Home Topics Marco Archer

Topic: Marco Archer

Stock Exchange donates to Caymanian apprentices

A donation from the board of the Cayman Islands Stock Exchange will be paying for a 14-month course for two Caymanian apprentices.

Marl Road apologises to Archer

The website Cayman Marl Road has been forced to publish a public apology to former Finance Minister Marco Archer over a story which alleged he had acted dishonestly in his handling of a stamp duty waiver.

Civil service pay increase: Bigger paychecks, no healthcare costs

Cayman’s civil servants have welcomed the news that they will be receiving larger paychecks next month after Premier Alden McLaughlin announced a 5 percent pay increase backdated to July 1.

Health premium-sharing plan stalls

No deal has been reached on a proposal to make Cayman Islands civil servants pay for a portion of their healthcare premiums, despite claims by the previous government administration that such a move would be imperative in balancing upcoming budgets.

Request to imprison local blogger ‘stayed’

Attempts to have local blogger Sandra Hill (formerly Sandra Catron) imprisoned over an online post a former Cabinet minister said was in contempt of court have been “stayed” for the time being.

EDITORIAL – CEO Marco Archer: The right man for the right post

With the appointment of former Finance Minister Marco Archer as chief executive officer of the Cayman Islands Stock Exchange, the future of the exchange is decidedly bullish.

Lawmakers ask for review of stock exchange hire

Opposition lawmakers raised questions Tuesday regarding the hiring process for newly appointed Cayman Islands Stock Exchange Chief Executive Officer Marco Archer, with some politicians opining that the legal process mandated for the appointment did not appear to have been followed.

Man charged in ruckus outside May political event

Half a dozen traffic offenses have been levied against a driver who witnesses said attempted to disrupt a Progressives party political event in early May.

Archer named CEO of Cayman Stock Exchange

The Council of the Cayman Islands Stock Exchange announced Thursday that Mr. Archer will be the organization’s new chief executive officer.

Former minister asks court to send local blogger to prison

The attorney for former Finance Minister Marco Archer has requested a “committal order” against local blogger Sandra Hill (formerly Sandra Catron), alleging that Ms. Hill violated a court order prohibiting publication of defamatory material against Mr. Archer.

Marco Archer sues website for defamation

Former Cayman Islands Finance Minister Marco Archer has won a temporary injunction against the publication of a website blog post that he alleged was defamatory, in a writ filed Monday with the Grand Court.

Government fiscal policy plans due next month

The Cayman Islands government will announce its budget plans in the midst of hurricane season this year, changing to a two-year budget cycle approved by the previous administration.

Police arrest suspect in crash outside political event

Police arrested a George Town man Wednesday in connection with a hit-and-run accident outside a political candidate’s meeting last month. The suspect, who had not been charged as of press time, was arrested on suspicion of leaving the scene of an accident the night of May 9. He remained in police custody at press time Thursday.

Mixed reviews for first run of ‘one man, one vote’ system

As voters made their way to the polls Wednesday, candidates expressed mixed feelings about the new “one man, one vote” electoral system.

Independents’ day: Coalition government looms

A disparate group of independent candidates triumphed in Wednesday’s general election, but they did not manage to win a 10-seat majority in the Legislative Assembly.

Upset losses oust three sitting ministers

An eventful Election Day in Cayman yielded three surprising losses for reigning incumbents and ministers in the former administration.

Candidates support leniency on marijuana

The concept of decriminalizing marijuana received universal support from all four candidates at Tuesday evening’s national election debate. Finance Minister Marco Archer and independent candidates Matthew Leslie, Kenneth Bryan and Austin Harris all said they support a more lenient approach when it comes to cannabis.

Full house sees Archer, Bryan clash

For two candidates engaged in one of the most hotly contested battles of the 2017 election, Kenneth Bryan and Marco Archer seem to agree on a lot of a broad policy goals.

Rowdy biker crashes outside political meeting

A man who was reported to be revving a motorcycle and shouting obscenities outside a George Town political meeting Tuesday night ended up crashing the motorbike into a car, injuring the driver.

EDITORIAL – The quality of Cayman crime: (Not good enough!)

The Cayman Islands is one of the world’s foremost offshore financial centers, home to complex multibillion-dollar corporate structures. Accordingly, you would think that the crimes committed here would tend to be really smart. Not so.

Report: More Caymanians looking for work

While the Cayman Islands’ overall unemployment rate stayed about the same, the number of unemployed Caymanians grew by 197 people between October 2015 and October 2016, according to a Labor Force Survey government released Wednesday. The Caymanian unemployment rate went from 6.2 percent in October 2015 to 7.1 percent in October 2016.

Record-setting Nomination Day: 63 hopefuls compete for 19 seats

A record 63 candidates will contest the Cayman Islands general election on May 24 after a frantic day of nominations across the country generated some surprises.

Government pays off $10 million debt early

The Cayman Islands government this year will pay off up to $10 million in debt early, according to Finance Minister Marco Archer.

Former PPM leader’s brother on opposition party team

The opposition Democratic Party will field at least 10 party candidates, in addition to supporting some independents for the upcoming election. One of those CDP candidates is Denniston Tibbetts, the older brother of Progressives party founder and former leader, Kurt Tibbetts.

