Business
Logic says outage was outside its control
(CNS): Local internet service provider Logic has said that the outage impacting its customers ahead of the arrival of Hurricane Beryl last week resulted from “technical functions within the infrastructure, outside of the control of the stakeholders involved”, but the issue has been “identified and remedied”. Officials told CNS in answer to our inquiries that […]
Ebanks tackles beneficial ownership during trip to Asia
(CNS): Financial Services Minister André Ebanks led a Cayman Islands delegation to Singapore last month to open the Cayman Islands Government’s new Asia Office. While there, he held a series of meetings, including with the European Commission and Financial Action Task Force for talks on beneficial ownership.
CEO: OfReg blocked additional CUC rate hike request
(CNS): Following backlash about the CUC base rate hike this summer, OfReg CEO Sonji Myles has said the utilities regulator had no choice but to approve the annual rate hike because it complied with the conditions of the licence. However, he said that OfReg had blocked a proposal by the power provider that would have […]
OfReg says oil tanker did not leak fuel after grounding
(CNS): The Utility Regulation and Competition Office (OfReg) has begun inquiries into the incident involving the Sea Elephant, an oil tanker that ran aground off the coast of Cayman Brac on 7 July. In a short release about the investigation, OfReg said there had been no reports of any fuel spills but the grounding had […]
CUC increases base rate on electricity bills by 3.2%
(CNS): The Utility Regulation and Competition Office (OfReg) has approved an annual base rate increase of 3.2% on CUC bills, which will come into effect on power used by customers from 1 June. The hike comes as Cayman Islands residents are struggling with the rising cost of living and after CUC saw its earnings increase […]
CIIA urges residents to make insurance claims asap
(CNS): Homeowners whose property was damaged by Hurricane Beryl should contact their insurance providers as soon as possible, the Cayman Islands Insurance Association has said. Insurance providers can receive and assist with claims, CIIA said, but prompt communication is crucial to ensure they are processed efficiently and effectively. However, the association said that most insurance […]
CUC aims to maintain power through hurricane
(CNS): CUC has said it will not stop electrical service as Hurricane Beryl approaches Grand Cayman late tomorrow night and that power will remain on for as long as it is possible and safe. If damage is identified in a specific area, the system will automatically stop service to that area until restoration efforts can […]
Stay-over visitors increase but still short of 2019 highs
(CNS): At the end of May this year, the Cayman Islands had welcomed 209,135 stay-over visitors, which is around 90% of the headcount during the same period in 2019, the last year before the global tourist market was struck by the global COVID pandemic. Officials from the Department of Tourism said that there has been […]
CUC seeks 100MW of solar energy and storage for 2027
(CNS): With an eye on the National Energy Policy targets and the increase in demand for power, CUC has made an application to OfReg for a Certificate of Need (CON) for 131 megawatts of generating capacity, which includes 100MW of solar and storage. The remaining 31MW will be generated from fossil fuels, either diesel or […]
Bush wants 100% local ownership in range of businesses
(CNS): McKeeva Bush MP is filing a private member’s motion ahead of the anticipated parliamentary meeting on 5 July calling for a moratorium on Local Companies (Control) Licences (LCCLs), which are companies operating in the Cayman Islands that are not majority-owned by a local person. The motion seeks to limit the growing number of LCCLs […]
Private pensioners get access to more of their cash
(CNS): Residents living on private sector pensions can now access marginally more of their own money this year as the Department of Labour, in consultation with the National Pensions Board, approved an increase in the 2024 Retirement Savings Arrangements (RSA) disbursement figure from CI$14,125, the current maximum annual payout, to CI$15,000, effective 1 June.
