Unlike the start of 2012, 2013 appears to have started on much firmer footing.
The past thirteen years have been rocky at best for the equity markets.
“It was the best of times, it was the worst of times; it was the epoch of belief, it was the epoch of incredulity!”
Equity markets were revelling in the sanguine tone of global central bankers as the Federal Reserve and European Central Bank committed, yet again, to inject billions of dollars into their economies.
Whether shopping for groceries, purchasing a plane ticket or paying for a car repair, informed consumers must consider if a product or service purchased is worth the price. Value is at the heart of virtually every consumer purchase.
The Caribbean Regional Compliance Association’s conference in Trinidad and Tobago in March showed the difficulties that many Caribbean countries face when implementing the latest regulations and processes demanded by international organisations.
Hedge Fund Cares Cayman - Open Your Hearts to Children
The Grand Court decision in Weavering has put the spotlight on the role and duties of fund directors and other service providers as well as fund governance in general. Panellists at the Cayman Fund Focus explored once again the different expectations of fund managers and investors and one fund director called for more regulation of the profession.
Working on the premise that the world has never been in better shape, yet it never felt worse, portfolio managers for RBC said there are still investment opportunities in both the equity and credit market irrespective of what happens at the macro level.
The ninth annual Cayman Fund Focus conference, presented by law firm Campbells and set for 18 November 2011 at the Westin Casuarina Resort, will take an in-depth look at the implications of the recent Grand Court decision in the Weavering case.
Twisted pensions
02 November, 2011 Pension funds in the US and Europe have raised concerns.
Caledonian a firm, that was founded by the late William Walker, one of Cayman’s financial services industry pioneers has recently been sold to New World Holdings. It was a decision that was emotional for the Walker family but ultimately in the best interest of the company, says David Walker, son of Bill Walker and formerly the CEO of the group.
Cayman’s expertise as a leading international jurisdiction in the field of trusts and private wealth structuring, charity and philanthropy, as well as wider business and commerce was highlighted at a forum in London hosted by the Society of Trusts and Estate Practitioners, Cayman Islands.
On Wednesday, 21 September, 2011, the Federal Reserve announced a slightly different plan called “Operation Twist”. Operation Twist involves selling approximately $400 billion in short-term Treasuries to purchase a similar amount of mid to long-term Treasury bonds.
Photos from the Caledonian Group's coporate celebration on 22 September, 2011
It does not take long for a visitor to the Caymans to realise that the 1993 film The Firm still arouses the ire of those in the Cayman financial sector. Even today in certain circles the Caymans is synonymous with money laundering and other financial misdeeds.
In what may be the highest damages award ever issued in misfeasance proceedings against delinquent directors, a recent case in the Grand Court of the Cayman Islands sent a clear message regarding the performance of the supervisory role by hedge fund directors. The decision also provides guidance on the policies and good governance procedures that directors should consider adopting in order to meet his/her expected duty of skill, care and diligence.
The Expo will be held at The Family Life Centre off Walkers Road, which means lots of parking for everybody.
On 26 August the Grand Court of the Cayman Islands delivered a judgment in the case of Weavering Macro Fixed Income Fund which found the directors of the fund guilty of wilful neglect or default and ordered them to pay US$111 million in damages. The reaction to the judgment has been varied ranging from calling the decision a warning for independent directors to it being a confirmation of current industry practices.
Rising national debt in many countries has reached
levels where words such as ‘unsustainable’ and ‘crisis’ are the only
means to describe the actual situation that has evolved over the past
two decades.
With 4G mobile service now widely available through Grand Cayman, and with the Sister Islands soon to follow, it is up to companies to imagine the changes the technology can make to how they conduct business.
No longer just the choice of the hip college student or savvy techie, Apple products are being used every day by the young and old.
The Dexa scan which measures bone density is one such test that can catch osteoporosis or osteopenia in the early stages.
Robert Pires explains BIAS’ investment strategy following this year’s political turmoil and natural disasters.
Depending on whom you speak to – and what numbers are used – Cayman has one of the above. In any case, it appears that 2011/12 will be another adventurous fiscal year for the local government.