Finance minister warns against imposing petrol price controls

Warning that government overreach can “cause more harm than good” in certain instances, Cayman Islands Finance Minister Marco Archer warned opposition MLAs against the rush to implement fuel price controls in the local petroleum market.

Government removes 114 from seamen/veterans health coverage

The Cayman Islands government took 114 people out of the healthcare coverage plan for retired veterans and seamen during the last budget year. Finance Minister Marco Archer told the Legislative Assembly on Monday that 22 of those beneficiaries had died.

Government hit with $24 million in unexpected added costs

The Cayman Islands government was required to spend an extra $24 million in largely unanticipated, supplementary costs over the past two fiscal years.The expenses were detailed by Finance Minister Marco Archer in a statement to the Legislative Assembly Friday.

Archer, Marco

Marco Archer is a Progressives candidate for George Town Central.

Economic growth continues for 5th consecutive year

The Cayman Islands hit a milestone of five consecutive years of growth, government economists announced Friday, with the gross domestic product reaching $2.8 billion in 2015.

Building material duty freeze extended

The government has extended a 15 percent import duty rate on building materials imported to Grand Cayman until Dec. 31, 2017.

Gov’t to pay 17% toward pensions

Cayman Cabinet members have approved a $16 million additional annual payment toward the “funding deficiency” in the main civil service employees’ retirement plan, to be made in monthly installments for the forseeable future.

Cayman in talks with UK on borrowing rules

While it has helped drive down Cayman’s national debt over the past three years, a financial management agreement between the Cayman Islands and U.K. governments has delayed major public projects and may also delay repayment of further debts, Finance Minister Marco Archer said this week.

Premier talks Brexit, budget, beer in London

The Cayman Islands government may wish to pay off some of its $500 million in debts early, according to statements made during the week-long Joint Ministerial Council meeting in London.

Marco Archer named Finance Minister of the Year in Caribbean

Cayman Islands Finance Minister Marco Archer is tops in his field among his Caribbean peers, according to Global Markets magazine. The minister, who just turned 50, was named Finance Minister of the Year for the Caribbean this month by the magazine.

Same-sex marriage: In their own words

Lawmakers spent most of the day Oct. 6 debating whether the Cayman Islands should hold a public referendum on allowing same-sex marriage in the territory. The referendum motion failed by a 9-to-8 party line vote. Below are excerpts from the debate from each legislator who spoke in the debate.

Deflation continues: Prices down 0.8 percent in 2nd quarter

Consumer prices in the Cayman Islands have fallen for the past 18 months. The Consumer Price Index, which measures prices changes for a select basket of goods and services, dropped 0.8 percent in the second quarter compared to the same period in 2015.

Minister: Unemployment lowest since 2007

The Cayman Islands government reported an overall unemployment rate of 3.9 percent during the spring, according to figures released Wednesday by the government Economics and Statistics Office.

Legislative Assembly approves $862.4 million budget

Members of the Legislative Assembly Friday approved an $862.4 million budget for government over the next 18 months.

Undisclosed lawsuit settlements irk lawmakers

Non-disclosure agreements attached to certain government lawsuit settlements prevented the public from learning what a proposed $700,000 in the upcoming government budget would be spent on.

Finance minister: Budget surplus helping Caymanian people

The Cayman Islands government has received “great criticism” in recent months for maintaining more than a $100 million operating surplus in its annual budget, despite increased spending during the same period on education, social welfare and healthcare programs, Finance Minister Marco Archer said.

Lawmakers will not get 2.2 percent bonus

Cayman Islands elected officials will not receive a modest bonus being given to civil servants this month, Finance Minister Marco Archer confirmed Monday.

Bush: Gov’t ‘misleading’ public in 18-month budget

Cayman Islands Opposition Leader McKeeva Bush has accused the Progressives-led government of “misleading” the public with the release of its 18-month budget for the upcoming fiscal year.

Cayman seeks one-time $261M debt payoff

Although the deadline for payment is still more than three years away, Cayman’s government is projecting that it will be able to pay off a US$312 million [CI$261 million] loan all at once at the time it becomes due in November 2019.

Budget: $35M pays off debt, losses

About one-third of the Cayman Islands government’s capital projects budget will go toward paying off debt and covering operating losses of statutory authorities and government-owned companies, as well as partly funding a major upgrade to the Owen Roberts International Airport.
Cayman’s overall unemployment rate fell in spring 2015 to 4.2 percent.

Government anticipates rise in unemployment

A recent precipitous drop in the Cayman Islands unemployment rate is not expected to continue this year, according to government’s own estimates.

Cayman budget plan cutting it close

The next Cayman Islands government budget is tentatively scheduled to be presented to the Legislative Assembly on May 30, about a month before local law requires approval of the spending plan.

Healthcare costs skyrocketing, minister says

The Cayman Islands has 345 outstanding “loans” to residents who do not maintain healthcare coverage, with unpaid balances of $12.3 million owed to government.

