Cayman Islands

Next  Hedge funds move from offshore centres Saturday, November 7, 2009 GENEVA, Switzerland (Reuters) -- Luxembourg could draw hedge funds in their droves as European investors retreat from offshore vehicles and seek to rein in liquidity and counterparty risk in the post-Madoff, post-Lehman environment. Managers in Europe's $300 billion hedge fund industry are eyeing Luxembourg. read more... Delaware beats Cayman as most secretive financial centre Tuesday, November 3, 2009 WASHINGTON, USA (Reuters) -- The US state of Delaware beats all other international financial centres, including the Cayman Islands, in a contest for the most secretive financial jurisdiction, a tax justice rights group said on Saturday. The survey of 60 jurisdictions found Delaware coming in first. read more... Cayman Islands and Netherlands Antilles sign tax agreement Tuesday, November 3, 2009 GEORGE TOWN, Cayman Islands-- The Cayman Islands signed a Tax Information Exchange Agreement (TIEA) with the Netherlands Antilles on 29 October 2009 whilst attending the CFATF Plenary, held in Curacao. The agreement is the fourteenth TIEA signed by the Cayman Islands. read more... Britain's offshore havens asked to bump up taxes Friday, October 30, 2009 LONDON, England (Reuters) -- Britain's overseas financial havens should bump up taxes to wean their economies off credit crunch hit banking, insurance and funds services, a government commissioned report said on Thursday. The UK government signalled its backing for the report. read more... US congressional panel backs new rules for offshore hedge funds Wednesday, October 28, 2009 WASHINGTON, USA (Reuters) -- US regulators would be able to peer into the secretive world of hedge funds and private equity funds under a bill passed by a key congressional committee. The House Financial Services Committee voted 67-1 to require advisers to hedge funds, private equity and offshore funds... read more... Cayman Islands woo French business with tax accord Thursday, October 15, 2009 GEORGE TOWN, Cayman Islands (Reuters) -- The Cayman Islands has signed a tax information agreement with France that it said on Wednesday it hoped would attract French financial institutions and companies. It was the 13th bilateral Tax Information Exchange Agreement (TIEA) signed by the Cayman Islands. read more... Incoming Cayman Islands governor defends British takeover of Turks and Caicos Monday, September 28, 2009 BRIDGETOWN, Barbados -- The incoming governor of the Cayman Islands, Duncan Taylor, has said that Britain’s move partially to suspend the constitution of the Turks and Caicos Islands (TCI) and assume full administrative control is not a backward step, the Caribbean Media Corporation (CMC) has reported. read more... Caribbean tax havens talk back against G20 'finger pointing' Saturday, September 26, 2009 GEORGE TOWN, Cayman Islands (Reuters) -- Caribbean and Atlantic offshore finance centers are hitting back against attempts to portray them as shady tax havens and say world leaders are making them scapegoats for the global downturn. "It's not fair," said McKeeva Bush, political leader of the Cayman Islands. read more... IRS tells auditors to look at loans by offshore funds Friday, September 25, 2009 WASHINGTON, USA (Bloomberg) -- The Internal Revenue Service told its auditors in Manhattan to develop cases against offshore hedge funds and foreign companies it said are trying to avoid taxes on income from loans they make in the US. Most hedge funds set up offshore corporations in the Cayman Islands. read more... IRS moves to keep companies from avoiding taxes by moving to Cayman and Bermuda Saturday, September 19, 2009 WASHINGTON, USA (Bloomberg) -- The Internal Revenue Service is moving to bolster enforcement of a 2004 law that bars companies from avoiding US taxes by moving their headquarters offshore to Bermuda and the Cayman Islands. The action is the IRS’s latest effort to stop practices that let US companies avoid taxes. read more... Nevis appoints health care consultants Thursday, September 17, 2009 CHARLESTOWN, Nevis -- The Ministry of Health of the Nevis Island Administration has appointed Eaglemount Ltd of the Cayman Islands as special strategic advisor to Hensley Daniel, Deputy Premier and Minister of Health. Eaglemount specialises in government relations and strategic healthcare advisory services. read more... Tax evaders with offshore assets rush to beat amnesty deadline Wednesday, September 16, 2009 WASHINGTON, USA (Reuters) -- Rich Americans who have evaded taxes by hiding foreign holdings in tax havens such as Switzerland and the Cayman Islands have about a week to turn themselves in to an Internal Revenue Service amnesty program or gamble they will not be caught. read more... British American Insurance Cayman operations placed into controllership Wednesday, September 16, 2009 GEORGE TOWN, Cayman Islands -- The Cayman Islands Monetary Authority (CIMA) on Friday appointed controllers to manage the affairs of British American Insurance Company Limited’s (BAICO) Cayman Islands operations. The controllers are Messrs Simon Whicker and Kris Beighton of KPMG. read more... Cayman Islands on OECD Global Forum Steering Group Tuesday, September 15, 2009 GEORGE TOWN, Cayman Islands -- The Cayman Islands has been elected as a member of the Organisation for Economic Cooperation and Development’s (OECD) Steering Group at the recent Global Forum on Transparency and Exchange of Information held in Mexico. read more... Caymans Islands revenue plan seeks to plug deficit hole Tuesday, September 15, 2009 GEORGE TOWN, Cayman Islands (Reuters) -- The Cayman Islands government will present a revenue plan to Britain this week to seek approval for the British overseas