Tag: Featured
CAL starts using new boarding ramps
(CNS): Passengers on Cayman Airways have begun using the airline’s new ramps to get on and off the planes. Officials said the new ramps improve safety and comfort, particularly for people with disabilities including those in wheelchairs. The airline said they are a significant step forward for passenger convenience, with an inclined walkway replacing the conventional […]
Secrecy in BOTs fuelling corruption, says report
(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a World Bank study found that BOTs are the most popular jurisdictions for the corrupt to incorporate a […]
Money transfer business creeps back to Cayman
(CNS): The return of Western Union money transfer services, which will once again offer local currency transfers, was made possible by the Cayman-based Scotiabank, which said it was willing to offer banking services to the firm’s partner, Grace Kennedy, a money transfer company it had worked with for decades, because it was comfortable with its compliance […]
UK wants direct access to Cayman company info
(CNS): The UK’s overseas territories minister has told the Cayman Islands premier that the British government wants direct access to companies registered here for all of their law enforcement agencies, but the Cayman leader has so far refused. As the dispute between the UK and its territories continues, the return of James Duddridge to the OT desk […]
Western Union reopens at Fosters
(CNS Business): The money transfer service firm Western Union has reopened for business at Foster’s Food Fair airport branch, the financial services minister has confirmed. Wayne Panton told CNS Business that as of 9am Tuesday morning, the service was back in business as a result of a new partnership and Fosters would be the agent […]
CIMA under fire in Caledonian saga
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’s insolvency. Questions are also being asked about Caledonian’s […]
Duddridge to press for open register
(CNS): As the Cayman Islands premier and other leaders of British overseas territories (BOTs) continue to resist the concept of an open beneficial ownership registry to meet the UK’s demands for more transparency regarding the offshore sector, the FCO minister with responsibility for BOTs has said he will be pressing for a commitment to transparency at this […]
C&W sold to Liberty Global
(CNS Business): International telecommunications and cable TV company Liberty Global has bought Cable & Wireless Communications (CWC), the parent company of Flow, for £5.4 billion (US$8.2 billion), which includes £1.8bn of debt. This follows the $3.3bn takeover by CWC of regional competitor, Columbus International, on 31 March of this year, through which they also acquired Flow, which has […]
CAL’s new Saab christened into fleet
(CNS Business): Cayman Airways’ new Saab 340B+ aircraft was formally christened on Friday 13 November at the Charles Kirkconnell International Airport (CKIA) on Cayman Brac. The airline said that the 34-seat aircraft will be phased into service between Grand Cayman and the Brac this month, replacing the 30-seat Embraer E120, which has operated under a […]
Dart names Kimpton resort ‘Seafire’
(CNS Business): The ten-storey hotel and residency resort built by the Dart Realty (Cayman) on the former site of the Courtyard Marriott on the West Bay Road has been named the Kimpton Seafire Resort + Spa. Dart Realty CEO Mark VanDevelde said the countdown to the opening of the luxury resort, scheduled for November 2016, had started with the naming […]
Caledonian’s demise was SEC blunder
(CNS Business): A federal judge has said that the US Securities and Exchange Commission (SEC) got it very wrong when it issued an order earlier this year that froze more than $88 million in assets belonging to two financial institutions suspected of securities fraud that led to the collapse of Caledonian Bank in Grand Cayman. Although […]
Cayman to get another shot of Margaritaville
(CNS): The Treasure Island hotel in the heart of Grand Cayman’s tourist district is to become a full-scale Margaritaville Resort, new owners have said. Howard Hospitality Group (HHG) has bought the site, which was on sale for just over $15 million, and said it is already planning a major redesign and renovation of the building to […]
Hurley’s scoops up rival radio stations
(CNS Business): Hurley’s Entertainment has expanded its media empire with the purchase of two radio stations from Paramount Media. Coming on the heels of the firm’s purchase, with the help of Dart financing, of the television channel Cayman27, Hurley’s announced Thursday that it had acquired Vibe and Spin FM, subject to approval by the Information and Communications […]
Development bank offers loans to SMEs and public servants
(CNS Business): The Cayman Islands Development Bank (CIDB) has introduced two loan programmes, one designed for small- and medium-sized enterprises (SMEs) with proven track records for at least two years, and the other for public sector workers who want to consolidate their high-interest rate debt. Wayne Panton, the minister responsible for financial services and commerce, said […]
Financial industry waking up to scale of cyber threat
(CNS Business): Cyber security is fast becoming the number one global business concern, and with hedge fund managers seen as being particularly susceptible, a sustained attack on the industry could have a major systemic impact here, as experts warn that Cayman firms are already being targeted by cyber-criminals.
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