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Physically isolated by vast expanses of water, Cayman Islands residents can easily fall into thinking that they face a set of challenges specific to the territory. A four-person panel at the Anti-Money Laundering /Compliance & Financial Crime Conference served as a reminder that Cayman confronts obstacles that are common among Caribbean and offshore jurisdictions, including internal pressure from rising local crime and external pressure from regulations imposed by large nations. Each year, hundreds of people at a cost of millions of dollars leave Cayman to get medical attention overseas. Taxation is inherently controversial and history is littered with examples of the detrimental effects ill-considered taxation policies can have. In the Cayman Islands the Tax Concession Law of 1963was innovative and clever, while the rational behind inport duty is at times unclear and perhaps outdated. Government Ministers and public sector officials have fully endorsed the Future of Cayman Forum and are working hand-in-hand with the private sector to see a successful process and conclusion. The CFA Society recently presented charters to its newest members,
with the Society’s Head of Publications at the CFA Institute Rodney
Sullivan, CFA, brought in specially to award the charters. Pro cycling is built on two things: sponsorship funding and competitive results. Think short term and you may find a big sponsor so you can buy the highest paid riders you can and get results. The Northern Caribbean Conference on Economic Cooperation, organised
by Jamaica National Building Society and held at the Ritz-Carlton on 17
December, assembled over 160 public officials and private sector
delegates to explore areas for collaboration in the region. With global financial markets in the doldrums for the past two years,
some investors turned cautious, while others simply panicked. Those who
made wise choices and followed a strategy weathered the storm. Cayman has long enjoyed an effective insurance regulatory regime,
supplemented by the advantages of tax neutrality, accessible and
pragmatic regulators and sophisticated service providers that are
responsive, prompt and thorough. The government’s 90 day plan for an economic turnaround will be
presented in just a couple of weeks, when, government promised, Cayman
would see the path to a turnaround in the economic slowdown experienced
since the global economic crash of 2008. When I established the DMTC Group in
January 2007 it was with the intent of building a multi-jurisdictional business
providing fiduciary services to investment funds and investment manager
entities domiciled in the major offshore fund domiciles. Me and my money
November 3, 2010 This month we start a brand new column
interviewing well known members of the community about all aspects of their
finances. This week we get some sound advice from Robert Hamaty, founder and
Managing Director of Tortuga Rum Company. Fiscal consolidation is not just for the
euro-zone - substantial belt-tightening is coming for most of the developed
world writes David Foster, Managing Director with RBS Coutts (Cayman) Limited. As the four Rotary clubs of the Cayman
Islands settle in under the leadership of their new presidents, The Journal
sits down with Rotary Central President Wil Pineau to hear how the club will be
continuing its mission to enrich the lives of young people in Cayman, and
hopefully create lifelong Rotary members in the process. When I begin with new clients I
always start with questions to find out if they know their “why”. I recently
asked a global aviation services company: “What does your company do?” Answer?
