(CNS): Local small business could soon benefit from a share of a European Union grant earmarked for UK and Dutch overseas territories. Although it is unclear exactly what for or how much Cayman may receive, the European Development Fund (EDF) has earmarked €15million for a regional programme to focus on strengthening the development of Small and Medium Enterprises (SME’s). Representatives from the Department of Commerce and Investment (DCI) and the Cayman Islands Small Business Association (CISBA) met with their regional counterparts in Tortola earlier this month to find a way to allocate the funds.

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(CNS): While the tourist industry worldwide may still have some way to go before it recovers from the impact of the global recession, passenger arrivals in the Cayman Islands are at the 2010 halfway mark showing improvement on 2009. More passengers arrived on the islands both by air and by boat this year than last. According to the latest statistics from the Department of Tourism at the end of June well over 126,000 cruise passengers had visited Grand Cayman in the first six months of the year compared to last and over 30,000 more passengers had passed through Owen Roberts International Airport. 

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(Bloomberg): Saudi Arabia may be a more appropriate location for claims in a lawsuit filed in the Cayman Islands against Saudi billionaire Maan al-Sanea by members of the kingdom’s Algosaibi family, according to a court decision. In the lawsuit, the Algosaibi group alleged Al-Sanea misappropriated .2 billion from the group’s units in part to fund his Saad Group of Companies. Al-Sanea has denied any wrongdoing, saying Algosaibi was aware of the borrowing. [Chief Justice Anthony] Smellie stayed the litigation until a committee appointed by the Saudi government rules on related petitions made there by the Algosaibi family.

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(CNS): Cayman is at the centre of another surge of criticism of so called tax havens this time from the small business community in the US which has launched an on-line petition.  Organisers have called on the US president and congress to end what they call tax dodging by enacting legislation stopping tax haven abuses. The website for the campaign features a picture of Maples and Calder’s head office, Ugland House in George Town (left) and accuses US companies of using the Cayman Islands and other offshore centres to avoid paying tax. “Offshore tax havens reward tax evaders, rob public coffers of needed revenue and offload taxes to responsible businesses and households,” the Business and Investors Against Tax Haven Abuse state.

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(Royal Gazette): Recent figures published in Cayman have revealed that the islands is the leading offshore jurisdiction for listed catastrophe bonds, with a market almost seven times as big as Bermuda’s its nearest rival. There are 74 bonds listed on the Cayman Islands Stock Exchange with a value of over .7 billion. The first cat bond was listed in Cayman three years ago and Cayman Finance chair Anthony Travers says it has been a great success. "When you consider that the first cat bond was only listed in April 2007 it has been a great success story for Cayman and the Cayman Stock Exchange, particularly since Bermuda has in the past had the leading position in insurance related products."

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(CNS): A conservative MP in the UK has spoken up for the world’s international financial centres (IFCs) in a debate in the British parliament this week.  Mark Field, the Tory MP for the Cities of London and Westminster has argued that small international financial centres (IFCs) have endured unwarranted “political attacks and misguided criticism as major governments seek to understand the cause of the global financial crisis”. Field said initiatives currently being driven by the OECD, the G-20, the Financial Action Task Force, the EU and national governments run the risk of inaccurately pinpointing small IFCs as a scapegoat for the recent shortcomings in financial markets obscuring the real causes of the financial crisis.

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(Royal Gazette): Recent figures published in Cayman have revealed that the islands is the leading offshore jurisdiction for listed catastrophe bonds, with a market almost seven times as big as Bermuda’s its nearest rival. There are 74 bonds listed on the Cayman Islands Stock Exchange with a value of over .7 billion. The first cat bond was listed in Cayman three years ago and Cayman Finance chair Anthony Travers says it has been a great success. "When you consider that the first cat bond was only listed in April 2007 it has been a great success story for Cayman and the Cayman Stock Exchange, particularly since Bermuda has in the past had the leading position in insurance related products."

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Cayman News Service – Cayman Islands Premier Online News Service – Business

(CNS): Following reports that fuel has been increased by 25 cents on Cayman Brac government has issued a statement confirming that the new duty increase does not apply to fuel sold on that island. CNS has contacted both Texaco Gas stations on Cayman Bra as well as the bulk fuel depot but has not been able to speak with management at any of the relevant offices. Calls have also been placed to the Chevron offices in Grand Cayman to find out where in the chain the fuel has been increased and why but so far there has been no response. The Minister of District Administration, Works, Lands and Agriculture said the island was exempt from the latest duty increase of 25 cents per gallon as fuel prices there were already considerably higher than on Grand Cayman.  

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Cayman News Service – Cayman Islands Premier Online News Service – Business