territory to borrow $372 million to help plug a widening government operating deficit. The Cayman Islands, a beach-lined Caribbean territory... read more... Cayman Islands says competition prompts UK stance Friday, September 4, 2009 LONDON, England (Reuters) -- The UK government's move to block loans to the Cayman Islands is designed to disadvantage a competitive rivalry in financial services at a time when the UK sector itself is under threat, said the head of the islands' regulatory agency on Thursday. read more... Moody's maintains stable outlook on the Cayman Islands Friday, September 4, 2009 NEW YORK, USA -- Moody’s is carefully monitoring developments in the Cayman Islands and their possible implications for the government’s Aa3 ratings. The outlook on the ratings remains stable. The government is now looking into a number of expenditure and revenue measures to address concerns. read more... Madoff trustee says Cayman and Bermuda funds ignored lawsuits Friday, August 21, 2009 NEW YORK, USA (Bloomberg) -- The trustee liquidating Bernard Madoff’s business told a judge in the US Bankruptcy Court in Manhattan that two Cayman Islands and Bermuda hedge-fund firms accused of profiting from the fraud are ignoring his lawsuits seeking a total of $230.7 million in damages. read more... Cayman Islands judge suspended following tribunal report Friday, August 21, 2009 GEORGE TOWN, Cayman Islands -- A Cayman Islands judge has been suspended following a report by a judicial tribunal appointed to inquire into allegations of misbehaviour against her, and the case has now been referred to the Privy Council. A statement issued on Thursday by Cayman Islands governor... read more... British Virgin Islands, Cayman on tax 'white list' Friday, August 14, 2009 GEORGE TOWN, Grand Cayman -- The British Virgin Islands and the Cayman Islands have joined the global "white list" of countries using internationally recognized tax standards, the Organization for Economic Cooperation and Development said on Friday. The OECD said the British Virgin Islands and the Cayman Islands... read more... Cayman court freezes $9.2 billion of Saad assets Saturday, August 1, 2009 LONDON, England (Reuters) -- A Cayman Islands court has frozen $9.2 billion of assets belonging to Saad Group, the Saudi Arabian investment firm at the centre of a financial scandal, including some of its equity stakes outside the Gulf. Shares bought by Saad also include stakes in Petra Diamond. read more... Cayman Islands financial sector contemplates major changes Friday, July 31, 2009 GEORGE TOWN, Cayman Islands -- Advisory committees to attract fund managers and international businesses to the Cayman Islands will have to wait until October to begin their work, and may need to contemplate major changes to achieve success. Global competition for could force a fundamental reassessment. read more... First H1N1 death in the Cayman Islands Saturday, July 25, 2009 GEORGE TOWN, Cayman Islands -- Late on Friday afternoon, CAREC’s lab in Trinidad confirmed that a 31-year-old male resident of the Cayman Islands, who died this week, had H1N1 flu, commonly known as swine flu. Health officials, who have been in contact with the family from the start, have met with the family. read more... Washington lobbyists meet Cayman's key financial players Saturday, July 18, 2009 GEORGE TOWN, Cayman Islands -- At a dinner hosted at the Ritz Carlton Grand Cayman on 7th July by the Cayman Islands Financial Services Association (CIFSA), special guest speakers, Jack Quinn and Manuel Ortiz of Quinn Gillespie and Associates, a Washington based lobbying and public affairs firm... read more... Investors fight on in the Cayman Islands Friday, July 17, 2009 NEW YORK, USA (Reuters) -- Carl Icahn and other investors who failed to block Steel Partners' plan to convert a hedge fund into a listed partnership in Delaware court, continue to fight the plan in the Cayman Islands, Steel Partners said on Thursday. The New York-based fund manager announced it completed... read more... Cayman Islands hedge fund sued over $578 million 'fake' profit from Madoff Thursday, July 16, 2009 NEW YORK, USA (Bloomberg) -- HSBC Holdings Plc and a Cayman Islands-based hedge fund were sued by the trustee liquidating Bernard Madoff’s business over claims they withdrew $578 million in “fake” profit from the con man’s firm before it collapsed. The lawsuit was filed on Tuesday by trustee Irving Picard. read more... H1N1 numbers continue to climb in the Cayman Islands Thursday, July 16, 2009 GEORGE TOWN, Cayman Islands (GIS) -- The number of H1N1 cases in the Cayman Islands continues to climb, after the Health Services Authority has confirmed another five cases of the virus. The increase – which brings the total number of confirmed cases to 43 – is not surprising, say health officials. read more... Madoff trustee seeks $1 billion from Cayman hedge fund Wednesday, July 8, 2009 NEW YORK, USA (Bloomberg) -- The trustee liquidating Bernard Madoff’s investment-advisory business has asked a judge for a default ruling against Harley International Ltd, arguing that the Cayman Islands hedge fund failed to respond to a lawsuit accusing it of taking $1.07 billion in fake profit from Madoff’s firm. read more... Cayman fund managers respond to SEC proposals Tuesday, July 7, 2009 GEORGE TOWN, Cayman Islands -- Hedge fund experts in the Cayman Islands have reacted favourably to last week’s proposals by the Inspector General of the US Securities and Exchange Commission (SEC) to increase fund regulation. The SEC has proposed that regulation of hedge funds should be tightened. read more... 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... Next

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