Michael Klein

Michael Klein, Photo-Journalist
Michael Klein

Editor – Business

 

T: 345-815-0064
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ARTICLES BY MICHAEL KLEIN

Cayman has highest hotel rates in the Caribbean

With a hotel room costing on average US$462.74 a night, the hotel industry in Cayman has the highest mean daily rates in the Caribbean. Valuation firm Integra Realty Resources reported in its Caribbean Hospitality Market Update for the final quarter of 2019 that average daily hotel rates in Cayman increased 24.71% from the previous year.

France blacklists BVI, Bahamas

France has added the Bahamas, the British Virgin Islands, Anguilla and the Seychelles to its list of non-cooperative territories in tax matters. France has blamed the jurisdictions’ deficiencies in the exchange of tax information for the listing, stating that French tax authorities were unable to obtain the requested information.

Suit to recover public funds seeks info on Brazilian meat tycoons’ Cayman links

Two separate discovery applications filed in the US by a Brazilian state attorney allege that the Brazilian owners of the world’s largest meat-processing company, JBS S.A., used Delaware company Blessed LLC and its Cayman Islands parent company Blessed Holding (Cayman) as vehicles for illicit funds.

Government proposes changes to funds legislation

The Mutual Funds Bill would introduce a registration requirement for mutual funds with 15 or fewer investors and require the operators of those funds to file annual financial returns with CIMA, while private, or closed-ended, funds would also have to register with the financial regulator under the Private Funds Bill. These funds would also be subject to regulation.

Government to tweak beneficial ownership regime

The Cayman Islands government has released three bills “to refine and improve” the beneficial ownership regime by amending the laws governing companies, limited liability companies and limited liability partnerships.

Corporate pension plans underfunded despite record gains

The funded status of the largest US corporate pension plans hardly changed last year, despite the strongest investment gains since 2003, an analysis by Willis Towers Watson has found. The analysis examined pension plan data for 376 Fortune 1000 companies that sponsor US-defined benefit pension plans and have a December fiscal year-end date.

Cayman remains on Dutch tax blacklist

The Cayman Islands features on an updated list of low-tax jurisdictions issued on 30 Dec. 2019 by the Dutch Ministry of Finance to enforce certain anti-tax avoidance rules.

Bitmain boardroom battle continues in Cayman court

A Chinese boardroom drama is set to continue in the Cayman Islands as Bitmain's ousted co-founder Micree Zhan is taking his power struggle with...

EU consults public on crypto assets

The European Union has launched a public consultation on an EU framework for crypto asset markets. The EU Commission is working on a strategy to...

French gov’t assuages banks’ concerns over FATCA

French Finance Minister Bruno Le Maire has attempted to reassure French banks that they would not face immediate penalties for failing to report clients...

Google to end Bermuda tax scheme

Google parent company Alphabet said it will discontinue this year the use of an intellectual property licensing scheme that in 2018 moved US$24.5 billion through a Dutch holding company to a Bermuda subsidiary.

Financial group: ‘Hundreds of millions of dollars missing’ from Cayman fund

Gulf Investment Corporation (GIC), a financial institution owned by six Gulf states, claims “hundreds of millions of dollars are missing” from The Port Fund L.P., a Cayman Islands-based exempted limited partnership, set up in 2007 to invest in “port-related assets around the world”.

The year ahead: Taller buildings on the horizon

With construction activity continuing unabated, several new projects that will extend the development boom into 2020 and beyond have either been floated, approved or already launched.

Year in review: Cayman addresses anti-money laundering shortcomings

In March of 2019, the Caribbean Financial Action Task Force released a mutual evaluation report that found the Cayman Islands has major shortcomings in its ability to analyse and understand the risks from money laundering and terrorism financing.

Report: At current pace, gender parity will take almost 100 years

Despite improvements, the current trajectory suggests that closing the gender gap across politics, economics, health and education will take more than a lifetime to achieve, according to the World Economic Forum.

Hedge-fund launches drop to lowest level since 2008

Despite a steady flow of new European-based funds, hedge fund launches in the third quarter of this year have fallen to the lowest level since 2008, according to research firm HFR.

Construction begins on 10-storey Grand Hyatt

Construction has started on a 10-storey resort at the beginning of West Bay Road in George Town.

BVI government sees financial services revenue fall sharply

The government of the British Virgin Islands is facing a significant shortfall in revenue collected from its financial services industry. During the budget debate on...

Caribbean Airlines launches Kingston-Cayman flight

Trinidad’s Caribbean Airlines formally launched a route between Grand Cayman and Kingston, Jamaica, on Tuesday, 17 Dec. The airlines offers the connection twice a week,...

ECLAC: Economic growth subdued in the Caribbean

The United Nations Economic Commission for Latin America and the Caribbean predicts in its annual report that this year’s economic growth in the Caribbean...
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