October 24, 2012
IMF talks continue in line with timetable in Jamaica
Finance and Planning Minister Dr. Peter Phillips said there is no delay in the negotiations with the International Monetary Fund (IMF) and the government was proceeding in accordance with the timetable originally set out. “It is also the case that…
October 24, 2012
Disappointing Corporate Earnings & Worries About Spain Hurt Markets
Disappointing corporate earnings and continuing worries about Spain's battered economy cut stock prices on key European and U.S. exchanges Tuesday. Crude oil prices also declined. France's CAC-40 and Germany's DAX were down more than two percent at…
October 22, 2012
Petronas bid for Progress Energy Resources blocked
Canada has blocked a $5.2bn(£3.3bn) takeover bid from Malaysia's Petronas, saying it would not benefit the country. Petronas had wanted to buy Canadian oil and gas firm Progress Energy Resources. It now has 30 days to adjust its offer. Analysts said…
October 22, 2012
Japanese exports to China fall amid territorial dispute
Japanese exports to China tumbled in September compared to the previous year, as a territorial dispute between the two countries weighed on the economy. Exports from Japan declined at their sharpest pace since the aftermath of last year's earthquake…
October 22, 2012
Germany may see economy shrink in fourth quarter
Germany, the main funder of the eurozone's many bailouts, may see its economy shrink by the end of the year as the crisis bites, the central bank has warned. Europe's largest economy will grow in the third quarter, but may experience a "slight…
October 22, 2012
US considers giving more Caribbean states more duty free access
Several Caribbean Community (CARICOM) countries could benefit as the United States considers whether to designate them eligible to receive benefits under the Caribbean Basin Economic Recovery Act (CBERA).Since 1983, the Caribbean Basin Initiative…
October 22, 2012
Eurozone Leaders Praise Greek Austerity Efforts
Eurozone leaders are praising the efforts of debt-ridden Greece to resolve its financial woes and resume its cost-cutting austerity.Some of the 16 other countries in the euro currency bloc have often attacked Athens for its slow pace in adopting…
October 16, 2012
India, China added to list of KYC-friendly countries
The Cayman government has now included India and China on the list of countries that have laws and regulations in place considered to be equivalent to those of the Cayman Islands, with respect to the evidence of identity required from applicants for…
October 16, 2012
Portugal reveals tough 2013 budget
The Portuguese government has revealed details of its draft budget for 2013, one of the harshest in the country's recent history. Finance Minister Vitor Gaspar confirmed the average income tax rise would increase from 9.8% in 2012 to 13.2% next…
October 16, 2012
Yahoo appoints Google’s Henrique de Castro as COO
Yahoo has appointed Google executive Henrique de Castro as its next chief operating officer (COO), the second big name it has hired from its rival in recent months. Earlier this year, it appointed former Google executive Marissa Mayer as its chief…