The Caledonian Group celebrates its 40th anniversary this
year, so The Journal takes a look back at its development over the years and
appreciates the Group’s focus as it heads into the next 40 years. Last month’s column focused on the simple thought that public service organisations can only be effectively changed by public servants themselves. To do this in any organisation, public or private, requires powerful leadership. The Chamber of Commerce Business Expo opens its doors
once again this month. Find out why it makes sense to attend, whether you are a
business owner or simply interested in all the great goods and services on
offer here in Cayman. The CIDA event featured a regulatory overview from the US
with Herrick Feinstein Partners Irwin Latner and Patrick Sweeney and an outline
of the state of discussions over the European Alternative Investment Fund
Managers Directive by John Fowler, head of investment funds at Maples and
Calder. When it comes to immigration appeals, the potential pitfalls
for the uninitiated or unwary can be deep,and the consequences dire. You only
have a limited time in which to appeal, so although the prospect of having to
take further action can be upsetting, the worst thing you can do is wait. In a rational world we may have anticipated that the US
regulatory response to the financial crisis would have established some cursory
reference to two of its fundamental causes. The Chamber of Commerce
has moved to new office premises at Governor’s Square. Chamber of Commerce CEO
Wil Pineau discusses the reasons for the move and the benefits of the new
location. The Caymanian Compass reported back in July that 144,674 people came to Cayman by cruise and air during July, a number that compared favourably to the same month every year since 2004. The Cayman Islands has a large residential rental property market
that provides an important source of income for many of the Islands’
residents and investors. Due to recent media exposure, everyone is no
doubt well aware of the current state of the rental market... Whatever title you use, our public sector / civil service / “government”
appears in many ways to be “broken”, with many feeling there is no real
hope of tangible change or, worse, even any recognition of the depth
and severity of the problems. Up until a few months ago, the Health Services Authority, which runs
the George Town Hospital in Grand Cayman, the Faith Hospital on The
Brac and the District Clinics, appears to have been a constant headache
for government and patients alike; As a little girl Lauren Templeton did not stick Barbie or even
Michael Jackson posters on her bedroom walls. Instead, as a relation of
one of America’s most venerable and experienced investors, Lauren says,
she decorated her walls with certificates of stocks that she herself had
purchased. In a down market people, both buyers and sellers, always want to know
when the market has “bottomed out”. Buyers, because they can then
purchase with expectations of gains instead of losses going forward;
sellers, to enable them to anticipate sales – at higher prices. Branding your business via social media is a risky business, the
instant connection that technology brings between you and your clientele
creating an opportunity for success as well as failure. Such was the
sentiment during a discussion between top social media experts from the
wedding industry speaking at this year’s ... Having a solid bank of knowledge as well as financial backing from a
pool of business leaders who have negotiated successful paths for their
own businesses can be a lifeline for would-be entrepreneurs looking to
start up or inject new life into their own companies. HSBC was awarded third place in Cayman’s Top Employer of the Year
awards held earlier this year and organised by the Cayman Islands
Society for Human Resource Professionals. The Journal speaks with
employees at the bank to hear why they believe HSBC is such a great
place to work. In last month’s column, I focused on the need to remove the friction in
the gears of business for Cayman Inc. so that we can move forward with
the new ideas we so sorely need to reinvent our country. However, even
if we can lubricate those gears, we still need to shake our... Government portfolios and ministries have been under pressure to
significantly reduce their budgets without reducing their staffs.
Portfolio of Internal and External Affairs Chief Officer Franz Manderson
told attendees of the annual Cayman Islands Society of Human Resource
Professionals conference that his organisation was able to do just that,
reports Alan Markoff. While the Caribbean region has seen one of the greatest booms in
stayover tourism numbers the Cayman Islands has been left behind writes
journalist Basia Pioro McGuire. The way to make Cayman more attractive is to make provision for a longer runway and a place for super yachts to berth. Two articles recently posted in cruise industry publications have
raised the issue once again as to whether the decision to build new
berthing facilities to accommodate the larger cruise ships is a move
that’s too little and too late to keep Cayman a viable cruise
destination in the years to come. The Caribbean Hotel and Tourism Investment Conference is arguably the
year’s most important talking-shop for the industry reports Journalist
Joe Shooman.
