Butterfield Bank ended 2018 on a high with fourth quarter net income of $50.9 million or $0.92 per share, compared to $50.4 million in the third quarter of 2018 and $40.3 million in the fourth quarter of 2017.
Peer-to-peer rental service Airbnb is growing in popularity in the Cayman Islands. Last year, 340 local Airbnb hosts drew 14,600 guests to the islands. On average, visitors stayed for about six days, according to data released by Airbnb.
Narayana Hrudayalaya, the Indian parent company of Health City Cayman Islands, reported a 32 percent increase in revenue due to the consolidation of the East End-based multi-specialty hospital and growth in other new hospitals.
Globalization is not over. In many ways, it is accelerating, as a new form of internationalization is no longer about goods and services but about data, according to Tony Cowell, partner at KPMG and chairman of the Cayman Alternative Investment Summit.
The Cayman Islands is a successful and well-known offshore financial center, as well as a popular tourism hot spot, but economic growth in recent years has been driven by an entirely different industry: construction.
Taxes paid by companies remain a key source of government revenues, especially in developing countries, despite the worldwide trend of falling corporate tax rates over the past two decades, according to a new report from the OECD.
Substance legislation passed by lawmakers in December 2018 has laid down the parameters for the way Cayman is responding to pressure by the European Union to reform its tax regime, but many questions remain about the economic impact of the new framework.
A tour operator who rents beach chairs to cruise tourists on a stretch of beach in West Bay says the beach land belongs to his family and that all the necessary business licenses have been obtained, after a Facebook photo of the sun loungers and umbrellas led to criticism of the venture on social media.
Following the implementation of new legislation that forces certain companies to demonstrate they have enough economic activity on island to fall under Cayman’s tax regime, high-ranking members of the OECD Centre for Tax Policy and Administration visited the Cayman Islands on Jan. 3 and 4.
North American funds ended 2018 with their worst month post-crisis, with losses of 3.29 percent in December as equity markets were impacted by the Federal Reserve’s interest rate hike, data provider Eurekahedge reported.
The Cayman Islands government has issued a statement saying it “regrets” that the Netherlands had chosen to break from other EU member states by establishing its own “blacklist” of 21 jurisdictions, including the Cayman Islands.