Business in brief

CIBC FirstCaribbean hosted a financial seminar for owners of small and medium-sized businesses which provided a different perspective on financial business practices.

Business banker Basil Scott spoke to the 75 attendees about how CIBC FirstCaribbean can help them cut down on the amount of time spent on administrative tasks; manage the amount of cash on hand at their businesses; easily trade in foreign currency; increase cash flow; and invest in order to grow and/or compete.

The bank partnered with accounting firm BDO, whose managing partner, Glen Trenouth, provided information on topics such as the importance of effective record keeping and financial management, managing the capital structure of their business and the separation of commercial and personal business.

Joy Callender, associate director Retail Banking and Operations, said the bank has completely overhauled its lending processes and invested in new systems, as well as consolidated its regional operations centers in an effort to deliver improved business banking services.

ERG Asset Management appoints senior adviser

ERG Asset Management has appointed Guy Locke as senior adviser to the firm.

Mr. Locke was previously a partner with Walkers, where he headed the firm’s Global Insolvency and Restructuring Group for more than 10 years.

George O’Dowd, co-president of ERG, said, “Guy’s extensive experience in dealing with distressed fund situations such as long term capital and the Bear Stearns High-Grade and Enhanced Leverage funds, combined with his legal and practical knowledge of portfolio illiquidity issues, further broadens our asset management capability. We look forward to working with Guy’s deep relationship network in making more distressed fund investors aware of the benefits that our asset monetization strategies can provide.”

Water Authority sponsors Earth Day cleanup

The Water Authority donated $1,000 to sponsor the Cayman Islands Chamber of Commerce’s upcoming island-wide Earth Day cleanup on April 18. The Water Authority will also organize a team of volunteers to assist in the cleanup.

Official opening of AEOI portal

The Cayman Islands Automatic Exchange of Information (AEOI) Portal officially opened on March 20. The portal is available for financial institutions to conduct their notification and reporting obligations to the Tax Information Authority under the Tax Information Authority (International Tax Compliance) (United States of America) (Amendment) Regulations, 2015 and the Tax Information Authority (International Tax Compliance) (United Kingdom) (Amendment) Regulations, 2015. A user guide for the AEOI Portal is available on the Tax Information Authority website.

Youth invited to pitch ideas at expo

The Department of Commerce and Investment is seeking young people between the ages of 15 and 21 to compete in the Business Plan Competition at its Small-Business Expo on April 18 at the Family Life Centre.

DCI Director Ryan Rajkumarsingh said, “Owning a business is an unmistakable aspect of Cayman society and undoubtedly, many young people are motivated to be entrepreneurs through family and friends being in business.

“The younger generation brings a fresh energy and greater creativity to our local business environment. By showcasing youngsters and their business ideas, we hope to keep the entrepreneurial spirit embedded in Cayman’s future.”

The competition, which allows students to present as individuals or groups of two, calls for participants to formulate a business plan and present their ideas to a panel of judges. The top three presentations win cash prizes of $300 for first place, $200 for second place and $100 for third place.

DCI Business Services Officer Thais Ducent said, “We look forward to the unique ideas these youngsters will present, in an environment where small- and micro-business owners will exhibit their goods and services to the general public, network with other business owners and learn best practices in a cost-effective manner.”

The deadline for registration in the Business Plan Competition is April 2. For more information on how to enter, contact Mrs. Ducent at [email protected] or call 244-2278.

Student wins with Butterfield

A visit to Butterfield’s booth at the recent Chamber of Commerce Careers, Education and Training Expo proved to be a winning one for local student Kimberly Denestra Rankin. She received an Apple iPad Mini for her participation in this year’s “It’s Your Job” Butterfield quiz game.

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