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

Investment Summit: Bitcoin will prevail, but not as solution for all financial transactions, says...

Bitcoin is extremely secure and a disruptive technology that changes people’s lives, but the bitcoin blockchain is also “the most inefficient database,” says bitcoin expert Tuur Demeester.

Trust conference: Attacks on offshore have gone too far

Misconceptions about what offshore financial centers really do have led to radicalized actions even by those who have reasonable policy objectives in terms of fighting financial crime and tax evasion, panelists at the Mourant Ozannes Private Client and Trust Conference argued last week.

Trump tax plan would stop companies from shifting profits to ‘tax havens’

A single sentence in the nine-page tax plan proposed by U.S. President Donald Trump and congressional Republicans could have a multi-billion-dollar impact on U.S. businesses that structure their affairs through offshore centers.

SMP Partners announces expansion at launch event

Trust and corporate services provider SMP Partners held its official launch event at The Ritz-Carlton, Grand Cayman on Sept. 14 and announced its further expansion in Cayman.

Economy shows signs of broad-based growth in first quarter

Cayman’s gross domestic product grew by 2 percent in the first quarter of this year compared to the same period in 2016. The construction sector, wholesale and retail trade and utilities contributed most to the growth.

Ocean Rig group completes $3.7 billion restructuring

Ocean Rig UDW Inc., the Nasdaq-listed international contractor of offshore deepwater drilling services, completed one of the largest cross-border restructurings in the Cayman Islands and emerged from bankruptcy last week.
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Risk insurance facility pays Caribbean $50 million after Irma, Maria

The regional risk insurance facility for Caribbean and Central American governments will pay US$19 million to Dominica under the island’s tropical hurricane coverage following the passage of Hurricane Maria on Sept. 19.
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.

Cayman retains position in Global Financial Centers Index

The Cayman Islands has retained its ranking as the 31st financial center out of 108 centers evaluated in the Global Financial Centers Index.

French President Macron visits St. Martin, vows to rebuild island

French President Emmanuel Macron visited St. Martin this week and pledged to rebuild the French territory as a “model island” that would be a “showcase of French excellence.”
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In Caribbean, insured damage from Irma in billions, but economic damage worse

The devastating destruction caused by Hurricane Irma in parts of the Caribbean is expected to result in billions of dollars of insured losses, but the economic damage is likely to be much worse, analysts say.
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.

Cayman and Bermuda captives outperform commercial insurers

Captive insurers domiciled in Bermuda and the Cayman Islands posted strong operating earnings and outperformed commercial insurance companies, rating agency A.M. Best reported.

Navy vessels join Hurricane Irma relief effort

The U.K. supply ship RFA Mounts Bay, which practiced disaster response and recovery exercises on Seven Mile Beach in July, arrived in the British Virgin Islands to help with the relief effort following Hurricane Irma. The navy vessel carries about 40 Royal Marines and Army engineers and assisted the authorities by carrying out damage assessment from the air.

‘Enormous catastrophe’: St. Martin reeling from hurricane damage

Most of the French part of eastern Caribbean Island St. Martin has been destroyed, the president of the territory’s assembly Daniel Gibbs said on Wednesday.

US court issues final judgment against co-defendants in Caledonian case

Nine months after the U.S. Securities and Exchange Commission negotiated a settlement with the liquidators of failed Caymanian bank Caledonian, a U.S. court has issued default judgments against the other defendants in the case.
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.

Trade body: CLO performance should be lauded, not criticized

Collateralized loan obligations, securities backed by a pool of debt such as low-rated corporate bonds, have performed well this year but attracted criticism for it.

Grand Court: Madoff-invested fund’s administrator and custodian negligent but not liable

Two service providers to Primeo, a fund that invested all of its money with Ponzi scheme fraudster Bernard Madoff, were negligent in their duties as administrator and custodian, according to the Cayman Islands Grand Court.
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.

Investor lawsuits mounting for ZTO Express

A Cayman-registered Chinese delivery service that saw the largest initial public offering in the United States last year is accused in class-action lawsuits of misleading investors in connection with the fundraising.

OECD report: Cayman remains ‘largely compliant’

Despite numerous government measures to bring Cayman in line with the tax transparency guidelines propagated by the Organisation for Economic Cooperation and Development, Cayman is still only deemed “largely compliant,” according to the latest OECD peer review report.
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.

Cable & Wireless field-tests Gigabit LTE in Antigua and Barbuda

Cable & Wireless Communications is continuing its field-tests of faster mobile internet technology. The parent company of telecommunications provider Flow in Cayman has successfully completed a Gigabit LTE trial in Antigua and Barbuda and has started to test a pre-5G network, the company said.
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.

Progressive Distributors acquires Hew’s Hotel and Restaurant Supplies

Progressive Distributors has bought Hew’s Hotel and Restaurant Supplies, a local wholesaler of cleaning products, commercial food service equipment and restaurant supplies. Hew’s Janitorial Services is not part of the deal.
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