Tag: Featured
Business email scammers target Cayman
(CNS Business): There has been an increase in wire transfer frauds by email against Cayman Islands businesses and government entities, the new Cybersecurity Incident Response Team, CIRT-KY, has warned. The internet security arm of the Information and Communications Technology Authority (ICTA), CIRT-KY said the scammers are masquerading as legitimate businesses in an attempt to make unauthorised wire transfers. “Actors use the compromised […]
Doctors take over local private hospital
(CNS Business): A new company made up of doctors as well as local and international investors has bought the Chrissie Tomlinson Memorial Hospital. CTMH Holdings Ltd, the newly formed holding company, has also purchased land, buildings and related medical companies. The hospital was sold by Dr Steve Tomlinson, who opened the private sector facility in […]
Chamber members impatient for labour reform
(CNS Business): Immigration and labour reform have been identified by Chamber of Commerce members as two of the main issues for the business community, which is becoming impatient for change, according to the new Chamber President Paul Pearson. He also noted the slow introduction of online payment systems within government and said people were spending “countless hours […]
Dart buys Hyatt, Beach Suites to close
(CNS Business): Dart Realty (Cayman) has acquired another major piece of property in Grand Cayman’s popular tourist area and where the current hotel operation is set to close down in six months. The island’s largest landholder has bought Beach Suites and the former Hyatt Resort, as well as the Britannia Golf Course but the firm has not revealed […]
Bermuda funds on fast track as cost creep clouds Cayman
(CNS Business): Bermuda’s new low-cost, fast track regime for hedge funds is gaining traction, while frustration builds over the growing cost and regulation associated with a Cayman launch. Although the numbers involved are quite modest, industry insiders remain concerned that cost and regulatory creep in Cayman could lead to a tipping point where the conversation […]
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, […]
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 […]
$100k raised for sharks from local beer
(CNS Business): The five cents collected from every bottle of the Cayman Islands Brewery’s White Tip larger has raised more than $100,000 for shark conservation programmes over the last two years and there are high hopes for even more following a new partnership with local artist and marine conservationist, Guy Harvey. White Tip launched a […]
Price hike fuels CUC profits in 2015
(CNS Business): Grand Cayman’s power provider, CUC, cleared a $2 million profit last year as a result of a 3% growth in sales and a hike in the base rate last June, according to its latest financial report. In the last quarter of the year the electricity company saw a an 8% growth in sales, […]
ICTA to tackle network weaknesses
(CNS Business): The managing director of the telecoms regulator has revealed that his agency will be forming a working group to tackle weaknesses in the local telecommunications network after a lightning strike in Miami on Tuesday had a serious impact on local phones and internet. The major hardware failure that affected the MAYA-1 submarine cable […]
ICTA to become utilities regulator
(CNS Business): The Information and Communications Technology Authority is in the process of transitioning into a new Public Utilities Commission (PUC), which will see the electricity, telecommunications, water and fuel regulators come under one umbrella. Among its goals is to provide a way for consumers to complain about their utility service providers, the authority said. […]
Telecoms industry under pressure to shape up
(CNS Business): The Information & Communications Technology Authority has announced that it will be prioritizing quality of service standards in the local telecoms sector, specifically ensuring that broadband customers get what they pay for, as well as improving access and competition for everyone living in the Cayman Islands, regardless of the district.
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