Tag: Featured
Tourism on track for another record-breaking year
(CNS Business): The number of tourists visiting the Cayman Islands by air increased again in November, placing the destination on track for another record-breaking year for stay-over tourism. Despite a few dips in the summer months in 2015, the very marginal increase in November keeps the arrival figures on the plus side. The 0.24% increase on […]
Register hopes for flurry of cruise ship business
(CNS Business): Commerce Minister Wayne Panton is hoping that the amendments to the gambling law that came into effect on 1 January will steer in new business for the shipping registry. As well as creating a lawful regime for raffles by nonprofit organisations locally, the changes allow for gambling on cruise ships that are registered in the […]
No take-off yet for proposed new airline
(CNS) BlueSky Airlines, which had originally planned to launch last summer, is still looking for planes to lease and is not expected to get off the ground until the second quarter of 2016, almost a year later than planned. Chief Commercial Officer Mark Ellinger said the firm was making progress towards launching scheduled flight operations […]
Panton battles latest blacklist
(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma and the position taken by some nations on tax competition made the battle […]
New T&B regime kicks off New Year
(CNS Business): With the new trade and business licensing law coming into effect on New Year’s Day, local business owners will need to be up to speed on the amended legislation in order to avoid the increased fines. The goal of the law is to increase compliance rather than punish businesses but there are important […]
Caledonian makes ‘no fine’ secret deal with SEC
(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no fines levied against the institution over the alleged […]
Cayman National to pay $5M in US tax evasion probe
(CNS Business): Cayman National Corporation is expecting to part with some $5 million in fines to the US authorities in relation to what the bank called “past wrongdoing” by two of its companies, Cayman National Securities and Cayman National Trust Company. In a report on the bank’s website covering its fourth quarter report for 2015, CNC revealed that […]
Tech city to be built in Fairbanks area
(CNS Business): Well over four years after promising a campus to transform Cayman into a technological centre of excellence, the current management team of Cayman Enterprise City has settled on a site in the Fairbanks area of George Town for the tech zone’s actual campus. Since government passed a special law for the proposed project […]
CAL begins Brac-Cuba flights
(CNS Business): Cayman Airways Limited (CAL) has launched the first international flight to and from Holguin, Cuba, and expanded its Miami service to Cayman Brac. The flight to the eastern end of the island nation is designed to complement the airline’s existing flights between Havana and Grand Cayman, and the airline expects some Havana passengers, many […]
Central public register may be inevitable
(CNS Business): If public central registers become the global standard for access to beneficial ownership of commercial and financial entities then Cayman will inevitably have one as well, but the Cayman Islands will not go out on a limb and be the first, Financial Services Minister Wayne Panton has said. Cayman is now examining a […]
UK enforcement agencies to visit Cayman
(CNS): The UK is expected to send law enforcement officials to Cayman in the New Year to enhance the current cooperation regime between this jurisdiction and the authorities in Britain regarding financial crime and money laundering. Financial Services Minister Wayne Panton said that experts are coming at Cayman’s invitation to “improve on the collaboration” on global financial […]
Cash transfer firm blames local banks for business woes
(CNS Business): The chair of a Cayman-based Jamaican cash transfer company has made it clear that he believes the banks are to blame for the problems his firm and its affiliates are facing, as he encouraged customers of those banks who also use remittance services to raise their concerns and even implied they should boycott […]
Futuristic design for Cayman resort unveiled in Miami
(CNS Business): The design for the proposed resort in the Beach Bay area of Bodden Town was unveiled at an art gallery in Miami recently when developers announced the winning architects for the US$250 million hotel they are building at St James Point. Beach Bay Land Limited (BBLL) said TEN Arquitectos won the competition, beating […]
Captive industry still awaits CIMA figurehead
(CNS Business): As CIMA updated delegates at the Cayman Captive Forum on its licensing activity and regulatory developments, it was unable to provide the update that many international clients have been waiting for, which is a new head of insurance supervision. Morag Nicol has been acting head of insurance since April 2014 in what was […]
Hotel lease extension nets $13.4M for public purse
(CNS Business): Government is expecting to collect $13.4 million from the owners of the Westin Grand Cayman Seven Mile Beach Resort & Spa after talks regarding the extension of the hotel’s lease for the crown land it stands on were completed. Planning Minister Kurt Tibbetts told the Legislative Assembly that the report on the lease […]
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