BUSINESS NEWS

Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Fast-track approvals granted for catastrophe bonds

The Cayman Islands Monetary Authority is streamlining applications for Catastrophe Bond Vehicles, known as “Cat bonds,” of Class C insurers. Non-complex Cat bond applications can be approved at a divisional level by the Authority’s Insurance Supervision Division.

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  • Global implosion of trust
    Public trust in the institutions of government, business, the media and nongovernmental organizations is in freefall, according to a survey in the 2017 Edelman Trust Barometer.In two-thirds of the 28 countries surveyed, more than half of the public no longer trusts mainstream institutions to do what is right.
  • Cayman retailers turn focus to local shoppers amid dampened tourism sales
    Tumultuous politics and competitive pricing spelled a difficult year for Cayman retailers focused on tourist foot traffic in 2016.While cruise ship and stay-over arrivals held steady with around 2 million visitors, retailers felt the effects of depressed exchange rates out of Europe and uncertainty created by the U.S. elections.
  • Expect the unexpected
    The Cayman Islands Journal, Feb. 1, 2017: By the time you read this, one of the most unlikely events that could have been imagined one year ago will have happened – Donald Trump will have been inaugurated as the 45th president of the United States of America.
  • Reflation causes rotation
    Inflation is coming! At least that is the warning from prophets of doom since the central banks began to react to the credit crisis of the years 2008/09 with an unprecedented expansionary monetary policy
  • OECD’s reporting standard: Collateral damage
    The elimination of tax evasion is a laudable objective. Governments miss out on revenue if assets are moved to other jurisdictions to evade taxes, and the impact is greater in poorer countries.
  • ‘Year for Tourism’ celebrates record prices and rebuilds
    The Cayman Islands Tourism Association has declared 2017 “The Year for Tourism,” a declaration that comes in the wake of improving economies in Cayman’s North American markets and a long-awaited recovery at home, boosting arrivals, room inventories, new flights by Southwest Airlines, a new Ministry of Tourism outreach to South America, a residential building boom […]
  • Financial services: regulation, costs and maybe fintech
    In a briefing to financial services chiefs in New York last month, Cayman Finance CEO Jude Scott offered a modest headline: The jurisdiction is looking at streamlining compliance issues using fintech, a software-based financial-tracking system.
  • Construction industry reports recovery, cautious optimism
    The construction industry has rarely been acknowledged as the third pillar in a market driven by financial services and tourism, but Ian Pairaudeau, general manager at McAlpine Ltd., has little patience with that idea.
  • Hedge funds more bullish on 2017
    Although 2016 was far from a breakout year for hedge funds, performance improved over a lackluster 2015, and managers have a more positive outlook for 2017 as stock markets are boosted by President-elect Donald Trump’s plans to lower taxes, deregulate and spend on infrastructure.
  • RBC economist: Inequality drives the economy and politics
    2016 has been a tumultuous year. Democracy itself has faced a crisis, and the political establishment has been shaken. Voters in the U.S. and the U.K. expressed their desire for change, regardless of the form this change is going to take and at times fueled by xenophobic sentiment.

CAYMAN FINANCIAL REVIEW

Appreciating the remaining risks of bankruptcy strip-off of home mortgages

Investments in mortgage-backed debts carry reduced risk in light of the special protections afforded to collateralized claims. Second-lien investing, however, is subject to enhanced risk due to the greater likelihood of collateral value insufficiency.

Financial internships and the Foreign Corrupt Practices Act

American regulators have recently been scrutinizing financial institutions’ internship programs for potential violations of the Foreign Corrupt Practices Act.1 The United States Securities and Exchange Commission recently announced its first internship-related FCPA settlement with Bank of New York Mellon Corp.

Caribbean grapples with problem of bank de-risking

One potential mechanism to improve their AML systems is through the Inter-American Development Bank’s technical cooperation RG-T2224. It provides a grant to support member countries in their efforts to prevent money laundering and terrorist financing, in compliance with the new FATF standards.

Oil price instability and policy uncertainty in an OPEC world

The number of oil rigs in the United States quickly fell by more than 50 percent. The magnitude and speed of the collapse was rivaled only by the 1986 OPEC shock and the 2008 financial crisis.

Read more from the Cayman Financial Review

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