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Topic: remittances

Cuba says US sanctions to end remittances, Western Union says not so fast

Cuba said late on Tuesday Western Union would have to shut down its operations on the island due to new U.S. sanctions, thereby cutting off key remittances, but the money transfer firm said it was still exploring ways to comply with the new rules.

Western Union allows cash transfers to Cuba

People in Cayman can now transfer cash to Cuba, officials with Western Union and GraceKennedy Money Services announced Thursday.

Remittances dropped sharply last year

In 2015, the amount of money being sent overseas as remittances dropped by US$10 million over the year before. Many expats, especially low-wage workers, were shocked when they no longer had easy access to send cash home. However, the situation has improved, with Western Union and the other cash transfer companies back open and accepting local currency.

Forum: Region needs cash-transfer rules

A forum with government and private sector representatives from around the region last week called for a Caribbean-wide effort to deal with U.S. banks “de-risking” and pulling out of doing business with cash transfer companies and other financial institutions around the region.

Jamaica National again accepting CI dollars

Jamaica National Money Services, along with MoneyGram and QuikCash, can once again take Cayman Islands dollars for remittances, almost four months after the companies had to restrict cash transfers to only U.S. currency.

JN Money Services pushes CIMA on cash transfer move

Just days after the sudden reopening of Western Union, Jamaica National Money Services says it is renewing calls for government to help the remittance company resume taking Cayman currency.

Deal reboots KYD remittances, leaves out Jamaica National

A deal between Western Union, Scotiabank and Jamaica-based GraceKennedy Money Services means people can now use Cayman Island dollars to send remittances overseas, but it’s not without its critics.

Premier McLaughlin stands up against populist pandering

We applaud Premier Alden McLaughlin for his response to intemperate, irresponsible and divisive remarks made by his elected colleagues.

Western Union reopens in Cayman

A months-long crisis in remittance services, used by many in Cayman to support family overseas, appears to be coming to a close.

JNBS approved for bank in Jamaica

The Jamaican Ministry of Finance has approved an application for the Jamaica National Building Society to convert to a commercial bank.

Frustration, confusion over cash transfers

Venting frustration and looking for solutions, hundreds of workers from overseas, mainly from Jamaica, packed into the town hall in George Town on Tuesday night, looking for solutions to the problem of sending cash home.

Jamaican Consulate hosts public meeting on money transfers

The Jamaican consulate will host a public meeting Tuesday evening to address growing concerns about a U.S. cash shortage and remittances.

US cash shortage increases price for consumers

Clarifying comments made last week, Financial Services Minister Wayne Panton says that the Cayman Islands currency is not being devalued by the shortage of U.S. dollars.

Remittances: Have cash, will travel

The continuing drama of remittance services in the Cayman Islands illustrates the sensitivity of our jurisdiction’s position in the financial marketplace.

Minister: US cash shortage 'temporary'

A shortage in U.S. cash could lead to devaluation of the Cayman Islands currency, but Financial Services Minister Wayne Panton said Monday that he expects the shortage will be temporary. Money transfer companies, used primarily by expat workers to send cash overseas, started shipping U.S. cash off island after Cayman National Bank stopped providing banking services for the transfers.

Cash transfer firms no longer accepting Cayman dollars

With no new bank stepping forward by Tuesday’s deadline, cash transfer services that are still operating on island announced they would no longer accept Cayman Islands currency.

Despite deadline, cash transfers will continue

Cash transfer companies Jamaica National, MoneyGram and Quick Cash will only accept US dollar from today.

Cash transfer services talks continue as deadline nears

With the Aug. 25 deadline approaching, negotiations continue to try to find a solution for cash transfer companies to stay open.

Deadline looms for cash transfer firms

Money transfer companies, used to send cash remittances overseas, face an Aug. 25 deadline to find a new bank or face closure, according to a board member with Jamaican National Money Transfer.

Western Union: Closure 'temporary'

A Western Union spokeswoman says the cash transfer company hopes to reopen in the Cayman Islands while other remittance companies work to find a new bank by the end of the month.

More cash transfer companies in jeopardy of closing

Following the sudden closure of Western Union this month, the remaining money transfer businesses in the Cayman Islands face the possibility of closing unless they can make new banking arrangements by the end of August.

Work permits and PR: Unshackling Cayman's economic progress

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 remit: End of money transfers impacts thousands

The sudden closure of money-transfer services in the Cayman Islands threatens to render thousands of people here, and thousands more of their family members across the world, in immediate and intractable financial straits.

