ARTICLES BY MICHAEL KLEIN
OECD declares global corporate minimum tax ‘now a reality’
The OECD has said global corporate tax reform plans are well underway with the implementation of a global minimum corporate tax through new legislation in the EU, the UK, Switzerland, Japan, Korea and many other countries.
IMF says banning crypto should not be ‘off the table’
The managing director of the International Monetary Fund, Kristalina Georgieva, has called for a strong regulatory push tackling crypto assets and failing that even considering a ban.
UK government: Public registers do not breach privacy rights
The UK government has concluded that its new register of overseas entities and the register of persons with significant control are both compliant with the European Convention on Human Rights.
Truck crashes into utility pole in Bodden Town
A truck crashed into an electricity pole on Bodden Town Road in Breakers on Sunday.
FATF needs to see money-laundering sentencing to delist Cayman
The Financial Action Task Force has expressed concern that the Cayman Islands has not yet fulfilled an agreed action plan to remedy deficiencies in its anti-money laundering regime and said it will consider next steps, if all conditions are not met by June 2023.
Cayman Stock Exchange sees more than 400 new listings in 2022
The Cayman Stock Exchange (CSX) added 402 securities in 2022, making it the fourth best year for new listings since the CSX's inception in 1996, Maples and Calder reported.
Weak economic growth as trade declines in G20 countries
The gross domestic product (GDP) in the OECD area rose by only 0.3% quarter-on-quarter in the final three months of 2022.
EU adds British Virgin Islands to tax blacklist
The European Union has added the British Virgin Islands, Costa Rica, the Marshall Islands and Russia to its list of uncooperative jurisdictions in tax matters.
Royal Park sues S&P for US$5.1 billion over ‘flawed’ CDO ratings
Royal Park Investments is suing Standard & Poor’s in the Cayman Islands for US$5.14 billion in losses allegedly caused by the credit rating agency’s “flawed” ratings of eight collateralised debt obligations (CDOs).
New board director for Cayman First following probe
New Cayman First board director Abraham Thoppil will serve on the corporate governance and audit committees, following Health Insurance Commission investigation.
CIMA asks public for input on banknote redesign
The Cayman Islands Monetary Authority is seeking public input on the redesign of the Cayman Islands banknotes.
Caribbean’s central bank digital currency experiments slow to take off
Last year, Jamaica followed the Bahamas and the Eastern Caribbean Currency Union in accepting a digital currency as legal tender.
Butterfield’s annual results buoyed by market rates
Butterfield reported higher net income and returns in 2022 as a rising interest rate environment contributed to the bank’s performance.
US inflation data points to more interest rate hikes
US consumer price growth continued to decline marginally on an annual basis in January to 6.4%, down from 6.5% in December 2022.
CUC reports more customers, higher sales for 2022
The electricity provider’s annual results show 3% more customers and a 2% sales growth per kilowatt hour (kWh).
OfReg releases more capacity for renewable-energy programmes
Utility regulator OfReg has released 3 megawatts (MW) of additional distributed energy-generation capacity to two programmes that allow Caribbean Utilities Company customers to connect their small-scale solar systems or wind turbines to the electricity provider’s distribution system.
US company sues Westin over unreturned US$526,000 deposit
Schneider Electric USA has filed a suit against the Westin Grand Cayman on Seven Mile Beach after the resort did not return a US$526,000 deposit for a cancelled corporate outing booked for almost 500 of Schneider’s top employees.
Deferred electricity rate increase takes effect
Caribbean Utilities Company customers will see an increase in the base rate of their electricity charges on their bills this month.
Number of foreign workers at record high
The number of foreign workers on government contracts and work permits in the Cayman Islands reached a new high of 34,067 in January.
New OECD forum embarks on carbon-mitigation effort
The Organisation for Economic Co-operation and Development is making a push into coordinating global efforts to reduce carbon emissions.
