Cayman Islands

Next  Cayman Islands issues 'cease and desist' order to CLICO subsidiary Wednesday, July 1, 2009 GEORGE TOWN, Cayman Islands -- The Cayman Islands Monetary Authority (CIMA) on Monday issued a cease and desist order to British American Insurance Company Limited, publicly known as BAICO. BAICO is a member of the troubled CLICO group, which was bailed out by the Trinidad government. read more... Butterfield Bank concludes successful preference share offering Saturday, June 27, 2009 HAMILTON, Bermuda -- The Bank of NT Butterfield & Son Limited has announced the official closing of the Offering Period for an issue of USD 200 million of Government guaranteed, 8.00% Non-Cumulative Perpetual Limited Voting Preference Shares on 22 June 2009. The initial offering was oversubscribed. read more... Cayman Islands and Netherlands draft tax information exchange agreement Friday, June 26, 2009 GEORGE TOWN, Cayman Islands -- Technical negotiating teams from the Cayman Islands and the Netherlands have finalised the terms of an agreement and protocol for the exchange of information with respect to tax matters. The proposed Tax Information Exchange Agreement (TIEA) was drafted in George Town. read more... Bermuda reviews Cayman's freedom of information legislation Friday, June 26, 2009 GEORGE TOWN, Cayman Islands (GIS) -- Bermudian government officials reviewed Cayman’s experiences with Freedom of Information (FOI) during an official visit last week. The country’s two Cabinet Office policy analysts Kimberley McKeown and Marisa Sharp spent three days in Cayman. read more... Two more H1N1 flu cases in the Cayman Islands Thursday, June 25, 2009 GEORGE TOWN, Cayman Islands -- The local Health Services Authority on Wednesday confirmed an additional two cases of the novel H1N1 flu virus in the Cayman Islands, bringing the total number of confirmed cases to 9. The latest confirmed cases are two adults and both patients are experiencing a mild illness. read more... Cayman Islands propose greater hedge fund disclosure Tuesday, June 23, 2009 LONDON, England (Reuters) -- The Cayman Islands, home to most of the world's hedge funds, is planning to reveal more information about them, the country's regulator told Reuters, as pressure on the secretive industry rises. The Cayman Islands Monetary Authority (CIMA) could make available data... read more... Fourth case of H1N1 flu recorded in the Cayman Islands Wednesday, June 17, 2009 GEORGE TOWN, Cayman Islands: The Cayman Islands recorded its fourth case of H1N1 flu during the long weekend, prompting medical authorities to abandon previous efforts to isolate the virus, while more than a dozen clinical tests remain outstanding. The latest case brings to three the number of classroom infections. read more... Cayman Islands signs tax agreement with UK Wednesday, June 17, 2009 LONDON, England -- A new double taxation arrangement (DTA) which will facilitate tax information exchange that meets OECD (Organisation for Economic Co-operation and Development) standards, was signed on Tuesday in London between the UK Treasury and the Cayman Islands government. read more... Third H1N1 flu case confirmed in the Cayman Islands Thursday, June 11, 2009 GEORGE TOWN, Cayman Islands -- Test results from the Caribbean Epidemiology Centre (CAREC) have confirmed an additional case of the H1N1 flu virus in the Cayman Islands bringing to three the total number of confirmed cases locally. The latest confirmed case is another student. read more... First H1N1 case confirmed in Cayman Friday, June 5, 2009 GEORGE TOWN, Cayman Islands (GIS) -- The Cayman Islands Public Health Department received confirmation on Thursday afternoon of the country's first H1N1 flu case. Medical Officer of Health Dr Kiran Kumar said the patient, a student, is recovering well in home isolation and did not suffer severe illness. read more... Another hedge fund put into liquidation by Cayman court Saturday, May 30, 2009 NEW YORK, USA (Bloomberg) -- Dynamic Decisions Capital Management Ltd.’s main hedge fund is being liquidated by court-appointed administrators in the Cayman Islands after investors raised questions about some of its bond holdings.The firm invested in the shares of large US and European companies. read more... New government in the Cayman Islands sworn in Thursday, May 28, 2009 GEORGE TOWN, Cayman Islands (GIS) -- The new Government of the Cayman Islands – the Cabinet and Members of the Legislative Assembly – was sworn in on Wednesday. A packed audience also saw a new Speaker of the House formally selected. Wednesday's ceremony followed last week's general elections. read more... Another US company to shift incorporation from Bermuda Wednesday, May 27, 2009 NEW YORK/LOS ANGELES, USA (Reuters) -- Technology outsourcing and consulting firm Accenture Ltd said on Tuesday it plans to change its place of incorporation to Ireland from Bermuda, joining an exodus of large US companies as the US government plans to tighten tax rules. read more... Cayman bankers lobby Washington to redefine image Saturday, May 23, 2009 WASHINGTON, USA (Reuters) -- A group from the Cayman Islands lobbied Washington this week to redefine the image of its banks and other financial institutions after