Due to the severe economic recession, by December of 2008 the price of oil had toppled to $35 a barrel from the height of around $140 a barrel in July 2008. In a little more than half a year, there was a 75 per cent decline in the price per barrel. From the lows of 2009, the price per barrel has skyrocketed back up roughly 200 per cent to a range of $70-110 a barrel for much of 2010 and first four months of 2011.
Make sure you have adequate disaster insurance.
Initiatives for renewable and climate change adaptation require investment from the business sector to succeed.
Looking back at the recent history of Price Waterhouse Coopers, a financial services powerhouse, in light of the retirement of senior partner Nick Freeland, and the welcoming of Frazer Lindsay as a new partner.
The Public Management and Finance law which has been enacter already and its sister legislation, the Finance and Adminsitration Law, still to take effect, both came under scrutiny recently froma panel of eminent experts in their field, in a bid to see how the two can succeed amidsst a cloud of uncertainly and misunderstanding.
Whether a person is Caymanian or not is not clear cut and holding a Caymanian passport is not proof of status. This can have serious consequences for employers if they do not apply for a work permit for employees they believe are Caymanian.
BP posts a 16 per cent rise in the first quarter net profits.
Director of Government and Regulatory Affairs of The Alternative Investment Management Association (AIMA), Jirí Król visited Cayman in April to give a presentation to the AIMA Cayman membership on recent regulatory and legislative developments affecting the alternative investment industry.
Femeale business women and entrepreneurs heard from one of America's most successful feamle entrepreneurs, in a special conference produced by the Department of Commerce and Investment
For many British businesses, the wedding is good news. International interest in the nuptials and the predicted pro-Britannia “feel-good factor” will bring in extra tourists, giving a boost to hotels, restaurants, shops and royal-related tourist attractions.
It supports video and can grab data in real time, making it better than any glossy sales catalogue – a no-brainer for BMW when it chose to use iPads instead of the typical static panels at the South Florida International Auto Show in Miami.
As with everything these days there always has to be a reason, an explanation, someone to blame, even though there is usually a unique set of events that precedes every bubble.
We agreed that record keeping was essential and full notes had to be kept of all telephone conversations and meetings with the beneficiaries and the family’s advisers.
The gap between the reality of loss of competitiveness and the public perception that we can keep fleecing the once golden calf is wide and growing.
No time to waste
02 February, 2011 Government's stimulus plan isn't being translated into action.
Phil Turnbull's money market column.
Students at International Community College learn to invest.
Butterfield has teamed up with Johns Hopkins Medicine International.
A Special Economic Zone has been announced for the Cayman Islands.
China steps up amid global recovery.
Attendees at this year’s sold out Cayman Business Outlook heard that China’s economy will grow slower due to the desperately needed rebalancing of its economy and the US has to overcome a “chronic disability to govern”, according to key note speakers.
in order for performance to be fair, managers must have clearly established performance measures and targets.
In a judgment delivered on 13th December, 2010, in the case of
Culross Global SPC Limited v Strategic Turnaround Master Partnership
Limited the Privy Council has provided important clarity on the correct
approach to the construction of Fund documentation...
BRATISLAVA, Slovakia – Bells pealed and fireworks shot across midnight
skies in Bratislava two years ago, as Slovaks celebrated not only the
New Year but also their country’s long-sought entry to the club of
nations using the continent’s common currency, the euro.
Last month I asked if the euro was a good buy or good bye. I
qualified my comments with a depends (again it’s not the product that
requires ‘discreet shipping’); instead I explained a range of scenarios
that, if followed, should give you direction on buying or selling.
With the US Federal Reserve flooding the market with liquidity
keeping short term rates near zero, high net wealth clients are on an
quest to increase the return on their portfolios without trying to take
additional risks.
At their most recent quarterly market update and outlook the
investment managers of Bermuda Investment Advisory Services focused on
economic risks and currency tensions as the currently defining factors
in the markets.
Following a recent positive S&P rating report which rated the
bank A-, Butterfield’s Managing Director Conor O’Dea speaks to The
Journal about how the bank is poised for future growth and what Cayman
as a jurisdiction needs to do to help the financial services get ...