Western Union counters close in Cayman

Western Union counters in the Cayman Islands closed without warning Friday after Fidelity Bank’s board of directors decided one day earlier to end the service, according to the bank.

Mosquitoes and Cayman’s economy

Writer gives credit to Dr. Marco Giglioli with reducing Cayman's mosquito population and enabling the country's economic boom.

Seamen's place in Cayman history

Writer says it was the Caymanian seamen, then the tourists and then the banks that are responsible for the "Cayman miracle."

U.S. re-establishes relations with Cuba

U.S. President Barack Obama announced on Wednesday the re-establishment of diplomatic relations and an easing in economic and travel restrictions on Cuba in an historic decision that could have far-reaching implications for the Cayman Islands’ tourism industry.

Business in brief

A roundup of business briefs from the community.

Stand with
 Cayman’s Filipino community

The catastrophic landfall of Typhoon Haiyan in the Philippines provides the opportunity for the Cayman Islands to support our Filipino community.

Impact of super typhoon felt in Cayman Islands

Cayman's 2,500-strong Filipino community has felt the impact of Typhoon Haiyan.

Remittance options boosted for Filipinos

JN Money Transfer is expanding to the Philippines.

Editorial for August 7: The changing face[s] of the Cayman Islands

Change is coming to these Cayman Islands as our population becomes more diverse.

Business in brief

Business in brief.

Business in brief

Business in brief.

Business in brief

Business in brief.

Business in brief

Business in brief.

Cayman hosts postal workers from region

The Cayman Islands hosted a regional postal service meeting.

Better financial access needed for Jamaicans

More than three out of every four Jamaicans have limited access to safe and low-cost payments channels, said US Economist Dr. Dawn Elliott at the Mobile Financial Services Conference 2011 at the University of the West Indies, Mona, on 12 December 2011.

Business in brief

Business in brief.

Remittances from Cayman declining

The volume of funds sent by foreign workers, who live and work in Cayman, to their home countries has declined steadily since 2008. The 19.3 per cent fall in remittances from CI$228.97 million in 2008 to CI$184.76 million in 2010 is set to continue this year, the first ever remittance report by the Cayman Islands Monetary Authority has revealed.

JN Money Services grows in Cayman

JN Money Services Limited, Jamaica National Building Society’s bill payment and remittance subsidiary, said since the acquisition of QuikCash Money Transfer in the Cayman Islands last summer, transactions from Cayman increased by 32 per cent.

Report forecasts construction recovery for the Caribbean

The Caribbean appears to be continuing the road to recovery from the effects of the global recession but the pace of recovery varies considerably between the islands.

Cuba Tourism increases despite continued US ban

Cuba is reporting ever-increasing tourist numbers.

Filipinos toil far from home to fulfil dreams

Remittances, which the government says have been rising sharply — from $7.6 billion in 2003 to $17.3 billion in 2009 — now account for more than 10 per cent of the Philippines’ gross domestic product.

QuickCash sold to Jamaica National

Jamaica National group expanded its remittance services with the acquisition of two moneys service operators.

Cubans brace for labour reorganisation

Cuba is undergoing a massive restructuring of its labour force, leaving workers fearful of what the future holds.

It’s been one year since swine flu

After swine flu proved far less lethal than feared, opinion has divided on whether the epidemic was a valuable test-run that left the world better prepared to handle a more lethal avian flu pandemic, or an episode that left the public jaded and weary.

Remittances to Central America and the Caribbean rebound

Migrant workers from Central America and the Caribbean were able to send home more money to their families during the first months of 2010, compared to the same time last year, the International Fund for Agricultural Development (IFAD) said.

Fewer Haitians seeking US protection

When U.S. officials granted temporary protected status to Haitians in the United States days after the Jan. 12 earthquake in Haiti, they expected as many as 200,000 applications. But nearly three months later, federal officials say 42,942 Haitians have filed for TPS.

Jack Rose was Cayman’s last commissioner

Anyone who thinks Stuart Jack was a controversial governor should look at what has been written about Cayman in 1962.

Engaging the Jamaican diaspora

This year, Jamaicans who live abroad will send home about US$300 million less than they did in 2008, which is a lot of money. They, too, are feeling the impact of the global recession.

