Tag: Featured
Ministry refutes water firm’s gripes
(CNS Business): Complaints from Cayman’s private sector water supplier over new legislation designed to properly regulate all utilities on the islands have been address by the planning minister in a very long detailed letter. Consolidated Water Cayman had written to the ministry that has responsibility for water and other utilities complaining that it had not […]
Britain’s OT minister backs Cayman’s offshore sector
(CNS Business): During her recent trip to the Cayman Islands, Baroness Anelay attempted to soothe fears that pressure from the world’s most powerful economies for increasing transparency in the offshore sector will eventually undermine the financial services success in jurisdictions like Cayman. When the UK’s overseas territories minister met with members of Cayman Finance, she […]
Minister to make case for lawyers’ law
(CNS Business): After almost 15 years of wrangling over a law to regulate the legal profession, the current financial services minister, a former offshore lawyer himself, is hoping he can finally steer through new legislation. But despite getting backing from the Cayman Islands Law Society and the Caymanian Bar Association, Wayne Panton has not won […]
Work steps up on airport expansion
(CNS Business): Officials at Owen Roberts International Airport’s (ORIA) are warning passengers that work is stepping up at the facility on the renovation and expansion project. This means that travellers will see construction at both ends of the existing terminal over the next few weeks that will impact the normal flow of foot traffic around […]
Cayman captives boosted by non-traditional risk
(CNS Business): So far, 2016 has been a very active year for new captive insurance formations, with 23 new licences granted over the first six months of the year, according to the Cayman Islands Monetary Authority. This number exceeded the issuance of licences in the whole of 2015. “Historically, November and December are the busiest […]
Minister: Investment will be agriculture conference focus
(CNS Business): Agriculture Minister Kurt Tibbetts has said that “the challenge of attracting capital investment has long been recognised as a major constraint for the development of agriculture in the Caribbean”. As the host of the 14th Annual Caribbean Week of Agriculture next month (CWA), which the minister said placed agriculture and rural life on the […]
Minister presents revamped lawyers law
(CNS Business): After almost fifteen years and half a dozen attempts to pass the legislation, Financial Services Minister Wayne Panton has come up with a legal practitioners bill that has the support of the legal profession in Cayman and provides for the development and protection of local attorneys. Calling it an “immense improvement”, Panton said […]
Ministry brings key bills ahead of task force review
(CNS Business): The financial services minister will be presenting another four bills at the forthcoming meeting of the Legislative Assembly in order to ensure Cayman successfully clears next year’s Caribbean Financial Action Task Force’s (CFATF) mutual evaluation process and improve the financial sector’s regulatory framework. The four pieces of legislation are intended to maintain Cayman’s adherence to […]
CAL climbs out of fiscal hole
(CNS Business): The chair of Cayman Airways Ltd told the Public Accounts Committee Thursday that he expects the airline to have cleared its bank loan debts within three years because a number of factors have combined to help it climb out of the “hole it was in” a few years ago. Talking about the turnaround in fortunes of the airline, Philip Rankin said they were “seeing the fruits of our labour now”, as he pointed to the falling debt, as well as cuts in expenses and operating losses. Rankin said the debt was now around US$19 million and bank loans would be cleared in less than three years.
CAL’s US$21M subsidy keeps airline flying
(CNS Business): The latest audit of the national flag carrier has reinforced the fact that while Cayman Airways Ltd is turning its financial losses around, it is still very heavily dependent on a government subsidy of around US$21 million per year and would not be a viable entity without it. But the management team has […]
Trade talks with Honduras ‘sincere’
(CNS): Increasing flights between Cayman and Honduras, organising direct imports from the Central American country and an undersea telecommunications cable were key issues on the talks agenda when President Juan Orlando Hernandez and his delegation met with Cayman Islands officials here last week. Premier Alden McLaughlin said the bilateral talks which started in Honduras last […]
Developers select golf course contractors
(CNS Business): A Florida-based general contractor has been named as the developers of the much-anticipated Ironwood golf community to work on the proposed golf course and infrastructure works, officials said Monday. Described as a $1.1 billion development around an Arnold Palmer golf course, the developers have been in discussions with the current and previous government […]
CIG plans to measure pirates’ ‘gold’
(CNS Business): The Ministry of Tourism has announced plans to conduct an economic impact assessment of this year’s Pirates Week to measure how much gold the pirate festival really brings in. The last assessment of the event, conducted well over a decade ago in 2002, identified 11,000 unique visitors, but since then the event has […]
CUC begins to shape future energy plan
(CNS Business): The monopoly power provider on Grand Cayman has brought in consultants to begin drawing up potential future plans for CUC to consider to maintain a safe, reliable and viable electricity supply for the next three decades. Integrated Resource Plan (IRP) will set out a proposal for renewable energy and consider what the technological […]
Notes on BO exchange details published
(CNS Business): The arrangements under which the UK law enforcement authorities will be able to access information on the beneficial owners of offshore companies registered in Cayman have been posted on the FCO website for several months, though local officials say that the technical aspects of how the data will be accessed is still being […]
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