EDITORIAL – Healthcare debts: The $1.18 billion must be accounted for

Sometimes, the bad news simply cannot be relegated to a footnote, but needs to be blared out in all capital letters, right across the top of the front page.

Civil servants deny agreement reached to end free healthcare

The Civil Service Association has strongly denied that any agreement has been reached to end the policy of free healthcare for government workers.

Archer: Civil service health co-payments ‘accepted’

It has been “pretty much accepted” that the Cayman Islands civil service will have to start paying a portion of their own healthcare premiums by 2018, Finance Minister Marco Archer said Thursday.

Back-to-back legislative meetings expected

A marathon meeting of the Legislative Assembly that begins Wednesday is expected to take a few weeks to complete, putting the meeting’s end shortly before the government presents its next budget in late May.

Cayman’s 18-month ‘one-time’ budget will be sent to UK

The Cayman Islands government will submit a one-time, 18-month spending plan to the U.K.’s Foreign and Commonwealth Office within the next week for pre-approval, likely to be the last time Cayman will have to do so, according to Finance Minister Marco Archer.

EDITORIAL – Minister Archer on target with public debt

Because of Finance Minister Marco Archer’s attempts to guide the Cayman Islands government out of debt, local taxpayers have accumulated a new kind of debt — of gratitude.

Government passes UK cash test, one more hurdle remains

The Cayman Islands has more than enough operating cash in the bank, according to U.K. officials who are evaluating whether the government will return to local budget autonomy ahead of the next fiscal year which begins in July.

Moody’s maintains Cayman’s credit rating and outlook

International credit rating agency Moody’s has maintained an Aa3 rating for bonds issued by the Cayman Islands government in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes.

EDITORIAL – Being self-reliant: Cayman’s economy in the ‘new normal’

The wider world "out there" is fraught with economic uncertainty ... All the more reason for Cayman Islands leaders to focus their attention on our own solitary vessel.

Pump prices average below $4; lower power bills likely

Average fuel prices on Grand Cayman last week fell below the $4 per gallon mark for the first time in more than two years, according to data provided by the Cayman Islands Petroleum Inspectorate.

Top stories of 2015: CarePay contract trial gets under way

Cayman ended 2015 with a major corruption trial involving healthcare contracts and allegations against some prominent Caymanian businesspeople.

Brac duty concessions extended five years

Cayman Brac receives duty concessions on certain imports for a further five years.

Economy growing slower than predicted in 2015

The Cayman Islands’ economy in 2015 is not growing as fast as economists had originally predicted, according to government figures released last week.

Imports continue to decline

For the third consecutive quarter in 2015, the total imports of the Cayman Islands fell, due in large part to the continual decline of oil prices, according to the Economic and Statistics Office’s quarterly trade report.

CarePay trial: Cash from AIS deal went to Watson's business, says Crown

About US$100,000 from a bank account held by the local company which was a partner in the CarePay swipe card project was transferred in December 2010 to a business in which Canover Watson was a part owner, Crown prosecutors said Thursday.

CarePay company's 'sham' directors linked to Webb

Both Caymanian men who ostensibly ran the local branch of the company that was awarded a five-year, US$13 million contract to implement the CarePay hospital patient swipe-card system in December 2010 had close personal ties to businessman Jeffrey Webb, a Cayman Islands government minister told the Grand Court on Wednesday.

CarePay trial: Minister Archer raised questions about swipe-card company

The former head of the Cayman Islands National Insurance Company said she was contacted last year by Finance Minister Marco Archer about the CarePay swipe-card contract for the local public hospital system.

Finance minister says government audits improving

Finance Minister Marco Archer says accounting and financial controls are improving, despite an adverse opinion and other criticisms from the auditor general on government financial statements from the past two years.

CarePay trial: 'Everyone' supported CarePay system, claims defense

Defense attorneys in the CarePay trial say Canover Watson was made the scapegoat for the failures of many.

Government says no new taxes or borrowing

Releasing government’s 2016-2017 strategic policy statement, an annual exercise to set spending priorities, the premier and finance minister said the budget includes no new taxes or fees.

Cayman Finance holds inaugural members briefing

Cayman Finance held its first members briefing last week to outline its plans for 2016 and to demonstrate its value to the financial services industry.

Fifty-six jurors excused from Watson and Rodriguez trial

A jury panel was chosen on Friday for the trial of Canover Watson and Miriam Rodriguez, but not before 56 of 70 potential jurors were excused. The seven jurors and two reserves chosen were scheduled to begin hearing the matter on Monday, Nov. 23.

Still no sanctions for breaking finance law

For about a decade, the Cayman Islands Government failed to file consolidated financial statements on time, or in any sort of auditable form, as required by the territory’s Public Management and Finance Law.

Government sets plans for 18-month budget

The Cayman Islands government will enter uncharted financial waters Wednesday as the planning document for the upcoming 18-month budget is released in the Legislative Assembly.

Development bank restarts loan program

Having just refinanced nearly US$37 million in debt held over from previous government administrations, the Cayman Islands Development Bank is back in business. The government-appointed entity had shuttered its loan business for nearly two years at the start of the Progressives-led government’s term.

This week