Suspicious activity reports up 30 per cent

Suspicious financial activity, fraud, money laundering and other reports of finance-related irregularities increased by nearly 30 per cent last year, according to the Cayman Islands Financial Reporting Authority.

Hoping for a bold Mr Golding

It is good that neither Prime Minister Golding nor Finance Minister Shaw feels it worthwhile to attack Moody's over its downgrade of Jamaica's sovereign debt by two rungs to Caa1.

Jamaica’s problems ‘unfixable’

Prime Minister Bruce Golding has challenged the Opposition to a public debate to seek solutions for a country steeped in crisis and labelled by The Economist news magazine as "unfixable".

Cayman Finance endorses budget

Cayman Finance, formerly named the Cayman Islands Financial Services Association, has endorsed the government budget for the fiscal year 2009/2010 in a press statement.

Businesses wary of new fees

Reactions to a slew of new fees expected to raise nearly CI$95 million for the Cayman Islands government this financial year ranged from apprehension to disappointment.

Average $3,000 hike for permits

Yearly work permit fees for jobs held by non-Caymanians will increase by an average of $3,000 for those in the professional job categories, according to an assessment provided Wednesday by Cayman Islands Financial Secretary Kenneth Jefferson.

Today’s Editorial for October 6: Were remittance fees necessary?

Among the many revenue measures announced in the opening of the Legislative Assembly budget session last Friday was a two-per-cent fee on overseas money remittances.

Fees jacked up in budget

A spending plan described as a bare bones budget calls for a significant number of fee increases as well as some brand new fees on Cayman Islands businesses and residents this year.

UK approves borrowing

The United Kingdom has given its approval for the Cayman Islands to immediately borrow $50 million and it conditionally approved an additional $229 million of borrowings.

Gov’t to raise fees

A spending plan described as"bare bones budget" calls for anumber ofincreases as well asfees on Cayman Islands businesses and residents this year.

UK conditionally approves borrowing

The United Kingdom gave approval Monday for the Cayman Islands to borrow CI$50 million immediately and another CI$229 million condition.

Jamaica going back to IMF

KINGSTON, Jamaica - Fourteen years after the nation ended its borrowing relationship with the International Monetary Fund, the Jamaican Government has admitted it has no choice

Differences on display

The first Chamber of Commerce Candidates Forum took place in East End Wednesday night and showcased stark differences between incumbent Cabinet Minister Arden McLean and John McLean Jr.

Obama to ease Cuba restrictions

WASHINGTON href="http://topics.nytimes.com/top/reference/timestopics/people/o/barack_obama/index.html?inline=nyt-per" title="More articles about Barack Obama." target="_blank" class="txtlink">President Barrack Obama/at;/a> plans to abandon longstanding restrictions on family travel and remittances to <a href="http://topics.nytimes.com/top/news/international/countriesandterritories/cuba/index.html?inline=nyt-geo" title="More news and information about Cuba." target="_blank" class="txtlink">Cuba, an administration official has said, fulfilling a campaign promise in a pivotal <a href="http://www.nytimes.com/2008/06/01/us/01florida.html" title="News article" target="_blank" class="txtlink">swing state and signalling a possible warming of relations with the Castro government.

Elderly commission mooted in LA

Legislators are seeking to set up a commission that will oversee how elderly people are treated in Cayman.

Cuba tourism doesn’t threaten Cayman

A new bill that would open unrestricted travel to Cuba to US citizens, if passed, would not have much of an impact on Cayman in the short term, and might actually help cruise tourism, according to industry officials.

More money sent

Migrants from Latin America and the Caribbean will send home about US$1 billion more in 2008 than they did in 2007.

Filipinos furious over BBC show stereotype

A bizarre row has erupted between the Philippine government and Britain's BBC TV station over the portrayal of a Filipino maid in a comedy sketch show.

Hope for better year

As he marks his first celebration of Jamaica's anniversary of Emancipation in the job of prime minister, Bruce Golding must be keenly aware of the challenges faced by his administration.

Time to open to Cuba

Slowly but surely, change is coming to Cuba. Even Cuban teens are risking arrest to wear plastic bracelets stamped cambio (change). Now is the time for the United States to do its part to follow the advice

Rollover doesn’t stop investment

As a lawyer dealing extensively with immigration issues I have concluded that contrary to recent widespread reports the rollover policy is not the cause of any over supply of property but rather generally encourages investment in property.

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