President Barack Obama singled out the British territory as a tax haven. With their zero tax rate, the Caymans are home to 80,000 registered companies. read more... Cayman Islands vote for new constitution Friday, May 22, 2009 GEORGETOWN, Cayman Islands (GIS) -- The Cayman Islands will adopt a revised Constitution. Official results from the Elections Office Referendum Command Centre in Grand Cayman indicated that 11,244 voters cast referendum ballots (including mobile and postal ballots), and 62.66 per cent voted 'yes'. read more... Opposition party triumphs in Cayman Islands general election Friday, May 22, 2009 GEORGE TOWN, Cayman Islands -- The opposition United Democratic Party (UDP) has triumphed over all challengers as voters in the Cayman Islands largely rejected independent candidates and the People’s Progressive Movement (PPM) in national polls on Wednesday A full day of polling concluded at 6 p.m. read more... Cayman Islands government claims progress in OECD negotiations Friday, May 15, 2009 GEORGE TOWN, Cayman Islands -- The Cayman Islands government cliamed progress this week in both areas of its implementation of international standards in tax information exchange. The Cayman Islands unilateral mechanism1 was cleared to go forward by the Harmful Tax Practices Sub-committee. read more... Trustee pursues Cayman Islands hedge fund, another Madoff feeder fund Wednesday, May 13, 2009 NEW YORK, USA (Reuters) -- Cayman Islands hedge fund Harley International Ltd withdrew $425 million from swindler Bernard Madoff in the three months before his arrest, according to a lawsuit seeking more than $1 billion from the fund. So far the Madoff firm's trustee has recovered about $1 billion. read more... Judicial tribunal opens in the Cayman Islands Monday, May 11, 2009 GEORGE TOWN, Cayman Islands: Placing the blame squarely on court stenographers, counsel for Cayman Islands Grand Court judge Priya Levers on Thursday told a three-man judicial inquiry into her professional conduct that the complaints against her were “totally without foundation”. read more... An Open Letter to President Obama from the Cayman Islands Financial Services Association Wednesday, May 6, 2009 We are pleased with your announcement that the United States intends to restore balance and fairness to its global tax policy. We agree with your focus on preventing tax fraud and evasion; ensuring that every corporation pays its fair and lawful share is important. We stand with you in favoring effective prevention... read more... Coca-Cola, Oracle, Intel use Cayman Islands to avoid US taxes Wednesday, May 6, 2009 LOS ANGELES, USA (Bloomberg) -- Seagate Technology, the world’s largest maker of hard disk drives, is headquartered in Scotts Valley, California. Yet the documents it files with the Securities and Exchange Commission list its address in George Town, the capital of the Cayman Islands. read more... Greenland agreements by Caribbean offshore centres mock G20 Monday, April 20, 2009 ZURICH, Switzerland (Reuters) -- Offshore centres are rushing to sign data exchange tax deals with small Nordic countries such as Greenland to be taken off a "grey" list of tax havens, making a mockery of a G20 bid to clamp down on evasion, campaigners said. The G20 summit named 40 or so countries. read more... New Governor for Cayman Islands announced Friday, April 10, 2009 GEORGE TOWN, Cayman Islands (GIS): The UK Foreign and Commonwealth Office (FCO) has announced the next Governor of the Cayman Islands. Duncan Taylor, CBE, will take over the position in January 2010, according to a communiqué issued by the Governor’s Office. read more... Cayman Islands regulator orders CLICO not to issue any new policies Friday, April 10, 2009 GEORGE TOWN, Cayman Islands: The Cayman Islands Monetary Authority has issued new cease and desist order to Clico (Cayman) Ltd The new order prohibits Clico from issuing any new insurance policies of any kind, except for new additions of dependants on existing individual health policies. read more... Cayman Islands at the negotiating table for air transport discussions in Cuba Tuesday, April 7, 2009 GEORGE TOWN, Grand Cayman: Air Service Agreement (ASA) negotiations between the Cuban aeronautical authorities and the United Kingdom (and Overseas Territories) authorities took place in Havana, Cuba, in March. The purpose of these talks was to negotiate an update to an existing agreement. read more... Cayman Islands plays down "gray" tax haven listing Saturday, April 4, 2009 MIAMI, USA (Reuters): The government of the Cayman Islands, a major Caribbean financial center, said on Friday it was moving to improve its cooperation to fight tax evasion and played down its inclusion on an OECD "gray list." The Cayman Islands, a British overseas territory, is home to an estimated 8,000 hedge funds. read more... OECD welcomes new tax agreement with Cayman Islands Thursday, April 2, 2009 PARIS, France: The Organisation for Economic Cooperation and Development (OECD) on Thursday welcomed the bilateral agreements for the exchange of information for tax purposes signed between the Cayman Islands and seven Nordic economies on Wednesday, in this latest step in recent international efforts. read more... Cayman hedge