Business in brief

Cayman Water sponsors charity ride

Cayman Water Company hosts its third annual Pete Ribbins memorial ride on Aug. 16 in honor of the company’s former general manger who was also a triathlete and a professional football player for the Winnipeg Blue Bombers.

The route remains the same as in previous years, starting at the Abel Castillo Water Works Plant at Peninsula Way, Governor’s Harbour, at 6:30 a.m. for those doing the full 40k, and at 7:30 a.m. for those riding the 10k. The event will be a social ride at a pace of no more than 18 mph.

Last year’s ride raised almost $5,000 for Cayman HospiceCare, as Cayman Water Company matched all proceeds raised through registrations. Cayman Water will again match all the registrations, and proceeds will go to benefit Cayman HospiceCare, in honor of Mr. Ribbins.

John Tonner, the company’s CEO and an avid cyclist who came up with the idea for the charity ride, said, “Hospice is a great cause for the community to support, and ‘Ribbs’ was loved by all who knew him; it’s easy to bring them together. CWCO staff volunteer for this event because it is a good cause, but they do it to facilitate the community helping hospice, which helps the community. It’s one of those beautiful virtuous circles that is good for everyone.”

Further information and registration for the ride is available on

New Butterfield security measure

Butterfield is introducing a secure, automated call-back feature for the verification of certain transactions in its online and mobile banking functions, the company said in a press release. This system will replace the current verification feature that uses security questions.

Personal Banking customers will be asked to register phone numbers for use by the callback system between Aug. 1 and Sept. 30; the registration dates per user have been determined by the bank. Corporate Banking customers will be asked to register their phone numbers between Oct. 1 and Nov. 30. Following registration, customers will no longer need to answer a security question for online or mobile banking logins.

The bank asks customers to note that registration will be completed only within the Butterfield online system itself. During the registration period, Butterfield online will prompt users to register their phone number after they have securely logged into the system. As a reminder, Butterfield will never send customers emails requesting personal or financial information or electronic banking credentials, or direct customers to a website to enter such information.

Walkers welcomes new partner

Walkers has announced the recruitment of partner James Burch to the Finance and Corporate team in its Cayman Islands office, as part of a continued expansion strategy for the firm.

Mr. Burch, who has offshore and onshore experience, previously worked in the Cayman Islands, London, Hong Kong and Singapore.

Antonia Hardy, Walkers Cayman Office managing partner, said, “We are very pleased that James has agreed to join our team. His expertise and experience will enhance our already very strong Finance and Corporate team and we are glad to have him as part of the Walkers team.”

Cable & Wireless reports Q1 trading update

Cable & Wireless Communications has reported that “trading in line with outlook and Columbus integration [is] progressing well, according to a company press release.

The announcement updates the first quarter performance and financial position of the group for the period ending March 31. Highlights of the report include:

Group revenue of US$583 million, up 4 percent

CWC (excluding Columbus) revenue grew by 2 percent, Columbus up 12 percent

Mobile revenue flat against prior year with mobile data up 16 percent, and 5 percent subscriber growth

LIME revenue growth of 10 percent, offset by a 9 percent decline in Bahamas Telecommunications Company due to reduced roaming rates

Seven percent broadband and 2 percent video subscriber growth across the group

Managed services revenue grew by 14 percent, but government contract awards in Panama were slow

Integration progressing well; new management and organization in place – about 140 management full-time employees identified as leavers.

Phil Bentley, the company’s CEO, said, “In the first quarter we have made a good start on integration and have maintained momentum through organic growth. Mobile revenue was flat against the prior year and good progress was made in broadband and video.

“In Panama, we saw a delay in Government contracts being awarded. However, we have invested in our Latin American managed services sales and marketing teams and continued to see strong revenue growth there.

“A new retail store format has been developed with plans in place to harmonize our product offering under the FLOW brand; and early results from cross-selling initiatives have been positive. Based on the first quarter’s trading, we maintain our guidance for the year.”

Status confirmed for law school

The Truman Bodden Law School has announced that its qualifying law degrees (LL.B Hons), both full and part-time, have been re-confirmed by the U.K. Solicitors Regulatory Authority until April 30, 2020. This means that the degrees will remain “qualifying,” the school said in a statement, and will confer graduates with a degree to enter the practical stages of solicitor/lawyer training in the U.K., Cayman Islands and any jurisdiction that recognizes U.K. qualifying degrees.

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