BUSINESS NEWS

Harneys summer program attracts 18 interns

This year’s Harneys’ summer internship program saw its largest number of participants. A total of 18 young men and women were placed within the firm’s legal, fiduciary and business support teams, where they observed day-to-day operations and earned practical experience.

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  • Cryptocurrencies no threat to financial stability, yet
    Cryptocurrencies are currently not a threat to financial stability, according to the Financial Stability Board, a global regulator that advises the G-20 group of countries.
  • Gov’t plans public consultation on ‘economic substance’ changes
    When late last year, Cayman avoided being placed on an EU tax blacklist by committing to remedy, before the end of 2018, what the EU called a lack of economic substance of Cayman-based entities, few knew what exactly the Cayman Islands government had promised to do.
  • Disaster Management: Hurricanes put Caribbean newsrooms to the test
    A year on from the devastating 2017 hurricane season – one with 17 named storms, 10 hurricanes and six major hurricanes – many Caribbean and Gulf communities continue to recover.
  • Regulatory: OfReg battles 18 months of challenges
    When the Utility Competition and Regulation Office, known as OfReg, was formed in early 2017, it was touted as a “one-stop shop” regulator for telecommunications, electricity, petroleum and water.
  • Economy: Time to say goodbye to Goldilocks?
    It is widely reported that for much of the past decade, U.S. investors have enjoyed strong returns in balanced portfolios. When looked at in historical context, it becomes apparent that “strong returns” is actually an inadequate description. A balanced portfolio of 60 percent U.S. equities/40 percent 10-year U.S. treasuries has now gone just over nine […]
  • Global economy: OECD study shows long-term merits of structural reform and the pitfalls of higher tariffs
    The reversal of trade liberalization and a return to the average tariffs of 1990 would depress the world’s long-term living standards by about 14 percent worldwide and as much as 15 to 25 percent in the most affected countries.
  • Is global growth stuttering?
    2017 can be characterized as a year that should be celebrated. The world’s economy enjoyed synchronized global growth, with all major developed economies reporting positive GDP growth.
  • Giving back: Driving donations
    Island Heritage’s involvement in the community runs a spectrum of activities, but one of its most visible corporate social responsibility initiatives is its annual CharityDrive.
  • Giving back: Mentoring program inspires youth
    The Chamber of Commerce’s youth-development initiative, Mentoring Cayman, has been inspiring Cayman’s youth since 2002 and matches high school participants with successful mentors in fields they are interested in.
  • Giving back: The power of education
    Dart’s long-standing belief in the transformative power of education has evolved into two parallel, sought-after initiatives: Minds Inspired and Dart Scholar.

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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