the first time that the Treasury data […]
Pure tobacco cigarettes, made in Cayman
(CNS Business): A young Caymanian entrepreneur has begun manufacturing and selling cigarettes locally using pure tobacco imported from Kentucky with no additives. Cordell Gutierrez (23), who grew up on Cayman Brac, began selling his cigarette packages in December last year under the brand name Blacktip. The cigarettes are produced in a small factory in Prospect, […]
DoT upbeat about Cuba’s burgeoning tourism
(CNS Business): Tourism to Cuba was boosted last week with the announcement of two major developments: there will be a resumption, after more than 50 years, of commercial flights to the island from the US before the end of the year, and a new Miami-based cruise line is planning trips from Florida to Cuba. However, […]
Secrecy law revamp well received by industry
(CNS Business): The revamp of Cayman’s 40-year-old “secrecy law’, which removes the criminal liability for disclosing confidential information, is an essential step in positioning Cayman as a modern transparent cooperative partner on the international stage. For the parts of the financial sector which rely on privacy, the changes have been well received, provided they can […]
Dart buys Little Cayman businesses
(CNS Business): Dart Realty (Cayman) Ltd is spreading its business empire onto Little Cayman with the acquisition of Paradise Villas and the Hungry Iguana restaurant. The Cayman Islands largest landowner, investor and developer confirmed it had agreed to buy the businesses in a release on Wednesday, in which officials also said they wanted to preserved […]
Court calls stamp duty findings into question
(CNS): Cayman’s finance ministry may need to review how it assesses stamp duty on property sales following a court ruling that where property is exchanged in an arm’s-length properly marketed transaction at a reasonable market rate, the government had no business re-assessing its value for stamp duty purposes. The recent decision of the Grand Court […]
Over-development undermining tourism
(CNS Business): The Cayman Islands tourism industry is at a crossroads and officials are worried that the quality of the experience for visitors is deteriorating due to the success of the sector, the number of visitors and the pace of development, especially around Seven Mile Beach. In a request for proposals for consultants to help […]
Consolidated Water executives cash in with share sale
(CNS Business): With its share price closing in on five year highs, two executives at Consolidated Water have cashed in some significant shareholdings in the wake of the water company’s first quarter results. Stock watchers, meanwhile, await news on the firm’s Mexican subsidiary’s proposal for a desalination plant in Rosarito Beach, Baja California, which, if […]
BNP Paribas closes Cayman branch
(CNS Business): French bank BNP Paribas is closing one of its two remaining branches in the Cayman Islands, as it continues to scale back its international offshore operations, having closed two Cayman subsidiaries in 2015. However, it will retain a banking presence in Cayman, which it does not classify as a “fiscal paradise”.
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