It brings together heads of government, tourism professionals and
high-level executives for two days of networking and analysis of the
industry. The Cayman Islands is growing quickly and with growth comes tough
decisions on how to proceed. Infrastructure connects people and places,
and doing it right will ... As a little girl Lauren Templeton did not stick Barbie or even
Michael Jackson posters on her bedroom walls. Instead, as a relation of
one of America’s most venerable and experienced investors, Lauren says,
she decorated her walls with certificates of stocks that she herself had
purchased. Despite its recent status as the scapegoat for all that went wrong
during the credit crisis, the hedge fund industry as a whole
substantially outperformed other risk assets over the period of the
downturn and the subsequent recovery. David Foster and Greg Brooks from
Coutts Cayman report. I have been trying to work out how best to explain to my 14-year-old
granddaughter, Chelsea, why she and her generation are going to have to
pay for the mountain of debt incurred by our generation and how this
could possibly be fair. In turn, the question led to me thinking about
whether or not ... The role of the helper has been crucial to the success of business in
the Cayman Islands, providing baby-sitting services for working mums
and dads and cleaning and laundry services for executives too busy
running their careers to run their households. It was anticipated that the pension holiday, which came into effect
at the end of April, would ease the financial burden of increased fees
(particularly the enormous hikes in work permit and other immigration
fees) and costs by providing more cash in the employees’ pay packet,
while simultaneously putting less of a financial strain on the employer. Before the recent downturn in the market, the hedge fund industry had
the luxury of being positioned in a lightly regulated market with
minimal reporting requirements and transparency. The National Conservation Law is finally slated for review at the
Legislative Assembly this September, after a protracted battle to get
this vital framework for environmental conservation enshrined in Cayman
Islands Law and is up for public consultation until 16 July. The Chamber of Commerce’s recent Be Informed series on immigration
drew hot debate among small business owners who say they have felt the
pinch so greatly in recent months that they are seriously considering
shutting their doors for good. The founder of the biggest computer microprocessor corporation in the
world, Intel Corporation, predicted in 1965 that roughly every two
years the amount of transistors that could be placed on a silicon chip
would double. As the US economy struggles to find recovery mode, Cayman’s financial
services industry recently heard that the US is heading for even deeper
problems once the 2011 budget kicks in and the dire state of each
State’s public finances are revealed. Richard Teather, author of a recent report commissioned by Cayman
Finance on the effects of the introduction of direct taxation in Cayman
was one of the featured speakers at the Cayman Finance Summit. Basia
Pioro McGuire reports. Established in March of this year, the National Investment Council is
a body of private sector individuals who are challenged with guiding
the government’s Department of Investment and Commerce (formerly known
as the Cayman Islands Investment Bureau) ... Here follows an interview with Gianna Bryan, Human
Resources Generalist - Administration & Human Resources with Cayman
National and recipient of the David Bodden Memorial Scholarship. Tough choices
June 2, 2010 As I write this, nearly every country in the world is facing budget
deficits to a greater or lesser degree. And every one of them is looking
for the solution in “new sources of revenue”. For many wealthy individuals and their families, the issue of privacy
and security often permeate their lives. When such individuals or
families reside or travel in countries where crime, and in particular,
kidnapping, is rife, the need to consider kidnap provisions in modern
trust deeds increases. The Journal brings you its popular column, getting up close and
personal with well known members of the community. This month it is the
turn of Cayman Islands Sotheby’s International Realty Owner/Broker
Sheena Conolly. RBC Wealth Management recently received some serious recognition from
its peers, taking three top slots at the 2010 Euromoney Private Banking
Awards presented earlier this year. There has been much talk recently about improving Cayman’s
immigration policies to provide a speedier, more efficient and
user-friendly service so that Cayman can retain its competitive edge,
particular in this harsh economic climate. KPMG’s recently published report: ‘Island economies and their
infrastructure: An outlook 2010 and beyond’ provided some interesting
food for thought for the Cayman Islands. As the US economy struggles to kick into recovery mode, Cayman’s
financial services industry heard last month that the US is heading for
even deeper problems once the 2011 budget takes a hold and the dire
state of each State’s public finances are revealed. After a nail biting lead up at the black tie awards ceremony held
recently at the Marriott Beach Resort, Cayman National Bank was crowned
Top Employer of the Year by the Cayman Islands Society of Human Resource
Professionals. This month Foreshore will celebrate 10 years in business. The
Jersey-based data centre, which has catered for the hosting requirements
of offshore finance companies, ecommerce... The CFA Society of the Cayman Islands recently hosted John Tamny at an
event at Casanova Restaurant. Tamny is senior economist with H.C.
