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Topic: Marco Archer
The Cayman Islands government intends to focus on “specific interventions” to assist in lessening Caymanian unemployment within the next 18 months, Premier Alden McLaughlin said Monday.
The first step to addressing a problem is admitting the problem exists. According to that standard, the Cayman Islands government has a serious problem.
Government loans that doled out US$2.5 million to financially distressed Cayman Islands homeowners during 2011-2012 cannot reasonably be called “loans,” auditors concluded after a review of the Save the Mortgage program.
Homeowners who are simply “giving up” on current mortgages and leaving the Cayman Islands make up the second most common reason for bank foreclosures, Finance Minister Marco Archer said Monday.
The Cayman Islands government will not release a financial evaluation originally conducted in 2014 of its three public sector retirement savings plans, which include the plans that provide pensions for thousands of civil servants, until March 2016.
The overall unemployment rate in the Cayman Islands rose in spring to 5.6 percent, up almost a full point since late 2014, according to data from the Economics and Statistics Office.
Poor record keeping and a lack of specific criteria for waiving government fees leaves the “revenue collection operations open to abuse,” according to the acting auditor general.
A move to a two-year government budget process, approved late Wednesday by Cayman Islands lawmakers, will lessen scrutiny and transparency around public finances, independent and opposition lawmakers said.
A public push to lobby banks for leniency on home mortgages has led to a legislative effort to change Cayman’s lending rules.
If legislative proposals made public Wednesday are adopted, the current government budget will be Cayman’s last one-year public sector budget cycle.
The Cayman Islands Seafarers Association will sponsor two Caymanian doctors over the next four years as they train to become specialists.
The Cayman Islands economy expanded by an estimated 1.4 percent, buoyed by strong growth in the hotel and restaurant, and real estate, rental and business services segments.
An amendment to the Land Holding Companies Share Transfer Tax Law increases the tax on land transfers to 7.5 percent from a 4 percent tax for Caymanians and 6 percent for non-Caymanians.
The Human Rights Commission accused certain MLAs of using their elected positions to espouse “poisonous hate speech and threats of violence” against homosexual men and women.
Since the beginning of the year, demand notices have been issued by Cayman Islands financial institutions on 39 properties that hold a total of $8.45 million in loans.
A personal financial advisory program sponsored by two Cayman Islands Legislative Assembly members got under way Tuesday night.
The Cayman Islands government has passed a motion to maintain the definition of marriage as it is currently written in the law: a union between a man and a woman.
A number of significant laws were approved by the Legislative Assembly last week. The Compass takes a look at what they will mean for local businesses.
Government agrees to back a US$36.8 million refinancing deal for some development bank loans.
We understand our lawmakers are busy people, but how much time, really, do they need in order to review a report on the government's activities?
A government audit report into the Nation Building Fund, initially set to be released today, will now be made public on Aug. 17.
The members of the Legislative Assembly are not yet revealing where they stand on the issue of whether a cruise berthing facility should be built in George Town Harbour.
A second rise in foreclosures within two years is cause for concern in Cayman.
There is a way to encourage expatriates to keep and invest their money in the Cayman Islands, and to reduce our country's reliance on work permits.
Cayman's gross domestic product increased by 2.1 percent last year, the strongest economic growth since 2007.
A second public hospital contract catches local prosecutors' attention in the CarePay criminal probe.
Most districts will have an average of 1,330 potential voters in the new proposal for 19 electoral districts.
Cayman's government has apparently missed out on share transfer taxes from corporate entities over the past three years.
A report detailing the damage to coral reefs that will be caused by new cruise piers in George Town harbor will be funded, in part, through the Environmental Protection Fund.
Cayman lawmakers are set to approve a budget that includes a CUC rate cut and pay raises for civil servants.
North Side MLA Ezzard Miller wants to block non-Caymanian civil servants from taking further education courses through the civil service college.
Some older civil servants are being left in uncertain positions as government debates changing the retirement age.
Cayman's road repair efforts will finally receive a steady funding stream.
Cayman's premier accuses the publisher of the Cayman Compass newspaper of crimes against the state over an editorial.
The People’s Progressive Movement-led government has made a dramatic improvement over the last eight months in the eyes of the populace, according to the results of a caymancompass.com online poll.
