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

Butterfield Bank reports ‘record profitability’ in 2018

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.

CUC reports annual earnings growth

Caribbean Utilities Company reported annual operating income of US$28.4 million, a $1 million increase over 2017, as a result of higher electricity sales revenues.

EU publishes anti-money laundering blacklist

The European Commission released a blacklist of 23 non-EU countries which the European body says have strategic deficiencies in their anti-money laundering and counter-terrorism financing frameworks.

Airbnb brings in 14,600 guests in 2018

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.

Health City boosts profit margin of parent company

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.

Eric Bush to head new Ministry of International Trade

Deputy Governor Franz Manderson has appointed Eric Bush to lead the new Ministry of International Trade, Investment, Aviation and Maritime Affairs.

Investment summit explores data globalization and machine learning

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.

US aviation company acquires Island Air

Ross Aviation has acquired Island Air, the fixed-base operator at Owens Roberts International Airport and at the Charles Kirkconnell International Airport on Cayman Brac.

Amendments to Trust Law expected

Government is planning to amend the Trusts Law and related regulations this year, Minister for Financial Services Tara Rivers announced at the STEP Cayman Conference on Thursday.

Number of registered funds up in Cayman, insurance market solid

Although the hedge fund industry faced one its most difficult years since the financial crisis, the number of funds licensed by the Cayman Islands Monetary Authority grew by 4.1 percent in 2018.
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‘No place like home’: Cayman’s residential property boom

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.

Corporate tax revenue remains high despite falling rates

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.

JOURNAL: Uncertainty remains despite new economic substance rules

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.

Boggy Sand Beach vendor defends chair rentals

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.

Virgin subsidiary buys Cayman solar plant

BMR Energy has acquired a 5-megawatt solar plant in Bodden Town from Entropy Cayman. The plant is the only commercial-scale solar facility on island.

OECD representatives visit Cayman

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.
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 end one of the weakest years since 2008

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.

Cayman government rejects blacklisting by Netherlands

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.

EU and UK pile pressure on financial services industry

The year 2018 came to a close just like the previous year ended: with Cayman attempting to stave off a blacklisting by the European Union.

Netherlands puts Cayman on tax blacklist

The Netherlands has compiled a new list of 21 low-tax jurisdictions, including the Cayman Islands, to fight tax evasion, according to the Dutch ministry of finance.
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