For a country like Cayman whose currency is tied to the U.S. dollar and therefore to the whims of the U.S. Federal Reserve’s monetary policy actions, the Cayman Investment Summit had a decidedly gloomy message: the U.S. dollar-led global currency system is in urgent need of reform and central banks have essentially no power to affect monetary or economic goals.
The Chamber of Commerce celebrated 16 Grand Award recipients at the Chamber of Commerce Business Excellence Awards at The Ritz-Carlton, Grand Cayman in October. The inaugural event attracted more than 200 guests, as well as Joseph Hew, the Minister of Commerce, Planning and Infrastructure, and Roy McTaggart, the Minister of Public Finance and Economic Development, both past presidents of the Chamber of Commerce.
Hurricanes Irma and Maria disrupted many sectors of the economy but none more so than the cruise industry. The shares of major cruise line operators Carnival, Royal Caribbean and Norwegian Cruise Line faced significant headwinds in September.
Almost 20 months after the buyout of Barclays’ trust and fiduciary business and the launch in seven jurisdictions, trust and corporate service provider ZEDRA finally held its official launch party in Cayman in October.
While 222 million euros has a nice ring to it, the largest-ever transfer fee for a football player – Brazil’s Neymar – has also caused a ringing in the ears of owners and managers at the world’s top clubs.
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.
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.
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.
The SMP Partners Group is focusing on growth after its acquisition of Royal Bank of Canada’s trust, fund administration and custodian business in the Caribbean. The independent trust and corporate services provider acquired RBC’s offices in the Cayman Islands and Barbados after buying its first regional office from RBC in the Bahamas late last year.
The history of the movie industry is filled with challenges and doomsayers predicting the demise of Hollywood. From the introduction of sound to the advent of television, the motion picture industry has always been forced to evolve to stay relevant.
Cayman will remain a successful offshore financial center if it changes the message it has sent out to the world over the past decades, according to Pascal Saint-Amans, director of the Centre for Tax Policy and Administration at the OECD.
Rental prices in Cayman are on the rise and considered expensive by most, but an international comparison shows they are still moderate compared to other international financial centers. Research by RENTCafé, a U.S. apartment search website, places Cayman behind 18 of the top 30 international financial centers in terms of apartment rental costs.
Financial services providers in the Cayman Islands may well be within the scope of new corporate criminal offenses for the facilitation of tax crimes both in the U.K. and in other countries. At an event organized by Cayman Finance in March, officials from HM Revenue and Customs presented details on two new criminal offenses which are going to be introduced by the U.K. Criminal Finances Bill. The bill is currently going through the committee stage in the House of Lords.
In an increasingly competitive market for dispute resolution across jurisdictions, commercial courts still need to work together to uphold the rule of law and support international economic cooperation and prosperity. To do so requires the courts to meet the needs of the business community, said Lord John Thomas of Cwmgiedd, the Lord Chief Justice of England and Wales in a guest lecture at the Grand Court of the Cayman Islands.
The finance industry is just at the beginning of an unprecedented era of disruption. The accelerating speed of technological change and the potential for automation promises massive changes for banks, investment firms and other parts of the financial industry.
Hedge fund investments have been described as failing many times before, so the suggestion that the industry is dead or in decline is an “alternative fact,” according to Mark Yusko, CEO and chief investment officer of Morgan Creek Capital Management.
- Advertisement -
The Journal is an authoritative broadsheet, featuring in-depth reviews on local and
international business and finance issues that have an impact on Cayman Islands.