Michael Klein, Photo-Journalist
Michael Klein

Michael Klein

Editor – Business


T: 345-815-0064
E: [email protected]


Fintech adoption expected to increase quickly

Earlier this summer, consulting firm EY released a report highlighting that financial technology (fintech) adoption among consumers nearly doubled over the past 18 months, and the adoption rate was growing faster than anticipated.
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.

OneTRADEx clients told to expect a loss

Clients and creditors of discount broker OneTRADEx, which was put into provisional liquidation last week, heard they should expect to lose “less than 10%” of their trade account holdings at a liquidation meeting on Tuesday.

Swedish anti-money laundering expert to support Cayman

Jan Tibbling, the chief public prosecutor at the Swedish Economic Crime Authority, has been seconded to the Cayman Islands to advise government’s coordination team on its response to Caribbean Financial Action Task Force’s negative review of the local anti-money laundering regime.

Butterfield restructuring shifts jobs to Nova Scotia

Butterfield Bank is moving 22 jobs from Bermuda and Cayman to its support centre in Halifax, Nova Scotia, as part of a restructuring exercise to cut costs.

Cayman’s economy grew 3.3% in 2018

The Cayman Islands economy expanded 3.3% last year, after 3% growth in 2017. Record numbers of stayover and cruise tourists and a construction boom propelled the economy.

Rents rise nearly 20% within a year

Tenants will already have noticed the hit to their bank accounts, as the latest rental cost figures from the Economics and Statistics Office show a 19.7% increase in rents during the first quarter of this year compared to the same period a year earlier.

Controllers find ‘serious’ regulatory breaches at OneTRADEx

Cayman discount broker OneTRADEx has been placed into provisional liquidation following a court hearing on Tuesday, 3 Sept. The primary purpose of the provisional liquidation is to facilitate the sale of certain parts of the business that the company has with Interactive Brokers.

US fraudster who used Cayman company sentenced to 262 months

A US fraudster, who used a Cayman Islands bank account and employed nominee directors for his offshore entities in Cayman, the British Virgin Islands and Nevis to conceal his income, has been sentenced to 262 months in prison for wire fraud and 60 months’ imprisonment for tax evasion.
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.

Broker’s clients concerned controller fees will eat into their assets

Clients of Cayman broker OneTRADEx have expressed concern that the fees charged by the Cayman Islands Monetary Authority-appointed controllers of the business may exceed any cash reserves and assets the company has and would have to be covered by client funds.

Cayman 27 among five licences suspended by OfReg

Cayman 27, which ceased operations on Friday, is not the only licensee threatened to have their licence suspended for failing to pay outstanding fees to the regulator OfReg.

OfReg suspends 5 licences, including Cayman 27’s

Cayman 27, which ceases operations today, is not the only licensee threatened to have its license revoked for failing to pay license fees to the regulator OfReg.

OECD tax chief uses Cayman to illustrate minimum tax rate

The Organisation for Economic Co-operation and Development is going to release a proposal for global corporate tax reform before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC.

OfReg fuel sector consultation period ends next week

A public consultation on the proposed consumer protection regulations in the fuel sector launched by utility regulator OfReg ends on Friday, 30 Aug.

Cayman investment funds sue Argentina over bond payout

Three investment funds that hold Argentinian sovereign bonds linked to the performance of the country’s gross domestic product are suing the government of Argentina in the High Court of England and Wales claiming it failed to make payments of about 384 million euro (CI$349 million) due under the bond.
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.

Firm fails to stop Australia’s use of Paradise Papers

Mining firm Glencore has lost a court case trying to prevent the Australian Taxation Office from using leaked documents detailing the offshore arrangements of Australia’s largest coal producer.

EU to revive money laundering blacklist with new criteria

The European Union will reveal a new methodology for its anti-money laundering blacklist of third countries by October. A previous blacklist was blocked by EU governments after a diplomatic row over the listing of Saudi Arabia and four US overseas territories.

Dry weather helps grow Consolidated Water revenue

Unusually dry weather in the Cayman Islands helped push Consolidated Water’s revenue growth in the second quarter of this year.

Starbucks opening first store in Cayman

American coffeehouse chain Starbucks is opening its first store in Cayman at Camana Bay on Thursday.

Government maintains fiscal surplus

Government continued to raise higher than expected revenues in the second quarter of 2019, which produced a 65% larger than budgeted surplus for the public sector.

Cayman healthcare officials discuss Ebola preparedness

Cayman’s healthcare professionals have met several times to assess Cayman’s preparedness for dealing with cases of Ebola, after the World Health Organization last month declared the recent outbreak of the deadly virus in the Democratic Republic of Congo a “public health emergency of international concern”.
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