Friday, September 22, 2017

CAL poised for longer-haul aircraft, new destinations

The delivery of four 160-seat fuel-efficient Boeing aircraft late next year will at last allow Cayman Airways to consider new routes throughout Canada, the U.S. and potentially South America and Central America.

New roads, new roles for the National Roads Authority

Ambitious construction and repair plans by the National Roads Authority will easily consume its $10 million annual budget – providing neither the weather nor highway damage intervene.

Hopes for more engagement in US-Caribbean relationship

For the Caribbean region, this brings uncertainty, but also an opportunity for more engagement with the United States.ix months into the Donald Trump U.S. presidency, countries around the world must adjust to a new U.S. policy strategy and an altogether different way of doing business by the U.S. administration.

Grounded BVI Airways has checkered past

To reach the British Virgin Islands from the U.S., travelers generally have two options: They can fly to Puerto Rico and make a connecting flight to the BVI, or they can take the less expensive but longer route of flying to the U.S. Virgin Islands and taking a ferry.

Port Authority envisions Grand Cayman as regional hub

In anticipation of immense infrastructure demands, port Director Clement Reid described renovation plans intended to transform Grand Cayman into a central stopping point and a regional transport hub.

Central bankers rise again

It was supposed to be the year interest rate differentials between the U.S. and other developed nations grew, and rising U.S. interest rates were meant to put a floor under the strong dollar.

‘Brexit’ and tax transparency discussed at AIMA Cayman event

The potential impact on Cayman’s financial services sector of Brexit, tax transparency proposals and financial market regulatory reforms were high on the agenda when a leading advocate for the global hedge fund industry visited the island recently.

Sharing is hip, disruptive and a potentially lucrative investment theme

These are hard times for materialists – because sharing rather than owning is trendy. That makes it more difficult to impress others by possessing many material things.

Cayman’s cybersecurity specialists work across borders

When the cybersecurity team at Deloitte’s Grand Cayman office describes its workload, the stories sound more like those out of a spy novel than a risk assessment department.

Privy Council decision provides certainty, but creates surprising commercial results

A recent judgment of the Judicial Committee of the Privy Council1 (Privy Council), the ultimate appellate court of the Cayman Islands, has provided certainty for investors and insolvency practitioners with respect to the enforceability and priority of investors’ claims for unpaid redemption proceeds in the winding up of Cayman Islands investment funds.

Hi-tech: Telecoms, 5G and ‘the internet of everything’

Everything seemed to move into high gear when the pocket-size, internet-connected, multifunction cellphones arrived.

Cayman house hunters step into virtual world

On Cayman’s high-end real estate market, agents are stepping into the virtual realm to guide would-be buyers through immersive, 3D home tours.

Cybersecurity 101: 2017 edition

You would have to be stuck on an island with no internet connection to not be aware of cybersecurity issues in the news. But just in case, here is a recap of what is noteworthy: In May, the WannaCry ransomware infected an estimated 230,000 systems in more than 150 countries. Technology vendors reacted with patches, updates and other mechanisms to detect and prevent further spread of the threat.

Ransomware wars

It begins much like any other day at the office: you are working away on your computer when you receive an email informing you that an invoice has arrived. It directs you to download the invoice using the link provided. Without giving it much thought, you download and open the file.

Sophisticated ransomware attack sends warning to Cayman companies

With the Caribbean’s hurricane season under way, businesses have a clear reminder to re-evaluate their storm response and recovery plans. Meanwhile, another major ransomware attack sent a reminder to dozens of businesses across the globe late last month that dangers beyond Mother Nature can threaten operations.

Small island marketers go global with digital media

In a once-unlikely David and Goliath-type scenario, geographically isolated nations like the Cayman Islands sit poised to take on global marketing giants and shake up the world of digital media. Speaking from the Kimpton Seafire Resort in Grand Cayman, Google AdWords digital marketing ambassador Joshua Weum described an evening of the playing field for small contenders, ushered in by unprecedented access to digital platforms.

EY Survey: FinTech services poised for global mainstream adoption

The adoption of financial technology by consumers has surged globally in the past 18 months and is on the verge of becoming mainstream, the results of the latest EY FinTech Adoption Index show. On average, a third of digitally active consumers in 20 markets covered by the study are now using FinTech.

FATCA and the feedback loop

In the United States, domestic financial institutions provide financial statements to the account holder and to the U.S. tax authorities: The Internal Revenue Service. This allows the IRS to ensure that all income is fully disclosed. For offshore accounts, historically foreign financial institutions (FFI) have only provided information about financial accounts to the individual.

SIRI co-founder: AI still too narrow to be feared

There is no shortage of fears over the rise of artificial intelligence. Both theoretical physicist Stephen Hawking and Tesla founder Elon Musk have warned that the development of full artificial intelligence could spell the end of the human race. Futurist Ray Kurzweil predicted in his book “The Singularity is Near” that by 2029 computers will have human-level intelligence.

Electric car teardown demonstrates the huge disruption that lies ahead

The automotive sector is undergoing a radical change that is underpinned by the stock market. Electric car manufacturer Tesla, founded as recently as 2003, already has a significantly higher market capitalization of $60 billion than General Motors, with $51.46 billion, whose roots go back to 1908.
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