fund may be put under liquidator's protection Wednesday, April 1, 2009 NEW YORK, USA (Bloomberg): A Cayman Islands court may decide this week to put Dynamic Decisions Capital Management Ltd.’s main hedge fund under the protection of an outside firm after investors accused the manager of “gross mismanagement and misfeasance,” according to people familiar with the case. read more... Cayman Islands sign tax information exchange agreement Wednesday, April 1, 2009 GEORGE TOWN, Cayman Islands: The Cayman Islands Government on Wednesday signed a five-nation, seven-territory information exchange agreement in Sweden, two days after a letter from the territory’s Leader of Government Business, Kurt Tibbetts, was delivered to US President Barack Obama. read more... Cayman Islands leader writes to President Obama Tuesday, March 31, 2009 GEORGE TOWN, Cayman Islands: The Cayman Islands on Monday delivered a letter to US President Barack Obama, copied to Vice-President Joseph Biden and Treasury Secretary Timothy Geithner, underlining the Islands’ commitment to international tax cooperation, hoping to avoid punitive measures. read more... Net News Group signs on as contributor to McClatchy-Tribune Information Services Saturday, March 28, 2009 GEORGE TOWN, Cayman Islands: The Net News Group (NNG), a widely-read media publishing and communications company based in the Cayman Islands, has established a contributor partnership with McClatchy-Tribune Information Services (MCT), one of the largest media groups in the United States. read more... British financial officials in the region for talks with dependent territories Saturday, March 21, 2009 HAMILTON, Bermuda: The Head of the United Kingdom Government Independent Review of British Offshore Financial Centres, Michael Foot, and his team from the UK Treasury are now in the region visiting some of the Overseas Territories.  The team has already visited the Cayman Islands. read more... Cayman Islands law firm denies reported ownership of banned commodity trader Tuesday, March 17, 2009 GEORGE TOWN, Cayman Islands: A Cayman Islands law firm, Higgs Johnson Truman Bodden & Company, has denied a report by financial newsletter OffshoreAlert that its affiliated management company, Trulaw Corporate Services Ltd, has any economic or financial stake in a commodity pool operator. read more... Facebook sues Cayman Islands firm, alleges intellectual property infringements Monday, March 16, 2009 MIAMI, USA: US-based social networking company Facebook has sued a Cayman Islands corporation and related parties for allegedly violating its intellectual property rights. According to Miami-based financial newsletter OffshoreAlert, details are contained in a civil complaint filed by Facebook, Inc. read more... BVI hedge funds accuse Cayman fund of $2.7 million fraud Saturday, March 14, 2009 MIAMI, USA: Two Tradex Global hedge funds located in the British Virgin Islands and their trading advisor, Tradex Global Advisors, based in Connecticut, have accused a Cayman Islands fund and its associates of a $2.75 million securities fraud and misrepresentation of their activities and capacity to make profits. read more... Cayman Islands to sign information exchange agreements with Nordic countries Friday, March 13, 2009 GEORGE TOWN, Cayman Islands: The Cayman Islands and the seven Nordic countries successfully concluded technical negotiations on a series of bilateral agreements, including tax information agreements, at a meeting between the respective delegations held 5-6 March 2009, in Copenhagen. read more... Cayman Islands must ensure equality for all, says Human Rights Watch Thursday, March 12, 2009 NEW YORK, USA: The Cayman Islands, a British Overseas Territory, should revise a draft constitution that will be submitted to voters on May 20, 2009, to ensure that it gives full protections to all against unequal treatment, and the British government should ensure that this happens, Human Rights Watch said. read more... New interactive maps of natural disasters highlight hotspots Thursday, March 12, 2009 LONDON, England: In 2008 natural disasters cost the world US$200 billion. Global maps, produced by risk specialists Maplecroft, show the United States and China to bear about 90% of this burden and be the countries most susceptible to economic losses. In terms of GDP, small island developing states are most at risk. read more... Cayman lawyers say toxic asset funds multiplying Wednesday, March 11, 2009 WASHINGTON, USA (Reuters): Distressed asset funds targeting US toxic bank assets are being set up at a rapid clip using Cayman Islands legal structures, said lawyers from a Cayman law firm on Tuesday. Prominent hedge fund, private equity and other distressed asset investors are involved. read more... CLICO collapses in Turks and Caicos; Cayman operation still in business, says company Monday, March 9, 2009 PROVIDENCIALES/GEORGE TOWN: The CLICO operation in the Turks and Caicos Islands (TCI) has been forced to close down, local media reported, but CLICO (Cayman) is still open for business, the company said in a press release late on Friday. TCI clients are demanding a colossal $2.6 million in claims. read more... Next

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