Michael Klein, Photo-Journalist
Michael Klein, Photo-Journalist

Michael Klein

Editor

Pinnacle Media Group Ltd
PO Box 1365 GT
Grand Cayman KY1-1108

T: 345-815-0064
E: [email protected]

ARTICLES BY MICHAEL KLEIN

Banks face possible write-offs amid Barbados debt default

Banks in Barbados risk write-offs if the local government defaults on its debt. Last week, the Barbados government attempted to preserve the liquidity of its international currency reserves, which have dwindled to $220 million, by suspending payments to international creditors.

The threat of public beneficial ownership registers

Even for jurisdictions that are used to moving goalposts in terms of international regulatory pressure, the passing on May 1 of a cross-party amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons, effectively ordering British Overseas Territories to establish public registers of beneficial ownership, was unique.

Maritime and Aviation City welcomes first zone company

Cayman Maritime & Aviation City and The Civil Aviation Authority of the Cayman Islands announced the registration of its first special economic zone company in May.

Economy grows, but questions remain over regulatory pressure

Cayman’s economy expanded more than anticipated in 2017. Gross domestic product grew by 2.9 percent in real terms following similar growth of 3 percent in 2016 and 3.1 percent in 2015.

EU threatens US tax blacklisting

The EU has drawn up a list based on tax information exchange and fair tax criteria that non-EU countries have to meet to avoid potential punitive measures.

Chinese internet group gets shareholder approval to reorganize in Cayman

Chinese internet group Sohu.com Inc. announced it has received shareholder approval to dissolve and liquidate its Delaware holding company.

Rivers talks tax policy with lawmakers in Brussels

Minister for Financial Services Tara Rivers defended Cayman’s tax system in Brussels, Belgium, on Wednesday.

House of Lords paves way for OT public ownership registries

The House of Lords has agreed to a controversial amendment of the U.K. Sanctions and Anti-Money Laundering Bill that instructs the British government to draft an order in council to institute publicly accessible registers of beneficial ownership in the British Overseas Territories by the end of 2020, if they have not been set up by then.

Rivers to discuss ‘gray list’ in Brussels

Minister for Financial Services Tara Rivers will travel to Brussels to discuss Cayman’s tax system with EU officials after Cayman last year narrowly avoided being included on a blacklist of countries deemed uncooperative in tax matters.
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.

European data protection law to affect Cayman businesses

The introduction of Cayman’s Data Protection Law will come in effect in January 2019, but local businesses and organizations need to be aware of a corresponding legislation coming out of Europe that is likely to impact them as early as this month.

Consolidated Water Q1 revenue, gross profit decline; cash position improves

Consolidated Water posted total revenues of $15.3 million in the first quarter of 2018, compared to $15.7 million in the same period last year.

CUC reports more customers, higher sales, lower earnings

Caribbean Utilities Company reported a 2-percent increase in total customers, a 3-percent increase in electricity sales, but also an $1.8-million decline in net earnings for the first quarter of 2018 compared to the same period a year earlier.
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.

Hedge funds rebound but emerging markets funds down

Hedge funds returned 0.56 percent in April as equity markets such as the MSCI World Index gained 1.18 percent, data provider Eurekahedge reported in a flash update of its Hedge Fund Index results.

Appleby, Guardian, BBC settle breach of confidence lawsuit

Appleby, The Guardian newspaper and the BBC announced they have settled a lawsuit brought by the offshore law firm against the British media organizations in the wake of the so-called “Paradise Papers” coverage that was based on documents that Appleby said were stolen from the firm in a cyberattack.

International press has little sympathy for ‘dirty money’ ‘tax havens’

The international press dedicated a huge amount of column inches this week to the decision by the U.K. parliament to force its overseas territories to make public the owners of companies registered in their jurisdiction, if necessary through an order in council.

Government to challenge order in council by UK

The Cayman Islands government is retaining legal advisers to challenge the threat of an order in council by the U.K. government forcing Cayman to implement a public register of beneficial ownership.
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.

Overseas territories accuse Britain of ‘modern colonialism’

The decision by the U.K. parliament to threaten an order in council to force the overseas territories to make their beneficial ownership registries public has caused consternation in Bermuda, the BVI and other territories.

UK to force Cayman, territories to make company owners public

Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so.

CIMA cautions investors over virtual currencies

The Cayman Islands Monetary Authority has issued an advisory on the potential risks of investments in initial coin offerings, or ICOs, and all forms of virtual currency.
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.

FirstCaribbean withdraws IPO

FirstCaribbean International Bank Limited announced the withdrawal of the U.S.-registered public offering and listing of its shares on the New York Stock Exchange. The bank blamed “market conditions” for abandoning its share offering plans at the last minute.
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