BUSINESS NEWS

Saxon wins Celent Model Insurer Award for Operational Excellence

For the second time in four years, Saxon Insurance has received international recognition for its efforts in leveraging technology to advance its business operations.

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  • Greening Cayman and growing the economy
    Six trucks carry the tires to the conveyor belt, which lifts them high above an industrial hopper, dropping them into a shredder that reduces each one to two-inch rubber chips in five seconds. Despite an astonishing capacity to process between seven and eight tons of steel-belted radials – and others – each hour, Island Recycling […]
  • Solar, geothermal, LEEDS and the rise of the electric vehicle
    The ceremony was less than “historic,” but marked a minor milestone as Cuba’s first electric car was handed over in Havana on March 17 to its Guyana Embassy owners by Cayman Automotive’s John Felder. Felder’s U.S.-based Premier Automotive Export subsidiary of Cayman Automotive shipped the US-built, four-door Nissan Leaf to Havana in late February.
  • The Rolls-Royce of reminders for Cayman’s regulated entities
    On Jan. 17, 2017, Brian Leveson, QC, approved the entry by Rolls-Royce and the Serious Fraud Office into the largest deferred prosecution agreement of its kind. In what is a timely reminder for all regulated entities – including those in the Cayman Islands – Rolls-Royce’s cooperation with the regulator was considered to be an important […]
  • Chamber president turns focus to education
    Education will be a central priority for new Cayman Islands Chamber of Commerce president Kyle Broadhurst. The attorney succeeded 2016 president Paul Pearson in February. While Broadhurst will serve a quick year in the role, he hopes to use his term to solidify educational collaboration between the chamber and government.
  • Cayman’s rental prices attractive compared to other financial centers
    Rental prices in Cayman are on the rise and considered expensive by most, but an international comparison shows they are still moderate compared to other international financial centers. Research by RENTCafé, a U.S. apartment search website, places Cayman behind 18 of the top 30 international financial centers in terms of apartment rental costs.
  • Brexit and the Cayman Islands – preparing for impact
    The current consensus on the possible impact of Brexit on the Cayman Islands and indeed the Caribbean is simply that it all depends on the final Brexit deal negotiated between the U.K. and the EU. But there are a number of reasonable implications and we need to prepare for them.
  • Why hedge funds underperform
    The bull market in stocks recently celebrated its eighth birthday. But the current upswing in share prices is already quite old by historical market standards. Although bull markets usually do not die of old age alone, nobody knows for sure for how much longer this one will survive. But whether its death comes tomorrow or […]
  • UK criminal offense for facilitating tax fraud affects Cayman service providers
    Financial services providers in the Cayman Islands may well be within the scope of new corporate criminal offenses for the facilitation of tax crimes both in the U.K. and in other countries. At an event organized by Cayman Finance in March, officials from HM Revenue and Customs presented details on two new criminal offenses which […]
  • Financial centers targeted in sophisticated phishing scams
    Recent email scams directed at Cayman Islands government and law enforcement point to a general rise in sophisticated phishing efforts, warns eShore managing director Polly Pickering. While many businesses still feel immune to such attacks, Pickering encourages professionals to learn from high-profile cases like the Panama Papers before hackers hit at home.
  • A pre-emptive versus a data-driven Federal Reserve
    Immediately following the Federal Open Market Committee’s (FOMC) decision on March 15 to raise the Fed funds rate to 0.75 percent to 1 percent, bond and equity markets rose in spectacular fashion. Currency markets quickly joined in the fanfare, sending the U.S. dollar sharply lower. In what is considered a “Goldilocks” environment for risk assets, […]

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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