Wainright Economics in Washington, DC, and is also the editor of
RealClearMarkets.com. It is anticipated that soaring health costs in the US coupled with a
reform in US healthcare policy will drive an increasing number of
Americans to look outside the US for healthcare. Early last year Grand Cayman’s sole electricity provider, Caribbean
Utilities Company, and the Cayman Islands Electricity Regulatory
Authority launched a programme to allow customers to connect renewable
energy systems to CUC's distribution system in a bid to reduce their Going green in your house or business doesn’t mean you have to sacrifice
quality for the sustainability of the planet. Norwegian Cruise Line announced last month that its 2011/12
winter/spring deployment includes two new seasonal homeports: Tampa,
Florida and Rome (Civitavecchia), Italy, marking the first time
Norwegian has initiated voyages from these cities. Recently revealed statistics from the US Bureau of Transportation show
that the country’s aviation industry has shed one quarter of its
workforce over the past ten years, with the largest airlines hardest
hit. The Journal brings back its popular column, getting up close and
personal with well known members of the community. This month it is the
turn of Conyers, Dill and Pearman attorney Sara Collins. What is the fastest growing economic force in the world’s economy
today – is it China? India? No – it’s women. In Cayman to give a keynote
speech to the Inspiring Women Entrepreneurs conference last month... Business Editor Lindsey Turnbull speaks with Dax Basdeo, the acting
chief officer (Financial Services) in the Ministry of Finance, Tourism
& Development, to find out... GAIMOps Cayman conference highlighted the latest trends in
operational due diligence, writes business journalist Michael Klein. Porsche lovers who care about the environment ought to be marking their
calendars for the New York Auto Show which takes place from 2 to 11
April at the Jacob Javits Center in New York City. The CFA Society of the Cayman Islands recently hosted John Tamny at an
event at Casanova Restaurant. Tamny is senior economist with HC
Wainright Economics in Washington, DC, and is also the editor of
RealClearMarkets.com. Cayman-based, Krys & Associates recently announced its expansion to
the Bahamas with the launch of Krys Rahming & Associates (Bahamas)
Limited in Nassau, Bahamas. Thoughts, ideas, insights to focus Cayman's businesses on continually
assessing and even reinventing themselves to compete in our rapidly
changing world. Andrew J. Bacevich, Professor at Boston University specialises in
American diplomatic and military history, as well as US foreign policy
and security studies. He is also a prolific author. There really is just one question on everyone’s lips right now: How
should government approach cutting its expenditure to bring its budget
out of deficit? The Journal asked several prominent business people and
institutions this question and here are their answers. While the taxpaying public and corporations in many G20 jurisdictions
are battling the effects of the increased taxation in fact
international capital is starting to flow once again, hedge fund returns
are up ticking. Fifty cruise executives will serve as hosts for an evening that features
the unique opportunity to interact with some of the cruise industry's
top decision-makers. Cayman’s comprehensive programme to convert cruise tourists to
stayover guests has recently been unveiled by the Department of Tourism. In readiness for hurricane season, which is just a couple of months
away, TeleCayman is this month presenting experts from SunGard
Availability Services... The GAIM Ops Cayman conference 2010 debated changes affecting the
funds industry writes business journalist Michael Klein. The first annual general meeting of the Cayman Islands Small Business
Association took place last month with over 30 in attendance. The
Journal reports. The Journal sits down with newly promoted attorneys at Ogier at finds
out that this law firm has a positive view of Cayman’s future. Second
in a two part series. Unsurprisingly, perhaps, the No. 1 risk to business, as perceived by
those companies that took part in Aon’s Global Risk Management Survey
for 2009, was economic slowdown. All eyes and ears were on the panel of prominent leaders within
Cayman’s community at January’s Cayman Business Outlook to glean an
insight on their... This is the article that first appeared in that publication,
reproduced by kind permission. First in a two-part series. A new study commissioned by Cayman Finance suggests that any form of