The Cayman Islands Civil Service Association says it will consider paying for healthcare, as long as it is not provided by the government Health Services Authority.
Cayman's deputy governor says proper planning is needed before changing the government's healthcare system.
Government is still trying to get its new customs tariff codes right, more than a year after charges were made to the tax system.
Cayman's government could do a lot more to help its people, if its hands weren't tied by U.K.-agreed fiscal constraints, an MLA says.
Cayman's seafaring days may be in the past, but its benefits list for ex-seamen is growing.
The Cayman Islands may indeed emerge from the end of its 2015/16 budget without the United Kingdom needing to approve future government spending plans, Finance Minister Marco Archer confirmed Friday.
Combined rate cuts in diesel fuel imported by Caribbean Utilities Company will cost the Cayman Islands government nearly $17 million dollars in tax revenue over an 18-month period.
Cayman's separately-operating public entities will earn nearly $13 million this year, but only after spending $98 million.
What looked to be an extremely difficult political decision for the Progressives-led administration has been put off until well after the May 2017 general election, government leaders announced Friday.
Local unemployment numbers could stagnate or even rise if proposed changes to the Cayman Islands Labour Law and the civil service retirement age take effect within the next year.
Cayman appears to be in its final year of having its government budget approved by the United Kingdom.
The Cayman Islands government proposes a duty rate cut for diesel imports to CUC in next year’s budget, starting in January. It also plans to give a 4 percent cost of living pay increase to civil servants and increase spending in a number of other areas, leading to a projected $16 million rise in operating expenses from the current year’s budget.
The Economic and Statistics Office will now conduct its labor survey twice a year, giving more regular economic data.
The Cayman Islands Development Bank is currently unable to offer loans to small businesses, according to Commerce Minister Wayne Panton.
Caregivers of the elderly, sick and disabled are again granted their rollover exemption.
A six-month progress update on the Ernst & Young government consulting report shows slow going.
A new economic report shows unemployment dropped to levels not seen since before the recent recession. Caymanian unemployment fell by 1.5 percent.
Cayman's government looks set to ban a dangerous herbicide from the islands.
The Cayman Islands government will finally know what its properties are worth in current value terms.
The Cayman Islands government will accumulate operating surpluses of more than $555 million over the next four years, according to Premier Alden McLaughlin.
Cayman's premier takes heart at burgeoning work permit numbers in the territory.
During a recent TV interview, Premier Alden McLaughlin issued what is, perhaps, an extraordinary warning in regard to the economics of the Cayman Islands.
The opening of Grand Court for 2015 revealed plans for a UK criminal justice advisor to assist with a review of prosecution support systems.
High-level vacancies, such as at the Customs and Immigration departments, demand immediate attention and action from Cayman Islands officials.
Fourteen of 18 industry sectors grew their economic output last year.
Government has extended certain duty concessions, affecting predominantly Cayman Brac, in an attempt to stimulate economic activity.
The Cayman Islands Health Services Authority, and the local government generally, were shaken by revelations of a criminal probe into the hospital system's swipe card contract.
Cayman's government may be operating under its own power by mid-2016, but the U.K. will still have its fingers on the strings.
The harsh realities of healthcare costs are about to hit Cayman Islands government workers.
Researchers will ask 1,400 Cayman households to track expenses for two weeks for the Household Budget Survey.
Government's former 'Save the Mortgage' program apparently didn't live up to its name.
The responsibility for keeping a family's ceiling fan and refrigerator running does not fall at the feet of Grand Cayman's private energy provider.
While all Cayman Islands central government employees will receive a four percent pay hike in July, the same increase has not been assured for employees in the statutory authorities and government-owned companies that operate separately from the civil service.
The Hedge Funds Care benefit gala at The Ritz Carlton, Grand Cayman on Saturday night raised hundreds of thousands of dollars for local charities that help prevent and treat child abuse and neglect.
A pay raise for the civil service is described as "needed relief" from rising prices in Cayman.
Cayman plans on steady, if unspectacular, economic growth over the next few years.
Civil servants will get a 4 percent pay raise in July, Premier Alden McLaughlin announced Wednesday.