The festive season is upon us, again. Thoughts naturally drift towards
family and stuffing, the who and what I naturally leave to you.
Fool’s gold?
November 3, 2010 Stock Watch by Brad Bishop, Butterfield
Bank (Cayman) Limited. Humans have long had a love affair with
gold. For centuries, it has been
cherished by royalty, sought by thieves and desired by central bankers
I wish I could come up with a better tag line, maybe be
‘more of the same’, it doesn’t have the same attraction as ‘the song remains
the same’, maybe ‘same day, different skit?’ We will see if that passed the
moderators!
Anyone got a clue?
September 1, 2010 The song remains the same, to borrow a song title. Countries that
have been deeply affected by the recent economic turmoil are still in
the spotlight. A risk aversion has permeated the currencies again, Euro
and Sterling starting another bout of weakness.
There have been various machinations of late that seem to be lining
the markets up for bad news. The latest being Ben Bernanke saying that
the US economy faces “unusually uncertain” prospects, and that the
Federal Reserve Bank was ready to take further steps to bolster growth
if needed.
If you bought Sterling and sold euro, or perhaps even sold the Euro
Sterling cross, you would be on a winner this month. Taken in
isolation, buying Sterling would have seen a 4 per cent pick up month on
month, selling euro would have picked up another 2 per cent gain, stick
them together and trading the euro Sterling cross ...
A famous Apple Inc. TV ad talked about the “crazy ones” who “think different”. Please watch that ad on YouTube at http://bit.ly/reinventordie . When you do, please think of it in a Cayman context, and note the closing words:
I struggled really, really hard to start this commentary with
something other than ‘sell euro’ but seeing as that has done rather well
over the past few months, what the heck, sell euro.
Nouriel Roubini, a professor of economics at New York University and
chairman of Roubini Global Economics has come to be popularly known as
“Dr. Doom” for having predicted the recent financial crisis
Still dogging the euro, I have to admit that I have always been a euro
sceptic, despite the effective basket currency approach. Options traders will know that if you spread risk (through the inclusion
of differing risks) then the overall risk decreases and so does the
price of an option. Follow me back 20 years if you will.
The US Securities and Exchange Commission suspected that the Texas-based
Stanford Financial Group was a massive Ponzi scheme eight years before
it took any action to shut the company down, according to a shocking
151-page report released last week by the agency's inspector general.
Following on from last month, and in case you don’t stock pile the
newspaper as you should, I will reiterate, or at least pick out the bits
that came true: I ended with calling Euro at 1.30 and GBP at 1.50.
Having pegged the euro as a sell last month I’m feeling all
Nostrodamusey (that one caused spell check a bit of an issue!)
What could be more precious than gold? No, it’s not the precious
stone usually associated with weddings. Ok, let’s play a guessing game.
2010 is shaping up to unveil the underpinnings of the Emperors new
UnderweaR, aka EUR, okay the acronym sucks but hey gimme a break this
isn’t my day job.
Dennis Ryan and Fawaz Elmalki, Associates with Conyers Dill &
Pearman, Dubai office report on this highly topical subject in this
first of a two part series.
Back on track
January 6, 2010 Thanks to sound legislation and a solid private/public sector
partnership the Cayman Islands was the domicile of choice for fund
administration in the 1990s; however, recent years have seen
administrators move to other jurisdictions for a number of reasons,
including cost efficiency and immigration issues
A Campbells Cayman Fund Focus panel highlighted the changes in the relationship between hedge fund managers and investors, business journalist Michael Klein reports.
Recently, Jean Dutil and Dave Stewart, portfolio managers with RBC Wealth Management, presented to the Cayman branch of Society of Trust and Estate Practitioners. Their topic was “Monitoring Investment Portfolios” which ...
State of play
December 3, 2009 Final comment for 2009: how was it for you? Not as bad as portrayed in the world media, or the end to a way of life? The G20 are busy doing what they do best: fiddling while Rome burns, attacking bankers’ bonuses, wringing their hands over the world’s inequities and chipping away at the edges of a problem while missing the point entirely.