new or increased taxation introduced into the Cayman Islands would have a
hugely ... Lucy Georgakopoulos Tibbetts, managing director of Mail Boxes Etc Cayman
Islands speaks with the Journal about her brand new service for the
islands The Cayman Islands National Trust recently benefited from a donation
of US$20,000, the proceeds from a very special dinner held at The
Ritz-Carlton’s The first new hotel in Kingston for nearly forty years merges luxury,
comfort and style, writes Joe Shooman. Title matters
February 3, 2010 One of the best parts of buying property in Cayman is the title
system whereby on one piece of paper - The Land Register – you can see
if there are any liens or encumbrances on title, writes JC Calhoun,
three-time past president of the Cayman islands Real Estate Brokers
Association and a board member since its inception, and president of the
Coldwell Banker Master Franchise for the Caribbean and Atlantic
Islands. In November 2009 the Morris Worm celebrated its 21st birthday. Without
getting into too much virus theory, let’s just group all of these bad
things, Trojans, worms, parasitic file infectors, spyware, adware under
the title of virus – something we don’t want infecting our computers. The Journal speaks with Cayman Business Outlook attendees and
reports. Michael Ryan, Ritz-Carlton and Dragon Bay Developer, Franz Manderson,Deputy Chief Officer, Cayman Islands Government... In December, Autohaus launched the Panamera, an exciting new addition
to the Porsche family of luxury vehicles. The five-door
sports sedan is a dramatic new take on the famous brand and is sure to
appeal to Porsche fans looking for a new option that straddles the
athleticism of the company’s beloved sports cars and the added roominess
of its Cayenne SUV model. According to the headlines and the statistics, serious crime is on the
increase. Eight murders last year already is a shockingly high ratio
per capita in this tiny jurisdiction. Cayman has always lauded its
safety and security to the world as vital draws for business, so getting
on top of this current crime wave is essential if business is to
continue... "Offshore financial centres play a vital economic role in the global
economy through enhancing the liquidity in international financial
markets and offering neutral jurisdictions for investors that simplify
the challenges of doing business with participants from multiple
countries... If the people of the Cayman Islands believe the worst is over when it
comes to economic woes they need to think again and prepare for worse
to come. This is unless a whole new mindset in the US is embraced,
according to Simon Johnson, former chief economist with the
International Monetary Fund turned super blogger... Now in its 10th year, the Young Caymanian Leadership Awards has
honoured many young Caymanians for their outstanding contributions
within the community. On the 20th of this month the 2010 YCLA recipient
will be announced at a glittering gala event at The Ritz-Carlton.
Business Editor Lindsey Turnbull gets to know this year’s five nominees. The problem of money laundering, which existed before countries enacted
laws to criminalise it, has developed over the decades such that a
complex, global anti-money laundering regime has similarly developed,
consisting of international organisations, departments of various
governments, and voluntary, private sector organisations ... On 16 September the world’s capital markets urged action on climate change in a powerful message to the UN Copenhagen climate change conference. 181 leading investors and financial institutions responsible for the fiduciary management of USD 13 trillion issued a Statement ... The latest Global Financial Centres Index released in September indicate that the Cayman Islands has sunk four places in the global rankings since the last Index was released, to a placement of 26th out of 75 financial centres. Business Editor Lindsey Turnbull reports on the findings of this latest Index. Second in a two-part series In January 2010, the Anti-Corruption Law, 2008 comes into force. The Law will establish for the first time in the Cayman Islands an Anti-Corruption Commission. Ben Tonner is a barrister and attorney specialising in AML, corruption and criminal litigation with Samson & McGrath and he reports on this crucial new development. The Cayman Islands National Youth Development Symposium tasked itself with an extremely ambitious project titled ‘Sustainability – our challenge, our future’ at a one-day event held at the end of October at the Grand Cayman Marriott. Attendees heard ...
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