Tag: Featured
Novel court case sets fair value in statutory merger dissention
(CNS Business): A recent case before the Cayman Islands Grand Court has provided highly anticipated guidance on calculating the fair value of a dissenting investor’s shares, following the successful completion of a statutory merger. Statutory mergers have been part of the Companies Law since 2009, allowing a faster, more efficient route for many corporate transactions, such […]
Airport boss said project will be ‘challenging’
(CNS Business): Renovating and expanding the Owen Roberts International Airport while keeping it open to the public will be challenging, the Cayman Islands Airports Authority CEO Albert Anderson said Thursday, but the management will do all it can to minimise the impact on travellers. He said much of the work will be done at night and when […]
Cayman-US couple fight tax exchange decision
(CNS Business): US taxpayers and Caymanian status holders Lee and Sheila Aronfeld are seeking a judicial review of a decision by the Cayman Islands Tax Information Authority (CITIA) to give their information to the IRS in the United States in connection with a criminal tax probe. Shareholders in three Cayman registered exempted companies, the Aronfelds claim […]
Arch & Godfrey secures first airport contract
(CNS Business): The contract to develop the first phase of the renovation of the George Town airport has been won by local construction firm Arch & Godfrey. The $3.6 million contract for this first part of the more than $40 million long-awaited project to redevelop Owen Roberts International, which is to build a new baggage […]
Small Business Association ready to lobby government
(CNS Business): Having finally, after seven years, obtained ‘non-profit organisation’ status, the Cayman Islands Small Business Association (CISBA) is now ready to re-energise its membership and to lobby government on behalf of small and micro businesses and the 17,000 or so people they employ. Among the items on its agenda is to advocate for tiered work […]
Industry award highlights Cayman’s captive record
(CNS Business): A major industry accolade for the Cayman Islands captive insurance sector has highlighted the strengths of this jurisdiction as a domicile for insurance and alternative risk transfer products. Cayman was recently named the ‘Top Offshore Domicile’ in the 2015 US Captive Service Awards, organised by Captive Review magazine. Traditionally known for being the second largest […]
Micro business fee waiver extended for another year
(CNS Business): Owners of micro business or would-be entrepreneurs planning to start one can look forward to another year of reduced fees now that Cabinet has extended the waiver for very small businesses across all three islands, as well as the 50-75% reduction for small businesses. Commerce Minister Wayne Panton recently lauded the success of the […]
Swiss bank with CI link strikes US deal to reveal secret accounts
(CNS Business): The US Department of Justice has struck a non-prosecution deal with Schroder Bank AG that will see the Swiss-based bank and its Cayman subsidiary cooperate in any criminal or civil proceedings and pay a $10m penalty to avoid criminal charges relating to secret accounts. The DoJ also said that the Cayman arm and a Swiss […]
UK and Cayman agree on beneficial ownership principle
(CNS Business): The stand-in overseas territories minister has indicated that the UK and the Cayman Islands are in agreement over beneficial ownership, despite indications that the British government is still pushing for a central register. On a short visit to Cayman last week, Grant Shapps said he believed the two governments were in agreement over […]
Local trade website hack hits 1,000s of users
(CNS Business): The Cayman-based web directory and trading site, Ecay Business, has been hacked, impacting what the local regulator has said is thousands of user accounts, passwords and email addresses. Users are being urged to change their passwords and any other passwords they use on other sites similar to the ones used on Ecay.
Cayman’s internet domain set to go global
(CNS Business): The Information & Communications Technology Authority (ICTA) will be opening up access to the .KY domain on the global market Wednesday, allowing anyone in the world to register a local Cayman domain on a first-come, first-served basis. Managing Director Alee Fa’amoe said that the ICTA has identified interest on the international stage for […]
Rivers urges tourism sector to give locals jobs
(CNS): The employment minister is urging employers in the tourism industry to offer real job opportunities for local people and remove any artificial barriers preventing them from being employed. Speaking at a recent networking drive organised by CITA and the NWDA, Tara Rivers also told would-be workers in the sector to embrace, promote and display great customer […]
Half year figures confirm tourist sector growth
(CNS): The number of visitors to the Cayman Islands on overnight trips and on cruise ships is still rising, according to the half-year figures recently released by the Department of Tourism. As Cayman faces the controversial decision about cruise piers in George Town, figures for cruise arrivals this year show that, despite a lack of […]
Cash transfer firms stay open using US currency
(CNS): Three of Cayman’s money transfer businesses have entered into new arrangements that will deal with US currency transactions only, which will enable them to continue providing cash remittance services after a number of local banks pulled out of partnerships with them. Increased concerns over the risks of these kind of financial transactions and pressure […]
Private sector development boom fails to materialize
(CNS Business): Progress on the private sector construction projects government is depending on to boost the local economy is thin on the ground as the PPM administration passes its halfway mark. From Frank Sound to George Town, government has touted a number of proposed developments by private sector investors that it is hoping will create […]
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