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Thursday, February 20, 2020

Michael Klein

Michael Klein, Photo-Journalist
Michael Klein

Editor – Business

 

T: 345-815-0064
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ARTICLES BY MICHAEL KLEIN

EU adds Cayman to blacklist

The European Union has added the Cayman Islands, together with Palau, Panama and the Seychelles, to its list of non-cooperative tax jurisdictions at a meeting of the bloc’s finance ministers on Tuesday.

EU blacklist: Opposition, industry support government’s efforts

Opposition and industry representatives have expressed support for the government’s ongoing dialogue with the European Union and efforts to have Cayman taken off a list of uncooperative tax jurisdictions.

Butterfield reports lower full-year earnings

Butterfield reported lower net income of US$177.1 million, or $3.30 per share, for financial year 2019, down from $195.2 million and $3.50 per share in 2018, as the banking group integrated the acquisition of ABN AMRO’s banking business in the Channel Islands.

CUC increases annual electricity sales

Caribbean Utilities Company increased its operating income by US$1.1 million to $29.5 million last year on the back of 6% higher kilowatt-hour sales.

Collaborative robots are the future – at least for now

The potential for robots and artificial intelligence to replace humans and the effects of automation on jobs in general is raising many concerns.

Global corporate tax reform could raise $100 billion annually

Efforts to address the tax challenges from the digitalisation of the economy with new rules governing where and on what portion of profits taxes...

GoDaddy acquires Cayman domain registrar Uniregistry

GoDaddy Inc. has struck a deal to acquire Uniregistry’s domain registrar and marketplace businesses. Uniregistry was launched in Cayman in 2014 by industry pioneer Frank Schilling to provide domain name investors with specialised tools to register, manage and sell domains. The deal also covers a portfolio of more than 350,000 domain names that Schilling has built up over the past two decades.

EU to put Cayman on tax blacklist next week

The European Union is set to place the Cayman Islands on its list of uncooperative countries in tax matters at a European Council session next week. The move comes less than a month after the UK has exited the EU.

Ocorian and Estera complete merger

Ocorian and Estera have completed their merger, first announced in July 2019 after Inflexion Private Equity, the owner of Ocorian, acquired Estera. Both businesses have...

Hedge funds nudged to environmental and social investing

As climate change and inequality are dominating the media and public agenda, a growing number of institutional investors are basing their investment allocations on environmental, social and governance (ESG) criteria and are forcing alternative funds to take these factors into account in their portfolios.

Adventurer Bear Grylls demystifies success

Attendees at the Cayman Alternative Investment Summit got a taste of the wild on Friday. In the case of adventurer Bear Grylls, this famously means eating things that are not ordinarily classified as food.

Renewed push for global corporate tax reform

Efforts to reform international corporate tax rules before the end of this year will continue, according to a statement released last week by the...

Algorand donation boosts Code Cayman’s tech education

Code Cayman, the non-profit learning network dedicated to supporting the growth of the local technology industry by ensuring that everyone can access the training,...

Business in brief

Appleby elects new board Offshore law firm Appleby has appointed Malcolm Molle as the new group managing partner. He has been with the firm since 2003,...

Cayman’s insurance sector posts higher premiums, fewer captives

The Cayman Islands Monetary Authority issued 33 new insurance licences last year - the same number as in 2018. Of the 672 insurance licences in total at the end of 2019, 670 related to international insurance markets, the latest CIMA statistics show.

Trust industry sees new prospects amid regulatory pressure

The financial services industry has been subject to accelerated regulatory change since the financial crisis. Trust and estate practitioners, who advise families on inheritance and succession planning, are no exception, the annual STEP Cayman conference last week showed.

Opposition supports funds and financial services bills

Changes proposed by the government to the laws governing the registration and supervision of mutual funds and private funds, together with bills amending beneficial-ownership rules for companies and partnerships received the support of the opposition during a debate in the Legislative Assembly on Thursday, 30 Oct.

Consolidated Water fully acquires Aerex Industries

Consolidated Water Co. Ltd has exercised its option to purchase, through its wholly-owned subsidiary, Consolidated Water U.S. Holdings, the remaining 49% interest in its...

PwC survey: CEOs most pessimistic since the financial crisis

Chief executives around the world are showing record levels of pessimism about the global economy, with more than half (53%) predicting lower economic growth in 2020. Last year, only 29% of nearly 1,600 chief executives surveyed by PwC for its Annual Global CEO Survey believed GDP rates would drop and in 2018 that figure was just 5%.

Ex-con, Cayman company charged with ICO fraud

The US Securities and Exchange Commission has charged convicted criminal Boaz Manor, Cayman special economic zone company BCT Inc. SEZC, his business associate and another business, CG Blockchain Inc., with raising more than $30 million in a fraudulent initial coin offering.

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